TwentyFour Income Fund Limited is a London listed closed-ended investment company which targets less liquid, higher yielding UK and European asset-backed securities (ABS). This part of the fixed income market remains largely overlooked and therefore we believe represents attractive relative value.
The Company aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of UK and European asset-backed securities.
The Company has a target annual net total return of between 6% and 9% per annum, which since 24 February 2023 has included quarterly dividends with an annual target each financial year of 8% of the Issue Price. Realisation elections may be made at three year intervals whereby company shareholders may elect to realise all or part of their holdings of ordinary shares or, alternatively, continue their investment in the investment company.
The Company is actively managed and invests in a diversified portfolio of predominantly UK and European Asset Backed Securities. Uninvested cash or surplus capital or assets may be invested on a temporary basis in cash and/ or a range of assets including money market instruments and government bonds. Efficient portfolio management techniques can be employed such as currency hedging, interest rate hedging and the use of derivatives such as credit default swaps to help mitigate market volatility.
The Company is not managed in reference to any benchmark index. Shareholders may elect to realise all or part of their holdings of Ordinary Shares every three years. In the event that investors elect to realise all or part of their holdings of Ordinary Shares, the Company may, but shall not be obliged to offer to redeem, repurchase or purchase those Ordinary Shares. Any Ordinary Shares that are not redeemed, repurchased or purchased shall be converted into Realisation Shares. Assets and liabilities attributable to Shareholders holding Realisation Shares will be managed as part of a separate realisation pool and in accordance with an orderly realisation programme with the aim of making progressive returns of cash to the holders of Realisation Shares as soon as practicable. This is only a summary; details of the investment policy, including investment restrictions, are set out in the Prospectus.
All data is as at 14 Oct 2024 unless otherwise indicated.
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ordinary Share Class GBP | 20.4% | -8.8% | 7.8% | 6.0% | 5.0% | 2.4% | 13.5% | 4.3% | -0.1% | 13.4% | 17.1% | NA |
All data is as at 15 Nov 2024 unless otherwise indicated.
| Portfolio Manager | TwentyFour Asset Management LLP |
|---|---|
| Fund Domicile | Guernsey |
| Type of Fund | Closed-ended investment fund |
| Fund Currency | GBP |
| Share Class Currency | GBP |
| Year End | 31 March |
| Fund Launch Date | 6 Mar 2013 |
| Share Class Launch date | 6 Mar 2013 |
| Distribution Type | Dist |
| Distribution Frequency | Quarterly |
| Dealing | Daily trading on LSE |
| ISA/SIPP Eligible | Yes |
| Fund Registrations | GB |
| Share Class Registrations | GB |
| Highest since launch | 121.69 |
|---|---|
| Lowest since launch | 90.75 |
| Management fee | 0.75% of lower of NAV and Market Cap |
|---|---|
| OCF | 0.95% (31 Mar 2024) |
| ISIN | GG00B90J5Z95 |
|---|---|
| Bloomberg | TFIF LN |
| SEDOL | B90J5Z9 |
| Auditor | KPMG Channel Islands Limited |
|---|---|
| Depository | Northern Trust (Guernsey) Limited |
| Registrar | Computershare Investor Services (Guernsey) Limited |
| AIFM | Waystone Management Company (IE) Limited |
| Corporate Broker | Deutsche Numis |
| Fund Administrator | Northern Trust International Fund Administration Services (Guernsey) Ltd |
| Share class | Currency | ISIN | Distrib. | Type | Launch date | Management fee | OCF |
|---|---|---|---|---|---|---|---|
| Ordinary Share Class | GBP | GG00B90J5Z95 | Dist | 6 Mar 2013 | 0.75% | 0.95% (31 Mar 2024) |
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
* TER includes performance fee where applicable
All data is as at 14 Oct 2024 unless otherwise indicated.
View all documents View latest documents
| Document | Date | EN |
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| Factsheets & Commentaries | ||
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| Factsheet | Jan 2020 | |
| Monthly Commentary | Oct 2024 | |
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| PRIIPs KIDs | ||
| KID | Jul 2024 | |
| Performance Scenarios | ||
| Performance Scenarios | Sep 2024 | |
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| Performance Scenarios | Feb 2024 | |
| Performance Scenarios | Jan 2024 | |
| Performance Scenarios | Dec 2023 | |
| Performance Scenarios | Nov 2023 | |
| Performance Scenarios | Oct 2023 | |
| Performance Scenarios | Sep 2023 | |
| Performance Scenarios | Aug 2023 | |
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| Performance Scenarios | May 2023 | |
| Performance Scenarios | Apr 2023 | |
| Performance Scenarios | Mar 2023 | |
| Performance Scenarios | Feb 2023 | |
| Performance Scenarios | Jan 2023 | |
| View more Performance Scenarios View less Performance Scenarios | ||
| Brochures | ||
| Product Presentation | May 2023 | |
| Product Presentation | Jun 2020 | |
| Product Presentation | Mar 2020 | |
| Product Presentation | Apr 2019 | |
| View more Brochures View less Brochures | ||
| Legal Documents | ||
| AGM Notice | Aug 2024 | |
| EGM form of proxy | Aug 2024 | |
| Investor Disclosure | Jul 2014 | |
| Notification to Investors | Aug 2022 | |
| Prospectus Supplement | Jul 2022 | |
| Sales Prospectus | Mar 2022 | |
| Standalone Summary | Mar 2022 | |
| Financial Reports | ||
| Annual Report | Mar 2024 | |
| Annual Report | Mar 2023 | |
| Annual Report | Mar 2022 | |
| Annual Report | Mar 2021 | |
| Annual Report | Mar 2020 | |
| Annual Report | Mar 2019 | |
| Annual Report | Mar 2018 | |
| Annual Report | Mar 2017 | |
| Annual Report | Mar 2016 | |
| Annual Report | Mar 2015 | |
| Annual Report | Mar 2014 | |
| Interim Financial Statements | Sep 2024 | |
| Interim Financial Statements | Sep 2023 | |
| Interim Financial Statements | Sep 2022 | |
| Interim Financial Statements | Sep 2021 | |
| Interim Financial Statements | Sep 2020 | |
| Interim Financial Statements | Sep 2019 | |
| Interim Financial Statements | Sep 2018 | |
| Interim Financial Statements | Sep 2017 | |
| Interim Financial Statements | Sep 2016 | |
| Interim Financial Statements | Sep 2015 | |
| Interim Financial Statements | Sep 2014 | |
| Interim Financial Statements | Sep 2013 | |
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| UK Tax Reporting | ||
| UK Tax Reporting | Mar 2024 | |
| UK Tax Reporting | Mar 2023 | |
| UK Tax Reporting | Mar 2022 | |
| UK Tax Reporting | Mar 2021 | |
| UK Tax Reporting | Mar 2020 | |
| UK Tax Reporting | Mar 2019 | |
| UK Tax Reporting | Mar 2018 | |
| UK Tax Reporting | Mar 2017 | |
| UK Tax Reporting | Mar 2016 | |
| UK Tax Reporting | Mar 2015 | |
| UK Tax Reporting | Mar 2014 | |
| View more UK Tax Reporting View less UK Tax Reporting | ||
RISKS
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
Limited participation in the potential of single securities
Success of single security analysis and active management cannot be guaranteed
It cannot be guaranteed that the investor will recover the capital invested
Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility
Investments in foreign currencies are subject to currency fluctuations
High-yield bonds (non-investment-grade bonds/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated bonds
The structure of ABS/MBS and the pools backing them might be intransparent which exposes the subfund to additional credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the subfund
The fund has the ability to use derivatives, including but not limited to FX forwards, for hedging and EPM purposes only. This may magnify gains or losses
Typically, sub-investment grade securities will have a higher risk of default, and are generally considered to be more illiquid than investment grade securities
Information on how environmental and social objectives are achieved and how sustainability risks are managed in this Fund may be obtained from here.
Morningstar rating: © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
