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

CQS New City High Yield FundAnnouncement

26/11/2025 07:00

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RNS Number : 9687I  CQS New City High Yield Fund Ltd  26 November 2025

26 November 2025

CQS New City High Yield Fund Limited

("NCYF" or the "Company")

Monthly Factsheet as at 31 October 2025

The Company's Fact Sheet as at 31 October 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 UK economy presented conflicting signals in October with: the S&P
Global Flash UK PMI Composite Output Index climbing to a two-month high,
suggesting modest growth, while manufacturing exports continued to decline due
to subdued global demand and US tariffs. Inflation held steady at 3.8%,
supported by a strong Sterling, though future currency fluctuations could
alter this trend. Job losses in manufacturing and services slowed to their
lowest rate since May, but persistent salary pressures have led many firms to
avoid replacing voluntary leavers and retirees. The hospitality sector,
meanwhile, faced sales growth below inflation and significant job losses,
reflecting ongoing cost pressures and uncertainty ahead of the upcoming
budget.

Across Europe, France's economic and political instability remains a drag on
the Eurozone, offsetting recent improvement in the German economy. The
Eurozone's manufacturing sector showed slight progress, with the HCOB Flash
Manufacturing PMI rising to 50.0, but external demand continued to weaken.
Inflation in the region was comparatively benign at 2.2%, and businesses felt
confident enough to pass on increased costs to consumers. France's
instability, however, poses a significant risk to the broader Eurozone
recovery.

In the United States, the economy began the fourth quarter on a strong note,
with both services and manufacturing gaining momentum despite concerns over a
government shutdown. The S&P Global US Flash Composite PMI Output Index
reached 54.8, and economic growth for October was estimated at 2.5%. Looking
ahead, sentiment is more cautious, with ongoing worries about tariffs, weak
export sales, and rising inventories, all compounded by persistent inflation.

The Company's shares went ex-dividend, with a first interim payment of
1p/share on the 23rd of the month. Within the portfolio, Azerion Group NV
FRN was redeemed at 102.03, while Weltec Int 8.25% 2026 was called at 100.
We also decreased our exposure to Tullow Oil 10.25% on the back of expected
weakness in the oil price going forward. We opened a holding in Cidron Aida
Finco 9.125% 2031 in the pharmaceutical sector and added to Bellis
Acquisitions (Asda) 8.125% 2030; Evoke 10 ¾% 2030; Stonegate 10.75% 2031;
Sherwood Financing 9.625% 2029; and Travelodge 10.25% 2028. As the UK Budget
approaches, we remain vigilant and ready to respond to any potential negatives
or possible opportunities that arise.

-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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