Tufton Investment Management has become the investment manager of CQS Natural Resources Growth and Income, the fund has confirmed today. The trust is to be renamed City Natural Resources Growth and Income.
The move reunites the trust with its long-term co-portfolio managers, Keith Watson and Robert Crayfourd, who joined Tufton on 3 September 2026. The pair had resigned from the trust's previous manager, CQS Investment Management, in March 2026.
Watson and Crayfourd delivered a NAV total return of 208.6% for the trust over the five years to April 2026, the best return in the IT Commodities & Natural Resources sector over that period.
Performance of fund against index and sector over 5yrs
Source: FE Analytics
Nicolas Tirogalas, chief executive of Tufton, 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 Tufton Assets Limited."
He added: "Their appointment and the new investment management agreement we have secured demonstrate 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, said the board had carried out a thorough review of options following the resignation of the previous managers.
"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," he said.
Tufton also manages Tufton Assets Limited, an investment company that owns 21 ocean-going ships. It posted a NAV total return of 14.7% in its latest quarter, its strongest since September 2021.
The trust's name change follows a general meeting held on 8 September 2026 and is expected to take effect today.