REG - CQS Natural Res - Half-Year Financial Report
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RNS Number : 9821X CQS Natural Resources Grwth&Inc PLC 25 March 2026
CQS Natural Resources Growth and Income PLC
(the "Company")
Unaudited Half Year Results for the six months to 31 December 2025
This Announcement is not the Company's Half Year Report & Accounts. It is
an abridged version of the Company's full Half Year Report & Accounts for
the six months ended 31 December 2025 (the "Half Year Report"). The full Half
Year Report, together with a copy of this announcement, will shortly be
available on the Company's website
at www.ncim.co.uk/cqs-natural-resources-growth-and-income-plc
(http://www.ncim.co.uk/cqs-natural-resources-growth-and-income-plc) where up
to date information on the Company, including daily NAV, share price and fact
sheets, can also be found.
The Company's Half Year Report will be submitted to the Financial Conduct
Authority and will shortly be available in full, unedited text for inspection
on the National Storage Mechanism
("NSM"): https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
Our Objective
To provide shareholders with capital growth and income predominantly from a
portfolio of mining and resource equities and of mining, resource and
industrial fixed interest securities.
Half Year Highlights
· Net asset value ("NAV") per share total return for six months to
31 December 2025 of 69.3%;
· Share price total return for six months to 31 December 2025 of
83.1%;
· Outperformed total return of 46.5% delivered by the MSCI World
Metals and Mining Index (sterling adjusted), and 11.0% total return of the
MSCI World Energy Index (sterling adjusted);
· Adoption of enhanced 8 per cent. dividend policy paid quarterly
at 2 per cent. of preceding quarter-end NAV;
· Board resolved to use share buybacks with the aim of maintaining
a single digit discount to the Company's NAV per share in normal market
conditions;
· With a sustained premium to NAV driven by demand, the Company was
able to sell a total of 712,500 shares from treasury at an average price of
330.10 pence per share; and
· Paul Cahill appointed Senior Independent Director. He will
continue to chair the Nomination Committee.
Post-period end events
· Since 31 December 2025, a further 1,437,500 shares were sold from
treasury to satisfy investor demand;
· A further draw down from the loan facility at the beginning of
March to enable the portfolio managers to take advantage of market
opportunities presented by geopolitical events;
· Company has been informed that portfolio managers, Keith Watson
and Robert Crayfourd, have tendered their resignations to the Company's
Investment Manager; and
· The Company is considering a number of options at its disposal to
ensure a smooth and sustainable transition in the best interests of our
shareholders.
Investment Highlights
· Primary driver of outperformance was the Company's large
weighting to precious metals over the period;
· The Company aims to cap the precious metal weighting to 50% in a
non-formal process, which led to profit-taking over the year;
· Reallocation has been predominantly to the energy sector, which
had lagged broader commodities. Further additions to energy-linked names have
been made in January;
· Uranium market well-supported, especially in the US. Amid an
environment of tight uranium supply and a market in deficit, a 'nuclear
renaissance' is underway;
· Maintained a low base metals weighting and take a cautious view
on copper demand in the near term;
· Despite the recent reallocation, the portfolio managers believe
there is still upside in the precious metals sector, which, at the time of
writing, remains the largest single exposure; and
· Continue to evaluate a fast moving macro environment and as the
Company's mandate allows for quick reallocation as fundamentals shift, the
portfolio remains well positioned to maximise performance and shareholder
value.
Key Metrics
for the six months to 31 December:
Net asset value per share total return 1 Share price total return1
2025 2024 2025 2024
69.3% (7.5)% 83.1% 0.4%
MSCI World Metals and Mining Index total return (sterling adjusted) 2 MSCI World Energy Index total return (sterling adjusted)(2)
2025 2024 2025 2024
46.5% (9.3)% 11.0% (3.8)%
Dividend yield1(, 3 ) Dividend per share (pence)
2025 2024 2025 2024
5.2% 3.0% 13.02p 2.52p
Chairman's Statement
"This half-year period has delivered record levels of share price growth and
an enhanced dividend yield for shareholders. The strength of the natural
resources sector continues to be driven by geopolitical tailwinds underpinned
by the quest for energy and critical mineral security, and your Company is in
prime position to create further shareholder value and growth."
Overview
I am pleased to report to shareholders another set of positive financial
results for the Company for the six month period to 31 December 2025.
The Company's half year began with the announcement of the result of the
Tender Offer on 1 July. A total of 29,334,059 shares, representing 45.72% of
the shares in issue at the time (excluding shares held in treasury) were
tendered. Shortly after, the Board declared a fourth interim dividend of 4.25
pence per share, the first following the adoption of an enhanced 8 per cent.
dividend policy paid quarterly at 2 per cent. of the preceding quarter-end net
asset value ("NAV") - just one of the value-enhancing initiatives put in place
by the Board in the last calendar year.
In September, the realisation of the Tender Pool for cash was concluded and
resulted in a Tender Price of 208.33 pence per share for those exiting
shareholders. By 31 December 2025, the Company's share price had increased by
just over 70% to 355 pence per share. As I alluded to in the most recent
Annual Report, it is satisfying to see the shareholders who chose to remain
invested rewarded with such returns, and we remain optimistic for the
Company's future prospects.
I would like to draw shareholders' attention to the graph on page 3 of the
Half Year Report which illustrates the effect of the Tender Offer and the
strong performance of the portfolio on the Company's NAV over the six-month
reporting period and beyond. You will notice that the Company's NAV has
reached the pre-Tender Offer level despite the decline in net assets on
realisation of the Tender Pool.
Finally, on 9 December 2025, the Board was pleased to announce that Paul
Cahill had been appointed as the Board's Senior Independent Director. He will
continue to chair the Nomination Committee.
Performance, discount/premium and gearing
During the six months to 31 December 2025, the Company's NAV per share total
return was 69.3%, outperforming the total return of 46.5% delivered by its
performance comparator, the MSCI World Metals and Mining Index (sterling
adjusted), to which 80.2% of the Company's portfolio (as at 31 December 2025)
can be attributed.
The Company also outperformed the total return of 11.0% of the MSCI World
Energy Index (sterling adjusted), although it is worth noting that the
Company's portfolio has a smaller relative exposure (11.6% as at 31 December
2025) to this performance comparator.
One of the main contributing factors underpinning this excellent performance
was the exposure of the Company's portfolio to the precious metals rally which
was driven by geopolitical uncertainty and a return to safe haven assets.
While volatility continued in equities, the portfolio managers took the
opportunity to lock in gains, slightly reducing the portfolio's near 50%
weighting to precious metals and adding to the portfolio's energy weighting.
The Company's share price total return over the six months was 83.1%, with the
share price increasing from 199.50 pence per share as at 30 June 2025 to 355
pence per share as at 31 December 2025. As at 31 December 2025 the share price
premium to NAV was 1.5%, however, at the time of writing (at the close of the
UK market on 20 March 2026) the discount was 9.3%. Over the six months the
discount averaged 2.5%, compared with 8.0% over the course of the previous
financial year.
As confirmed in October 2025, the Board has resolved to use share buybacks
with the aim of maintaining a single digit discount to the Company's NAV per
share in normal market conditions, taking into account the inherent volatility
of the markets in which the Company invests. Since this undertaking, the
Company repurchased shares on one occasion during the six month period to 31
December 2025, when the discount temporarily widened. 10,000 shares were
repurchased at a price of 265.13 pence per share and equivalent to a 11.2%
discount on 28 October 2025.
We believe that the value-enhancing initiatives (including the enhanced
dividend yield and reduced management fee) and the strong performance of the
portfolio led to improved investor sentiment and the increased demand for the
Company's shares meant that, during the half year period, the Company's shares
began to trade at a premium to NAV. With this sustained premium driven by
demand, the Company was able to sell a total of 712,500 shares from treasury
at an average price of 330.10 pence per share. As at the period end, the
Company had 35,526,279 shares in issue (excluding 10,828,171 shares held in
treasury).
Gearing ranged from 4.8% at the start of the period to 6.1% as at 31 December
2025, with the increased percentage derived from an additional draw down from
the borrowing facility and a decrease in net assets following completion of
the Tender Offer.
In September 2025, the Board met to consider the reduction of the Company's
loan facility and determined to voluntarily decrease the facility limit from
£25 million to £15 million to reflect the reduced size of the Company,
following the Tender Offer. The Board is comfortable that the facility still
permits an adequate level of gearing, whilst helping to reduce operating
costs, but will keep this under review. Further detail can be found within
Note 8 to the Condensed Financial Statements.
Dividends and income
A fourth interim dividend in respect of the year ended 30 June 2025 of 4.25
pence per share was declared in July and paid in September 2025. The Company
has declared two quarterly interim dividends of 6.02 pence and 7.00 pence per
share in respect of the financial year ending 30 June 2026 to date, paid in
November 2025 and February 2026 respectively. A third interim dividend is
expected to be declared in mid-April and paid at the end of May 2026.
Post reporting period update
Following the reporting period end, your Company experienced further share
price growth with the share price peaking at 440 pence on 2 March. This was
primarily driven by a late rally in silver and gold's ongoing strength as a
result of geopolitical uncertainty and marginal waning of the US dollar as the
global reserve currency. At the time of writing (market close on 20 March
2026), the share price had fallen back to 347 pence.
Given the premium to NAV at which the Company's shares had generally continued
to trade, since 31 December we have sold a further 1,437,500 shares from
treasury to satisfy investor demand.
On 3 February, having at that date already utilised over 43% of the share
issuance authority approved by shareholders at the annual general meeting
("AGM") held on 9 December 2025 (the "Existing Authority"), the Board
published a circular to convene a general meeting of the Company to renew such
authority (the "General Meeting"). The Board and its advisers believed that,
if the demand for the Company's shares continued at the level witnessed in
recent months, the remaining capacity under the Existing Authority may prove
insufficient to allow the Company to satisfy future demand for its shares
during the period up to the next AGM, which will take place in December 2026.
The General Meeting was held on 2 March, and the Board was pleased that
shareholders voted in favour of the two proposed resolutions permitting the
Company to issue in aggregate up to 20 per cent. of its issued share capital
(excluding shares held in treasury) as at the date of the General Meeting.
The Board continues to monitor the Company's discount to NAV and pursue its
stated share buyback policy and, in response to the recent widening share
price discount brought about by market reaction to the US invasion of Iran,
the Company has bought back a total of 573,906 shares since 6 March to the
date of this report. As at 20 March 2026, the latest practicable date prior to
the publication of this Report, the number of shares held in treasury had
reduced to 9,964,577, overall increasing the number of shares with voting
rights since the period end to 36,389,873.
A further £3 million was drawn down from the loan facility at the beginning
of March to enable the portfolio managers to take advantage of market
opportunities presented by geopolitical events.
As announced on 9 March 2026, the Company has been informed that its named
portfolio managers, Keith Watson and Robert Crayfourd, have tendered their
resignations to the Company's Investment Manager. Further, as announced on 23
March 2026, the Company has agreed six months' protective notice with its
Investment Manager. If formal notice of termination is served by the Company
prior to 30 June 2026, the six months' notice period, as per the Investment
Management Agreement, will be deemed to have started on 13 March 2026.
In the meantime, during Keith Watson's and Robert Crayfourd's notice period,
CQS have engaged two senior Manulife Investment Management Group portfolio
managers, Diana Racanelli and Craig Bethune, to work together with Keith and
Robert in the management of the portfolio. Keith Watson and Robert Crayfourd
will remain the named Portfolio Managers and there is no change to the
Company's investment process, strategy or operations.
The Company is considering a number of options at its disposal to ensure a
smooth and sustainable transition in the best interests of our shareholders. A
further update will be provided in due course.
Finally, in recent months the Audit Committee initiated the Company's audit
tender process, and subject to remaining formalities, we expect to be able to
announce the successful audit firm imminently.
Outlook
Ongoing geopolitical uncertainty and market volatility are reinforcing the
strategic importance of resource security. Whilst gold and precious metals
have been an important component of the portfolio to date, the current
environment is also creating opportunities in oil and gas and related sectors
such as shipping. The Company's actively managed and diversified approach
positions it well to take advantage of these opportunities.
We thank you for your ongoing support and would like to remind shareholders
that they are welcome to get in touch with the Board of Directors via the
Company Secretary or the Investment Manager using the contact information
provided on page 30 of the Half Year Report at any time throughout the year.
Christopher Casey
Chairman
24 March 2026
Performance Record 4
Six months ended Six months ended Year ended Five years ended
30 June 2025 31 December
31 Dec 2025 31 Dec 2024 (audited) 2025
Total Return
Net asset value per share1 69.3% (7.5)% 4.6% 198.7%
Share price (mid market)1 83.1% 0.4% 9.3% 251.7%
MSCI World Metals and Mining Index (sterling adjusted)2 46.5% (9.3)% (4.5)% 106.4%
MSCI World Energy Index (sterling adjusted)2 11.0% (3.8)% (7.7)% 161.3%
As at As at
31 December 30 June
2025
2025 (audited) % change
Capital Values
Net asset value per share1 349.69p 212.56p 64.51%
Share price (mid market) 355.00p 199.50p 77.94%
Share price premium/(discount) to NAV per share1 1.5% (6.1)%
Net gearing(1) 6.1% 4.8%
Six months ended Six months ended
31 Dec 2025 31 Dec 2024
Revenue Earnings and Dividends
Earnings per share 0.17p 0.63p
Dividends per share 13.02p 2.52p
Dividend yield3 5.2% 3.0%
Ongoing charges ratio1 1.8% 2.0%
Highest Lowest
Highs and Lows during the six months ended
31 December 2025
Net asset value per share 353.74p 210.39p
Share price (mid market) 359.00p 202.00p
Discount (positive = premium) 5.4% (12.3)%
Dividend per share Ex-dividend date Record date Payment date
Dividend History
Second interim dividend 2026 (enhanced) 7.00p 5 February 2026 6 February 2026 27 February 2026
First interim dividend 2026 (enhanced) 6.02p 30 October 2025 31 October 2025 28 November 2025
Total 13.02p
Fourth interim dividend 2025 (enhanced) 4.25p 31 July 2025 1 August 2025 1 September 2025
Third interim dividend 2025 1.26p 1 May 2025 2 May 2025 30 May 2025
Second interim dividend 2025 1.26p 30 January 2025 31 January 2025 28 February 2025
First interim dividend 2025 1.26p 24 October 2024 25 October 2024 22 November 2024
Total 8.03p
Investment Manager's Review
"The portfolio delivered strong performance over the half year supported by
precious metals positioning. We continue to actively adjust the portfolio to
take advantage of opportunities in the sector with a clear focus on maximising
performance and shareholder value creation."
Performance
The Company saw very strong performance in the six months to 31 December 2025,
with a net asset value ("NAV") total return of 69.3%. While the Company has no
formal benchmark (following its discontinuation), this compared favourably
with both the MSCI World Metals and Mining and the MSCI World Energy indices
which saw sterling adjusted gains of 46.5% and 11.0% over the period, and
which the Company aims to outperform.
The primary driver of outperformance has been the Company's large weighting to
precious metals over the period. The Company aims to cap the precious metal
weighting to 50% in a non-formal process, which led to profit-taking over the
year and a reallocation predominantly to the energy sector, which has lagged
broader commodities. Further additions to energy-linked names have been made
in January.
Summary
2025 was an eventful year for the Company, with a confluence of factors
driving strong returns across the metals and mining names and especially the
precious metals equities held in the portfolio. But it also the marked an end
to Saba Capital Management, L.P.'s ("Saba") involvement as a major shareholder
in the Company. We remain grateful for the support that shareholders gave us
in enabling the Company to continue and are especially pleased with the
performance which has generated a 91% NAV total return from 1 July 2025 to
date for shareholders that remained invested. In late June, 45% of the
Company's issued share capital was tendered, but, through strong performance
and some small capital issuances, the Company has now reached pre-Tender Offer
levels.
The year was also marked by a period of significant macro volatility, not
least led by US policy on a more aggressive trade regime, with the implication
of tariffs and a general shift to upending global trade flows. Ongoing war in
Ukraine disrupted energy flows as OPEC focused on regaining share.
Precious metals strength appeared as the trigger to lift metals across the
board, with gold and silver being the standouts. The Company maintained a
near-50% weighting to precious metal producers through most of 2025 but has
latterly begun to reduce that to add to the energy weighting. Gearing was
reduced to provide flexibility to be more opportunistic on market volatility
should opportunities present themselves.
Precious metals - 56.4% of the portfolio
The six months to 31 December 2025 marked a record-breaking year for precious
metals, whose gains outpaced a broad-based rise in metals that were also well
supported. Gold posted gains of 30.8%, whilst silver gained 98.5% and less
popular precious metals such as platinum and palladium saw gains of 51.6% and
46.4%, respectively.
The key drivers of precious metal gains were:
· Geopolitical uncertainty
Gold delivered on its defensive properties against political uncertainty. A
key driver of this has been US policy on tariffs and trade protectionism,
alongside the ongoing war in Ukraine. Later in the year, the US president made
claims over Danish-controlled Greenland, directly threatening the sovereignty
of a NATO state, and more recently, ousting Venezuelan President Maduro.
International tensions remain high.
· Central Bank demand
Central Banks continued to diversify away from US treasuries following the
weaponisation of the US dollar, which has driven strong purchases of gold
since the Russian invasion of Ukraine. Whilst purchased tonnage declined
year-on-year in 2025, the value of purchases was considerably higher in US
dollar terms given gold price strength.
The US dollar's role as the global reserve currency was questioned with China
looking to price some oil and iron ore contracts in Chinese Yuan, but this
will take many years to dramatically shift the proportion of Renminbi based
trade. Perhaps more important has been the openness of the US to entertain a
weaker dollar so as to support domestic manufacturing, with the dollar falling
9.4% in the 2025 calendar year, a move which has further supported investment
flows into gold. Yet at the time of writing, uncertainty arising from a rapid
escalation in the Middle East, the dollar has shown its status as the worlds
reserve currency remains, with some recent strengthening. Nevertheless, in
2025 gold surpassed US Treasuries as the largest reserve asset held by central
banks.
· Bar and Coin Demand
Bar and coin demand has also been a significant driver of the rally in
precious metals through 2025. Much of this has been driven by particularly
strong demand from China and, to a lesser extent, India. The Chinese side of
demand is supported by the restricted capital markets in the country that have
historically been weighted toward the domestic property sector but, given the
collapse in the property market, precious metals have surfaced as an
attractive alternative investment.
· Debasement fears
Debasement refers to the loss of purchasing power of domestic currencies. The
primary driver of this is persistent inflation and continued deterioration of
governments' fiscal stability as higher rates increase the government debt
interest to unsustainable levels. In the absence of sustainable economic
growth, they must print more currency to pay back the interest with the
cumulative increase in deficits driving ever larger debt issuance, thus
reducing the purchasing power of their domestic currencies. This is driving
flows into real assets, with gold the largest beneficiary, along with other
precious and even base metals.
· Silver
Silver's recent volatility can only be described as unprecedented: the price
jumped 140% from the end of November through to mid‑January, with a 68% rise
in January alone, before a sharp reversal. Whilst these moves are exciting,
they are also unsustainable and a sharp correction was certainly expected and
despite this, silver still showed gains for January. The path from here is
less certain and remains heavily dependent on a potential relaxation of the
restrictions imposed by China, the dominant refiner of metal, prompting the
price surge.
Energy (E&P/Rigs/Shipping) - 16% of the portfolio
The Company's portfolio has had a relatively low direct allocation to oil and
gas producers ("E&P") throughout 2025, where exposure was weighted to gas,
instead preferring indirect exposure via rigs and shipping. This low direct
allocation was primarily driven by the overhang of OPEC's return to a market
share over price strategy, which has seen an unwinding of production quotas,
leaving the market oversupplied for the majority of the year. The oil price
has been stuck between an oversupplied fundamental market and a market focused
on increasing geopolitical tensions. These include increased sanctions on
Russian and Iranian ships, strikes on Iranian nuclear facilities, the US
capture of Venezuelan president Nicolas Maduro, ongoing protests in Iran
pushing for regime change and subsequent Iranian threats on disrupting
shipments through the Straits of Hormuz, through which over 20% of global
seaborne crude oil and 25% of traded gas transits.
Latterly, the Company's energy weighting has been increased, with the addition
of oil-related E&Ps to the portfolio. The reason for this is that, despite
near-term over supply, demand growth could return the market to balance in
around 12 months and once the current oversupply is digested there will be
little spare capacity in the system. OPEC, primarily Saudi, has acted as a
buffer able to ramp or cut production in short order. With OPEC now producing
at full capacity, the oil price is exposed to any supply shocks. Our gas
preference has flipped as we see a glut of new LNG supply coming online in the
US, and a crucial gating factor for gas fired power generation is a 5-7 year
wait for large gas turbines.
US shale supply growth has now plateaued due to lower prices which has been
reflected in a decrease in drilling activity, while demand growth is primarily
coming from countries like India. China appears to have hit a peak in its
demographics, with a declining population and increasing electric vehicle
sales which could see Chinese demand trends plateau or even weaken.
Uranium miners - 12.0% of the portfolio
We have found the uranium market to be well-supported, especially in the US.
Amid an environment of tight uranium supply and a market in deficit, a
'nuclear renaissance' is underway. With a fuel supply chain dominated by China
and Russia, we see NexGen as the best undeveloped asset globally. NexGen
received its final permit after the period end on 5 March, with construction
of its Tier 1 mine, located in Canada now in progress.
Base metals - 5.6% of the portfolio
We have maintained a low base metals weighting and take a cautious view on
copper demand in the near term. A bullish rhetoric on copper has emerged
around the build-out of US data centres for AI, but we are less constructive
than the actual incremental copper demand arising from these versus
expectations. Beyond this, there is little to indicate a recovery in Chinese
property construction, a previously major component of demand for base metals
such as copper, against China's now declining population and whilst an
economically squeezed consumer may reduce demand for white goods orders,
further weighing on consumption.
The Company's exposure has been primarily through copper developers and
late-stage explorers. The largest two holdings are Solaris and SolGold which
are progressing large-scale projects in Ecuador, which have provided sterling
adjusted returns of 146% and 299%, respectively, through the 2025 calendar
year.
Outlook
Macro events since the period under review have resulted in a proactive shift
in the Company's portfolio from a relatively low weighting in the upstream oil
and gas industry (the E&P sector) to a re-balancing back into energy,
focused particularly on oil and gas explorers, producers and associated
service providers, such as rig leasing and shipping. This has been driven by a
number of factors: supply and demand, more attractive valuations and the
geopolitical events in Iran.
Having largely absorbed oil production increases following OPEC's shift in
strategy to regain market share, the market was closer to balance with far
less spare capacity to act as a buffer against supply shocks. E&P equities
were also becoming more attractive with valuations implying $60-65/bbl
long-term prices, approaching cost curve support. This combination of factors
considerably improved the sector's risk-reward profile prompting a significant
portfolio re-balancing which commenced in December and was primarily funded
from profits realised from the Company's large precious metal weighting, which
was a prime contributor to performance in the period under review.
Given the speed with which markets are changing in the current environment, an
outlook can quickly become out of date. However, experience of recent
conflicts (such as Russia-Ukraine and Houthi activity out of Yemen) suggest a
more prolonged conflict in Iran which may sustain risk premiums at a level
which do not appear sufficiently factored into many energy related equities,
thereby making their valuation more attractive. In addition, actions to dampen
the impact on crude prices, such as the release of strategic reserves, may
only prove temporary, thus putting upward pressure on prices as we have seen
more recently. With the build up to events in the Strait of Hormuz, it was
felt that a significantly higher energy premium was warranted to account for
potential disruption in the region and so we accelerated the portfolio
rebalancing during January and February.
Despite the recent reallocation, we believe there is still upside in the
precious metals sector, which, at the time of writing, remains our largest
single exposure. This reflects the risks associated with US dollar debasement,
and our investment in hard assets like gold as a hedge against a potential
deeper decline. This is supported by high US fiscal deficits, substantial
debt, erratic policy, and expansive monetary policy. Notwithstanding recent
short-term metal price moves, precious metals equity valuations remain
attractive and we see upside. Furthermore, the potential drag on global growth
from oil price shocks has also tilted economic risks toward stagflation, an
environment which has historically been most favourable for hard assets such
as commodities and especially so for strong precious metal performance.
We continue to evaluate a fast moving macro environment and as the Company's
mandate allows for quick reallocation as fundamentals shift, the portfolio
remains well positioned to maximise performance and shareholder value.
Keith Watson and Robert Crayfourd
Manulife | CQS Investment Management
24 March 2026
Top ten largest holdings
as at 31 December 2025
Emerald Resources
(6.7% of investments)
An Australian listed gold producer, with a producing mine in Cambodia and
development asset in Australia. The company has successfully commissioned its
low cost Okvau gold mine in Cambodia on time and budget. This strong
management team has a long history of delivering mines on time and budget and
are self-funded for the future growth profile.
£3,408,000
Fair value gains
Sales
(£3,728,000)
Purchases
£960,000
NexGen Energy
(6.6% of investments)
A tier 1 uranium development asset in the established Athabasca Basin uranium
mining district in Saskatchewan, Canada has the potential to be the lowest
cost uranium mine globally. Following the period end, final permits were
received to commence construction. As a zero carbon source of energy, civil
nuclear power generation and hence uranium, may gain further traction in
global energy mix.
£2,308,000
Fair value gains
Sales
(£5,354,000)
Purchases
-
Ora Banda Mining
(4.2% of investments)
An Australian gold exploration and development company, with 100% ownership of
the Davyhurst Gold Project in the highly productive eastern goldfield region
of Western Australia.
£3,088,000
Fair value gains
Sales
(£2,770,000)
Purchases
£296,000
West African Resources
(4.2% of investments)
An Australian listed emerging mid-tier gold producer based in the West African
region. The company acquires, explores and develops resource projects, and
serves customers in West Africa and Australia.
£1,328,000
Fair value gains
Sales
(£2,971,000)
Purchases
£667,000
Greatland Gold
(4.2% of investments)
The company operates the Telfer gold mine, one of Australia's largest
gold-copper mining complexes and is concurrently developing the nearby
world-class Havieron gold-copper project and exploring across a significant
regional portfolio.
£1,972,000
Fair value gains
Sales
(£3,556,000)
Purchases
-
Robex Resources*
(4.1% of investments)
A Canadian-based gold production and exploration company primarily active in
West Africa. It is recognized as a growing mid-tier producer with a strategic
focus on sustainable and low-cost gold extraction.
£2,012,000
Fair value gains
Sales
(£1,456,000)
Purchases
£1,742,000
Equinox Gold*
(3.9% of investments)
A Canadian-based mid tier gold producer with a portfolio centred exclusively
in the Americas. Equinox Gold is positioned for growth with high-quality,
long-life gold operations in Canada and across the Americas and a pipeline of
development and expansion projects.
£3,297,000
Fair value gains
Sales
(£2,508,000)
Purchases
-
Southern Cross Gold
(3.3% of investments)
An Australian gold exploration company with projects including Sunday Creek,
Redcastle and MT ISA. The company owns 100% of Sunday Creek epizonal-style
fold project in Australia which is considered to be the best new high grade
and large exploration discoveries to come out of Australia in recent times.
The company is also engaged exploring in antimony in the Victorian Goldfields.
£1,764,000
Fair value gains
Sales
(£2,198,000)
Purchases
-
Polymetals Resources*
(3.2% of investments)
An Australian mining company developing the high-grade Endeavor silver zinc
lead mine within one of Australia's premier polymetallic mineral provinces the
Cobar Basin, New South Wales, Australia.
£1,492,000
Fair value gains
Sales
(£3,003,000)
Purchases
£2,977,000
Tamboran Resources
(3.1% of investments)
A US listed natural gas exploration and production company, which specialises
in the transition to cleaner energy and supports the energy transition by
developing commercial production of natural gas and net zero equity scope 1
and 2 emissions. Tamboran Resources conducts its business in Australia.
£626,000
Fair value gains
Sales
(£2,088,000)
Purchases
£989,000
* The investment was not a top 10 in the portfolio as at 30 June 2025.
To see a full breakdown of our investments see Investment Portfolio as at 31
December 2025.
Portfolio at a glance
By commodity
31 December 2025 % of total investments 30 June 2025 % of total investments
Precious metals 53.3 44.8
Uranium 12.0 14.8
Oil & Gas 11.6 13.5
Base metals* 6.9 6.1
Copper 6.0 4.4
Shipping 4.4 7.3
Fixed interest 2.2 3.9
Lithium 2.0 1.8
Coal 0.7 1.0
Rare earth 0.6 2.2
Royalty 0.2 4.0
Agriculture 0.1 -
* Comprises polymetallic investee companies
By location of listing
31 December 2025 % of total investments 30 June 2025 % of total investments
Canada 43.8 33.8
Australia 27.4 29.2
US 14.4 18.0
UK 10.1 12.3
Europe 2.8 4.4
Unquoted 1.5 2.3
Investment Portfolio
as at 31 December 2025
Valuation % of total
Company Sector £'000 investments
Emerald Resources Precious metals 8,793 6.7
NexGen Energy Uranium 8,682 6.6
Ora Banda Mining Precious metals 5,560 4.2
West African Resources Precious metals 5,510 4.2
Greatland Gold Precious metals 5,487 4.2
Robex Resources Precious metals 5,400 4.1
Equinox Gold Precious metals 5,143 3.9
Southern Cross Gold Precious metals 4,373 3.3
Polymetals Resources Precious metals 4,216 3.2
Tamboran Resources Oil & Gas 4,090 3.1
Top ten investments 57,254 43.5
Talon Metals Base metals 3,917 3.0
Frontline Shipping 3,164 2.4
Americas Gold and Silver Precious metals 3,137 2.4
G Mining Precious metals 3,071 2.3
Ur-Energy Uranium 2,976 2.3
Transocean Oil & Gas 2,832 2.2
WESDOME Gold Mines Precious metals 2,674 2.0
REA Holdings Fixed interest 2,655 2.0
Silver Mountain Resources Precious metals 2,557 1.9
Spartan Delta Oil & Gas 2,455 1.9
Top twenty investments 86,692 65.9
SolGold Copper 2,386 1.8
BW LPG Shipping 2,291 1.7
Solaris Resources Copper 2,233 1.7
Metals X Base metals 1,833 1.4
Goliath Resources Precious metals 1,744 1.3
Sigma Lithium Resources Lithium 1,693 1.3
Peyto Exploration & Development Oil & Gas 1,604 1.2
Goldsky Resources Precious metals 1,541 1.2
Diamondback Energy Oil & Gas 1,498 1.1
Cerrado Gold Base metals 1,454 1.1
Top thirty investments 104,969 79.8
Osisko Development Precious metals 1,441 1.1
Denison Mines Uranium 1,403 1.1
Collective Mining Base metals 1,310 1.0
ISOEnergy Uranium 1,271 1.0
Foran Mining Copper 1,152 0.9
Pan American Silver Precious metals 1,141 0.9
Afentra Oil & Gas 1,050 0.8
TDG Gold Precious metals 1,029 0.8
Paladin Energy Uranium 964 0.7
Thungela Resources Coal 934 0.7
Top forty investments 116,664 88.6
Eldorado Gold Precious metals 864 0.7
Integra Resources Precious metals 816 0.6
Lynas Corporation Rare earth 720 0.5
Larvotto Resources Precious metals 713 0.5
Vizsla Silver Precious metals 706 0.5
Tolu Minerals Precious metals 685 0.5
EOG Resources Oil & Gas 678 0.5
PMET Resources Lithium 630 0.5
Ero Copper Copper 624 0.5
Golden Horse Minerals Precious metals 561 0.4
Top fifty investments 123,661 94.0
True North Copper Copper 557 0.4
Greenlight Metals Copper 553 0.4
Vermilion Energy Oil & Gas 523 0.4
Newcore Gold Precious metals 499 0.4
Cosa Resources Uranium 484 0.4
Asante Gold Precious metals 437 0.3
Platinum Group Metals Precious metals 411 0.3
Castile Resources Base metals 402 0.3
Firefinch Precious metals 397 0.3
Central Asia Metals Copper 387 0.3
Top sixty investments 128,311 97.5
Greenheart Gold Precious metals 367 0.3
C3 Metals Precious metals 297 0.2
NorAm Drilling Oil & Gas 292 0.2
Rupert Resources Precious metals 289 0.2
2020 Bulkers Shipping 277 0.2
Euronav Fixed interest 260 0.2
CVW Sustainable Royalty 244 0.2
Ithaca Energy Oil & Gas 224 0.2
Tharisa Precious metals 208 0.2
Winsome Resources Lithium 173 0.1
Top seventy investments 130,942 99.5
Other Investments 677 0.5
Total 131,619 100
Further details on the Company's top ten largest holdings within its
Investment Portfolio are set out above within 'Top ten largest holdings'.
Condensed Income Statement
Six months ended Six months ended
31 December 2025 31 December 2024
(unaudited)
(unaudited)
Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments held at fair value through profit or loss - 49,870 49,870 - (9,281) (9,281)
Exchange gains/(losses) on foreign currencies - 47 47 - (30) (30)
Investment income 3 683 2,100 2,783 1,358 323 1,681
Investment management fee (133) (400) (533) (199) (597) (796)
Other expenses (358) (14) (372) (550) - (550)
Net return before finance costs and tax 192 51,603 51,795 609 (9,585) (8,976)
Finance costs (79) (237) (316) (136) (407) (543)
Net return before tax 113 51,366 51,479 473 (9,992) (9,519)
Taxation (29) - (29) (69) (25) (94)
Net return for the period 84 51,366 51,450 404 (10,017) (9,613)
Basic and diluted return per ordinary share (pence) 0.17p 103.80p 103.97p 0.63p (15.53)p (14.90)p
The "total" column of this statement is the Income Statement of the Company,
prepared in accordance with Financial Reporting Standard 102 ("FRS 102"). The
supplementary revenue and capital columns are presented in accordance with the
Statement of Recommended Practice issued by the AIC ("AIC SORP").
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the period. In
early October 2025, the Company completed the Tender Offer, which resulted in
29,344,059 ordinary shares being repurchased by the Company, 8,800,000 of
those shares were kept in treasury and the remaining 20,544,059 shares were
cancelled. The results for the six months ended 31 December 2025 reflect the
ongoing operations after the Tender Offer completion.
There is no other comprehensive income, and therefore the net return after tax
for the period is also the total comprehensive income.
The accompanying notes are an integral part of the financial statements.
Condensed Balance Sheet
As at As at
31 December 30 June
2025 2025
(unaudited) (audited)
Notes £'000 £'000
Fixed assets
Investments at fair value through profit or loss 2 131,619 143,266
Current assets
Debtors 717 406
Cash at bank 3,932 2,404
4,649 2,810
Current liabilities
Creditors: amounts falling due within one year (535) (700)
Bank loan 8 (11,500) (9,000)
(12,035) (9,700)
Net current liabilities (7,386) (6,890)
Net assets 124,233 136,376
Capital and reserves
Called-up share capital 11,589 16,722
Share premium 5,903 4,851
Capital redemption reserve 5,133 -
Treasury shares (2,707) (683)
Special distributable reserve 19,037 21,449
Capital reserve 85,278 94,037
Revenue reserve - -
Equity shareholders' funds 7 124,233 136,376
Net asset value per share 7 349.69p 215.56p
The accompanying notes are an integral part of the financial statements.
Condensed Statement of Changes in Equity
Called-up Share Capital Treasury Special
share premium redemption shares distributable Capital Revenue
capital account reserve capital reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
For the six months ended 31 December 2025 (unaudited)
Balance at 30 June 2025 16,722 4,851 - (683) 21,449 94,037 - 136,376
Net return for the period - - - - - 51,366 84 51,450
Shares bought back into - - - (2) (25) - - (27)
treasury
Shares issued from treasury - 1,052 - 178 1,121 - - 2,351
Tender Offer (5,133) - 5,133 (2,200) - (60,125) - (62,325)
Dividends paid - - - - (3,508) - (84) (3,592)
Balance at 31 December 2025 11,589 5,903 5,133 (2,707) 19,037 85,278 - 124,233
For the six months ended 31 December 2024 (unaudited)
Balance at 30 June 2024 16,722 4,851 - (182) 27,127 88,307 1,741 138,566
Net return for the period - - - - - (10,017) 404 (9,613)
Shares bought back into - - - (500) (3,114) (21) - (3,635)
treasury
Dividends paid - - - - (115) - (2,552) (2,667)
Balance at 31 December 2024 16,722 4,851 - (682) 23,898 78,269 (407) 122,651
The special distributable reserve, capital reserve (excluding any gains and
losses attributable to Level 2 and Level 3 investments) and the revenue
reserve represent the amount of the Company's reserves distributable by way of
dividend.
The accompanying notes are an integral part of the financial statements.
Condensed Cash Flow Statement
Six months Six months
ended ended
31 December 31 December
2025 2024
(unaudited) (unaudited)
Notes £'000 £'000
Operating activities
Investment income received 2,662 1,490
Deposit interest received 65 44
Investment management fees paid (589) (814)
Overseas withholding tax reclaims received 208 -
Other expenses (277) (650)
Net cash inflow from operating activities 2,069 70
Investing activities
Purchases of investments (22,124) (14,118)
Disposals of investments 18,254 26,315
Disposals of investments in Tender Pool 9 65,921 -
Net cash inflow from investing activities 62,051 12,197
Financing activities
Equity dividends paid (3,592) (2,667)
Shares bought back into treasury (27) (3,635)
Shares issued from treasury 1,535 -
Cash payments to tendering shareholders 9 (62,752) -
Drawdown/(repayment) of credit facility 2,500 (4,000)
Costs associated with loan (20) -
Loan interest paid (283) (504)
Net cash (outflow) from financing activities (63,089) (10,806)
Increase in net cash 1,481 1,461
Reconciliation of net cash flow to movement in net cash
Increase in cash in the period 1,481 1,461
Foreign exchange gains/(losses) on cash 47 (30)
Opening net cash at 1 July 2,404 2,952
Closing net cash at 31 December 3,932 4,383
The accompanying notes are an integral part of the financial statements.
Notes to the Condensed Financial Statements
for the Half Year ended 31 December 2025
1 Accounting Policies - Basis of Preparation
The condensed interim financial statements have been prepared in accordance
with Financial Reporting Standard 104 (Interim Financial Reporting) and with
the Statement of Recommended Practice for 'Financial Statements of Investment
Trust Companies and Venture Capital Trusts'. They have also been prepared on a
going concern basis and on the assumption that approval as an investment trust
will continue to be granted.
The condensed interim financial statements have been prepared using the same
accounting policies as the preceding annual financial statements, which were
prepared under Financial Reporting Standard 102.
2 Investments at fair value through profit or loss
31 December 30 June
2025 2025
£'000 £'000
(unaudited) (audited)
Equity 127,528 137,154
Preference shares 2,655 4,580
Warrants 1,160 581
Fixed income securities 276 951
131,619 143,266
All investments are designated at fair value through profit or loss at initial
recognition, therefore all gains and losses are designated at fair value
through profit or loss.
3 Investment income
The breakdown of income for the six months to 31 December 2025 and 31 December
2024 is as follows:
Six months Six months
ended ended
31 December 31 December
2025 2024
(unaudited) (unaudited)
£'000 £'000
Income from investments:
Overseas dividend income 376 830
Preference share dividend income 126 233
Overseas fixed interest 88 54
UK dividend income 28 197
618 1,314
Other income
Bank interest 65 44
Total Income 683 1,358
4 Return per Ordinary Share
Return per share attributable to shareholders reflects the overall performance
of the Company in the period. Net revenue recognised in the first six months
is not necessarily indicative of the total likely to be received in the full
accounting year.
Six months Six months
ended ended
31 December 31 December
2025 2024
(unaudited) (unaudited)
£'000 £'000
Revenue return 84 404
Capital return 51,366 (10,017)
Total return 51,450 (9,613)
Six months Six months
ended ended
31 December 31 December
2025 2024
(unaudited) (unaudited)
p/share p/share
Revenue return per share (pence) 0.17 0.63
Capital return per share (pence) 103.80 (15.53)
Total return per share (pence) 103.97 (14.90)
The weighted average number of shares in issue during the six months ended 31
December 2025 was 49,486,860 (six months ended 31 December 2024: 64,516,804).
There are no dilutive instruments issued by the Company.
5 Dividends
During the six months to 31 December 2025, the Company paid a fourth interim
dividend of 4.25 pence per share in relation to the financial year ended 30
June 2025, and a first interim dividend of 6.02 pence per share in relation to
the six months ended 31 December 2025.
A second interim dividend 2026 of 7.00 pence per share was declared after 31
December 2025 and paid on 27 February 2026. In accordance with FRS 102, this
interim dividend has not been included as a liability in this Half Year Report
and instead will be recognised in the period in which it was paid.
6 Share Capital
At 31 December 2025 there were 35,526,279 ordinary shares in issue, excluding
10,828,171 shares held in treasury (30 June 2025: 64,157,838, excluding
2,730,671 shares held in treasury).
In early October 2025, the Company completed the Tender Offer announced in
July, which resulted in 29,344,059 ordinary shares being repurchased by the
Company, 8,800,000 of those shares were kept in treasury and the remaining
20,544,059 shares were cancelled. Other than the buyback of shares under the
Tender Offer, the Company has bought back 10,000 shares into treasury at a
cost of £27,000 and issued 712,500 shares from treasury for total proceeds of
£2,351,000 during the six months ended 31 December 2025 (six months ended 31
December 2024: bought back 2,002,114 shares at a cost of £3,635,000).
7 Net Asset Value per ordinary share
As at As at
31 December 30 June
2025 2025
(unaudited) (audited)
Net asset value per share 349.69p 212.56p
Net assets £124.2m £136.4m
Ordinary shares of 25p each in issue (excluding shares held in treasury) 35,526,279 64,157,838
There are no dilutive instruments issued by the Company.
8 Bank Loan
As at As at
31 December 30 June
2025 2025
(unaudited) (audited)
£'000 £'000
Bank loan 11,500 9,000
The Company has a secured loan facility with BNP Paribas ("BNP"), on which
drawdowns attract an interest rate of Sterling Overnight Index Average
("SONIA") plus 1.35% and a commitment fee of 0.45%. The credit facility has a
floating charge covering all the property or undertaking of the Company.
In September 2025, the Board met to consider the reduction of the Company's
loan facility and determined to voluntarily decrease the facility limit from
£25 million to £15 million to reflect the reduced size of the Company,
following the Tender Offer.
As at 31 December 2025, £11.5 million was drawn down at an indicative rate of
5.32% fixed until 12 March 2026 (30 June 2025: £9 million was drawn down at
an indicative rate of 5.60% fixed until 12 September 2025).
Covenant conditions under the BNP facility are as follows:
· the borrower shall not permit the net asset value to be less than
£45 million;
· maximum loan to value ratio of 30%; and
· minimum coverage ratio (total adjusted total assets value over
debt) of 1.
Drawdowns are typically rolled over at the Company's request every three
months and can be cancelled and/or repaid at any time.
As at the date this Report was approved, £14.5 million was drawn down under
this facility at an indicative rate of 5.08% fixed until 12 June 2026.
9 Reconciliation of Tender Offer Cash Flow
£000
(unaudited)
Cash received from disposal of investments in Tender Pool 65,921
Settlement of the net debt attributable to the Tender Pool 3,169
Equity dividends paid to shareholders in Tender Pool 1,247
Investment income received in Tender Pool 450
Tender Offer expenses paid 842
61,113
10 Going Concern
After making enquiries and having considered the Company's investment
objective, nature of the investment portfolio, bank facility and expenditure
projections, the Directors consider that the Company has adequate resources to
continue in operation for the foreseeable future. For this reason, the
Directors are satisfied that it is appropriate to adopt the going concern
basis in preparing this report.
11 Comparative Information
The condensed financial statements contained in this Half Year Report do not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The financial information for the six months to 31 December 2025 and
31 December 2024 has not been audited or reviewed by the Company's external
Auditor.
The information for the year ended 30 June 2025 has been extracted from the
latest published audited financial statements. Those statutory financial
statements have been filed with the Registrar of Companies and included the
report of the Auditor, which was unqualified and did not contain a statement
under Sections 498(2) or (3) of the Companies Act 2006.
Earnings for the first six months should not be taken as a guide to the
results for the full year.
12 Related Parties
The following are considered related parties: the Board of Directors (the
"Board") and CQS (UK) LLP (trading as Manulife | CQS Investment Management)
(the "Investment Manager").
All transactions with related parties are carried out on an arm's length
basis.
There are no other transactions with the Board other than remuneration and
reimbursement of expenses for services as Directors. There were no amounts
payable to Directors outstanding at the end of the period (31 December
2024: Nil).
With effect from 1 May 2025, the investment management fee payable by the
Company was reduced to 1.0 per cent. of net assets per annum.
Previously, the Company's annual management fee was 1.2 per cent. on net
assets up to £150m; 1.1 per cent. on net assets above £150m and up to
£200m; 1.0 per cent. on net assets above £200m and up to £250m; and 0.9 per
cent. on net assets above £250m.
The amount incurred in respect of investment management fees during the period
was £533,000 (six months to 31 December 2024: £796,000), of which £196,000
(31 December 2024: £123,000) was outstanding as at 31 December 2025.
13 Post Balance Sheet Events
The second interim dividend of 7.00 pence per share in relation to the six
months ended 31 December 2025 was announced on 22 January 2026 and paid on 27
February 2026 to shareholders on the register on 6 February 2026, with an
ex-dividend date of 5 February 2026.
As announced by the Company on 9 March 2026, the Company has been informed
that its named portfolio managers, Keith Watson and Robert Crayfourd, have
tendered their resignations to the Company's Investment Manager. Keith Watson
and Robert Crayfourd will be serving their three month notice periods and
continue to manage the Company's portfolio. The Company does not expect any
immediate disruption to its investment process, strategy or operations.
Further, as announced on 23 March 2026, the Company has agreed six months'
protective notice with its Investment Manager. If formal notice of termination
is served by the Company prior to 30 June 2026, the six months' notice period,
as per the Investment Management Agreement, will be deemed to have started
on 13 March 2026.
The Company is considering a number of options at its disposal to ensure a
smooth and sustainable transition in the best interests of its shareholders.
Interim Management Report and Responsibility Statement
The Chairman's Statement and the Investment Manager's Review above give
details of the important events which have occurred during the period and
their impact on the financial statements.
Principal Risks and Uncertainties
The Company's assets consist principally of listed equities and fixed interest
securities and its principal risks are therefore primarily market related. The
Company is also exposed to currency risk in respect of the markets in which it
invests. Key risks faced by the Company fall into the following broad
categories: market, sector and geopolitical, demand for the Company's shares,
key person, regulatory and operational.
These risks, and the way in which they are managed, are described in more
detail under the heading 'Principal Risks, Uncertainties and Mitigations'
within the Strategic Report contained within the Company's Annual Report for
the year ended 30 June 2025. The Company's principal risks and uncertainties
have not changed materially since the date of the report and are not expected
to change materially for the rest of the Company's financial year.
Related Parties Transactions
During the first six months of the current financial year, no transactions
with related parties have taken place which have materially affected the
financial position or the performance of the Company.
Going Concern
The Directors, having considered the Company's investment objective, the
nature and liquidity of the portfolio and the income and expenditure
projections, consider that the Company has adequate resources, an appropriate
financial structure and suitable management arrangements in place to continue
in operational existence for the foreseeable future and is financially sound.
For these reasons, they consider there is reasonable evidence to continue to
adopt the going concern basis in preparing the financial statements.
Statement of Directors' Responsibilities in respect of the Interim Report
The Board of Directors confirms that, to the best of its knowledge:
● the condensed set of financial statements has been prepared in
accordance with IAS 34 "Interim Financial Reporting" and gives a true and fair
view of the assets, liabilities, financial position and profit or loss of the
Company;
● the interim management report includes a true and fair review of the
information required by:
a. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
The Half Year Report has not been audited by the Company's Auditor.
This Half Year Report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the information
available to them up to the date of this report and such statements should be
treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking
information.
On behalf of the Board
Christopher Casey
Chairman
24 March 2026
- ENDS -
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
For further information please contact:
Administrator and Company Secretary
Frostrow Capital LLP
Tasmin Arthurton
Email: cosec@frostrow.com (mailto:cosec@frostrow.com)
Tel: 0203 709 2408
Investment Manager
Manulife | CQS Investment Management
Craig Cleland
Email: contactncim@cqsm.com (mailto:contactncim@cqsm.com)
Tel: 0207 201 5368
1 Alternative Performance Measure ("APM"). A glossary of the terms used,
including alternative performance measures, can be found within the Half Year
Report.
2 Used by the Company as a comparator, not a benchmark. As at 31 December
2025, 80.2% of the portfolio was attributable to the MSCI World Metals and
Mining Index and 11.6% of the portfolio to the MSCI World Energy Index. Please
refer to the 'by commodity' illustration within the Half Year Report for
further detail.
3 Based on paid and declared dividend of 18.53 pence per share over the most
recent four quarters (2024: 5.60 pence per share). As announced in 2025, the
Company has adopted an enhanced dividend policy of 8% of NAV via quarterly
dividend of 2% of the preceding quarter-end NAV per share. Three enhanced
dividends have since been paid to shareholders. Please refer to the
Performance Record for further detail.
4 Unaudited unless otherwise stated.
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