CQS Natural Resources Growth and Income PLC (LON:CYN) has announced its Fact Sheet as at 28 February 2026.
Commentary4
The Company’s total return NAV rose by 13.1% in February, and the share price total return was 14.7%. Precious metals remained the largest contributor, accounting for around 60% of the NAV uplift. February was also marked by rising tensions in the Middle East, which escalated further after the month’s end as the US and Israel initiated attacks on Iran. Against this backdrop, the Fund’s energy exposure generated the majority of the remaining performance.
A shift in portfolio construction has been underway since late 2025. Following strong gains across the Fund’s precious metals positions, the weighting to this sector declined from 56% at the end of December to 46% at the end of February. Profits were recycled into energy, increasing the allocation from 16% at year-end to 28.2%. While this repositioning had been communicated in previous monthly updates, the rapid escalation of Middle Eastern tensions alongside a significant US naval build-up in the region accelerated the shift into energy equities, which, in our view, continued to price in only a limited geopolitical risk premium.
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.
