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Contact details

New City Investment Managers Limited, 5th Floor, 33 Chester Street, London, SW1X 7BL
0207 201 1200 (Fax Number)
0207 201 6900 (Main Number)

Fund managers

* Keith Watson»07-Mar-2007 to Present
* Ian Francis»01-Nov-2007 to Present
* John Wong»01-Jun-2009 to Present
* Will Smith»01-Nov-2009 to Present
* Rob Crayfourd»01-Feb-2012 to Present
Merfyn Roberts»01-Nov-2009 to 31-Aug-2011
Richard Lockwood»07-Mar-2007 to 30-Sep-2010
Neil Gregson»01-Nov-2009 to 30-Jun-2010
Andrew Ferguson»07-Mar-2007 to 31-May-2009

Investment objectives

To provide investors with a high gross dividend yield and the potential for capital growth by mainly investing in high yielding fixed interest securities.

Key Information

Fund vs sector

  1y 3y
Position 3 / 9 8 / 9
Quartile 1 4

Fund ratings

FE Crown Rating: 1 FE
Crown Rating


  1y 3y
Volatility 5.68 9.83
Alpha 11.56 -1.91
Beta 0.31 0.71
Sharpe 1.74 0.76
InfoRatio 1.05 -0.88
R2 0.10 0.44
Quartiles:   1  2   3  4   help with ratios
vs. UK Equity & Bond Income»


performance chart
    1y 3y 5y 12m-24m 24m-36m 36m-48m 48m-60m
+6.5 +32.5 +63.4 +8.9 +14.2 +1.3 +21.7
  NAV +5.4+36.7+67.9+8.2 +19.9+0.4+22.3
  UK Equity & Bond Income -0.2+61.2+95.0+35.4+19.3-2.0+23.4
Share Price
 ShareTypePriceDatePrem/DiscDiluted NAVGearingDiv yield
EstimLast pub.NetGross
pdf NEW CITY HIGH YIELD UNIT 63.75 (p) 21-Oct-2014 +7.30 58.95 58.96
109 6.60 6.60
Capital structure & income
Share Type Exchange Nominal value Issued Market value (m) Wind-up date Splits News
NEW CITY HIGH YIELD UNIT LONDON 100 291,406,000 184.31 n/a n/a company announcements
Share identifiers: TIDM: NCYF; SEDOL: B1LZS51; ISIN: JE00B1LZS514
Detailed fund information
Fund type Jersey-registered Investment Trusts
Gross assets£187.6m / $302.8m
Sector UK Equity & Bond Income
Asset ClassFixed Interest
Own ISA wrapper Fund has ISA Wrapper help with ISA
Savings plan Fund has no Savings Plan 
Annual accountsannual (Click to order)
Last report / accounts10-Oct-2014
Last AGM05-Dec-2013
Next AGMDecember 2014
Stockbroker(s)Canaccord Adams
Management contractManagement agreement terminable by either party on twelve months notice. The management fee, payable monthly in arrears, is charged at a rate of 0.80% p.a. of the Company's total assets less current liabilities, but including any borrowings of the Fund by way of formal loan agreement with a recognised lender (whether short- or long-term).
Borrowing limitn/a
Continuation / Wind-up provisionAt the AGM held in 2008 the continuation resolution was approved. The continuation resolution will be held annually. At the AGM held on 29-Oct-08 the Company renewed the authority to repurchase up to 14.99% of the issued share capital.
Dividend policyn/a
Investment restrictionsn/a
Reconstruction proposaln/a
Settlement detailsn/a
Tax policyn/a
Peer groups
Region Asset Class Investment Focus Sector
United Kingdom Fixed Interest n/a UK Equity & Bond Income
Largest holdings, 30-Sep-2014
Holding (%) Rank Holding (%) Rank
PHOENIX LIFE FRN 7.25% 25/03/2021 VAR3.601CABLE & WIRELESS INTERN FINANCE BV 8.625% BDS 25/3/2019 GBP100002.406
BRIT PLC 6.625% SUB NTS 09/12/30 GBP500003.202GENERAL ACCIDENT PLC 8 7/8% CUM IRRD PRF GBP12.407
ANTARES ENERGY 10% CNV BDS 30/10/23 AUD50002.703GALAXY FINCO LTD 7.875% NTS 15/11/21 GBP100000144A2.308
REA FINANCE BV 9.5% GTD STL NTS 31/12/17 GBP10002.505MATALAN FINANCE LTD 8.875% BDS 01/06/20 GBP100000REG S2.2010
Regional weightings, 30-Sep-2014
Region (%) Rank  
UK 100.00 1 100.00% UK
Sector weightings, 30-Sep-2014
Sector (%) Rank  
Fixed Interest 75.00 1 75.00% Fixed Interest
Convertibles 25.00 2 25.00% Convertibles

All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated using closing mid prices and with net income (dividends) reinvested. NAV total return performance figures are calculated using fully diluted (where applicable) daily estimated NAV figures from Thomson Financial Datastream and with gross income (dividends) reinvested.

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Sweetypie Jul 23rd, 2012 at 12:18 AM

How can the distributions be classed as dividends when the asset class is fixed interest?

How would the distributions be treated in an ISA?

David Dec 16th, 2013 at 01:53 PM

This is an investment trust just like any other trust. It is a company just like BP or Barclays so it pays dividends. It invests in bonds and convertibles but it could but other equities. In an ISA the dividends would be treated the same. There is no tax rebate as it is a trust not a bond.

washbrook Apr 17th, 2009 at 12:32 PM

My biggest holding in Investment Trusts.
No stamp duty on purchases

Rawlplug Mar 11th, 2009 at 03:54 PM

Given that this fund is only invested in corporate bonds or prefs, it would be useful if the sector review was of the companies invested in.


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Asset allocation

Fixed Interest, 75.00%
75.0000% ofFixed Interest
Convertibles, 25.00%
25.0000% ofConvertibles

Sector analysis


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