CQS New City High Yield Fund (LSE:NCYF) Scaled Net Operating Assets: 1.03 (As of Dec. 2025)

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LSE:NCYF CQS New City High Yield Fund Ltd LSE:NCYF
35 GF Score
Price £0.52
GF Value £0.57
Valuation Fairly Valued
! 10 Warning Signs
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What is CQS New City High Yield Fund Scaled Net Operating Assets?

CQS New City High Yield Fund LSE:NCYF +0.19% 35 Scaled Net Operating Assets is 1.03 as of Dec. 2025. GuruFocus rates LSE:NCYF with a GF Score™ of 35/100 and a GF Value™ of £0.57 (Fairly Valued). The stock has 10 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

CQS New City High Yield Fund's operating assets for the quarter that ended in Dec. 2025 was £354.35 Mil. CQS New City High Yield Fund's operating liabilities for the quarter that ended in Dec. 2025 was £0.64 Mil. CQS New City High Yield Fund's Total Assets for the quarter that ended in Jun. 2025 was £343.52 Mil. Therefore, CQS New City High Yield Fund's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 1.03.

LSE:NCYF
35GF Score
CQS New City High Yield Fund Ltd LSE:NCYF
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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CQS New City High Yield Fund Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

CQS New City High Yield Fund's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Jun. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Jun. 2025 )
=(Operating Assets (A: Jun. 2025 )-Operating Liabilities (A: Jun. 2025 ))/Total Assets (A: Jun. 2024 )
=(333.467-4.742)/316.784
=1.04

where

Operating Assets(A: Jun. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=343.521 - 10.054
=333.467

Operating Liabilities(A: Jun. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=44.742 - 40 - 0
=4.742

CQS New City High Yield Fund's Scaled Net Operating Assets (SNOA) for the quarter that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Dec. 2025 )
=(Operating Assets (Q: Dec. 2025 )-Operating Liabilities (Q: Dec. 2025 ))/Total Assets (Q: Jun. 2025 )
=(354.35-0.639)/343.521
=1.03

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=359.517 - 5.167
=354.35

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=40.639 - 40 - 0
=0.639

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 1.03 mean?
CQS New City High Yield Fund (LSE:NCYF) has a Scaled Net Operating Assets of 1.03 as of Dec. 2025. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on CQS New City High Yield Fund and its competitors.
Is CQS New City High Yield Fund's Scaled Net Operating Assets too high?
CQS New City High Yield Fund's current Scaled Net Operating Assets is 1.03. Overall, CQS New City High Yield Fund has a GF Score™ of 35/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does CQS New City High Yield Fund's Scaled Net Operating Assets compare to BLK and BX?
CQS New City High Yield Fund's Scaled Net Operating Assets of 1.03 can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for an Asset Management company?
A good Scaled Net Operating Assets depends on the Asset Management industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on CQS New City High Yield Fund and its competitors. CQS New City High Yield Fund's current Scaled Net Operating Assets is 1.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CQS New City High Yield Fund stock overvalued right now?
Based on GuruFocus' analysis, CQS New City High Yield Fund (LSE:NCYF) is currently considered Fairly Valued. The stock's GF Value™ is £0.57, compared to a current price of £0.52 — trading 8.2% below its estimated fair value. The current Scaled Net Operating Assets is 1.03. CQS New City High Yield Fund's overall GF Score™ is 35/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For CQS New City High Yield Fund (LSE:NCYF), the current Scaled Net Operating Assets is 1.03 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is CQS New City High Yield Fund (LSE:NCYF) Overvalued in 2026?

Based on GuruFocus' analysis, CQS New City High Yield Fund stock appears to be undervalued. The current stock price of £0.52 is trading 8.2% below its estimated GF Value™ of £0.57. GuruFocus considers CQS New City High Yield Fund to be Fairly Valued.

Key valuation signals for LSE:NCYF:

  • Scaled Net Operating Assets: 1.03
  • GF Value™: £0.57 vs. price of £0.52 (8.2% below fair value)
  • GF Score™: 35/100 with 10 warning signs

No single metric tells the full story. See the LSE:NCYF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CQS New City High Yield Fund Business Description

Address IFC 1, The Esplanade, Saint Helier, JEY, JE1 4BP
CQS New City High Yield Fund Ltd is a Jersey-based closed-ended investment company that prominently invests in high-yield fixed income securities. Its portfolio includes preference shares, loan stocks, corporate bonds (convertible and redeemable), and government stocks. The company seeks to provide investors with a high gross dividend yield and potential capital growth. Investments are diversified across various sectors such as financials, energy, industrials, consumer discretionary, and real estate, with holdings majorly in the United Kingdom and Europe. Revenue is generated mainly from income on its investment portfolio.
35GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

£0.52
Price
£0.57
GF Value