27 February 2025
CQS New
City High Yield Fund Limited
("NCYF" or the "Company")
Interim Report for the six months ended 31 December
2024
CQS NEW CITY HIGH YIELD FUND LIMITED
(the Company) has published its interim report. A copy can shortly
be found on the Company's website https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/,
and on the National Storage Mechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
and will also be provided to those shareholders who have requested
a printed or electronic copy.
Highlights:
· NAV
total return of 3.58% for the six months ended 31 December
2024
· Ordinary share price total return of 2.91% for the six months
ended 31 December 2024
· Dividend
yield of 8.79%, based on dividends at an annualised rate of 4.50
pence and an ordinary share price of 51.20 pence as at 31 December
2024
· Ordinary share price at a premium of 4.88% as at 31 December
2024
· £13,363,000 of equity issued during the six months to 31
December 2024
Caroline Hitch, Chair of CQS New
City High Yield Fund Limited, commented: "It is testament to the strength of our strategy that we have
delivered a 3.58% NAV total return despite a turbulent bond market
during the period. The share price performed well and we remain one
of the very few listed investment trusts trading at a premium to
NAV. This allowed us to issue over £13
million of equity, which the Manager has invested into a diverse
range of sectors and stocks. The Board remains
focused on providing additional value to shareholders through its
dividend payments, which is reflected in the Company's long track
record of increasing dividends since 2007."
Ian "Franco" Francis, Portfolio
Manager at CQS New City High Yield Fund Limited, commented:
"It was a busy period for the portfolio as a
number of companies sought to refinance their bonds ahead of the UK
budget in October, which enabled us to re-invest in the new
financing rounds of those companies with strong fundamentals and
attractive yields as well as identify exciting opportunities in a
number of other securities. Despite the prevailing uncertainty
across fixed interest markets, we remain comfortable about both the
existing portfolio of diversified investments and our ability to
capitalise on new issuances, supporting our continued efforts to
deliver an attractive yield and dividend growth for
shareholders."
-ENDS-
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For
Further Information
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CQS
New City High Yield Fund Limited
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T: +44 (0) 20 7201 6900
E: contactncim@cqsm.com
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Singer Capital Markets
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T: +44 (0) 20 7496 3000
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Cardew Group
Tania Wild
Henry Crane
Liam Kline
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T: +44 (0) 20 7930 0777
M: +44 (0) 7425 536 903
M: +44 (0) 7918 207 157
M :+44 (0) 7827
130429
E: ncyf@cardewgroup.com
https://www.cardewgroup.com/
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Company Secretary and Administrator
BNP Paribas S.A., Jersey
Branch
Edward Kazibwe
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T: +44
(0) 1534 813 913
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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
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/
