The managers of investment trust CQS Natural Resources Growth & Income (CYN) have tendered their resignations. The duo of Keith Watson and Robert Crayfourd also manage the Golden Prospect Precious Metals (GPM) and Geiger Counter (GCL) trusts for CQS.
According to the RNS announcements, Watson and Crayfourd will continue to manage all three trusts during their three-month notice period. Further updates on the management of this trio of funds will be provided in due course.
Shares in Natural Resources Growth & Income dropped 7% to 352p on the news, while Golden Prospect shares shed 5% to 96p. Geiger Counter’s shares fell 6.25% to 67.5p.
Considering their options
CQS Natural Resources Growth & Income, the £140 million mining-focused trust, said it is ‘considering a number of options at its disposal to ensure a smooth and sustainable transition in the best interests of our shareholders’.
In its statement, Golden Prospect Precious Metals indicated it may be looking to follow the pair to their new employer.
Geiger Counter’s board said it was ‘considering its options regarding future portfolio management arrangements and will make a further announcement in due course.’
The trust has been popular with retail investors wanting to play the growth of nuclear power for data centres.
All three investment trusts sit under the umbrella of New City Investment Managers, which was acquired by CQS in 2007. CQS itself is owned by Canadian insurance and asset management group Manulife Financial.
Golden Prospect was the best-performing investment trust in 2025, generating a sparkling 165% share price total return as gold and shares in gold miners soared.
CQS Natural Resources Growth & Income was the fourth best with a 102% return.
Evolving situation
Matthew Read, senior analyst at QuotedData, said the resignations come at a time ‘when both CYN and GPM have had incredible runs of performance as precious metals prices have surged on the back of higher inflation and uncertainty.
‘On top of this, we now have the additional uncertainty of a war in the Middle East and so shareholders in all the funds affected will be looking for clarity about each fund’s plans.’
Read added: ‘The good news is that Watson and Crayfourd will continue to manage the portfolios for the next three months and, given that this is an evolving situation, we would suggest shareholders sit tight and see what happens.’
Read the press release here: https://ncim.co.uk/cqs-natural-resources-growth-and-income-plc/
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