First cut now in sight as interest-rate hikes come to an end
TwentyFour Select Monthly Income Fund is a London listed closed-ended fund which is designed to take advantage of the premium returns available from “less liquid” instruments across the debt spectrum. These securities, 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 and the quarterly buyback facility that the fund offers.
This part of fixed income has been largely overlooked in the recent liquidity driven market, and therefore currently represents attractive relative value.
The fund aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of fixed income credit products.
The fund is targeting a dividend of at least 6% per annum, payable monthly, and a net total return of 8-10% per annum. There is enhanced liquidity through the placing programme and quarterly buyback facility.
Biographical details of the Directors are as follows:
Mr Paxton is a Guernsey resident and has worked in the financial services sector for nearly 30 years, with deep sectoral experience supporting listed funds in both London and Guernsey throughout that time. He trained as a Chartered Accountant with MacIntyre & Co in London before moving to KPMG’s financial services group upon qualification in 1996. He moved to Guernsey in 2002 having accepted an audit partner appointment with KPMG in the Channel Islands. In 2008, Mr Paxton transitioned from audit and developed a Channel Islands advisory practice for the firm, growing it into a full taxonomy of services across transactions, restructuring, management and risk consulting. He remained as C.I. Head of Advisory for the firm through to his retirement in 2019. Mr Paxton holds a number of Non-Executive Directorships across the financial services sector, including the listed fund sector. He also plays an important role in the local third sector as chairman of the Youth Commission for Guernsey & Alderney. Mr Paxton is a Fellow of the Institute of Chartered Accountants in England and Wales and holds an Economics degree from the University of Warwick. Mr Paxton was appointed to the Board on 1 November 2021.
Ms Dorey is an experienced professional in the financial services industry, with key competencies in business strategy, financial regulation, risk management and investment marketing and distribution. She is currently a Director of Dorey Financial Modelling Limited, an investment consulting company, a Commissioner for the Guernsey Financial Services Commission, a Non-Executive Director for Schroders (CI) Limited and a Non-Executive Director for Weiss Korea Opportunity Fund Limited. Ms Dorey has over 25 years’ industry experience working for asset managers, pension consultants and retail banks in the UK, Guernsey and France. She has worked for a number of leading asset managers: BNY Mellon, M&G Asset Management, Friends Ivory & Sime and Robert Fleming/Save & Prosper. She has also consulted to the Defined Contribution Consulting arm of the Punter Southall Group, and obtained retail banking experience at Lloyds Bank and Le Credit Lyonnais. Ms Dorey is a Fellow of the Institute of Directors and qualified as a Chartered Director in 2020. She was, until recently, the Chair of the Guernsey Branch of the Institute of Directors. Ms Dorey was appointed to the Board on 1 February 2023.
Ms Parr has over 35 years in the finance industry and spent a significant portion of her professional career with Deloitte and Touche in a number of different countries. After a number of years in the audit department, on relocating to Guernsey in 1999 she transferred to their fiduciary and fund management business and, after completing a management buyout and subsequently selling to Barclays Wealth in 2007, she ultimately retired from her role there as Global Head of Wealth Structuring in 2011. Ms Parr holds a number of Non-Executive Directorships across the financial services sector including in other listed funds. Ms Parr is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Society of Trust and Estate Practitioners, and is a resident of Guernsey. Ms Parr was appointed to the Board on 1 November 2022.
Richard Class joined the Board with effect from the 1st November 2023. Richard's career spans more than thirty years in the financial services sector. Over more than a decade at Morgan Stanley, he was Managing Director and Head of EMEA Business Development for Fixed Income, and also a portfolio manager for their fixed income portfolios with assets totalling €7bn. Prior to that, he was a Board Director and trainer at BG Consulting, a financial products training and development company. He began his career as a fixed income derivatives trader in interest rates and FX products at Rabobank and Morgan Grenfell. He is currently a senior advisor to OptimX, which helps clients to reduce the costs of using financial markets, and is also a senior mentor. Richard has a Mathematics degree from Oxford University.
To view share price information and regulatory announcements please click here .
All data is as at 1 Nov 2023 unless otherwise indicated.
|Portfolio Manager||TwentyFour Asset Management LLP|
|Share Class Currency||GBP|
|Year End||30 September|
|Fund Launch Date||10 Mar 2014|
|Share Class Launch date||10 Mar 2014|
|Dealing||Daily trading on LSE|
|Share Class Registrations||GB|
|Highest since launch||101.65|
|Lowest since launch||70.04|
|Management fee||0.75% of lower of NAV and Market Cap|
|Auditor||PricewaterhouseCoopers CI LLP|
|Registrar||Computershare Investor Services (Guernsey) Limited|
|AIFM||Apex Fundrock Ltd|
|Corporate Broker||Numis Securities Ltd|
|Fund Administrator||Northern Trust International Fund Administration Services (Guernsey) Ltd|
|Share class||Currency||ISIN||Distrib.||Type||Launch date||Management fee|
|Ordinary Share Class||GBP||GG00BJVDZ946||Dist||10 Mar 2014||0.75%|
* TER includes performance fee where applicable
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|Factsheets & Commentaries|
|Monthly Commentary||Oct 2023|
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|Product Presentation||Feb 2022|
|Product Presentation||Dec 2020|
|Product Presentation||Oct 2020|
|Product Presentation||Mar 2020|
|Product Presentation||Oct 2019|
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|AGM Form of Proxy||Jul 2023|
|AGM Notice||Jul 2023|
|EGM form of proxy||Mar 2023|
|EGM Notice||Mar 2023|
|Sales Prospectus||Apr 2014|
|Annual Report||Sep 2022|
|Annual Report||Sep 2021|
|Annual Report||Sep 2020|
|Annual Report||Sep 2019|
|Annual Report||Sep 2018|
|Annual Report||Sep 2017|
|Annual Report||Sep 2016|
|Annual Report||Sep 2015|
|Semi-Annual Report||Mar 2023|
|Semi-Annual Report||Mar 2022|
|Semi-Annual Report||Mar 2021|
|Semi-Annual Report||Mar 2019|
|Semi-Annual Report||Mar 2018|
|Semi-Annual Report||Mar 2017|
|Semi-Annual Report||Mar 2016|
|Semi-Annual Report||Mar 2015|
|UK Tax Reporting||May 2023|
|UK Tax Reporting||Sep 2021|
|UK Tax Reporting||Sep 2019|
|UK Tax Reporting||Sep 2018|
|UK Tax Reporting||Sep 2017|
|UK Tax Reporting||Sep 2016|
|UK Tax Reporting||Sep 2015|
|UK Tax Reporting||Sep 2014|
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