CQS Natural Resources Growth and Income Plc (LON:CYN) Fact Sheet as at 31 January 2026 is now available.
Commentary
Helped by a 1.5% appreciation of sterling against the US dollar, the Company’s NAV rose 15.6% in January, supported by strong performance across precious metal mining equities and complemented by meaningful contributions from the Company’s energy exposure.
Precious metal markets experienced intense volatility over the month. Gold rallied sharply, reaching an intra‑month and all-time high of nearly $5,600/oz before retreating, with a pronounced sell‑off on the final trading day. Despite this reversal, gold still ended January up almost 13% at $4,894/oz. Investor attention remained firmly focused on currency debasement risks amid elevated government debt levels and expectations of future Federal Reserve rate cuts. Comments from President Trump indicating indifference toward dollar volatility coincided with firmer demand for gold and other precious metals. At the same time, uncertainty surrounding the appointment of the incoming Federal Reserve Chair and the broader implications of the administration’s positions on trade, fiscal policy, and international relations heightened investment risk and renewed scrutiny of underlying structural vulnerabilities.
Silver price movements were even more pronounced. Prices on the Comex exchange surged 70% to a new all‑time high of $123/oz before a sharp pullback left the metal closing the month at $85/oz—still a robust 19% gain. The rally was underpinned by five consecutive years of supply deficits, as highlighted by the Silver Institute, and further fuelled by China’s decision to restrict exports of refined silver due to its strategic importance for domestic high‑tech and defence applications.
Beyond precious metals, geopolitical developments also influenced broader commodity markets. Rising tensions in the Middle East and US warnings directed at the Iranian government drove Brent and WTI crude benchmarks up by 13% and 16%, respectively, supporting strong gains across E&P holdings. Natural gas prices moved similarly higher, aided by a North American cold snap that tightened short‑term supply. Uranium prices also strengthened materially, with U₃O₈ rising above $100/lb intramonth before ending January up around 20% at $99/lb.
Precious metal exposure accounted for just under half of the Company’s January gains. Notable contributors included Emerald Resources, West African Resources, and Greatland Gold, whose shares rose between 17% and 25%. Americas Gold & Silver shares also delivered a strong performance, up 43%. Energy holdings generated more than half of the overall NAV uplift. Canadian E&P producer Spartan Delta and offshore driller Transocean each advanced more than 20%, while uranium developer NexGen was the single largest contributor following a 35% rise. The weakest performer in the portfolio was Ora Banda, whose shares fell 24% after reporting higher operating costs.
CQS Natural Resources Growth and Income plc (LON:CYN) is a closed end UK investment trust providing shareholders with capital growth and income from a portfolio of mining and resource equities and mining, resource, industrial and other fixed interest securities.
