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 covid-19 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).
CQS New City High Yield Fund is a closed-end investment company. Co. invests predominantly in fixed income securities, including, but not limited to, preference shares, loan stocks, corporate bonds (convertible and/or redeemable) and government stocks. Co. also invests in equities and other income yielding securities. Co. has appointed CQS (UK) LLP, a subsidiary of CQS Cayman Limited Partnership, as Co.'s alternative investment fund manager.
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