9th Oct 2018 12:03
LONDON (Alliance News) - Fixed income investment company CQS New City High Yield Fund Ltd said Tuesday it saw a dip in net asset value as Brexit concerns and worries about US President Trump's approach to international trade resulted in subdued markets.
Net asset value per share dipped to 57.63 pence as at June 30 from 58.77p on the same date the year before. Net asset value total return was 5.8% for the twelve months to the end of June.
Share price as at June 30 was 61.75 pence leading to a premium to net asset value of 7.1% from 6.8%.
Shares in CQS New City High Yield were flat at 59.20 pence on Tuesday.
During the period, CQS declared three interim quarterly dividends per share of 0.99 pence and one of 1.45p. The full year dividend was 4.42 pence per share, up 0.7% from 4.39p the prior year.
"Twelve months on, geo-political uncertainty remains the defining characteristic as we look ahead, with Brexit locally and protectionist measures globally making for an uncomfortable backdrop. The slow normalisation of the world economy ten years after the collapse of Lehman Brothers, marked by rising interest rates, especially in the United States, is more encouraging, however. In this context, portfolio diversity remains your company's greatest strength, and we are ready to take advantages of opportunities as they occur," said Chairman James West.
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