CQS Diversified has announced its results for the year ended 30 September 2014. the net asset value of the Sterling class of shares rose by 2.1% over that period and they paid dividends of 1p per quarter. The US dollar class was wound up in September after it failed its continuation vote. Now the Board believe the fund is too small (with assets of £74m at the end of September). The Board have requested that the accounts be prepared on a break up basis – i.e. assuming that the fund will be liquidated. Only an injection of cash before the end of January 2015, to take assets beyond the £100m mark, would be likely to prevent the Board recommending that the fund be liquidated.
The statement says overall gains were recorded during the period as the CQS Directional Opportunities Fund, the CQS ABS Fund and the CQS Equity Long Short Fund were profitable. These profits offset the modest losses that were incurred by the CQS Credit Long Short Fund, the CQS Convertible and Quantitative Strategies Fund, CQS Global Convertible Arbitrage Fund and the CQS Asia Fund.
CQS : CQS Diversified may wind up