Geiger Counter & Golden Prospect serve CQS with notice as managers exit

Their boards issued twelve-month protective notices after the surprise resignations of Keith Watson and Robert Crayfourd.

The board of Geiger Counter (GCL) has served Manulife CQS Investment Management with a 12-month protective notice following the surprise resignation of managers Keith Watson and Robert Crayfourd last week.

Golden Prospect Precious Metals (GPM), which the duo also manage together, filed the same notice last week, implying that their contract with the investment manager may be terminated within the next year.

GPM was the best performing trust of 2025, but Watson and Crayfourd’s funds have all taken a tumble since they handed in their three-month notice last week.

GPM shares are down 8% since the announcement - having soared an impressive 164.7% last year - with GCL slumping 7%.

However, the duo’s biggest trust, CQS Natural Resources Growth & Income (CYN), was worst hit after the news of their departure, falling 18.1%.

Its board has not, however, issued a protective notice like their other two trusts.

QuotedData senior analyst Matthew Read said the uncertainty surrounding the future management of the three trusts has likely been exacerbated by heightened volatility in commodity markets.

The poor timing of the announcement, just as conflict in Iran upended oil prices, has made shareholders more skittish than usual, but Read said it was worth staying put until more guidance is given by Manulife CQS Investment Management.

‘We now have the additional uncertainty of a war in the Middle East and so shareholders in all the funds affected will be looking for clarity about each fund’s plans,’ he said.

‘The good news is that Watson and Crayfourd will continue to manage the portfolios for the next three months and, given that this is an evolving situation, we would suggest shareholders sit tight and see what happens.’

Watson and Crayfourd’s portfolios are among the best performing investment trusts of the past decade, with CYN’s 534% gain placing it as the seventh highest returning closed-end fund of the past 10 years.

GCL is in ninth position with a 403.2% total return, followed by GPM in 26th after growing 242.6% over the period.