TwentyFour Income Fund

Asset-Backed Securities
ISIN
GG00B90J5Z95
Sedol
B90J5Z9
109.84
NAV
As at 1 Nov 2024
14.21%

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.

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. 

Investment Objective

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.

Key Characteristics

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.

Investment Approach

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.

Board Members

Share Price Information

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Insights

All data is as at 14 Oct 2024 unless otherwise indicated.

Fund performance

Performance for calendar years

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 1 Nov 2024 unless otherwise indicated.

Fund data
Portfolio Manager TwentyFour Asset Management LLP
Fund Domicile Guernsey
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
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
OCF 0.95% (31 Mar 2024)
Identifiers
ISIN GG00B90J5Z95
Bloomberg TFIF LN
SEDOL B90J5Z9
Parties
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

Available Share Classes

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.

Rating Structure

Country Weighting

Sector Exposure

Maturity Exposure

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Factsheets & Commentaries
Factsheet Sep 2024
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Factsheet Dec 2022
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Factsheet Oct 2022
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Factsheet Jan 2022
Factsheet Dec 2021
Factsheet Nov 2021
Factsheet Oct 2021
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Factsheet Apr 2021
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Factsheet Nov 2020
Factsheet Oct 2020
Factsheet Sep 2020
Factsheet Aug 2020
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Factsheet May 2020
Factsheet Apr 2020
Factsheet Mar 2020
Factsheet Feb 2020
Factsheet Jan 2020
Monthly Commentary Sep 2024
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PRIIPs KIDs
KID Jul 2024
Performance Scenarios
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Performance Scenarios Apr 2024
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Performance Scenarios Jan 2024
Performance Scenarios Dec 2023
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Performance Scenarios Oct 2023
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Performance Scenarios Aug 2023
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Performance Scenarios Apr 2023
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Brochures
Product Presentation May 2023
Product Presentation Jun 2020
Product Presentation Mar 2020
Product Presentation Apr 2019
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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 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
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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.

  • The Sub-Fund’s investments may be subject to sustainability risks. The sustainability risks that the Sub-Fund may be subject to are likely to have an immaterial impact on the value of the Sub-Funds’ investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.
  • The Sub-Funds' performance may be positively or negatively affected by its sustainability strategy.

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.