REG - CQS New City HighYld - Monthly Factsheet as at 31 December 2025

CQS New City High Yield FundAnnouncement

22/01/2026 10:45

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RNS Number : 9600P  CQS New City High Yield Fund Ltd  22 January 2026

22 January 2026

CQS New City High Yield Fund Limited

("NCYF" or the "Company")

Monthly Factsheet as at 31 December 2025

The Company's Fact Sheet as at 31 December 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:

 

"The outlook in the UK in December was more positive, helped by the Bank of
England cutting rates by 0.25% to 3.75% a result of the continued weakness in
the employment market across all sectors of the economy and aided by a drop in
CPI to 3.2%. However, new orders in the service sector increased, including
from outside the UK, marking a turnaround after over a year of decline.
Post-budget gloom has dissipated in most sectors, except hospitality, where
minimum wage increases and forthcoming business rate hikes are leaving the
industry worried about the viability of its businesses post-April 2026. In the
manufacturing sector, competition increased in both domestic and export
markets due to economic uncertainty, cautious spending by companies and
consumers, and higher costs from wage and energy increases.

"In Europe, growth slowed at the end of the year due to a weaker Services
sector and continued contraction in manufacturing, with the significant drag
coming from Germany and France. Although the service sector saw a softening of
growth, it remains the most robust area of the economy, especially in Germany,
where the sector grew in the month. To see a real upturn in the Eurozone's
economies, we look towards a stronger manufacturing sector. Inflation has now
fallen to 2%, which will be more reason for the ECB to cut rates in the months
ahead.

"In the US, the economy is losing momentum for the second month in a row, but
the annualised Q4 GDP growth is still far ahead of the UK and Europe at 2.5%.
Weaknesses are broad-based. In the industrial sector, we saw the first fall in
new orders for over a year, while service providers saw one of the slowest
rates of sales growth since 2023. The effect on employment is also noted, with
fewer jobs created in December. Inflation ticked up to 2.7% in November and is
expected to be higher in December, with the blame focused on tariffs, not just
in manufacturing but now seeping into the services sector.

"For the company's portfolio we opened a holding in Market Bidco Finco 8 ¾%
2031 (Morrisons Supermarket) and added to 3t Global 11.25% 2028 (skills and
safety training in the UK). In the coming month we will see Q4 trading
statements from companies that will give us insight into how various economies
are faring rather than just from surveys which, while being reasonably
accurate, do not go quite as deep as trading updates."

-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

                                         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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