CQS Natural Resources Growth & Income (CYN): Strong run, strong fundamentals still (CORP)

Necessary for the Energy Transition

An Inconvenient Truth is that the resources sector is central to the energy transition. CYN resource-focused value-with-a-catalyst investment strategy is intimately tied to sponsoring the development of the new production required to meet this challenge. The fund provides diversified exposure to transition resources (51%, e.g. copper), transition facilitators (20%, e.g. shipping), precious metals (17.5%, insurance, diversification and inflation) and 11.5% other (including fixed income). This is

Burnished copper

CQS Natural Resources Growth and Income (CYN) has provided exceptionally strong absolute and relative performance during the last 12 months, and has markedly outperformed its commodities and natural resources peer group. A key driver of this has been the managers’ preference for base metals, with significant exposure to copper being a major contributor. With supply struggling to respond to resurgent demand for most major commodities, the managers believe that many of these markets are structural

Burnished copper

CQS Natural Resources Growth and Income (CYN) has provided exceptionally strong absolute and relative performance during the last 12 months, and has markedly outperformed its peer group. A key driver of this has been the managers’ preference for base metals, with significant exposure to copper being a major contributor. With supply struggling to respond to resurgent demand for most major commodities, the managers believe that many markets are structurally short. An increased focus on meeting car

Recovery on-hold, hold on

The managers of CQS Natural Resources Growth Income Trust (CYN) say that the covid-19 pandemic has delayed, rather than ended, the recovery they were seeing in the mining sector. After sharp falls in March, share prices have recouped some of their losses, but the managers believe there is much more to go for.

Recovery on-hold, hold on

The managers of CQS Natural Resources Growth Income Trust (CYN) say that the pandemic has delayed, rather than ended, the recovery they were seeing in the mining sector. After sharp falls, April and May have seen share prices recoup some of their losses, but the managers believe there is much more to go for.

Strong recovery potential?

CQS Natural Resources Growth and Income’s (CYN’s) managers believe the mining sector is only in the early stages of a recovery; real demand for commodities is on an upwards trend; and a reduction in capex has seen capacity removed from the market. If they are correct, all of these should be supportive of higher commodity prices in the future and support a sustained recovery in resource and mining stocks.

Strong recovery potential?

CQS Natural Resources Growth and Income’s (CYN’s) managers believe the mining sector is only in the early stages of a recovery; real demand for commodities is on an upwards trend; and a reduction in capital expenditure has seen production capacity removed from the market. If they are correct, all of these should be supportive of higher commodity prices in the future and support a sustained recovery in resource and mining stocks.

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Morning Note – 18 April 2024

The Hardman & Co Monthly: April 2024

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