CQS Natural Resources Growth & Income Share News (CYN)

(Alliance News) - CQS Natural Resources Growth & Income PLC on Thursday said it outperformed its benchmark index in the first half of financial 2020 due to a large exposure to precious metals, a healthy weighting in fixed income bonds and minimal exposure to oil.

At December-end, the company's net asset value per share stood at 115.8 pence, up from 102.8p a year ago. NAV return totalled 2.35%, ahead of the company's composite benchmark index which rose by 0.67% and the EMIX Global Mining index which rose by 0.92% and the Credit Suisse High Yield index which fell by 0.38%.

CQS Natural said: "The company benefited during the six months under review as it maintained a low weighting in energy stocks and a large weight in precious metal miners. We were exposed to a large weighting in base metals which hurt our performance."

The company's share as at December 31 were trading at a discount of 26.6% and at the close of business on Wednesday the discount was 13.4%. Shares in the company closed at 61.60p each, down 8.5%, on Thursday in London.

The investment company said: "The board is very conscious of this issue and reviews it closely. It remains the board's aim to mitigate the discount by delivering good long term performance. As at 11 March 2020, the company's NAV is 77.7 pence and the share price is 67.3 pence," .

CQS Natural currently intends to pay a third interim dividend of 1.26p per share and a fourth interim dividend of 1.82p, making a total dividend for the year of 5.60p, in line with financial 2019.

By Tapan Panchal; tapanpanchal@alliancenews.com

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