TwentyFour Income says not enough opportunity to justify expanding the fund – TwentyFour Income Fund Limited says that, for the year ended 31 March 2018, its NAV per share rose 10.35% (including dividends). They declared three interim dividends of 1.5p and a final of 2.73p. The share price edged up to 119.5p from 119.25p, finishing the period on a premium of 0.6% (down from 4.3%). The premium has risen again since the end of the period however. The chairman had this to say – “The board is willing to continue to authorise the issuance of further shares as a premium management mechanism, subject to the portfolio manager confirming that attractive investment opportunities are available in the market. Despite market demand for the issuance of shares, and sufficient market activity for the existing portfolio, the portfolio manager has not been prepared to support the issuance of further shares in the current market and potentially dilute the portfolio returns.”
The recent volatility that most markets felt in February, as a result of the changes in expectations around rate changes by the major central banks, has been largely ignored by the European ABS (asset-backed securities) market.
There is a bit of market commentary from the manager in the statement but nothing about the portfolio.
TFIF : TwentyFour Income says not enough opportunity to justify expanding the fund