CQS Natural Resources Grwth&Inc PLC Monthly Investor Report - September (6719Q)
19 Octubre 2023 - 3:33AM
UK Regulatory
TIDMCYN
RNS Number : 6719Q
CQS Natural Resources Grwth&Inc PLC
19 October 2023
CQS Natural Resources Growth & Income Plc
Monthly Investor Report - September
The full monthly factsheet is now available on the Company's
website and a summary can be found below.
https://ncim.co.uk/wp/city-natural-resources-high-yield-trust
Enquiries:
For the Investment Manager
CQS (UK) LLP
Craig Cleland
0207 201 5368
For the Company Secretary and Administrator
BNP Paribas S.A., Jersey Branch
Dean Plowman
01534 813 967
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Fund Description
The Fund aims to generate capital growth and income,
predominantly from a portfolio of mining and resource equities, and
from mining, resource and industrial fixed interest securities.
Portfolio Managers
Ian Francis, Keith Watson, and Robert Crayfourd
Key Advantages for the Investor
-- Access to under-researched, mid and smaller-cap companies in
the global Natural Resources sector
-- Quarterly dividend paid to shareholders
-- Potential inflation hedge
Key Fund Facts(1)
Total Gross Assets GBP153.72m
Reference Currency GBP
Ordinary Shares:
Net Asset Value 210.66p
Mid-Market Price 179.50p
Dividend Yield (estimated) 3.1%
Net gearing(4) 9.1%
Discount (14.79%)
Ordinary Share and NAV Performance (2)
One Month Three Months Six Months One Year Three Years Five Years Since Inception
(%) (%) (%) (%) (%) (%) (%)
NAV 1.2 5.8 2.6 1.0 113.6 100.9 626.8
Share Price 3.4 8.8 5.8 4.4 119.1 116.0 585.9
Commentary(3)
Market Supported by continued OPEC+ discipline, which also saw
Russian overproduction being reined in, energy prices rose
substantially during September, continuing to outpace the
lacklustre performance of more cyclically sensitive Industrial
metals. While the US FED held rates in September, the energy price
strength is more broadly sustaining pressure on central banks to
maintain hawkish, stronger-for-longer guidance on rates. Against a
backdrop in which China has continued to reduce its holdings of US
treasuries, US 10yr yields moved higher and the US Dollar Index
strengthened around 2.5%.
Brent and WTI crude prices increased nearly 9% and 10%
respectively as Saudi Arabia and Russia agreed to extend voluntary
production cuts to the year end. The threat of strikes at
Australian LNG facilities saw natural gas benchmarks in Europe and
Asia rise 21% and 10% respectively though US benchmarks slipped due
to mild temperatures. Coal proved resilient with strong demand
arising from India, potentially reflecting strike risks at some of
the country's mining operations. Alongside this, potential supply
disruption risks from an increase in mine safety checks in China
may also have contributed to price resilience, helping counter
record production from Mongolia which reported a sharp jump in
output which totaled 45Mt year to end-Aug, +184% year-on-year.
Momentum in the resurgent nuclear power market picked-up during
September's World Nuclear Association gathering. The U3O8 price
jumped 22% during the month as utility buyers seek to secure
long-term contracts, while the physically backed Sprott Physical
Uranium Trust also returned to a premium allowing it to raise funds
and purchase material.
Sustained US dollar strength, uninspiring Chinese economic data
and ongoing concerns regarding the poor health of China's property
sector saw copper end the month around 2% lower. The seaborne iron
ore price held up, registering a 1.7% rise, as strong import demand
from India also supported prices. This allowed the iron ore price
to shrug off expectations of lower Chinese demand with indicated
steel production limits for 2023 implying a reduction in regional
ore consumption over the remainder of the year. The price of steel
input nickel declined 7% with the latest monthly data from the
International Nickel Study Group indicating mine output rose 17% on
the prior year, well ahead of demand and implying a surplus of
metal. Precious metal prices remained extremely sensitive to the
outlook for interest rates and gold ended September nearly 5%
lower. Despite the more positive energy pricing, E&P stocks
closed the month little changed, copper mining equities slipped a
modest 4%, while precious metal indices lost around 19% over the
month.
Performance
Reflecting positive revenue receipts from dividend payments the
Trust made a 3p per share special dividend which together with
sterling's relative softness helped generate a total return of 3.1%
for the month. The Fund NAV was little changed over the month.
Strong positive contributions were made by tier 1 uranium mine
developer NexGen, gold producer Emerald Resources and shipper BW
LPG, whose share prices rose 19%, 18% and 8% respectively in
sterling terms. The brief removal of Leo Lithium from suspension,
as discussed last month, saw the shares halve, which unfortunately
offset these gains, prior to being suspended again at the
month-end, pending a further update on developments with the
government.
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