City Merchants versus New City High Yield Fund

Having invested in City Merchants (CHY) in the past.
New City High Yield Fund (NCYF)is a better option.
Mr Lockwood was the manager for CHY and now manages NCYF

NCYF buyers do not pay stamp duty
At 9.4.09 NCYF yields 10.73% net and CHY yields 13.04%
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CHY FACT SHEET end FEB 2009-http://itinvestor.invescoperpetual.co.uk/UK/Factsheets/Investment_Trust/citymerchantshy.pdf
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NCYF
TOP 10 holdings:-1. Balfour Beatty 10.75% Cnv Cum Prf 8.2%
2. REA Finance 9.5% 2017 4.9%
3. Collins Stewart Tullett 8.25% 2014 3.7%
4. 1st Hydro Fin 9% 2021 3.6%
5. Cable & Wireless 8.625% 2019 3.2%
6. AMI 10% Conv 2013 3.0%
7. Alliance Pharmaceuticals 8% Cnv 2013 2.6%
8. Iron Mountain 7.25% 2014 2.5%
9. Corero 8% Conv 2011 2.0%
10. Athabasca 13% 2011 2.0%
Top 10 Holdings Represent 35.7%
Total Number of Holdings: 103