Asset Backed Securities

TwentyFour Income Fund

ISIN
GG00B90J5Z95
Sedol
B90J5Z9

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.
109.52
NAV
3.97%
Performance YTD
As at 20 Nov 2020

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 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, payable quarterly, and a net total return of 6-9% per annum. Realisation elections may be made at three year intervals whereby fund shareholders may elect to realise all or part of their holdings of ordinary shares or, alternatively, continue their investment in the fund. Due to the predominantly floating rate nature of the portfolio, returns are expected to increase as interest rates rise.

Board Members

Biographical details of the Directors are as follows:

Trevor Ash – (Chairman) 

Mr Ash is a resident of Guernsey and has over 30 years of investment experience. He is a Fellow of the Chartered Institute for Securities and Investment. He was formerly a managing director of Rothschild Asset Management (CI) Limited. Mr Ash retired as a director of NM Rothschild & Sons (CI) Limited, the banking arm of the Rothschild Group in the Channel Islands in 1999. Since retirement, he has acted as a director of a number of hedge funds, fund of hedge funds, venture capital, derivative and other offshore funds including several managed or advised by Insight, JP Morgan and Merrill Lynch. Mr Ash was appointed to the Board on 11 January 2013.

Ian Burns – (Non-executive Director, Senior Independent Director and Chairman of the Audit Committee)

Mr Burns is a resident of Guernsey and a fellow of the Institute of Chartered Accountants in England and Wales and a member of the Society of Trust and Estate Planners. He is a founder and Executive Director of Via Executive Limited, a specialist management consulting company and managing director of Regent Mercantile Holdings Limited, a privately owned investment company. Mr Burns is currently a non-executive director of London listed River and Mercantile UK Micro Cap Limited and FastForward Innovations Limited (AIM) and a number of private investment funds. Mr Burns was appointed to the Board on 17 January 2013.

Richard Burwood – (Non-executive Director) 

Mr Burwood is a resident of Guernsey with over 25 years’ experience in banking and investment management. During 18 years with Citibank London, Mr Burwood spent 11 years as a fixed income portfolio manager spanning both banks/finance investments and Asset Backed Securities. Mr Burwood has lived in Guernsey since 2010, initially working as a portfolio manager for EFG Financial Products, managing the treasury department’s ALCO Fixed Income portfolio. From 2011 to 2013, Mr Burwood worked as the Business and Investment Manager for Man Investments, Guernsey. In January 2014, Mr Burwood joined the board of RoundShield Fund, a Guernsey private equity fund, focused on European small to mid-cap opportunities. In August 2015, he became a Board Member of Funding Circle SME Income Fund, which provides investors access to a diversified pool of SME loans originated through Funding Circle’s marketplaces in the UK, US and Europe. Mr Burwood also serves on the boards of Habrok, a hedge fund specialising in Indian equities, and EFG International Finance, a structured note issuance company based in Guernsey. Mr Burwood was appointed to the Board on 17 January 2013.

Joanne Fintzen – (Non-executive Director) 

Ms Fintzen is a resident of the United Kingdom, with extensive experience of the finance sector and the investment industry. She trained as a Solicitor with Clifford Chance and worked in the Banking, Fixed Income and Securitisation areas. She joined Citigroup in 1999 providing legal coverage to an asset management division. She was subsequently appointed as European General Counsel for Citigroup Alternative Investments where she was responsible for the provision of legal and structuring support for vehicles which invested $100bn across asset-backed securities as well as hedge funds investing in various different strategies in addition to private equity and venture capital funds. Ms Fintzen was appointed to the Board on 7 January 2019.

To view share price information and regulatory announcements please click here.

Portfolio Managers

Insights

All data is as at 20 Nov 2020 unless otherwise indicated.

Fund data
Portfolio Manager TwentyFour Asset Management LLP
Fund Domicile Guernsey
Fund Currency GBP
Share Class Currency GBP
End of fiscal year 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
Fund Registrations GB
Share Class Registrations GB
Nav Information
Highest since launch 121.69
Lowest since launch 90.75
Fees And Expenses
Management fee 0.75% of lower of NAV and Market Cap
Identifiers
ISIN GG00B90J5Z95
Bloomberg TFIF LN
SEDOL B90J5Z9
Parties
Auditor PricewaterhouseCoopers CI LLP
Registrar Computershare Invtestor Services (Guernsey) Limited
AIFM Maitland Institutional Services Limited
Corporate Broker Numis Securities Ltd
Fund Administrator Northern Trust International Fund Administration Services (Guernsey) Ltd

Available Share Classes

Share class Currency ISIN Distrib. Type Launch date Management fee
Ordinary Share Class GBP GG00B90J5Z95 Dist 6 Mar 2013 0.75%
Document Date EN
Factsheets & Commentaries
Factsheet Oct 2020
Monthly Commentary Oct 2020
KID
KID Dec 2019
Legal Documents
Investor Disclosure Jul 2014
Sales Prospectus Apr 2019
Financial Reports
Annual Report Mar 2020
Semi-Annual Report Sep 2019
UK Tax Reporting Mar 2019