Overview
City Merchants High Yield’s objective is to seek to obtain both high income and capital growth from investment predominantly in high-yielding fixed-interest securities. City Merchants High Yield seeks to provide a high level of dividend income relative to prevailing interest rates through investment in fixed-interest securities, various equity-like securities within fixed-income markets and equity-linked securities such as convertible bonds, and direct equities that have a high income yield. It seeks also to enhance total returns through capital appreciation generated by investments which have equity-related characteristics.
Fundamentals
Price
Research History
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07 Apr 2020 7 min read
QuotedData’s Economic Roundup – April 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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11 Sep 2019 5 min read
QuotedData’s economic roundup – September 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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08 May 2019 6 min read
QuotedData’s economic roundup – May 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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14 Sep 2018 2 min read
QuotedData’s Economic round up – September 2018
QuotedData’s Economic round up – September 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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28 Mar 2018 2 min read
CQS New City High Yield – “Conservative and boring”
CQS New City High Yield – “Conservative and boring” – In the words of its manager, Ian Francis, CQS New City High Yield Fund (NCYF) is “really conservative and boring”! However, NCYF offers a high yield and has beaten the consumer price index, Libor and the MSCI UK Index by significant margins over the last […]
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14 Sep 2017 2 min read
QuotedData’s economic round up – September 2017
QuotedData’s economic round up – September 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to […]
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10 Apr 2017 1 min read
QuotedData’s round up of views on the global economy – April 2017
A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned. Kindly sponsored […]
News
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01 Mar 2021 2 min read
City Merchants High Yield and Invesco Enhanced Income sign heads of terms on proposed merger
City Merchants High Yield (CMHY) has announced that it has signed heads of terms with the board of Invesco Enhanced Income (IPE) in respect of a proposed merger with IPE It is proposed that the enlarged entity will be renamed Invesco Bond Income Plus, which based on the existing net assets of CMHY and IPE, […]
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21 Aug 2020 2 min read
QuotedData’s morning briefing 21 August 2020
In QuotedData’s morning briefing 21 August 2020: JPMorgan US Smaller Companies (JUSC) reported interim results to 30 June 2020, with the total NAV return coming in at (4.9%). The benchmark Russell 2000 index delivered (6.8%) over the same period, in sterling terms. Small-cap shares have underperformed the tech-led led large-cap rally in US markets since March. […]
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22 Jul 2020 1 min read
City Merchants High Yield appoints Rhys Davies as named lead manager
City Merchants High Yield (CMHY) has appointed Rhys Davies as its named lead manager, effective today. Edward Craven has been appointed as deputy portfolio manager Paul Read and Paul Causer, co-heads of the Invesco Henley Fixed interest team, will step back as co-fund managers but will continue to provide support along with the wider fixed interest team. […]
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23 Aug 2019 2 min read
QuotedData’s other news 23 August 2019
In QuotedData’s other news 23 August 2019: Africa Opportunity shrinks board – Chris Agar, Dr. Vikram Mansharamani, and Mr. Peter Mombaur resign as directors with effect from 22 August 2019 so that the trust can save money. We have a raft of half-year reports: BMO Private Equity made 2.4% in NAV terms and 13.7% in share […]
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04 Apr 2019 3 min read
Difficult year for high yield funds like City Merchants
Difficult year for high yield funds like City Merchants – High yield investors like City Merchants High Yield (CMHY) operated in choppy waters over the second half of 2018 as investors went on the defensive. Spreads between high yield and investment grade bonds widened and, by association, prices on these securities fell. The company’s NAV […]
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28 Mar 2018 2 min read
Positive results for City Merchants High Yield
Positive results for City Merchants High Yield- In his first final report the new chairman of City Merchants High Yield (CMHY), Tim Scholefield commented that high yield bonds yields and spreads over investment grade bonds had reached new lows against a backdrop of surprising economic growth and supportive central bank policy. He mirrored the caution expressed by […]
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29 Mar 2017 1 min read
City Merchants High Yield beats IA sector by 4.7%
Clive Nicholson, chairman of City Merchants High Yield, says it continued to perform well in 2016 despite persistent volatility in bond markets and the increasing difficulty of sourcing quality high yield paper. For the year ended 31 December 2016, the NAV total return was +11.8% which compares very favourably with +7.1% for the Investment Association Sterling […]
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17 Aug 2016 2 min read
City Merchants High Yield positioned itself for Brexit
City Merchants High Yield says that, in the six months to 30 June 2016, its net asset value total return was +2.2% which compares with an average total return of +3.6% from the funds in the Investment Association Sterling Strategic Bond sector. The Board believe that the action the portfolio managers took which successfully protected the NAV […]
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16 Jun 2016 1 min read
Invesco’s Rhys Davies promoted to portfolio manager for City Merchants High Yield
City Merchants High Yield Trust has announced that Rhys Davies (pictured) has been promoted to portfolio manager with effect from 14 June 2016. Rhys has been deputy portfolio manager of the trust since 2 June 2014, having joined Invesco in 2002. He will co-manage the trust’s portfolio alongside Paul Causer and Paul Read. Invesco’s Rhys […]
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30 Mar 2016 1 min read
City Merchants High Yield reports 2.7% return for 2015
City Merchants High Yield has announced results for the year ended 31 December 2015. The fund produced a total return on net assets of 2.7% and a return to shareholders of 0.9%. The dividend was maintained at 10p. According to data from Merrill Lynch, European currency high yield bonds had a total return for the […]
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19 Aug 2015 2 min read
City Merchants High Yield positioned defensively
City Merchants High Yield has announced that its total return on net assets for the six months ended 30 June was 2.9% and the return to shareholders was 1.5%, as the shares moved to trading at a slightly smaller premium. The interim dividend is being maintained at 5p. The report says the NAV return compares favourably with the […]
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07 Apr 2015 1 min read
City Merchants cautious
City Merchants High Yield generated a 5% return in net assets and an 8.5% return to shareholders over 2014. The dividend was maintained at 10p. The shares moved from trading at a 0.1% discount to a 3.2% premium. The portfolio has a weighting in subordinated debt issued by European banks. This fell in value over […]
