CQS Natural Resources Growth and Income Plc (LON:CYN) Fact Sheet as at 31 January 2026 is now available.
Commentary
The Company’s net asset value increased by 15.6% in January, supported by strength in precious metal mining equities and energy holdings, with a modest benefit from sterling appreciation against the US dollar. Performance reflected the portfolio’s positioning in commodities that responded positively to heightened macroeconomic and geopolitical uncertainty.
Gold traded with notable volatility, reaching an intra-month high of nearly $5,600 per ounce before closing January up almost 13% at $4,894 per ounce. Investor demand remained underpinned by concerns around currency stability, elevated government debt and expectations of future US rate cuts. Silver was more volatile still, surging to $123 per ounce before ending the month at $85 per ounce, a 19% gain. Ongoing supply deficits and export restrictions from China provided additional support.
Energy markets also moved higher. Brent and WTI crude rose by 13% and 16% respectively amid rising Middle East tensions, while natural gas strengthened on tighter supply conditions. Uranium prices climbed above $100 per pound during the month before finishing around 20% higher at $99 per pound. These developments reinforced the portfolio’s exposure to supply-driven pricing dynamics.
Precious metal holdings accounted for just under half of the NAV uplift, with strong contributions from Emerald Resources, West African Resources, Greatland Gold and Americas Gold and Silver. Energy positions generated more than half of the gain, led by Spartan Delta, Transocean and NexGen. Ora Banda was the weakest performer following 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.
