TwentyFour Income Fund

Asset-Backed Securities
ISIN
GG00B90J5Z95
Sedol
B90J5Z9
109.11
NAV
As at 14 Jun 2024
9.39%

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 fund which targets less liquid, higher yielding UK and European asset backed securities. This part of the fixed income market has been largely overlooked and therefore we believe represents attractive relative value. A large majority of the securities are also floating rate, thereby offering investors upside to future central bank 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 8p per ordinary share, per annum, payable quarterly, and a net total return of 6-9p 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

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Biographical details of the Directors are as follows:

Bronwyn Curtis OBE – (Non-executive Director and Chair) 

Ms Curtis is a resident of the United Kingdom, an experienced Chair, Non-Executive Director and Senior Executive across banking, media, commodities and consulting, with global or European wide leadership responsibilities for 20 years at HSBC Bank plc, Bloomberg LP, Nomura International and Deutsche Bank Group. She is presently a Non-Executive member of the Oversight Board at the UK Office of Budget Responsibility and Non-Executive Director at Pershing Square Holdings, The Scottish American Investment Company plc and BH Macro Limited. She is also a regular commentator in the media on markets and economics. Ms. Curtis was appointed to the Board on 12 July 2022 and was appointed Chair on 14 October 2022.

John Le Poidevin – (Non-executive Director and Chair of the Audit Committee) 

Mr Le Poidevin is a resident of Guernsey and a Fellow of the Institute of Chartered Accountants in England and Wales. He was formerly an audit partner at BDO LLP in London where he developed an extensive breadth of experience and knowledge across a broad range of business sectors in the UK, European and global markets during over twenty years in practice, including in corporate governance, audit, risk management and financial reporting. Since 2013 he has acted as a nonexecutive, including as audit committee chair, on the boards of a number of listed and private groups. Mr Le Poidevin is currently a non-executive director of International Public Partnerships Limited, BH Macro Limited, Super Group (SGHC) Limited, and several other private companies and investment funds. Mr Le Poidevin was appointed to the Board on 9 July 2021 and was appointed Chair of the Audit Committee on 14 October 2022.

Joanne Fintzen – (Non-executive Director, Senior Independent 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 in Asset Backed Securities as well as hedge funds investing in various different strategies in addition to private equity and venture capital funds. Ms Fintzen is currently Non-Executive Director of JPMorgan Claverhouse Investment Trust plc. Ms Fintzen was appointed to the Board on 7 January 2019 and was appointed Senior Independent Director on 14 October 2022.

John de Garis – (Non-executive Director) 

Mr de Garis is a resident of Guernsey with over 30 years of experience in investment management. He is Managing Director and Chief Investment Officer of Rocq Capital founded in July 2016 following the management buyout of Edmond de Rothschild (C.I.) Ltd. He joined Edmond de Rothschild in 2008 as Chief Investment Officer following 17 years at Credit Suisse Asset Management in London, where his last role was Head of European and Sterling Fixed Income. He began his career in the City of London in 1987 at Provident Mutual before joining MAP Fund Managers where he gained experience managing passive equity portfolios. He is a non-executive director of VinaCapital Investment Management Limited in Guernsey. Mr de Garis is a Chartered Fellow of the Chartered Institute for Securities and Investment and holds the Certificate in Private Client Investment Advice and Management. Mr de Garis was appointed to the Board on 9 July 2021.

Paul Le Page – (Non-Executive Director) 

Paul Le Page is a resident of Guernsey and has over 24 years’ experience in investment and risk management. He was formerly an Executive Director and Senior Portfolio Manager of FRM Investment Management Limited, a subsidiary of the UK’s largest listed alternatives manager, Man Group. In this capacity, he managed alternative funds and institutional client portfolios, worth in excess of $5bn and was a director of a number of group funds and structures. Prior to joining FRM, he was employed by Collins Stewart Asset Management (now Canaccord Genuity) where he was Head of Fund Research responsible for reviewing both traditional and alternative fund managers and managing the firm’s alternative fund portfolios . He joined Collins Stewart in January 1999 where he completed his MBA in July 1999. He originally qualified asa Chartered Electrical Engineer after he graduated from University College London and later received an MBA from Heriot-Watt University. In addition to his private directorship roles, he has continuously served as a director of a number of London Stock exchange listed Investment Companies since January 2004. He has a broad-based knowledge of the global investment industry, risk management, governance and product structures. Mr Le Page was appointed to the Board on 16 March 2023.

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Insights

All data is as at 14 Jun 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 Apex Fundrock Ltd
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 OCF Date
Ordinary Share Class GBP GG00B90J5Z95 Dist 6 Mar 2013 0.75% 0.95% 31 Mar 2024

* TER includes performance fee where applicable

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