TwentyFour Income Fund Limited

TwentyFour Income Fund Limited is a London listed closed-ended fund which targets less liquid, higher yielding asset backed securities. These securities, whilst fundamentally robust, do not offer enough liquidity for daily priced OEICs, but are well suited to a traded closed-ended vehicle, where investors can obtain liquidity via the exchange.

This part of the fixed income market has been largely overlooked in the recent liquidity driven market rally of 2012 and therefore currently represents attractive relative value. A large majority of the securities are also floating rate, thereby offering investors upside to future rate rises.

Investment Objective

The Fund aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of UK and European asset backed securities.

Key Characteristics

The Fund 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.

Type of Fund

Closed-ended investment fund

Domicile

Guernsey

Listing

Traded on the LSE main market

Key Parties

Investment Manager: TwentyFour Asset Management 
Sponsor, Broker and Financial Adviser: Numis Securities Ltd
Administrator: Northern Trust Fund Administration Services (Guernsey) Ltd
Custodian: Northern Trust Company
Registrar: Computershare
Auditors: PricewaterhouseCoopers

Share Classes

Ordinary share class only.

Issue Price: 100p per Ordinary Share.

Dealing

Daily trading on LSE.

Dividend Policy

An amount at least equal to the net income of the Fund is intended to be distributed as a dividend on a quarterly basis.

ISA & SIPP eligible

Yes

Price Reporting

See section entitled "Performance" on this website. The Fund's NAV will be determined by the Administrator on a weekly basis.

Fund Charges & Costs

•Investment management fee of 0.75% of lower of market cap or NAV
•Estimated on-going charges: 0.99% (30/09/2013)
•No performance fee

Launch date

6th March 2013

Regulatory

The Fund currently conducts its affairs so that the shares issued by it can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future.

The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because the Fund would qualify as an investment trust if the Fund was based in the UK.

The latest price and Net Asset Value statement can be found on the London Stock Exchange Website.

Shares are traded on the Main Market of the London Stock Exchange.

TIDM:       TFIF
SEDOL:    B90J5Z9
ISIN:         GG00B90J5Z95

Please contact us if you require any further information.

John Magrath
TwentyFour Asset Management
Tel:       +44 (0)20 7015 8912
Email:   john.magrath@twentyfouram.com

Important Note: Any purchase or subscription of shares in the Fund must be made only on the basis of information contained in the Fund's Prospectus.

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