Annual Financial Report
Summary by AI BETAClose X
19 September 2025
CQS New City High Yield Fund Limited
("NCYF" or the "Company")
Annual Report for the 12 months ended 30 June 2025
CQS NEW CITY HIGH YIELD FUND LIMITED has published its annual report. A copy can shortly be found on the Company's website https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/, on the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and will also be provided to those shareholders who have requested a printed or electronic copy.
Highlights:
· NAV total return of 6.98% for the year ended 30 June 2025
· Ordinary share price total return of 7.43% for the year ended 30 June 2025
· Dividend yield of 8.77%, based on dividends at an annualised rate of 4.51 pence and a share price of 51.40 pence as at 30 June 2025
· Ordinary share price at a premium of 6.26% as at 30 June 2025
· £33,585,000 of equity issued during the year ended 30 June 2025
· Dividend cover of 0.98x for the year ended 30 June 2025
Caroline Hitch, Chair of New City High Yield Fund, commented: "I am very pleased to report that the Company delivered a positive NAV total return of 6.98% for the full financial year amid a turbulent period for bond markets. The share price also performed well, resulting in a share price total return of 7.43% as shares continued to trade at a premium to NAV. This has enabled NCYF to continue to issue shares to satisfy demand, which has the added benefit of lower ongoing charges per share and greater liquidity, all other things being equal. Exposure to high-yield bonds offers investors diversification from traditional bonds and other asset classes, and the portfolio, managed by Ian Francis, is well diversified across issuers and sector. I remain optimistic that your Company will continue to deliver attractive dividends and, over the longer term, generate some capital appreciation as well."
Ian "Franco" Francis, Portfolio Manager at New City High Yield Fund, commented: "Our focus across the portfolio is on shorter duration bonds of just over three years, where we continue to see considerable opportunities for investment, and which are less susceptible to inflation that remains sticky across many western economies. From a geographical perspective, the UK, Europe and Scandinavia are particularly attractive, and, with the US economy slowing, inflation there is expected to fall."
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For Further Information |
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CQS New City High Yield Fund Limited |
T: +44 (0) 20 7201 6900 E: contactncim@cqsm.com
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Singer Capital Markets
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T: +44 (0) 20 7496 3000
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Cardew Group Tania Wild Henry Crane Liam Kline
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T: +44 (0) 20 7930 0777 M: +44 (0) 7425 536 903 M: +44 (0) 7918 207 157 M :+44 (0) 7827 130429
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Company Secretary and Administrator BNP Paribas S.A., Jersey Branch Niethusha Mohanadas
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T: 01534 815216 |
About CQS New City High Yield Fund Limited
CQS New City High Yield Fund Limited aims to provide investors with a high dividend yield and the potential for capital growth by investing in high-yielding, fixed interest securities. These include, but are not limited to, preference shares, loan stocks, corporate bonds (convertible and/or redeemable) and government stocks. The Company also invests in equities and other income-yielding securities.
Since the Fund's launch in 2007, the Board has increased the level of dividends paid every year. As at 17 September 2025, the Company's dividend yield was 8.77%. In addition to quarterly dividend payments, the Fund seeks to deliver investors access to a high-income asset class across a well-diversified portfolio with low duration to help mitigate interest rate risk.
Further information can be found on the Company's website at https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/
LEI: 549300KMGN75B0PTWT07
Purpose and strategy
The purpose of the Company is to provide Shareholders with a high gross dividend yield and the potential for capital growth by mainly investing in high yielding fixed interest securities. To achieve this, the strategy of the Company is to follow the investment policy outlined below and to utilise the benefits of being a closed-ended investment vehicle.
Financial Highlights
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NAV and share price total return |
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NAV |
6.98% |
19.07% |
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Ordinary share price |
7.43% |
22.73% |
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Capital values |
As at |
As at |
% change |
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Total assets less current liabilities (with the exception of the bank loan facility) |
£338.8m |
£308.5m |
9.82% |
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NAV per ordinary share |
48.37p |
49.59p |
(2.46)% |
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Share price (bid) |
51.40p |
52.20p |
(1.53)% |
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Revenue and dividends |
12 months to |
12 months to |
% change |
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Revenue earnings per ordinary share |
4.43p |
4.50p |
(1.56)% |
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Annual dividends per ordinary share |
4.51p |
4.50p |
0.22% |
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Dividend cover |
0.98x |
1.00x |
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Revenue reserve per ordinary share (after recognition of annual dividends) |
2.61p |
2.93p |
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Ongoing charges ratio |
1.17% |
1.18% |
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As at |
As at |
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Dividend yield |
8.77% |
8.62% |
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Premium |
6.26% |
5.26% |
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Gearing |
10.02% |
8.28% |
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Dividend history |
Rate |
xd date |
Record date |
Payment date |
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First interim 2025 |
1.00p |
24 October 2024 |
25 October 2024 |
29 November 2024 |
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Second interim 2025 |
1.00p |
23 January 2025 |
24 January 2025 |
21 February 2025 |
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Third interim 2025 |
1.00p |
1 May 2025 |
2 May 2025 |
30 May 2025 |
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Fourth interim 2025 |
1.51p |
31 July 2025 |
1 August 2025 |
29 August 2025 |
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Annual dividend per ordinary share |
4.51p |
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First interim 2024 |
1.00p |
26 October 2023 |
27 October 2023 |
30 November 2023 |
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Second interim 2024 |
1.00p |
25 January 2024 |
26 January 2024 |
28 February 2024 |
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Third interim 2024 |
1.00p |
2 May 2024 |
3 May 2024 |
31 May 2024 |
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Fourth interim 2024 |
1.50p |
1 August 2024 |
2 August 2024 |
30 August 2024 |
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Annual dividend per ordinary share |
4.50p |
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Statement from the Chair
Investment and share price performance
When I last updated Shareholders in February 2025, I remarked that the Company had made a positive return for the first six months of its financial year amidst a very turbulent period for the bond markets. I am pleased to report that the Company continued to achieve positive returns and the NAV total return for the full financial year was 6.98%. Additionally, the share price total return was marginally better at 7.43%, with shares continuing to trade at a premium over their NAV. Thanks to the share price premium and strong medium and longer term performance, we were able to continue issuing shares (see below for more details), positioning the Company amongst the largest issuers of investment company shares on the London Stock Exchange ("LSE") during the period under review.
Stock markets remained close to all-time highs over our financial year, as markets were able to shrug off geopolitical worries arising from the conflicts in Russia/Ukraine and Israel/Gaza as well as a rebound from tariff anxiety introduced by President Trump in April 2025. Lower inflation in the United States ("US") and Europe, together with strong corporate earnings led investors to return to the markets over the final quarter of our financial year.
Global bond markets remain uncertain and major economies have seen a significant increase in government bond yields. In the United Kingdom ("UK"), 10-year gilt yields ended our financial year at 4.48%, 0.35% higher than in June 2024 even though the Bank of England base rate fell by 1.00% over this period. Against this volatile background, the Company's portfolio performed reasonably well, once again demonstrating the limited impact on its portfolio investments from interest rate and yield gyrations. Further information about the portfolio and our holdings can be read in the report by your investment manager, Ian "Franco" Francis.
Earnings and dividends
The Company declared three interim dividends of 1.00 pence in respect of the period and one interim dividend of 1.51 pence since the year end, making 4.51 pence in total. Revenue earnings per ordinary share were just below this amount at 4.43 pence for the year, which compares to 4.50 pence earned in the same period last year. When I wrote my report for our interim results, I anticipated that this year's dividend would be covered but, since then, the strength of Sterling reduced the Sterling value of some of our overseas income and this, together with a missed coupon from Selecta Group, meant that we fell very slightly short of covering the dividend. However, the Company has built up a strong revenue reserve over past years and the Board decided to utilise a minimal amount of these reserves to marginally increase this year's dividend, maintaining the Company's record of annual dividend increases which has been unbroken since 2007. The ability to use revenue reserves to smooth dividend payments in this way is one of the benefits of the investment trust structure, which the Board was happy to take advantage of this year.
The aggregate payment of 4.51 pence per ordinary share represents a 0.22% increase on the 4.50 pence paid last year. Based on an annual rate of 4.51 pence and a share price of 51.4 pence at the time of writing, this represents an attractive dividend yield of 8.77%.
As I stress in every report, the Board pays great attention to dividend payments as we understand how much Shareholders value this aspect of the Company. As things stand, the Board intends to follow the same pattern of dividend payments as declared last year, which is to maintain or slightly increase the total level of dividends next year.
Gearing
During the financial year, the Company entered into a new £45,000,000 loan facility with BNP Paribas, London Branch, at a competitive rate, replacing the previous loan facility from Scotia Bank. This facility is due to expire in December 2025 and we will look to renew at that time. Out of this facility, £40,000,000 was drawn down as at 30 June 2025 and at the time of writing, the Company has an effective gearing rate of 12.25%. At present, we believe that Shareholders will benefit from a modest but meaningful amount of gearing (a notable advantage of closed-ended funds compared to open-ended) and, all other things being equal, expect to maintain approximately this level of gearing during the next financial year.
Share issuance
Taking advantage of the premium rating that the market continued to attach to the Company's shares, £33,585,000 was raised from new and existing Shareholders during the financial year, with 66,250,000 ordinary shares issued from the block listing facility. Shares were only issued when your Investment Manager was confident that he could invest the additional funds favourably, while remaining mindful of capacity factors in the high yield bond market.
Issuing shares at a small premium is modestly positive for the Company's NAV, satisfies the strong demand for shares that we continue to see and also keeps a lid on the overall share price premium. The Board also believes that, over time, existing Shareholders will benefit from lower ongoing charges and greater liquidity in the Company's shares, all other things being equal.
Environmental, Social and Governance ("ESG") statement
The Board's intention is to invest responsibly and to consider the Company's broader impact on society and the environment. We believe the integration of ESG factors in the investment process is consistent with delivering sustainable attractive returns for Shareholders through deeper, more informed investment decisions. The Board has reviewed and agreed the ESG approach adopted by the Company and a summary of this is set out in the Annual Report.
Your Board
As I set out in the last Annual Report, Duncan Baxter, who was the Senior Independent Non-Executive Director and Chair of the Management Engagement Committee, stepped down at the Annual General Meeting ("AGM") in December last year and we thank him sincerely for his valuable contribution to the Company.
I am very pleased that Andrew Dann was appointed as Non-Executive Director with effect from 1 February 2025. This appointment followed a search and selection process managed by an external independent recruitment consultancy. Andrew was a previous Chairman and Managing Partner at Ernst & Young Channel Islands and has over thirty years' experience with local and international financial services clients, including regulated funds, fiduciary services businesses and investment management structures. I am delighted to welcome him to the Board.
Board responsibilities were reviewed following Duncan's departure. Ian Cadby was appointed Senior Independent Director and also took on the role as Chair of the Remuneration Committee. John Newlands was appointed Chair of the Management Engagement Committee.
Wendy Dorman, who joined the Board in March 2016 and is the Audit Committee Chair, has served for nine years as a Non-Executive Director and is expected to retire at the conclusion of the forthcoming AGM on 4 December 2025. My colleagues and I will miss her wise counsel and valuable contributions to the Board's deliberations.
Andrew is expected to succeed Wendy as Chair of the Audit and Risk Committee and we plan to recruit another Non-Executive Director, once again using an external recruitment agency.
Outlook
The portfolio of predominantly high-yield bonds held by your Company offers in my opinion, strong value for most investors, providing diversification beyond traditional bond funds and other asset classes. As your investment manager, Ian Francis, notes in his "Outlook", bonds with longer maturities have been weak recently. However, this has had only a limited impact on your Company's holdings, which have an average remaining life of just over three years-positioning the portfolio to withstand further short-term volatility. The bonds are also well diversified across issuers and sectors and are subject to rigorous review by Manulife | CQS Investment Management's credit analysts, further strengthening their investment case. Overall, I remain optimistic that your Company will continue to deliver attractive dividends and, over the longer term, generate some capital appreciation as well.
Caroline Hitch
Chair
18 September 2025
Investment Manager's Review
Introduction
The first six months of our financial year were dominated by the incoming Labour Government and the new Chancellor's October budget in the UK. There was intense speculation in the run-up to the budget over what would be the effect of potential tax raising measures. After these were announced, we saw most UK companies either postpone or delay their activities resulting in not much change to output in the UK. We do worry that the UK economy could move into a period of "stagflation" with inflation being stubborn and little economic growth. In contrast, during the second six-month period from January to June 2025, eyes were drawn inexorably towards the US, with President Trump's tariff programme causing disruption amongst global governments, companies and investors. Global interest rates remain at elevated levels and my view remains that markets are being far too complacent. Events which would have shocked markets historically are largely being ignored.
Meanwhile, your Company raised new capital this year as we issued shares at a premium to NAV. Proceeds have been invested into a wide and diverse range of sectors and stocks. The overall NAV total return for the 12 months to 30 June 2025 was a positive 6.98%.
Market and economic review
When I wrote the market review for the interim report six months ago, my main thesis was that bond markets in the UK and the US were focussed on the increasing costs of financing government deficits, which has since led the benchmark of 10-year bond yields to increase markedly. This theme has continued and the costs of financing debt remain high, cutting into the ability of governments to spend and grow. With inflation also still a factor, it becomes more difficult for central banks to reduce interest rates. In the UK, rates reduced by 100 basis points during the full year period to reach 4.25% at the end of June 2025 (since the end of June 2025, the Bank of England base rate has fallen to 4.00% at the time of writing). In the US, meanwhile, sticky wage inflation has caused the US Federal Reserve to resist reducing rates aggressively with only a 1.00% reduction to 4.50% seen in the second half of 2024. Despite interest rates falling, the UK 10-year gilt yield increased from 4.13% at the end of June 2024 to 4.48% at the end of June 2025. There is a similar problem in the US, with the10-year bond moving over the same period from 4.29% to 4.35%.
In both the UK and US, equity markets have remained remarkably resilient in the face of higher interest rates and increasing tariffs. The UK economy has seen marginal improvements over the last few months. However, investor confidence is weaker than the same time last year, as global trade protectionism and UK government policies are encouraging companies to cut staff due to higher employment costs and lack of improving productivity.
Data from the eurozone is not much better, as it deals with a slowing services sector and a manufacturing sector that is just about registering growth. Germany appears to be improving, while France is still in the doldrums. Employment in the eurozone is roughly constant, as the region's outlook appeared to be improving due to the major factor of recent falls in energy prices.
Meanwhile, the US economy has continued to show growth throughout our financial year. However, an element of uncertainty was seen in the private sector due to prices for goods jumping sharply as tariff increases were passed down the line. This occurred in both the manufacturing and service sectors; none of which would encourage the Federal Reserve to cut rates anytime soon. President Trump is continuing to pile pressure on US Fed Chair Powell to cut rates, publicly blaming him for the upcoming problems in the economy.
Portfolio and revenue review
The largest positions in the portfolio were fairly stable over the course of our financial year. Our Virgin Money 22-08/12/2170 FRN position was repaid early in June 2025 and we have been selling down our exposure to the Co-op Bank Holdco 23-22/05/2034 FRN at good prices over the last few months. Together with some other early repayments and new monies from the share issuance programme, we have been investing into a wide range of investments such as Tullow Oil Plc 10.25% 21-15/05/2026, Selecta Group BV 8% 20-01/04/2026, Newcastle Building Society 24-06/06/2173 FRN, Cruise Yacht Upp 11.875% 24-05/07/2028, Priority1 Issuer 12.625% 24-19/11/2027, Boparan Finance 9.375% 24-07/11/2029 and Zopa Group 12.875% perpetual.
New entries into the portfolio's top 10 this year were: Bellis Acquisition 8.125% 24-14/05/2030, which is the finance vehicle that funded the purchase of Asda in the UK; Azerion Group 23-02/10/2026 FRN, a Dutch online advertising company; and REA Finance 8.75% 15-31/08/2025 which we have held for many years and whose loan was repaid at the end of August 2025.
Although the portfolio had a good year generally, one of our newer purchases, Selecta Group BV 8% 20-01/04/2026, has been through a turbulent refinancing process which has caused our investment to lose around 68% of its value. This has resulted in a -0.97% impact on NAV. When we invested in the company, a leading vending machine operator headquartered in Switzerland, we were fully aware of the refinancing process but did not anticipate the level of impact it would have on its senior bonds. We are monitoring the position closely and hope to reclaim some of the lost value.
Sterling has been stronger over the last year, especially against the US dollar where we have 17.31% exposure in the portfolio. Although this has some associated capital and revenue costs, we like the underlying investments and believe that interest rates will reduce in the UK over the next 12 months, which should mean we see some currency gains. The Company has a further 13.31% invested in Euro dominated securities and other currencies.
For the year to 30 June 2025, the revenue account earnings were 4.43 pence compared to 4.50 pence for the same period last year. Earnings per share were reasonably stable during the year with one company, Selecta Group as noted above, missing its coupon payments. Together with a stronger Sterling, this contributed towards the slight dip in revenue earnings.
That being said, we are comfortable with the Company's revenue account going forwards. In our regular discussions with Shareholders, the Company's revenue and dividends are topics of crucial importance and the ability of any portfolio company to pay its coupon or expected dividend on time is one of the major indicators that we continue to follow.
Outlook
With 30 year Government bond yields across the Western world at close to 25-30 year highs, inflation proving sticky and the US imposing tariffs, global geopolitics are not improving anytime soon. This is not the end of the world however as long bonds are always more susceptible to inflation and investors therefore shun them in favour of shorter durations under 5 years. The current duration of the portfolio is just over 3 years. Another point of note is despite all the negative comment about what may or may not be part of the late November UK budget, recent UK Gilt issues have been over-subscribed multiple times, showing the market believes in the longer term the size of State intervention can be reined in.
Overall, there are opportunities in the corporate sector both in the UK, Europe and Scandinavia and with the economy in the US slowing, inflation there is expected to fall. These factors offer a more positive view of bond markets over time than those we are focusing on in the very short term.
Ian "Franco" Francis
New City Investment Managers
18 September 2025
Investment Portfolio
As at 30 June 2025
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Company |
Sector |
Valuation £'000 |
Total investments % |
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SHAWBROOK GROUP 22-08/06/2171 FRN |
Financials |
13,843 |
4.21 |
|
TVL FINANCE 10.25% 23-28/04/2028 |
Consumer discretionary |
12,955 |
3.94 |
|
RL FINANCE NO6 23-25/11/2171 FRN |
Financials |
11,879 |
3.61 |
|
STONEGATE PUB 10.75% 24-31/07/2029 |
Consumer discretionary |
11,390 |
3.46 |
|
GALAXY BIDCO LTD 8.125% 24-19/12/2029 |
Financials |
11,196 |
3.40 |
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AGGREGATED MICRO 8% 16-17/10/2036 |
Energy |
10,407 |
3.16 |
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REA FINANCE 8.75% 15-31/08/2025 |
Consumer staples |
9,591 |
2.92 |
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BARCLAYS PLC 22-15/12/2170 FRN |
Financials |
9,472 |
2.88 |
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BELLIS ACQUISITION 8.125% 24-14/05/2030 |
Financials |
9,413 |
2.86 |
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AZERION GROUP 23-02/10/2026 FRN |
Communication services |
8,816 |
2.69 |
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Top ten investments |
|
108,962 |
33.13 |
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BOPARAN FINANCE 9.375% 24-07/11/2029 |
Financials |
8,467 |
2.57 |
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NEXTENERGY SOLAR FUND LTD |
Energy |
7,394 |
2.25 |
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CLOSE BROS GRP 23-29/05/2172 FRN |
Financials |
6,698 |
2.04 |
|
ENQUEST PLC 11.625% 22-01/11/2027 |
Energy |
6,683 |
2.03 |
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CO-OP BANK HOLDCO 23-22/05/2034 FRN |
Financials |
6,461 |
1.96 |
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PINNACLE BIDCO P 10% 23-11/10/2028 |
Consumer discretionary |
6,335 |
1.93 |
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3T GLOBAL 11.25% 24-22/05/2028 |
Consumer discretionary |
6,024 |
1.83 |
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MFG/MRH MOTFUE TL B10 1LB |
Consumer discretionary |
5,963 |
1.81 |
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FRONTLINE PLC |
Energy |
5,826 |
1.77 |
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M&G PLC |
Financials |
5,655 |
1.73 |
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Top twenty investments |
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174,468 |
53.05 |
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CRUISE YACHT UPP 11.875% 24-05/07/2028 |
Consumer discretionary |
5,471 |
1.66 |
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SUMMER BC HOLDCO 9.25% 19-31/10/2027 |
Industrials |
5,414 |
1.65 |
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PHOENIX GROUP HOLDINGS PLC |
Financials |
5,260 |
1.60 |
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TULLOW OIL PLC 10.25% 21-15/05/2026 |
Energy |
5,032 |
1.53 |
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LLOYDS BANKING 14-29/12/2049 FRN |
Financials |
4,943 |
1.50 |
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SP CRUISES INTER 11.5% 25-14/03/2030 |
Consumer discretionary |
4,779 |
1.45 |
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REA HOLDINGS PLC -PREF SHARES |
Consumer staples |
4,719 |
1.44 |
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GARFUNKELUX HOLD 7.75% 20-01/11/2025 |
Financials |
4,656 |
1.42 |
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ASTON MARTIN 10.375% 24-31/03/2029 |
Consumer discretionary |
4,653 |
1.41 |
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VIRGIN MONEY 23-08/06/2172 FRN |
Financials |
4,614 |
1.41 |
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Top thirty investments |
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224,009 |
68.12 |
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AAREAL BANK AG 25-31/07/2173 FRN |
Financials |
4,487 |
1.36 |
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BLUEWATER HOLD 12% 22-10/11/2026 |
Energy |
4,400 |
1.34 |
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STONEGATE PUB 24-31/07/2029 FRN |
Consumer discretionary |
4,348 |
1.32 |
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SHERWOOD FINAN 9.625% 24-15/12/2029 |
Financials |
4,297 |
1.31 |
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SIGMA HOLDCO 8.625% 25-15/04/2031 |
Consumer staples |
4,289 |
1.30 |
|
ZOPA GROUP LTD 25- FRN |
Financials |
4,231 |
1.29 |
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NEWCASTLE BUILDING SC 24-06/06/2173 FRN |
Financials |
3,935 |
1.20 |
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PRIORITY1 ISSUER 12.625% 24-19/11/2027 |
Industrials |
3,861 |
1.17 |
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OSB GROUP 23-07/09/2028 FRN |
Financials |
3,241 |
0.99 |
|
BARCLAYS PLC 23-15/06/2171 FRN |
Financials |
3,228 |
0.98 |
|
Top forty investments |
|
264,326 |
80.38 |
|
DORIC NIMROD AIR THREE LTD |
Industrials |
3,038 |
0.92 |
|
BOS GMBH 25-25/06/2029 FRN |
Consumer discretionary |
2,942 |
0.89 |
|
BOOSTER PRECISIO 22-28/11/2026 SR |
Industrials |
2,927 |
0.89 |
|
WHEEL BIDCO 9.875% 21-15/09/2029 |
Consumer discretionary |
2,764 |
0.84 |
|
COVENTRY BDG SOC 24-11/12/2172 FRN |
Financials |
2,615 |
0.80 |
|
UTB PARTNERS PLC 25-30/05/2173 FRN |
Financials |
2,563 |
0.78 |
|
CHANNEL ISLAND PROPERTY FUND |
Real estate |
2,400 |
0.73 |
|
QUILTER PLC 23-18/04/2033 FRN |
Financials |
2,399 |
0.73 |
|
ITHACA ENERGY N 8.125% 24-15/10/2029 |
Energy |
2,282 |
0.69 |
|
GREENFOOD AB 24-13/11/2028 FRN |
Consumer staples |
2,224 |
0.68 |
|
Top fifty investments |
|
290,480 |
88.33 |
|
TUFTON OCEANIC ASSETS LTD |
Industrials |
2,222 |
0.68 |
|
INVESTEC 24-28/08/2172 FRN |
Financials |
2,201 |
0.67 |
|
WELLTEC INTL 8.25% 21-15/10/2026 |
Energy |
2,196 |
0.67 |
|
GAMING INNOV 23-18/12/2026 FRN |
Information technology |
2,187 |
0.67 |
|
LIFEFIT GROUP 24-29/08/2029 FRN |
Consumer discretionary |
2,183 |
0.66 |
|
ENQUEST PLC 9% 22-27/10/2027 |
Energy |
1,895 |
0.58 |
|
RM INFRASTRUCTURE INCOME PLC |
Financials |
1,870 |
0.57 |
|
DEUTSCHE BANK AG 14-30/05/2049 FRN |
Financials |
1,791 |
0.54 |
|
ATTICA BANK SA 25- FRN |
Financials |
1,790 |
0.54 |
|
WEST BROMWICH BS 18-20/08/2172 |
Financials |
1,776 |
0.54 |
|
Top sixty investments |
|
310,591 |
94.45 |
|
UTB PARTNERS PLC 12.95% 23-31/03/2034 |
Financials |
1,560 |
0.47 |
|
EUROBANK ERGASIA 22-06/12/2032 FRN |
Financials |
1,475 |
0.45 |
|
VAN LANSCHOT 24-01/04/2172 FRN |
Financials |
1,392 |
0.42 |
|
NEWRIVER REIT PLC |
Real estate |
1,371 |
0.42 |
|
SHAMARAN 12% 21-30/07/2029 |
Energy |
1,096 |
0.33 |
|
DIVERSIFIED ENERGY CO PLC |
Energy |
1,091 |
0.33 |
|
ATOM HOLDCO 11.5% 24-08/01/2035 |
Financials |
1,023 |
0.31 |
|
NOR5KE VIKING I 15% 21-05/05/2049 |
Information technology |
882 |
0.27 |
|
REA TRADING 13.50% 21-30/09/2027 |
Consumer discretionary |
842 |
0.26 |
|
BEELUX SARL 25-14/03/2028 FRN |
Industrials |
827 |
0.25 |
|
Top seventy investments |
|
322,150 |
97.96 |
|
Other investments (62) |
|
6,694 |
2.04 |
|
Total investments |
|
328,844 |
100.00 |
Ten Largest Holdings
|
|
Valuation |
Purchases |
Sales |
Revaluation gain/(loss) |
Valuation 2025 |
|
SHAWBROOK GROUP 22-08/06/2171 FRN A holding company of Shawbrook Bank Limited, a specialist lending and savings bank serving consumers in the UK. |
13,378 |
- |
- |
465 |
13,843 |
|
|
|
|
|
|
|
|
TVL FINANCE 10.25% 23-28/04/2028 A special purpose entity formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness and for acquisition purposes of Travelodge Group. |
9,379 |
4,099 |
- |
(523) |
12,955 |
|
|
|
|
|
|
|
|
RL FINANCE NO6 23-25/11/2171 FRN A special purpose entity set up to raise capital whose proceeds will be used for general business and commercial activities of Royal London. |
11,241 |
- |
- |
638 |
11,879 |
|
|
|
|
|
|
|
|
STONEGATE PUB 10.75% 24-31/07/2029 Operator of various formats ranging from high‑street pubs and traditional country inns to local community pubs, student pubs and late-night bars and venues in the UK. |
- |
11,423 |
- |
(33) |
11,390 |
|
|
|
|
|
|
|
|
GALAXY BIDCO LTD 8.125% 24-19/12/2029 A specialist provider of warranties for consumer electric products. |
- |
11,000 |
- |
196 |
11,196 |
|
|
|
|
|
|
|
|
AGGREGATED MICRO 8% 16-17/10/2036 A British company using small scale, established technologies to convert wood and waste into energy in the form of heat and electricity. |
10,366 |
- |
(336) |
377 |
10,407 |
|
|
|
|
|
|
|
|
REA FINANCE 8.75% 15-31/08/2025 An agricultural company specialising in sustainable palm oil cultivation and processing. |
8,526 |
- |
- |
1,065 |
9,591 |
|
|
|
|
|
|
|
|
BARCLAYS PLC 22-15/12/2170 FRN A global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. |
9,199 |
- |
- |
273 |
9,472 |
|
|
|
|
|
|
|
|
BELLIS ACQUISITI 8.125% 24-14/05/2030 Operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. |
- |
9,523 |
- |
(110) |
9,413 |
|
|
|
|
|
|
|
|
AZERION GROUP 23-02/10/2026 FRN Operates a high-growth and profitable digital entertainment and media platform. |
6,813 |
2,003 |
- |
- |
8,816 |
|
|
68,902 |
38,048 |
(336) |
2,348 |
108,962 |
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