Overview
TwentyFour Income aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of UK and European asset backed securities (less liquid, higher yielding, asset backed securities).
TwentyFour Income is targeting a dividend of at least 6% per annum (5% in the first year), payable quarterly, and a net total return of 7-10% per annum, and offers the opportunity to elect for redemption of shareholding after 3 years. Due to the predominantly floating rate nature of the portfolio, returns are expected to increase as interest rates rise. At least 50% of the portfolio will be investment grade rated at the time of the initial investment.
Fundamentals
Price
Research History
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05 Jan 2023 90 min read
QuotedData’s Economic and Political Monthly Roundup January 2023
Economic and Political Monthly Roundup Investment companies | Monthly | January 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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9 min read
QuotedData’s Investment Companies Roundup – January 2023
December 2022 Monthly roundup | Investment companies Winners and losers in December 2022 The Financials sector only has two constituents, one of these – Trian Investors 1 – has seen its discount narrow since it promised to return cash to investors by next June, and it has also benefited from underlying NAV appreciation. Last month’s […]
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10 Aug 2020 4 min read
QuotedData’s Economic Roundup – August 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Apr 2020 5 min read
QuotedData’s Economic Roundup – April 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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06 Dec 2019 5 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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07 Jun 2019 3 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was notable that risk appetite was down in May as renewed […]
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19 Dec 2018 1 min read
QuotedData’s economic roundup – December 2018
QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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15 Aug 2018 1 min read
QuotedData’s investment companies roundup – August 2018
QuotedData’s investment companies roundup – August 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in July Tritax EuroBox raised its maximum target of £300 million in an […]
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11 Dec 2017 1 min read
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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03 Aug 2017 2 min read
QuotedData’s economic round up – August 2017
QuotedData’s economic round up – August 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Dec 2016 1 min read
QuotedData’s round up of views on the global economy – December 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. december-economic-and-political-roundup
News
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05 Aug 2024 2 min read
QuotedData’s morning briefing 5 August 2024 – DNE, SSIT, THRG, TFIF, MMIT
In QuotedData’s morning briefing 5 August 2024: Dunedin Enterprise (DNE) has announced that Dunedin Buyout Fund III LP has entered into a legally binding agreement for the realisation of its investment in EV, a provider of high-performance video cameras and quantitative visual analytics to the global energy industry. The investment in EV was valued, net […]
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11 Jul 2024 3 min read
Marked turnaround for TwentyFour Income Fund
TwentyFour Income Fund (TFIF) has published its final results for the year ended 31 March 2024, during which it provided an NAV total return of 18.10%, which is a marked turnaround from the 3.74% loss reported for the prior year. TFIF says that European ABS has performed strongly across the board, supported by stronger than […]
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24 Jun 2024 1 min read
QuotedData’s morning briefing 24 June 2024 – PPET, TFIF, HVPE, PINT
In QuotedData’s morning briefing 24 June 2024: Patria Private Equity Trust (PPET), formerly abrdn Private Equity Opportunities, has released its half yearly report, providing an update to its NAV performance. PPET has generated a NAV total return of 2.0% for the six months to 31 March 2024, with a current NAV of £1.2m. This equates […]
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24 Nov 2023 1 min read
QuotedData’s morning briefing 24 November 2023 – CTPE, SEQI, TFIF
QuotedData’s morning briefing for 24 November 2023 CT Private Equity Trust (CTPE) released its quarterly update for the three months ended 30 September 2023. CTPE reported a NAV per share of 696.3p, reflecting a total return of 3.3% for the quarter, as well as a share price total return of 0.4%. A quarterly dividend of […]
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20 Jul 2023 3 min read
TwentyFour Income updates on mortgage risk
TwentyFour Income Fund, which invests in securitised debt has decided to update investors on its views of mortgage markets. It says that it wants to provide more information about the risk that it has exposure to, and what mortgage lenders can do to help support borrowers if needed. TwentyFour Income predominantly invests in debt securities […]
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18 Jul 2023 2 min read
Volatility leads to challenging year for Twentyfour Income Fund
Twentyfour Income Fund (TFIF) announced its annual report for the year end 31 March 2023. NAV for the year fell 10% while shares fell 6%. Discussing the performance for the period, the investment manager noted the following; “The company started the reporting period just after the invasion of Ukraine by Russia, meaning the risk sentiment […]
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14 Jun 2023 1 min read
QuotedData’s morning briefing 14 June 2023
RTW Venture Fund Limited (RTW) announced the unaudited update for the month of May, with NAV growing 1.9% to US$365.2m. Shares rose 2.5% over the same period, and the discount narrowed slightly to 26%. Sequoia Economic Infrastructure Income Fund (SEQI) provided a NAV and investments update for May with NAV growing around 66 basis points […]
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27 Feb 2023 2 min read
QuotedData’s morning briefing 27 February 2023
In QuotedData’s morning briefing 27 February 2023: Life Science REIT (LABS) announces the letting of part of the ground floor of Building One at Oxford Technology Park to Arcturis Data Limited, a healthcare technology company applying advanced analytics and machine learning to generate real-world evidence and novel healthcare insights in both common and rare diseases. […]
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21 Sep 2022 2 min read
QuotedData’s morning briefing 21 September 2022
In QuotedData’s morning briefing 21 September 2022: Henderson High Income (HHI) produced returns in line with its benchmark (80% All-Share Index/20% ICE BofAML Sterling Non-Gilts Index) over the six months ended 30 June 2022, both returning -6.1%. It helped that UK equities beat bonds over the period as the trust began the year with an […]
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08 Sep 2022 1 min read
QuotedData’s morning briefing 8 September 2022
In QuotedData’s morning briefing 8 September 2022: International Public Partnerships, publishing its interim report, says that its Angel Trains investment is unaffected by strikes, its additional £42m investment in the Thames Tideway super sewer completed yesterday (7 September) and construction works are 80% complete, and Cadent (the UK gas infrastructure business, INPP’s largest investment) is […]
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12 Jul 2022 2 min read
TwentyFour Income dividend benefits from higher base rates
TwentyFour Income dividend benefits from higher base rates – TwentyFour Income (TFIF) has posted its annual results for the year to 31 March 2022. The NAV per share marginally declined from 112.75 at the start of the year to 112.45, for a total return of 5.55% (including dividends paid) during the year, while the income […]
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24 Mar 2022 1 min read
QuotedData’s morning briefing 24 March 2022
In QuotedData’s morning briefing 24 March 2022: Starwood European Real Estate Finance (SWEF) generated an NAV return of 6.6% for the year ended 31 December 2021 and paid a reduced dividend of 5.5p (down from 6.5p). Subject to the discount triggered realisation mechanism not being activated, the directors will put forward a realisation vote no […]
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21 Mar 2022 4 min read
QuotedData’s morning briefing 21 March 2022
In QuotedData’s morning briefing 21 March 2022: Further to the announcement on 8 February 2022 in relation to the proposed merger of TwentyFour Income Fund Limited (TFIF) and UK Mortgages Limited (UKML), the board of UKML has announced that the special resolutions proposed at its EGM last week were approved and that liquidators have been […]
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11 Feb 2022 1 min read
QuotedData’s weekly news show 11th February 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Strategic Equity Capital • UK Mortgages/Twenty Four Income • BlackRock Throgmorton This week’s interview was with Richard Aston of CC Japan Income & Growth […]
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08 Feb 2022 2 min read
Twenty Four Income and UK Mortgages to merge
Twenty Four Income and UK Mortgages to merge – the boards of TwentyFour Income Fund and UK Mortgages have agreed the terms of a proposed merger of the two companies. The merger will be effected by way of a scheme of reconstruction of UK Mortgages, consisting of the winding-up of that fund, the transfer of […]
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09 Jul 2021 4 min read
TwentyFour Income Fund’s income remains strong
TwentyFour Income Fund (TFIF) has announced its annual results for the year ended 31 March 2021, during which income to investors remained strong. Its NAV per share rose from 94.19p at the start of the year to 112.75p, for an NAV total return of 27.40%, while it paid a dividend of 1.9p to cover the […]
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22 Jul 2020 3 min read
Annual results and a CLO market outlook from TwentyFour Income
The UK and Europe debt (structured finance) fund, TwentyFour Income (TFIF), released its annual results to 31 March 2020. The NAV was down (12%) in total return terms, over the financial year. We note that as at 21 July, TFIF’s shares were down by about (8.4%) over the year-to-date – they have recovered most of […]
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23 Mar 2020 3 min read
TwentyFour Income updates on European CLO and asset backed market
The UK and Europe debt (structured finance) fund, TwentyFour Income (TFIF), released an update: “It has been a challenging couple of weeks for obvious reasons, which by turns we have compared to the market volatility seen in late 2018 (the Fed at odds with the market about rate policy, the US-China trade war, Brexit), early […]
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12 Jul 2019 1 min read
TwentyFour Income Fund investors shrug off lacklustre returns
TwentyFour Income Fund investors shrug off lacklustre returns – TwentyFour Income Fund has published results for the year ended 31 March 2019. Over the year, the NAV fell from 118.75p to 113.28p and the share price fell from 119.5p to 115.28p. The dividend was cut from 7.23p to 6.45p (the company was targeting dividends of at […]
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15 May 2019 1 min read
QuotedData’s other news 15 May 2019
RDL Realisation announced that Deloitte LLP has confirmed that valuation work required to finalise the audit is substantively complete. RDL now expects to publish its annual accounts for the financial year ending on 31 December 2018 by 28 May 2019. The shares remain suspended. Regional REIT has announced a number of new lettings. TwentyFour Income Fund […]
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26 Nov 2018 2 min read
TwentyFour Income Fund raising funds at 2% premium
TwentyFour Income Fund (TFIF) has announced that its intends to raise additional equity capital. The fund raise opens today and new shares are to be issued at a premium of 2% to the unaudited net asset value per share as at 23 November 2018 (to be published on 26 November). TFIF says that the fund […]
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18 Jan 2018 1 min read
TwentyFour Select Monthly Income says challenging markets constrain investment opportunities
TwentyFour Select Monthly Income says challenging markets constrain investment opportunities – TwentyFour Select Monthly Income Fund Limited has announced results for the year ended 30 September 2017. Its NAV moved from 89.97p to 96.44p and share price from 92p to 99.5p. The dividend slipped to 6.56p from 6.85p. The total NAV return was 13.4%. The manager […]
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06 Jul 2017 2 min read
TwentyFour Income Fund benefits from strong recovery in European ABS market
TwentyFour Income Fund (TFIF) has announced its annual results for the year ended 31 March 2017. During the period, the company’s NAV grew by 10.2% whist its share price grew by 12.8% reflecting a widening of its premium to NAV from 1.94% to 4.29%. The company also paid dividends of 6.99p (2015: 7.14p). Including dividends, […]
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26 May 2017 1 min read
UK Mortgages announces securitisation for Oat Hill No.1
UK Mortgages Limited (UKML) and TwentyFour Asset Management LLP (TwentyFour) have announced the mandate for Oat Hill No.1 PLC, a public securitisation of Buy-to-Let mortgages originated by Capital Home Loans, purchased in February 2017 by UK Mortgages. TwentyFour, the appointed Portfolio Advisor, has mandated BofAML as Arranger and BofAML and NatWest Markets as Joint Lead […]
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24 Nov 2016 1 min read
UK Mortgages concerned about rate of deployment
The Board of UK Mortgages and TwentyFour Asset Management say that the TwentyFour portfolio management team remain fully engaged on a number of prospective opportunities with the aim of fully investing the Company’s capital in as timely a manner as possible. The Board is confident that current opportunities under discussion will lead to the remaining cash […]
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17 Nov 2016 2 min read
TwentyFour Income Fund benefits from performance of European ABS market
TwentyFour Income Fund has announced its interim results for the six months ended 30 September 2016. During the period, the company’s NAV increased by 6.3% to 110.23p per share and it also declared 3p of dividends. The share price increased by 5.9%. The company’s chairman, Trevor Ash, says that for the majority of the period […]
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25 Aug 2016 1 min read
TwentyFour Income Fund’s placing raises £48m
TwentyFour Income Fund has announced the results of its placing, which raised £48m (before costs and expenses) through the issue of 43,743,734 new ordinary shares at a price of 109.73p per share. The company says that the placing price represents a premium of 2% to the unaudited NAV of 107.58 pence per share as at […]
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08 Jul 2016 2 min read
UK Mortgages agrees second transaction
The Board of UK Mortgages Limited has announced that the second transaction for UKML has been agreed. Since UKML’s launch, TwentyFour has sought a mortgage origination partner to facilitate an ongoing flow of mortgage loans that fit the investment policy. Over the past few months, the team has worked with The Mortgage Lender Limited (“TML”) to develop […]
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1 min read
TwentyFour Income Fund NAV dives
TwentyFour Income Fund has published its results for the year ended 31 March 2016. They say the twelve month period to the end of March 2016 was one which presented significant ongoing issues to all markets from a variety of sources. Whilst the period saw the Company’s NAV per Share and Share Price drop 16.74p […]
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26 May 2016 1 min read
UK Mortgages completes its inaugural securitisation
UK Mortgages Limited and its manager, TwentyFour Asset Management LLP, have announced that Malt Hill No.1 Plc (a public securitisation backed by buy-to-let mortgages originated by Coventry Building Society Group) has successfully completed the public sale of £263.3mm of AAA-rated bonds. As previously announced, the securitisation is backed by buy-to-let mortgages originated by Coventry Building […]
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23 May 2016 1 min read
UK Mortgages securitising Coventry BS portfolio
UK Mortgages Limited and TwentyFour Asset Management LLP have created Malt Hill No.1, a public securitisation backed by buy-to-let mortgages originated by Coventry Building Society Group. These mortgages were purchased in November 2015 by UK Mortgages Corporate Funding Designated Activity Company. The securitisation transaction was announced on 23rd May, with a view to price the Class A notes […]
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18 May 2016 1 min read
TwentyFour Select Monthly hit by challenging market conditions
Over the six months ended 31 March 2016, TwentyFour Select Monthly Income’s net asset value fell from 92.59p to 85.97p and the share price fell from 96.625p to 88.75p. The dividend was maintained at 0.5p per month. The Chairman says challenging market conditions resulted in a period of high price volatility for the Company’s portfolio […]
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01 Feb 2016 1 min read
TwentyFour Income announces fundraising and redemption opportunity
TwentyFour Income Fund has announced a placing, offer for subscription, open offer and placing programme of new ordinary shares and an opportunity for shareholders to elect to realise some or all of their investment in the Company. A prospectus has been published providing details of the issue. TwentyFour Income Fund Limited was launched on 6 […]
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18 Jan 2016 1 min read
TwentyFour Select Monthly says no significant concerns about dividend
TwentyFour Select Monthly Income has released its annual results for the year that ended on 30 September 2015. Over that period the NAV total return was 0.7%. the share price fell by 6.0% and the company declared dividends totalling 6.53p (ahead of their 6p target for the year). Despite the falling share price, the company […]
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17 Dec 2015 2 min read
TwentyFour Income Fund amended investment policy and capital return
On 26 November TwentyFour Income Fund issued a circular to shareholders setting out an amended investment policy and plans for a capital return. Shareholders approved these proposals at an EGM yesterday. In the first quarter of 2016 shareholders will be given the following options: to retain their current investment in the Company; to increase their investments in the […]
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19 Nov 2015 2 min read
TwentyFour Income Fund to propose amendments to investment policy by the end of November
TwentyFour Income Fund has released its interim results for the half-year ended 30 September 2015. During the period the company provided an NAV total return of -1.6%. The Company’s shares have continued to trade at a premium, as they have done since launch, with the average premium during the period being 5.9%. The Board anticipates […]
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13 May 2015 1 min read
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 […]
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25 Mar 2015 1 min read
Vontobel takes control of TwentyFour Asset Management
TwentyFour Asset Management LLP, managers of TwentyFour Income Fund and TwentyFour Select Monthly Income, has announced that Vontobel is taking a 60% stake in it. “Vontobel will acquire a 60% shareholding in TwentyFour, with the working partners retaining a 40% stake in the business. The partners remain fully committed to TwentyFour with long-term lock-ins. The Investment Manager will […]
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16 Jan 2015 1 min read
TwentyFour Select Monthly Income NAV slipping
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 […]
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24 Nov 2014 1 min read
TwentyFour Income increases CLO exposure as spreads widen
TFIF : TwentyFour Income increases CLO exposure as spreads widen Over the six months to the end of September 2014 TwentyFour Income Fund generated a total return of 6.5% on its net assets. It is paying quarterly dividends of 1.5p, in-line with forecast of 6p dividends for the year as a whole. They say the […]
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08 Oct 2014 1 min read
TwentyFour Income plans share issue
TFIF : TwentyFour Income plans share issue TwentyFour Income Fund plans to issue c9.99% of its issued share capital (26.69m shares). The managers say that as a consequence of the recent announcement by the ECB concerning the launch of the ABS Purchase Programme, they believe spreads in European ABS will compress further, increasing the prospect […]
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12 Jun 2014 1 min read
TwentyFour Income Fund : TFIF – results
TwentyFour Income Fund released its results on 10 June. These cover the period from 11 January 2013 to 31 March 2014. The company was admitted to trading on 6 March 2013 raising £150m – expanded through subsequent issuance to £267m. The net asset value at the end of the period was 117.66p and the share […]
Upcoming Events
Videos
In The Press
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30 Nov 2023 1 min read
Debt investment trust yields stand out – but are they safe?
by Dave Baxter, Investors’ Chronicle, November 29, 2023: The sharp rise in bond yields has had inescapable implications for many an asset class. With the UK 10-year government bond offering a ‘risk-free’ yield of more than 4 per cent, anything racier needs to justify its place in a portfolio with superior growth or income. A […]
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27 Mar 2023 1 min read
Investment trust insider on debt funds
Investment trust insider on debt funds – James Carthew: Float your eye over debt funds As interest rates continue to climb, the future returns available from debt funds are looking more interesting. However, the picture is clouded by concerns about defaults. Some closed-end funds that should probably be raking in new money from investors are […]
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27 Jun 2022 1 min read
Investment trust insider on structured finance funds
Investment trust insider on structured finance funds – James Carthew: Debt funds wobble as recession risk rises With inflation and interest rates still climbing, and the threat of recession looming closer on the horizon, it’s time to consider the impact on the £1.7bn structured finance sector. These are high-yielding funds that invest in asset-backed securities, […]
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22 Feb 2022 1 min read
Did investment trusts deliver enough consolidation in 2021?
Over £700m in deals produced a record year, but some say more mergers need to take place Jessica Tasman-Jones, Portfolio Adviser, 15 Feb 22: Investment trust boards have been accused of inertia when it comes to consolidation even after 2021 produced a record five deals worth £708m. This month, shareholders in beleaguered UK Mortgages discovered the […]
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24 Jun 2021 1 min read
Hunt for alternatives is back on as yields slide
Fixed income experts analyse the opportunities away from government and corporate bonds JENNIFER HILL, 24 June 2021, Citywire Wealth Manager Magazine issue 558 A Treasury sell-off at the beginning of 2021 provided a brief hint that more historically normal yields were on their way. That has faded in recent months as prices once again neared […]
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22 Jul 2019 2 min read
Investment Trust Insider on TwentyFour Income Fund
Investment Trust Insider on TwentyFour Income Fund – James Carthew: what TwentyFour’s yield appeal says about credit markets I was looking at results for TwentyFour Income (TFIF) for the year ended 31 March 2019 and thinking, how does an investment company that only managed to generate a total return (including income) on net assets of 1.6% over a […]
