CQS Natural Resources Growth and Income plc (LON:CYN) has announced its Annual Financial Report for the year ended 30 June 2025.
Strategic Report
Key Metrics for the year ended 30 June:
| Net asset value total return1 | Share price total return1 |
| 2025 2024 | 2025 2024 |
| 4.6% 7.2% | 9.3% 17.1% |
| MSCI World Metals and Mining Index total return (sterling adjusted)2 | MSCI World Energy Index total return (sterling adjusted)2 |
| 2025 2024 | 2025 2024 |
| (4.5)% 7.3% | (7.7)% 17.4% |
| Dividend yield1,3 | Dividend per share (pence) |
| 2025 2024 | 2025 2024 |
| 4.0% 3.0% | 8.03p 6.60p |
Total return performance (cumulative)
| 1 Year | 3 Years | 5 Years | Sinceinception* | |
| Net asset value per share | 4.6% | 16.1% | 155.8% | 677.8% |
| Share price | 9.3% | 27.7% | 206.8% | 723.6% |
| MSCI World Metals and Mining Index (sterling adjusted)3 | (4.5)% | 15.5% | 62.5% | 457.8% |
| MSCI World Energy Index (sterling adjusted)3 | (7.7)% | 18.6% | 128.6% | 491.4% |
* 31 July 2003.
1 Alternative Performance Measure (“APM”). A glossary of the terms used, including alternative performance measures, can be found on pages 88 to 90 of the Annual Report.
2 Used by the Company as a comparator, not a benchmark. As at 30 June 2025, 72.2% of the portfolio was attributable to the MSCI World Metals and Mining Index and 13.5% of the portfolio to the MSCI World Energy Index. Please refer to the ‘by commodity’ illustration on page 18 of the Annual Report for further detail.
3 Based on an annualised dividend of 8.03 pence per share (2024: annualised dividend, excluding special dividend, of 5.60 pence per share).
Performance Record
| Year ended30 June 2025 | Year ended30 June 2024 | Five yearsended30 June 2025 | |
| Total Return | |||
| Net asset value per share1 | 4.6% | 7.2% | 155.8% |
| Share price (mid market)1 | 9.3% | 17.1% | 206.8% |
| MSCI World Metals and Mining Index (sterling adjusted)2 | (4.5)% | 7.3% | 62.5% |
| MSCI World Energy Index (sterling adjusted)2 | (7.7)% | 17.4% | 128.6% |
| As at30 June 2025 | As at30 June 2024 | % change | |
| Capital Values | |||
| Net asset value per share1 | 212.56p | 209.44p | 1.5% |
| Share price (mid market) | 199.50p | 189.00p | 5.6% |
| Share price discount to NAV per share1 | 6.1% | 9.8% | |
| Gearing1 | 4.8% | 10.1% |
| Year ended30 June 2025 | Year ended30 June 2024 | % change | |
| Revenue Earnings and Dividends | |||
| Earnings per share | 0.00p | 6.39p | (100.0)% |
| Dividends per share | 8.03p | 6.60p3 | 21.7% |
| Dividend yield1,4 | 4.0% | 3.0% | |
| Ongoing charges ratio1 | 2.0% | 1.9% | |
| 1 Alternative Performance Measure (“APM”). A glossary of the terms used, including alternative performance measures, can be found on pages 88 to 90 of the Annual Report. 2 The Company uses the MSCI World Energy Index (sterling adjusted) and MSCI World Metals and Mining Index (sterling adjusted) as comparator indices, not formal benchmarks, for its performance. 3 Including a special interim dividend of 1 penny which was paid on 2 September 2024. 4 Based on an annualised dividend of 8.03 pence per share (2024: annualised dividend, excluding special dividend, of 5.60 pence per share). | |||
| Highest | Lowest | |
| Highs and Lows during the year ended 30 June 2025 | ||
| Net asset value per share | 228.95p | 176.08p |
| Share price (mid market) | 216.00p | 165.75p |
| Discount (positive = premium) | (14.2)% | 2.0% |
| Dividendper share | Ex-dividend date | Record date | Payment date | |
| Dividend History | ||||
| Fourth interim dividend 2025 | 4.25p | 31 July 2025 | 1 August 2025 | 1 September 2025 |
| Third interim dividend 2025 | 1.26p | 1 May 2025 | 2 May 2025 | 30 May 2025 |
| Second interim dividend 2025 | 1.26p | 30 January 2025 | 31 January 2025 | 28 February 2025 |
| First interim dividend 2025 | 1.26p | 24 October 2024 | 25 October 2024 | 22 November 2024 |
| Total for year ended 30 June 2025 | 8.03p | |||
| Special interim dividend 2024 | 1.00p | 1 August 2024 | 2 August 2024 | 2 September 2024 |
| Fourth interim dividend 2024 | 1.82p | 1 August 2024 | 2 August 2024 | 2 September 2024 |
| Third interim dividend 2024 | 1.26p | 25 April 2024 | 26 April 2024 | 28 May 2024 |
| Second interim dividend 2024 | 1.26p | 25 January 2024 | 26 January 2024 | 23 February 2024 |
| First interim dividend 2024 | 1.26p | 26 October 2023 | 27 October 2023 | 27 November 2023 |
| Total for year ended 30 June 2024 | 6.60p |
