CQS Natural Resources Grwth&Inc PLC Monthly Investor Report -- October 2023 (3617U)
22 11월 2023 - 10:58PM
UK Regulatory
TIDMCYN
RNS Number : 3617U
CQS Natural Resources Grwth&Inc PLC
22 November 2023
CQS Natural Resources Growth & Income PLC
Monthly Investor Report - October 2023
The full monthly factsheet is now available on the Company's
website and a summary can be found below.
https://ncim.co.uk/wp/wp-content/uploads/2023/11/CQS-New-City-CNR-10.23.pdf
Enquiries:
For the Investment Manager
CQS (UK) LLP
Craig Cleland
Email: contactncim@cqsm.com
Tel: 0207 201 5368
For the Company Secretary and Administrator
Frostrow Capital LLP
Eleanor Cranmer
Email: cosec@frostrow.com
Tel: 0203 008 4613
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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 Natural Resources sector
-- Quarterly dividend paid to shareholders
-- Potential inflation hedge
Key Fund Facts
Total Gross Assets GBP148.14m
Reference Currency GBP
Ordinary Shares:
Net Asset Value 200.54p
Mid-Market Price 166.50p
Dividend Yield (estimated) 3.4%
Net gearing 10.3%
Discount (16.98%)
Ordinary Share and NAV Performance
One Month Three Months Six Months One Year Three Years Five Years Since Inception
(%) (%) (%) (%) (%) (%) (%)
NAV -4.2 -4.6 1.6 -9.4 104.6 111.7 596.3
Share Price -6.3 -5.8 -2.9 -14.8 109.0 113.1 541.1
Commentary
The Fund NAV declined 4.2% in October, versus respective
declines of 2.6% and 2.9% for the MSCI World Energy and MSCI World
Mining in sterling terms.
We continue to monitor the tragic events in Israel and Gaza
closely. Middle Eastern tensions have wider implications for
commodities, especially if Iran are drawn into the conflict either
directly or through one of their proxies like Hezbollah in Lebanon.
Sanctions on Iranian crude or any threats to crude exports through
the Straits of Hormuz would lift oil prices.
Commodities were generally weaker over the month with base
metals, oil and gas lower. Oil is showing little "war premium" at
this stage, as broader demand concerns weigh and higher rates begin
to show slowing effects on the global economy.
Gold was stronger, up 7.3% over the month, trading close to
all-time highs and at the highest level in most currencies other
than the US dollar. Part of this was due to the Middle Eastern
tensions, with physical ETF's switching from sellers to buyers in
the middle of the month. The main demand driver remains central
banks, with the World Gold Council reporting further strong
additions through the third quarter, with 337 tonnes added. The WGC
also revised up their estimates for old purchases in the second
quarter of the year from 103 tonnes to 175 tonnes.
The Fund saw gains from oil and gas shippers BWLPG and
Frontline, as well as Australian gold producers Ora Banda and
Calidus Resources. Oil and gas drillers Transocean and Precision
Drilling were detractors as the oil price pulled back.
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