REG - CQS New City HighYld - Monthly Factsheet as at 30 November 2025

CQS New City High Yield FundAnnouncement

23/12/2025 10:00

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RNS Number : 6692M  CQS New City High Yield Fund Ltd  23 December 2025

23 December 2025

CQS New City High Yield Fund Limited

("NCYF" or the "Company")

Monthly Factsheet as at 30 November 2025

The Company's Fact Sheet as at 30 November 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 New City High Yield Fund,
comments:

"November focused on anticipation for the UK budget. Various reports
circulated in the press to gauge reactions to potential tax measures among
backbenchers and Labour voters. The final outcome was a tax-later, spend-now
budget, which initially appeared balanced. However, a closer review raises
potential concerns.

The increase in minimum wages above the rate of inflation may place additional
pressure on small businesses and the hospitality sector, potentially leading
to job reductions. The freeze on tax thresholds is expected to have a gradual
impact across income levels ahead of the next scheduled election. This effect
is compounded by continued elevated inflation, which may take longer to
decline than current OBR forecasts suggest.

The Mansion tax introduces additional considerations, as a new structure for
property taxation is being implemented. While it appears equitable at first
glance, future adjustments-such as lowering the starting threshold or adding
new bands-could increase costs for homeowners in the southeast. Combined with
rising council tax bills, this could represent a significant financial burden.

The reduction in the cash ISA allowance aims to encourage younger investors
toward stocks and shares rather than cash holdings. Individuals over 65 retain
a £20k allowance, reflecting their preference for lower-risk investments at
pensionable age. However, this change may influence bank lending, which partly
depends on deposit levels.

Regarding pensions, private-sector saving remains challenging, while the state
pension triple lock continues. Adjusting this to inflation-only increases
could align with fiscal sustainability. Public-sector defined benefit schemes
may require gradual reform to ensure affordability over the next decade. An
alternative model, such as Australia's three-pillar system, offers a potential
framework. This system includes:

1.   A means-tested age pension for those over 60;

2.   A defined contribution scheme funded by a 12.5% employer contribution;
and

3.  Voluntary individual contributions, taxed at concessional and
non-concessional rates. Introduced in 1992, this approach has built a fund
valued at AUD 4.2 trillion (GBP 2.1 trillion), equivalent to 150% of
Australia's GDP, reducing reliance on state funding and contributing to
economic growth.

The first November data reflecting economic sentiment came from the
construction sector. The DS&P Global Construction PMI registered 39.4,
down from 44.1 in October, driven by declines in infrastructure and
residential building activity-the lowest levels since May 2020. Future
indicators suggest limited optimism, as confidence fell to its lowest point
since December 2022.

Europe shows marginal improvement, with manufacturing stable but employment in
the sector declining for two and a half years, indicating businesses expect to
manage short-term demand without expanding staff. The service sector remains
the primary growth driver, though not at levels prompting ECB rate increases.
Political challenges persist, including welfare reform debates in Germany,
ongoing instability in France, and stalled Ukraine peace talks, alongside
statements from President Putin interpreted as potential warnings to Western
Europe."

-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

 

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 30 June 2025, the Company's dividend yield
was 8.77%. 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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