Keith Watson and Robert Crayfourd will retain management of the £134m CQS Natural Resources Growth and Income trust after the board agreed to appoint boutique asset manager Tufton as its new investment manager from 14 September 2026.
The two managers, who have overseen the trust since 2013, announced their resignations from CQS in March and are currently serving their three-month notice periods before moving to Tufton.
Diana Racanelli and Craig Bethune of CQS will oversee the portfolio during the change, before handing it back to Watson and Crayfourd in the autumn.
Christopher Casey, chairman of the trust, said the board “undertook a thorough review of options available” and concluded that appointing Tufton would “ensure continuity for the portfolio and preserve the company’s established investment strategy”.
“Keith and Robert have an enviable track record of performance and we look forward to continuing to work with them to create further value for shareholders.”
Since they took charge of the trust in 2013, it has made 370.3%, the best return in the seven-strong IT Commodities & Natural Resources sector during this period.
Matthew Read, senior analyst at QuotedData, said the news today “draws a line under the period of uncertainty” and said shareholders will likely be “reassured” that the trust is retaining the team and process behind its recent strong performance.
The board also confirmed the trust will continue with the payment of an enhanced dividend yield of 8% of net asset value (NAV) per year, funded from capital reserves as required. The management fee, also remains unchanged, having been reduced last year.