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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10 Aug 2020 6 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 7 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 7 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 4 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 2 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 2 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 2 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 3 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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22 Jul 2020 4 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 5 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 3 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 3 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 2 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 2 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 3 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 3 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 […]
