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
Please note that this video was recorded in June 2026.
