REG - CQS New City HighYld - Monthly Fact Sheet as at 30 June 2025

CQS New City High Yield FundAnnouncement

23/07/2025 14:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250723:nRSW2815Sa&default-theme=true

RNS Number : 2815S  CQS New City High Yield Fund Ltd  23 July 2025

23 July 2025

CQS New City High Yield Fund Limited

("NCYF" or the "Company")

Monthly Factsheet as at 30 June 2025

The Company's Fact Sheet as at 30 June 2025 has been submitted and is
available for inspection 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/) .

 

Ian 'Franco' Francis, Investment Manager at NCYF, comments:

 

"The UK economy remained in the Slough of Despond at the end of the second
quarter, however, there were marginal improvements since April's weakness.
Private sector activity can be best described as 'treading water'. Confidence
is weaker than the same time last year, with global trade protectionism and UK
government policies encouraging companies to cut staff due to higher
employment costs and lack of improving productivity.

Data from the eurozone is hardly better with a slowing service sector and a
manufacturing sector that is just about registering growth. Germany appears to
be improving, while France is still in the doldrums. Employment in the
eurozone is roughly constant, as the region's outlook appeared to be improving
due to the major factor of recent falls in energy prices. This energy price
fall, however, came to an abrupt halt and then rapidly rose with the start of
a conflict between Israel and Iran.

Increased tensions in the Middle East rapidly escalated to a full-scale war
between Israel and Iran, with pre-emptive strikes by Israel against Iranian
nuclear and military targets. Unsurprisingly, Iran retaliated with drones and
ballistic missiles. Threats from US President Trump of American strikes
targeting key nuclear facilities in Iran were carried through; this clinically
and efficiently brought a cease to hostilities with the 12-dollar spike in the
oil price negated by month-end.

Data on the US economy in June showed continued growth. However, an element of
uncertainty was seen in the private sector as prices for goods jumped sharply
as tariff increases were passed down the line. This occurred in both the
manufacturing and service sectors; none of which would encourage the Federal
Reserve to cut rates anytime soon. President Trump will likely be piling
pressure on US Fed Chair Powell to cut rates, publicly blaming him for the
upcoming problems in the economy.

It was a busier month for the Company, with two holdings called by their
issuers: Virgin Money 8.25% perpetual and Inspired Entertainment 7.875% 2029.
The Financials element of the portfolio was replaced in part by adding to
Close Bros 11.125% perpetual, Sherwood Finance 9.625% 2029, and Attica Bank
9.375% perpetual. Elsewhere, we added to holdings in Boparan 9.375% 2029,
Bellis Acquisition (Asda) 8.125% 2030, Travelodge 10.25% 2028, Pizza Express
9.875% 2029, Azerion FRN 2026, and Stonegate 10.75% 2029. At the very end of
the month, we also opened a new holding in the form of Sigma Holdco (Flora)
8.625% 2031 in Euros.

As we enter the quieter period of the summer, we remain focused on how the US
tariffs will pan out and how the various conflicts look to be resolved; all of
which could add to volatility in the generally slower trading holiday period."

 

-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: 01534 813 959

 BNP Paribas S.A., Jersey Branch

 Guerhardt Lamprecht

 

About CQS New City High Yield Fund Limited

 

NCYF 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/)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCPPUPUMUPAGWW