TwentyFour Income Fund

A London listed closed-ended investment company which targets less liquid, higher yielding UK and European asset-backed securities (ABS).

TwentyFour Income Fund targets ABS securities that typically do not offer enough liquidity for a daily-dealt open-ended fund, but are better suited to an exchange-traded structure where investors can obtain liquidity either via the exchange or via the three-yearly realisation opportunity.

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.

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.
 

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

Bronwyn Curtis, OBE

Non-Executive Director, Chair

Meet Bronwyn

Joanne Fintzen

Non-executive Director, Senior Independent Director

Meet Joanne

John de Garis

Non-Executive Director, Chair of Remuneration and Nomination Committee

Meet John

John Le Poidevin

Non-Executive Director, Chair of the Audit Committee

Meet John

Paul Le Page

Non-Executive Director, Chair of Management Engagement Committee

Meet Paul

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Investment Team