Change of AIFM and Investment Manager

CQS Natural Resources Grwth&Inc PLC

14 September 2026

 

14 September 2026

CQS Natural Resources Growth and Income PLC
(the "Company" or "CYN")
LEI: 549300ES8CNIK2CQR054

Completion of transfer of investment manager mandate to Tufton and proposed name change

Highlights

·    Tufton Investment Management Ltd ("Tufton") has assumed the role as investment manager from today (the "Commencement Date")

·    A new investment management agreement ("New IMA") has been signed and is effective immediately. The previous investment management agreement with CQS (UK) LLP ("CQS") has been terminated

·    Keith Watson and Robert Crayfourd have commenced as portfolio managers

·    No change to the Company's strategy or risk profile; the Company will continue to pursue its established investment approach

·    Proposed Company name change to City Natural Resources Growth and Income PLC, is awaiting registration at Companies House

·    Ticker remains CYN on the London Stock Exchange and the Company's new website at https://citynats.com/ is expected to go live today

Christopher Casey, Chairman of CQS Natural Resources Growth and Income PLC, commented:

"The Board welcomes Tufton as investment manager and we very much look forward to working together to continue creating value for our shareholders. We also welcome back managers Keith and Robert, whose tremendous track record generating strong returns managing the trust for the past 13 years at CQS gives us the utmost confidence in the future of the Company. I'd like to thank interim managers Diana Racanelli and Craig Bethune for their professionalism and stewardship through the transition phase.

"While our new proposed name will refresh the trust's image and mark the transfer of the mandate to Tufton, our core principles, strategy and approach to risk do not waiver. We continue to see tailwinds and supportive trends in the natural resources sector which position the Company to benefit from Keith and Robert's decades of experience and investment skill.

"The Board also views powerful and strategic logic to partnering with Tufton, which has in-depth knowledge of shipping markets and therefore demand-flows for natural resources. This combination puts the trust in a unique position to continue to deliver growth for the benefit of our shareholders.

"Lastly, we thank our shareholders for their commitment and engagement throughout this process, and we look forward to updating the market on the trust's progress as the Company continues to grow."

Nicolas Tirogalas, CEO of Tufton Investment Management, said:

"Keith and Rob have built enviable track records in natural resources investing. Their reputation and skills will dovetail with the institutional-grade investment management skills we have built at Tufton over four decades in maritime, energy and real assets through investment vehicles such as SHIP. Their appointment and the new investment management agreement we have secured demonstrates that Tufton is a well-regarded, growing investment house with significant pulling power, allowing us to attract the industry's best talent."

Proposed name change

On 8 September, Shareholders approved a resolution to amend the Company's articles of association (the "Articles") to allow the directors to change the name of the Company.

The directors duly resolved to change the name of the Company and have filed the requisite documents with Companies House to change the name to City Natural Resources Growth and Income PLC. Once Companies House has confirmed the name change, a separate announcement will be made. In the meantime, the Company name remains CQS Natural Resources Growth and Income PLC.

The proposed new name recognises the change of alternative investment fund manager ("AIFM") and removes any CQS legacy name overhang. There will be no change to the Company's strategy or risk profile; the Company will continue to pursue its established investment approach with a primary focus on long-term capital growth and the payment of an enhanced dividend yield of 8% of net asset value per annum, funded from capital reserves as required. The Company's London Stock Exchange ticker will remain unchanged as CYN.

Terms of the New IMA

The New IMA becomes effective, and the existing investment management agreement with CQS will terminate, on 14 September 2026 with Keith Watson and Robert Crayfourd returning as the Company's portfolio managers on the same date.

The Company shall pay Tufton as remuneration for the services performed under the New IMA an annual management fee of 1 per cent. per annum of the net asset value of the Company, calculated monthly and payable monthly in arrears. This is in line with the reduced fee introduced in 2025.

The New IMA shall be terminable during the 12 months following the Commencement Date (the "Initial Period") by the Company serving three months' notice to Tufton (which for the avoidance of doubt may expire after the Initial Period) and Tufton serving six months' notice to the Company.

After the Initial Period, the New IMA shall be terminable by either party serving six months' notice to the other.

Frostrow Capital LLP will remain in its position as company secretary and administrator.

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For further information, please contact:

CQS Natural Resources Growth and Income PLC Christopher Casey	[e-mail] (via Tavistock)
Cavendish Capital Markets (Corporate Broker) Robert Peel, Andrew Worne	[phone]
Frostrow Capital LLP (Company Secretary) Tasmin Arthurton	[phone] [e-mail]
Tavistock Communications (Public Relations) Jos Simson, Gareth Tredway	[phone] [e-mail]

About CQS Natural Resources Growth and Income PLC

CQS Natural Resources Growth and Income PLC (LSE: CYN) is a closed-end investment trust which aims to provide shareholders with capital growth and income predominantly from a portfolio of mining and resource equities and of mining, resource and industrial fixed interest securities.

The trust provides exposure to value focused, under‑researched global energy and resources equities. The established investment approach is focused on long-term capital growth and the payment of an enhanced dividend yield of 8% of net asset value per annum, funded from capital reserves as required.

https://citynats.com/

About Tufton Investment Management Ltd

Tufton Investment Management Ltd is a specialist investment manager focused primarily on the maritime, raw materials, and energy-related sectors. Founded in 1985 and headquartered in London with offices in Geneva, Cyprus, and the Isle of Man, the firm manages public and private funds for institutional investors, including major UK pension funds. 

Tufton's principal investment mandates are executed by Tufton Investment Management Ltd which manages investments for public and private funds and other clients, including UK-listed flagship fund Tufton Assets Limited (LSE: SHIP). 

Over the past two decades, Tufton has managed over $3 billion for institutional investors, including UK pension funds, and has launched publicly listed investment vehicles on the London Stock Exchange and Oslo Euronext Growth. Tufton's assets under management, including committed pipeline capital, is over $1.5 billion, across public and private funds and mandates. Tufton Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (FCA). 

https://tufton.com/

 

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