Trust in Focus: CQS Natural Resources Growth and Income (CYN)

In this episode of Trusts in Focus, we're looking at CQS Natural Resources Growth and Income (CYN), a specialist commodities trust investing across energy, mining and natural resources companies. We discuss the trust's highly active investment approach, including its ability to rotate between different commodity sectors as opportunities emerge. We explore key portfolio themes such as gold, energy and uranium, alongside the managers' views on the outlook for copper and industrial metals. We also review the trust's recent performance, how positioning has evolved in response to changing market conditions, and why the managers believe commodity-related equities remain well placed to benefit from inflation, geopolitical uncertainty, energy security concerns and growing demand for nuclear power. 00:00 Introduction 00:35 What makes CYN different? 01:10 Portfolio positioning across commodities 01:50 The investment case for uranium 02:20 Views on copper and industrial metals 02:45 Performance and key drivers 03:35 Gold, energy and commodity markets 04:10 Active management and portfolio rotation 04:30 Outlook and further information 04:40 Risk warning • Read our latest research on the CQS stable: https://www.trustintelligence.co.uk/investor/funds?fund_manager_id=284 • Add CQS Natural Resources Growth and Income to your watchlist: https://www.trustintelligence.co.uk/investor/funds/cqs-natural-resources-growth-income/follow • Visit the CQS Natural Resources Growth and Income website: https://ncim.co.uk/cqs-natural-resources-growth-and-income-plc/ Please note that this video was recorded in June 2026.