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 least 6p).
On a total return basis, the NAV return was 1.6% and the return to shareholders 2.2%.
Investors are still flocking to the fund. £52.4m worth of shares were issued during the accounting year and £93.1m worth has been issued since 31 March 2019. Oddly, despite the expansion of the fund, the ongoing charges ratio ticked up slightly – to 0.95% from 0.94%, normally we’d expect this to be going the other way.
Returns were affected by the general sell-off in credit markets that happened towards the end of 2018. The chairman says that markets have recovered but have not yet regained the levels they achieved before the sell-off.
TFIF : TwentyFour Income Fund investors shrug off lacklustre returns