CQS New City High Yield Fund Ltd GBP Equity Research & Stock Reports

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08 Feb 24

True high yield

NCYF performed well in 2023 (+8.2% TR) whilst increasing its portfolio yield by c75bps to 10.25% (c94-95 valuation mark), and income. The dividend (up 0.01p, 16 years of dividend growth) was 1.0x (0.93x) covered. The outlook for 2024 is mixed, with prospects for near term volatility reflecting uncertainty in rates markets. Ian ‘Franco’ Francis, the fund’s portfolio manager, highlights that in the UK manufacturing remains troubled and the hospitality sector (and others) will be hit hard by the in

Companies: CQS New City High Yield Fund Ltd GBP

Singer Capital Markets

07 Feb 23

2023 Outlook

NCYF weathered 2022 well. The fund delivered a broadly flat NAV TR whilst increasing its portfolio yield by 136bps to 9.54%. The 2023 outlook mixed with prospects for near term volatility followed by recovery in H2/Q4 as the rates-cycle ends. Given portfolios increased yield, we expect dividend cover to improve in FY23 (0.93x covered FY22). Reflecting the funds revenue reserves, our call is for continued modest dividend growth. At a 6.2% premium to NAV, NCYF is trading close to its 12m average o

Companies: CQS New City High Yield Fund Ltd GBP

Singer Capital Markets

17 May 22

CQS New City High Yield Fund - Interest rate rises maybe too little, too late

Ian Francis, the manager of CQS New City High Yield Fund (NCYF), has observed the marked shifts in central banks’ policy towards raising interest rates this year. He feels that, while recent rises are a move in the right direction, central banks’ caution – driven by concerns regarding the fragility of the global economy and the risk of repeating previous policy mistakes of tightening monetary policy into a slowdown – is leading to a very serious risk of inflation taking hold. He thinks inflation

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData Professional

15 Apr 21

A short-term opportunity?

Reflecting sustained strong demand for its strategy, CQS New City High Yield Fund (NCYF) has traded at an average premium of 4.9% over the last five years. Whilst the discount spiked out in the depths of last year’s market trough, it quickly bounced back and NCYF was until very recently trading at premiums in excess of 5%. However, it has drifted out to trade around par since February’s modest steepening of the yield curve. Overall, this steepening should be positive for the bulk of the financia

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData Professional

15 Apr 21

A short-term opportunity?

Reflecting sustained strong demand for its strategy, CQS New City High Yield Fund (NCYF) has traded at an average premium to net asset value of 4.9% over the last five years. Whilst the discount to net asset value spiked out in the depths of last year’s market trough, it quickly bounced back and NCYF was until very recently trading at premiums in excess of 5%. However, it has drifted out to trade around par since February’s modest steepening of the yield curve (where the yield curve steepens, lo

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData

24 Mar 21

Vaccine Beneficiary

NCYF’s portfolio is a natural beneficiary of the clearing of the twin fogs of Brexit and COVID. YTD the reaction has been mixed. Its NAV has delivered +6% but its share price has declined -3%. We attribute its share performance to investors focusing on the action in the long bond and not NCYF’s portfolio. We view the current valuation c3% discount and a 9% yield as attractive. As investor’s focus on the sustainability of the yield and the post-COVID recovery our expectation is for the fund to re

Companies: CQS New City High Yield Fund Ltd GBP

Singer Capital Markets

26 Nov 20

Simple yet effective

NCYF offers investors access to a relatively niche sub-sector of the high yield bond market – notably that where yields typically exceed 7%. Taking advantage of the closed-ended structure, Ian Francis has managed the portfolio in a prudent and patient manner for over a decade, focusing on stock selection and portfolio management in delivering a high dividend yield to investors (currently c. 9.0%) via quarterly payments. Dividends were 1.03x covered by underlying portfolio income in the 12 months

Companies: CQS New City High Yield Fund Ltd GBP

Singer Capital Markets

14 Jul 20

Second Quarter of 2020

It was a remarkable second quarter with global markets staging the sort of comeback few would have thought plausible, at the end of March. With some countries still battling the first wave of infection and others seemingly headed to a second, not to mention what happens when governments start to remove direct stimulus measures, uncertainty still abounds.

Companies: NCYF EGL NAIT NAIT THRG GCP IGC HHI JLEN PCT VNH ASLI IBT HRI CSH MAVT

QuotedData

30 Jun 20

Sitting pretty

At the height of the market turmoil, CQS New City High Yield (NCYF) saw its share price fall faster and further than its NAV (to 27p), before rapidly recovering. The market has been concerned about the ability of the issuers of the bonds held by NCYF to meet their obligations in the face of the pandemic. However, with one small exception, all of NCYF holdings have met their obligations in full (no missed coupons and defaults).

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData Professional

30 Jun 20

Sitting pretty

At the height of the market turmoil in March, CQS New City High Yield (NCYF) saw its share price fall faster and further than its NAV (to 27p), before rapidly recovering. The market has been concerned about the ability of the issuers of the bonds held by NCYF to meet their obligations in the face of the covid19 pandemic. However, with one small exception, all of NCYF holdings have met their obligations in full (no missed interest payments and no failures to repay loans when they fall due).

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData

29 Jul 19

Same as it ever was…

Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that, since we last published nothing much has changed, which is what we think you should expect from this “conservative and boring” fund.

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData Professional

29 Jul 19

Same as it ever was…

Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that, since QuotedData last published nothing much has changed, which is what we think investors should expect from this “conservative and boring” fund (see QuotedData’s March 2018 initiation note for explanation).

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData

13 Nov 18

Escalators do not go to the sky!

Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that although markets seem buoyant, investors should be warier. He sums up his feelings with a quote from his former boss who cautioned him by saying “Escalators do not go to the sky”. This is not to say that the market is devoid of opportunities (for example, he sees these in financials and discount consumer retail), but investors must be selective and position themselves appropriately.

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData Professional

13 Nov 18

Escalators do not go to the sky!

Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that although markets seem buoyant, investors should be warier than they are. He sums this up with a quote from his former boss, who cautioned him by saying “Escalators do not go to the sky”. This is not to say that there aren’t any opportunities in the market (for example, currently he sees these in the financials and discount consumer retail sectors), but investors must be selective and position themselves appropriately.

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData

28 Mar 18

Conservative and boring

In the words of its manager, Ian Francis, CQS New City High Yield Fund (NCYF) is really conservative and boring! However, we think Ian’s description undersells the fund. NCYF offers a compelling yield and has beaten the consumer price index, Libor and the MSCI UK Index by significant margins over the last 10 years; all the while providing low volatility returns. Furthermore, its premiumrating(anaverage of 5.5% during the last year) and its ongoing share issuance (5.3% during the last year) sugge

Companies: CQS New City High Yield Fund Ltd GBP

QuotedData Professional