Linus Uhlig, Investment Week, 28 October 2025:
Ian ‘Franco’ Francis, portfolio manager at mining and commodities trust CQS Natural Resources Growth and Income (CYN), has stepped back from the company with immediate effect.
His departure follows CYN’s adoption of a total return strategy with an increased dividend, which was being funded in part by capital growth and, consequently, the chunk of non-equity investments within the portfolio has reduced to 2.3%.
Francis will therefore step away from the investment management team from today (28 October) to “concentrate on his other fixed interest portfolio management clients”, the trust explained in its annual financial report..
The CYN incumbent portfolio managers Robert Crayfourd and Keith Watson will continue at the helm of the trust.
Over the reporting period the trust made a total return of 4.6% in the year to the 30 June 2025 while the share price total return was 9.3%, lower than the 17.1% recorded in the 12 months prior..
James Carthew, head of investment company research at QuotedData, said: “The dramatic rise in the gold price that accelerated after CYN’s year end, appeared to pull in a lot of ‘hot money’, driving CYN to new all-time highs and leading to it trading on a premium and issuing stock.”..
Read more here