REG - CQS New City HighYld - Monthly Factsheet as at 31 January 2026

CQS New City High Yield FundAnnouncement

20/02/2026 11:45

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RNS Number : 8729T  CQS New City High Yield Fund Ltd  20 February 2026

20 February 2026

CQS New City High Yield Fund Limited

("NCYF" or the "Company")

Monthly Factsheet as at 31 January 2026

The Company's Fact Sheet as at 31 January 2026 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:

 

"Economic conditions in the UK were more positive than anticipated in January.
Companies reported improving demand across both domestic and export markets,
with financial services, technology, and manufacturing all seeing a recovery
in new orders. Notably, export demand grew for the first time in four years.
Labour market weakness persisted, with job losses continuing at a rapid pace.
Higher employment costs-driven by increases in National Insurance
contributions and the minimum wage- remain a key headwind, particularly for
the hospitality sector. Inflation rose to 3.4% in December, up from 3.2% in
November, reducing the likelihood of near‑term interest rate cuts from the
Bank of England.

In Europe, the recovery remained subdued. Manufacturing returned to modest
growth, led by Germany, while the broader eurozone followed with more moderate
gains. France remained an outlier, experiencing renewed declines in business
activity. Although new orders strengthened across the region, this did not
translate into services-sector job creation, and Germany continued to shed
jobs across both services and manufacturing. Other eurozone economies saw
modest employment growth, but questions remain over the durability of this
improvement given weak underlying economic momentum and ongoing
cost‑efficiency measures, including increased adoption of automation and AI
technologies.

The US economy continued to expand, with implied annualised GDP growth of 1.5%
in both December and January. This marks a slowdown compared with most of
2025. Employment growth was broadly flat as businesses remained cautious amid
softer demand and rising costs. Tariff‑related pressures contributed to
higher input prices and increased uncertainty around the near‑term inflation
outlook.

For the Company, the shares went ex‑dividend at 1p per share at the end of
the month, with payment scheduled for the end of February.

Within the portfolio, we continued to add to Market Bidco Finco PLC 8¾% 2031
(Morrisons). A new position was initiated in Tereos Finance 8⅛% 2032. TWMA
Group refinanced its 2027 bond with a new 12.25% 2029 issue. The holding in
Doric Nimrod Air Three equity was repaid at 64.7p per share. New issuance
activity has been strong, although only a limited number of opportunities fit
the Company's investment parameters."

-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

 Claudia De Michiel                      M: +44 (0) 7471 357 190

                                         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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