CQS New City High Yield Fund (NCYF)

NCYF is a closed-ended investment company focused on generating a high level of income, primarily through a diversified portfolio of high-yielding fixed income securities. Managed by Ian ‘Franco’ Francis of CQS, the fund targets opportunities in sub-investment grade credit, with a strong emphasis on capital preservation and careful risk management. With nearly 19 years of consistent performance under Franco’s leadership, NCYF maintains a UK-centric portfolio while retaining the flexibility to invest globally.

In this episode, Franco joins John Hughman to discuss the current investment landscape and how NCYF is positioned to navigate it. Topics include the impact of market volatility, interest rate cycles, and inflation, as well as sector-specific opportunities in financials, travel, and renewables. Franco also explains the fund’s disciplined approach to bond selection, the role of equities, and how NCYF fits within a balanced portfolio - offering income, resilience, and potential for capital growth.