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...
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 ...
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...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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...
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...
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).
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).
A director at CQS New City High Yield Fund bought 85,715 shares at 36p and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
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. However, we reiterate that NCYF offers a compelling yield (7.3%) and has beaten the consumer price index, Libor and the MSCI UK Index by significant margins over the last 10 years (see pages 13 and 14); all while providing low volatility returns. Furthermore, the manager says that the m...
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). However, we note that NCYF offers a compelling yield (7.3%) and has beaten inflation as measured by the consumer price index, Libor and the MSCI UK Index by significant margins over the last 10 years (see pages ...
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. In this regard, NCYF’s portfolio h...
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....
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 premium rating (an average of 5.5% during the last year) and its ongoing share issuance (5.3% during the last year) su...
In a major shift in how its structured, Aberdeen Frontier Markets (AFMC) last year moved from investing indirectly via funds to investing directly into shares of listed companies. This was mostly completed by the end of June 2017. AFMC has underperformed the MSCI Frontier Markets Index by some margin and this, in turn, has led to a widening discount. However, AFMC is not and does not want to be seen as a closet index-tracker. The manager believes its focus on quality will be rewarded in the long...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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