14 September 2026

Tufton becomes investment manager of CQS Natural Resources Growth and Income PLC, to be renamed City Natural Resources Growth and Income PLC

Tufton Investment Management Ltd (Tufton), the maritime, natural resources and energy-related investment manager today becomes the investment manager of CQS Natural Resources Growth and Income PLC, which is to be renamed City Natural Resources Growth and Income PLC (the Trust) (LSE: CYN). 

The Trust is a UK-listed investment company focused on global mining, energy and precious metals. At Tufton, the Trust will be reunited with its long-term co-portfolio managers, Keith Watson and Robert Crayfourd, who joined Tufton on 3 September 2026. The pair resigned from the previous investment manager of the Trust, Manulife | CQS Investment Management, in March 2026. 

The new investment management agreement announced today gives shareholders continuity.  Keith Watson and Robert Crayfourd have a strong track record, having delivered a NAV total return of 208.6% for the Trust during the five-year period to April 2026, the best return in the AIC Commodities & Natural Resources sector during this period.

The new investment management agreement marks Tufton’s expansion into commodities and natural resources, building on its existing strategies across maritime and energy-related sectors. Tufton also manages Tufton Assets Limited (LSE: SHIP), a London-listed investment company that owns 21 ocean going ships. SHIP posted a NAV total return of 14.7% in the last quarter, marking SHIP’s strongest quarter since September 2021.

Nicolas Tirogalas, Tufton’s CEO, said:

“Keith and Rob have built enviable track records in natural resources investing. Their reputation and skills will dovetail with the institutional-grade investment management skills we have built at Tufton over four decades in maritime, energy and real assets through vehicles such as SHIP. Their appointment and the new investment management agreement we have secured demonstrates that Tufton is a well-regarded, growing investment house with significant pulling power, allowing us to attract the industry’s best talent.”

Christopher Casey, Chairman of the Trust, added:

“Following the resignation of our named portfolio managers, the Board undertook a thorough review of options to ensure we had the best possible investment management group to support the future success of the Trust. The combination of appointing Tufton as investment manager and the continued involvement of Keith and Robert ensures continuity for the portfolio and preserves our established and effective investment strategy.  Keith and Rob have a strong track record of performance and we look forward to continuing to work with them to create further value for shareholders."

Name change to City Natural Resources Growth and Income PLC

Following the General Meeting held on 8 September 2026, the Trust’s directors agreed to change the name of CQS Natural Resources Growth and Income PLC to City Natural Resources Growth and Income PLC with the name change expected to take effect on or around 14 September 2026.  Further details can be found at the Trust’s new website, www.citynats.com.

– Ends –

Enquiries

About Tufton Investment Management

Tufton Investment Management Ltd is a specialist investment manager focused primarily on the maritime, raw materials, and energy-related sectors. Founded in 1985 and headquartered in London with offices in Geneva, Cyprus, and the Isle of Man, the firm manages public and private funds for institutional investors, including major UK pension funds.

Tufton's principal investment mandates are executed by Tufton Investment Management Ltd which manages investments for public and private funds and other clients, including UK-listed flagship fund Tufton Assets Limited (LSE: SHIP).

Over the past two decades, Tufton has managed over $3 billion for institutional investors, including UK pension funds, and has launched publicly listed investment vehicles on the London Stock Exchange and Oslo Euronext Growth. Tufton’s assets under management, including committed pipeline capital, is over $1.5 billion, across public and private funds and mandates. 

Tufton Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (FCA).

About CQS Natural Resources Growth and Income PLC (to be renamed City Natural Resources PLC)

CQS Natural Resources Growth and Income PLC (LSE: CYN) is a closed-end investment trust which aims to provide shareholders with capital growth and income predominantly from a portfolio of mining and resource equities and of mining, resource and industrial fixed interest securities.

The trust provides exposure to value focused, under researched global energy and resources equities. The established investment approach is focused on long-term capital growth and the payment of an enhanced dividend yield of 8% of net asset value per annum, funded from capital reserves as required.