Geiger Counter has retained Manulife CQS as investment manager, securing a 27.9% reduction in annual management fees and reinforcing its focus on uranium producers and developers.
The revised fee, effective from 1 October 2026, reduces the annual management charge from 1.3875% to 1% of net assets. Manulife CQS has also agreed to increase its marketing budget and contribute towards costs associated with the recent management review.
The decision follows the appointment of Diana Racanelli and Craig Bethune as portfolio managers in May 2026, supported by analyst Olivia Chamie and Manulife’s wider natural resources investment team.
The new management team intends to maintain Geiger Counter’s exposure to the uranium sector, targeting producers and developers with potential to benefit from stronger uranium market conditions. The strategy will continue to focus on smaller and mid-sized companies, with portfolio adjustments considered to manage concentration risk.
At the end of September, the five largest holdings accounted for 68.4% of the portfolio, with NexGen Energy representing 23.7%. Gearing stood at 13.9%.
Although net asset value fell 28.8% in the six months to September 2026, the managers remain positive on the longer-term uranium outlook. Increasing nuclear power demand, energy security requirements and rising electricity consumption from data centres provide potential support for the sector.
The company continues to hold major positions in NexGen Energy, Paladin Energy, UR-Energy, Cameco and Denison Mines.
The lower management fee, continued specialist investment management and renewed focus on uranium provide a revised operating framework as Geiger Counter positions its portfolio for future sector opportunities.
Geiger Counter Limited (LON:GCL) is a Jersey closed-end investment company, which invests in uranium exploration and production stocks.
