REG - CQS New City HighYld - Interim Report

CQS New City High Yield FundAnnouncement

27/02/2025 07:00

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RNS Number : 5937Y  CQS New City High Yield Fund Ltd  27 February 2025

27 February 2025

CQS New City High Yield Fund Limited

("NCYF" or the "Company")

 Interim Report for the six months ended 31 December 2024

CQS NEW CITY HIGH YIELD FUND LIMITED (the Company) has published its interim
report. A copy can shortly be found on the Company's website
https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/
(https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/) , and on the National
Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/%23/nsm/nationalstoragemechanism) ) and will also be
provided to those shareholders who have requested a printed or electronic
copy.

Highlights:

·      NAV total return of 3.58% for the six months ended 31 December
2024

·      Ordinary share price total return of 2.91% for the six months
ended 31 December 2024

·    Dividend yield of 8.79%, based on dividends at an annualised rate of
4.50 pence and an ordinary share price of 51.20 pence as at 31 December 2024

·      Ordinary share price at a premium of 4.88% as at 31 December 2024

·      £13,363,000 of equity issued during the six months to 31
December 2024

Caroline Hitch, Chair of CQS New City High Yield Fund Limited, commented: "It
is testament to the strength of our strategy that we have delivered a 3.58%
NAV total return despite a turbulent bond market during the period. The share
price performed well and we remain one of the very few listed investment
trusts trading at a premium to NAV. This allowed us to issue over £13 million
of equity, which the Manager has invested into a diverse range of sectors and
stocks. The Board remains focused on providing additional value to
shareholders through its dividend payments, which is reflected in the
Company's long track record of increasing dividends since 2007."

Ian "Franco" Francis, Portfolio Manager at CQS New City High Yield Fund
Limited, commented: "It was a busy period for the portfolio as a number of
companies sought to refinance their bonds ahead of the UK budget in October,
which enabled us to re-invest in the new financing rounds of those companies
with strong fundamentals and attractive yields as well as identify exciting
opportunities in a number of other securities. Despite the prevailing
uncertainty across fixed interest markets, we remain comfortable about both
the existing portfolio of diversified investments and our ability to
capitalise on new issuances, supporting our continued efforts to deliver an
attractive yield and dividend growth for shareholders."

-ENDS-

 

 For Further Information

 CQS New City High Yield Fund Limited    T: +44 (0) 20 7201 6900

                                         E: contactncim@cqsm.com

 Singer Capital Markets                  T: +44 (0) 20 7496 3000

 Cardew Group                            T: +44 (0) 20 7930 0777

 Tania Wild                              M: +44 (0) 7425 536 903

 Henry Crane                             M: +44 (0) 7918 207 157

 Liam Kline                              M :+44 (0) 7827 130429

                                         E: ncyf@cardewgroup.com (mailto:ncyf@cardewgroup.com)

                                         https://www.cardewgroup.com/ (https://www.cardewgroup.com/)

 Company Secretary and Administrator     T: +44 (0) 1534 813 913

 BNP Paribas S.A., Jersey Branch

 Edward Kazibwe

 

About CQS New City High Yield Fund Limited

 

CQS New City High Yield Fund Limited aims to provide investors with a high
dividend yield and the potential for capital growth by investing in
high-yielding, fixed interest securities. These include, but are not limited
to, preference shares, loan stocks, corporate bonds (convertible and/or
redeemable) and government stocks. The Company also invests in equities and
other income-yielding securities.

Since the Fund's launch in 2007, the Board has increased the level of
dividends paid every year. As at 31 December 2024, the Company's dividend
yield was 8.79%. In addition to quarterly dividend payments, the Fund seeks to
deliver investors access to a high-income asset class across a
well-diversified portfolio with low duration to help mitigate interest rate
risk.

Further information can be found on the Company's website
at https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/
(https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/)

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