TwentyFour Select Monthly Income Fund

Flexible Bonds
ISIN
GG00BJVDZ946
Sedol
BJVDZ94
81.21
NAV
As at 10 Apr 2024
5.96%

The fund aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of fixed income credit products.

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.

Investment Objective

The fund aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of fixed income credit products.

Key Characteristics

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.

Board Members

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Biographical details of the Directors are as follows:

Ashley Paxton – (Chair)

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.

Sharon Parr – (Non-executive director, Chair of Audit Committee) 

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.

Wendy Dorey – (Non-executive director, Chair of Management Engagement Committee) 

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.

Richard Class – (Non-executive director) 

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.

 

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Investment Team

Insights

All data is as at 10 Apr 2024 unless otherwise indicated.

Fund data
Portfolio Manager TwentyFour Asset Management LLP
Fund Domicile Guernsey
Fund Currency GBP
Share Class Currency GBP
Year End 30 September
Fund Launch Date 10 Mar 2014
Share Class Launch date 10 Mar 2014
Distribution Type Dist
Distribution Frequency Monthly
Dealing Daily trading on LSE
Fund Registrations GB
Share Class Registrations GB
Nav Information
Highest since launch 101.65
Lowest since launch 70.04
Fees And Expenses
Management fee 0.75% of lower of NAV and Market Cap
OCF 1.26% (30 Sep 2023)
Identifiers
ISIN GG00BJVDZ946
Bloomberg SMIF LN
SEDOL BJVDZ94
Parties
Auditor PricewaterhouseCoopers CI LLP
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 GG00BJVDZ946 Dist 10 Mar 2014 0.75% 1.26% 30 Sep 2023

* TER includes performance fee where applicable

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