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CQS New City High Yield Fund Ltd - investor in high yield fixed interest securities - Net asset value per share as at June 30 falls to 49.30 pence from 52.62p a year ago. Posts NAV total return of 1.2% versus 26% a year ago. Says company's portfolio is ‘constructed without reference to the composition of any stock market index or benchmark’.
‘There were worrying signs of increasing inflation and to mitigate this effect, central banks had begun to increase interest rates. The second half of the company's financial year has indeed been much more difficult as the terrible invasion of Ukraine by Russia has unfolded,’ firm states.
Pays annual dividend of 4.48 pence per share, virtually flat from 4.47p a year ago.
‘The environment is particularly uncertain at present and unlikely to become less so in the immediate future. We can be pretty sure we will see further interest rate rises but how this translates into the inflation trajectory and impact on economic growth is not clear. However, I believe that your company's portfolio has the attributes to weather the current storm,’ says Chair Caroline Hitch.
Current stock price: 53.20 pence, down 0.4% on Friday
12-month change: down 4.0%
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