CQS Natural Resources Growth and Income PLC (CYN:LSE) delivers a strong investor update showcasing exceptional portfolio performance, driven by high-conviction positioning in precious metals, uranium and energy security themes. The actively managed investment trust has achieved a year-to-date NAV increase of around 69%, supported by a focus on value, asset allocation discipline, and deep sector expertise across commodities and natural resources. Management highlights gold exposure as a central driver of returns, underpinned by strong central bank demand, attractive miner valuations, persistent inflation, rising debt levels, and geopolitical uncertainty. The portfolio is currently concentrated in precious metals (with conviction in sustained revenue and margins expansion), alongside strategic exposure to uranium benefiting from a global nuclear renaissance and long-term electrification trends including AI-driven energy demand. Select shipping assets further enhance cash flow resilience. While the team maintains lower weighting to oil, gas, and base metals due to near-term supply/demand imbalances, they emphasize flexibility to rotate allocations as commodity cycles evolve. With an 8% dividend yield supported by recurring distributions and a clear mandate to outperform MSCI World Energy and MSCI Metals & Mining through the cycle, the Trust reinforces a compelling, differentiated growth strategy focused on real assets, inflation protection, and disciplined capital deployment for long-term investor value.

Vianet Group PLC delivered a resilient investor update, highlighting solid financial results, strong recurring revenue, and expanding device footprints across both its Unattended Retail and Hospitality divisions. Despite challenging macroeconomic conditions, the company reported stable turnover of £7.67 million, operating profit growth of 10.4%, EBITDA up 20%, and recurring revenues holding firm at 84% of total revenue—underpinning long-term earnings visibility. In Unattended Retail, Vianet’s strategic pivot away from ERP to focus on device footprint expansion continues to strengthen its order book, with 52 new contract wins, growth to nearly 37,000 connected machines, and rising adoption of higher-margin cashless payment devices. The division also delivered improved margins and strong customer ROI supported by device-uptime initiatives and competitive transaction rates. The Hospitality division returned to installed-base growth for the first time in over a decade, supported by progress in the UK managed pub sector and accelerating traction in the US, where Vianet’s partnership with FinTech is opening access to major chains including Chili’s and World of Beer. Cash generation remained robust, net debt reduced to £0.5 million, and the group increased its dividend by 33%, reflecting confidence in future performance. With a strong commercial pipeline, growing SaaS-based recurring income, continued investment in innovation, and rising demand for data insights and cashless solutions, Vianet positions itself for sustained revenue growth, margin expansion, and strategic market-share gains.

CEO Philip Fjeld and CFO/MD Baden Gowrie-Smith present their Q2 and first half 2026 results along with hosting a Q&A

Accsys Technologies PLC (AIM:AXS) delivered a strong H1 FY26 investor update, highlighting robust revenue growth, expanding market share, and significant improvements in profitability. The company reported a 22% increase in Akoya sales volumes and a 23% rise in like for like revenue to £76.1 million, driven by disciplined pricing, operational efficiencies, and strong demand across key regions, particularly the US, where volumes grew 61% following the ramp up of the Kingsport acetylation plant. Adjusted EBITDA surged to £10.4 million, nearly matching the prior full year result, while margins strengthened above the company’s 30% gross margin target. Accsys also reduced leverage to 2.1x following a successful refinancing, supporting its multi year growth strategy through 2029. Management emphasized Accsys’s unique value proposition in the premium building materials segment, underpinned by patented acetylation technology, a 50 year product warranty, and a growing global manufacturing footprint. With three production sites, including joint venture operations in North America, the company is positioned to scale into large, underpenetrated addressable markets in the US, Europe, and the UK, where current market share remains in the low single digits. The transformation program delivered £2.3 million in savings, alongside capacity expansions in colour production, supply chain optimization, and investments to strengthen customer service, sustainability, and operational resilience. Overall, Accsys is tracking ahead of the financial and operational KPIs outlined at its Capital Markets Day, with stronger margins, disciplined cost control, rising EBITDA, and a growing order pipeline. The company expects continued momentum in H2 as it advances its growth strategy, strengthens its balance sheet, and capitalizes on long term demand for sustainable, high performance wood products.

Cake Box Holdings PLC delivered a strong interim investor update, highlighting robust company performance, accelerating digital momentum, and successful integration of the Ambala acquisition. Group revenue surged 53.5%, supported by sustained consumer demand, an expanding store estate, and enhanced operational efficiencies. Cake Box franchise sales increased 14.6%, with like-for-like sales up 6.3% and online revenue rising nearly 26%, reflecting effective marketing, improved CRM capabilities, and a rapidly growing customer database. The group now operates 284 Cake Box and Ambala stores nationwide, opening 11 new locations in the period and advancing its growth strategy through a franchise-led model that continues to strengthen its order book and market footprint. EBITDA rose to £4.6 million, driven by improved margins, operational gearing, and Ambala’s maiden contribution. While net debt increased following the acquisition, management reaffirmed confidence in cash generation, capital allocation discipline, and long-term value creation. Strategic initiatives including upgraded production facilities, supply chain integration, new product development, and a significantly enhanced digital platform are supporting customer engagement, loyalty growth, and omni-channel expansion. Management expects a stronger second half with revenues, profits, and EBITDA set to exceed H1 performance, backed by seasonal trends, celebration events, and increasing digital sales. With 17 new stores already opened and the business on track for 25 new franchise stores this year, Cake Box Holdings PLC reiterates its commitment to sustainable growth, margin improvement, and consistent delivery against market expectations.

EMV Capital PLC (AIM:EMVC) delivered a comprehensive investor update highlighting strong company performance, expanding assets under management, and accelerating progress across its deep tech and life sciences portfolio. Management outlined the firm’s growth strategy, including its venture build model, active portfolio management, and route to scalable exits, supporting its ambition to reach 200 million AUM. Deep Tech Recycling presented significant commercial momentum, including a 22 million project for a chemical recycling plant in Norway with 70 percent of financing secured, an off take agreement with Shell, and a robust project pipeline that positions the company for revenue generation in 2026 and positive EBITDA in 2027. Wanda Health showcased rapid traction in the US healthcare market with its intelligent virtual care platform for chronic disease and cardiometabolic management, integrating biometric data, behavioural insights, coaching, and AI driven analytics to reduce drug dependency and improve outcomes. The company reported double digit monthly growth, multimillion dollar contract wins, and a pathway to exceed 5 million in annual recurring revenue by 2026. Together, these portfolio updates underscore EMV Capital’s disciplined investment approach, growing order book, value creation capabilities, and exposure to high growth markets including advanced recycling, sustainability, healthcare technology, and AI enabled virtual care.

Impax Asset Management Group PLC (AIM:IPX) delivered a comprehensive investor update outlining financial results, company performance, and its long term growth strategy in the rapidly expanding sustainable investment sector. Management reaffirmed Impax’s position as a leading global specialist in the transition to a more sustainable economy, supported by diversified mandates across listed equities, fixed income, and private markets. Despite a challenging market backdrop with narrow equity leadership and sector wide outflows, Impax reported moderating redemptions, resilient fee margins, and a robust cash position of more than 60 million pounds with no debt. Strategic progress included the acquisition of Sky Harbor in fixed income, expansion of systematic and emerging markets strategies, a new US ETF platform, and broader distribution coverage across Europe and North America. The company also continued to enhance operational efficiency with a 15 percent reduction in headcount and ongoing cost discipline aimed at supporting EBITDA, margins, and long term shareholder returns. While revenue and operating profit declined due to reduced assets under management, Impax maintained a progressive dividend of 12 pence per share and is nearing completion of its 10 million pound share buyback program. Management highlighted compelling valuations across equity strategies, strong private markets opportunities, increasing consultant endorsements in fixed income, and rising institutional demand for authentic sustainable investment partners. With a strong balance sheet, a scalable business model, and growing client partnerships supported by sustainability research and active engagement, Impax expects improving net flows and solid medium term growth as global markets broaden and interest in the energy transition continues to accelerate.

CQS New City High Yield Fund Limited (NCYF:LSE) delivered a resilient investor update highlighting strong company performance, disciplined portfolio management, and an attractive income proposition despite ongoing volatility in global credit markets. Chair Caroline Hitch emphasized a solid financial track record, including a 7.5% share price total return for the year to June 2025 and a further 4.5% since the new financial year began, supported by continued strong demand and a current yield of 8.8%. Investment Manager Ian Francis reiterated the trust’s focus on delivering high income and capital preservation through diversified exposure to fixed income (85%+), selectively complemented by high-yielding equity opportunities. The fund continues to maintain a premium to NAV and has issued more than 33 million new shares since the year-end to meet investor demand. Francis detailed a robust research-led credit strategy underpinned by Manulife’s global alternative credit platform, targeting strong risk-adjusted yields across financials, energy, hospitality, and specialty lending, with ongoing monitoring of gearing and currency positioning. Key holdings, including Shawbrook, Barclays, Travelodge, and Stonegate, contribute compelling revenue streams, while proactive stewardship supports dividend sustainability and long-term capital growth. Despite macro headwinds—including UK fiscal policy concerns, pressure on hospitality margins, and wider sector weakness in alternatives—the portfolio remains well-positioned with disciplined risk controls, deep management experience, and active engagement with underlying companies ahead of refinancing cycles. Overall, management reaffirmed confidence in the trust’s income strategy, ongoing premium rating, and growth outlook, positioning NCYF as a stable, investor-focused high-yield vehicle.

Sequoia Economic Infrastructure Income Fund Limited (LSE:SEQI) delivered a strong first half FY2026 investor update, highlighting resilient company performance, solid financial results, and continued outperformance versus high yield benchmarks. For the period ended 30 September 2025, SEQI generated an annualised NAV total return of 10.1%, increased NAV per share by 1.2%, and maintained an attractive dividend yield of 8.6%, with dividends fully cash covered at 1.01x. The fund’s diversified infrastructure credit portfolio, focused on private mid market loans backed by essential assets, remains defensively positioned with 57% in senior secured debt, construction risk below 12%, and non performing loans reduced sharply to just 0.6%. Portfolio yield to maturity remained robust at 9.7%, supported by stable interest rates and a 3.1% pull to par upside. SEQI advanced its capital allocation strategy through nearly 17 million share buybacks while sustaining a strong 350 million pound pipeline of high quality opportunities offering average gross yields around 9%. Strategic shifts included reducing exposure to US renewables and data centres in favor of higher value opportunities in the UK and Europe, exemplified by a recent 55.5 million euro senior secured loan supporting Polish solar projects. With more than a decade of consistent outperformance driven by disciplined underwriting, active portfolio management, and thematic focus on digitalisation, energy transition, and climate resilience, SEQI offers investors stable income, strong margins, defensive cash flows, and sustained total return potential.