TwentyFour Select Monthly Income has published results covering the period from its incorporation on 12 February 2014 to 30 September 2014 (it listed on 10 March 2014). On the income side of things, dividends in the period totalled 3.07p and they continue to target payments of 0.5p per month. The net asset value at the end of September was 98.41p – not far off the NAV of the shares after launch expenses. Since then however the NAV has slipped to 93.81p. The share price has followed the NAV down, falling from 102.75p at end of September to 97.25p at 15th of January 2015.
The statement says that yields have been rising and bid-offer spreads widening in high yield bond markets – this has had an impact on the NAV but means new acquisitions for the portfolio can be bought at more attractive prices. Currently the fund is generating a yield in excess of 6% net of fees (7.82% gross).
SMIF : TwentyFour Select Monthly Income NAV slipping