TwentyFour Select Monthly Income NAV falls

TwentyFour Select Monthly Income Fund has published interim results covering the six months to the end of March 2015. The fund launched on 10 March 2014 and so is now over a year old. The net asset value at the end of the period was 96.62p – down from 100p at launch and 98.41p at the start of the period. The share price has gone from 102.75p at the start of the period to 100p at the end. The statement says dividends of 4.07p were declared in the period which suggests that the total return to shareholders was 1.3%. The NAV total return they say was 2.28p per share which works out as 2.3%. It took some digging around to get these performance numbers from the statement.

The Chairman’s statement says “Generating income in line with the Company’s objectives does remain challenging but the Board and Portfolio Manager believe that the Company will be able to continue to achieve its dividend target on an ongoing basis.”

The manager’s statement doesn’t go into the portfolio in any detail. On future performance, it says the initial benefits to bonds from quantitative easing have played out but the company’s core holdings in asset-backed securities, bank capital and selective Euro high yield bonds should benefit from second order effects of quantitative easing.

SMIF : TwentyFour Select Monthly Income NAV falls