Flexible Bonds

TwentyFour Select Monthly Income Fund

ISIN
GG00BJVDZ946
Sedol
BJVDZ94

The fund aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of fixed income credit products.
77.21
NAV
-12.41%
Performance YTD
As at 29 Jun 2022

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:

Claire Whittet – (Chair) 

Ms Whittet is a resident of Guernsey and has over 40 years experience in the banking industry. She joined Rothschild Bank International Ltd as a Director in 2003 and was latterly Managing Director and Co-Head before becoming a Non-Executive Director on her retirement in 2016.  She began her career at the Bank of Scotland where she was for 19 years in a variety of personal and corporate finance roles and subsequently, joined Bank of Bermuda as Global Head of Private Client Credit before joining Rothschild. 

Ms Whittet is a Non-Executive Director of a number of listed investment funds and PE entities which invest in a wide range of assets.
 
Ms Whittet holds an MA from Edinburgh University, is a member of the Chartered Institute of Bankers in Scotland, a member of the Chartered Insurance Institute, a Chartered Banker, a member of the Institute of Directors and holds the Institute of Directors Diploma in Company Direction. Ms Whittet was appointed to the Board on 12 February 2014.

Ashley Paxton – (Non-executive Director)

Mr Paxton has more than 25 years of funds and financial services industry experience, with a demonstrable track record in advising closed-ended London listed boards and their audit committees on IPOs, capital market transactions, audit and other corporate governance matters.  He is a non-executive director of a number of fund entities including two other London listed companies, Downing Renewables & Infrastructure Trust plc (chair of the audit & risk committee) and JZ Capital Partners Limited. 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 a full-time resident of Guernsey. He holds an Economics degree from the University of Warwick.

Ian Martin – (Non-executive Director) 

Mr Martin has over 36 years experience in finance gathered in a variety of multi asset investment focused roles in the UK, Asia, Switzerland and South America. More recently he was the Chief Investment Officer (CIO) and Head of Asset Management and Research at Lloyds Bank in Geneva and then Head of Bespoke Portfolio Management and Advisory for key clients in UBP Bank in Geneva. Previous roles have included senior roles in equity derivatives and multi asset trading as well as CIO and Managing Director of a Fund of Hedge funds company. 

He has an MSc, is a Fellow of the Institute of Directors (IOD) holding the Chartered Director qualification as well as being a Chartered Member of the Chartered Institute of Securities and Investment (CISI). Mr Martin was appointed to the Board on 15 July 2014.

Share Price Information and Regulatory Announcements

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Recent news

Portfolio Managers

Insights

All data is as at 29 Jun 2022 unless otherwise indicated.

Fund data
Portfolio Manager TwentyFour Asset Management LLP
Fund Domicile Guernsey
Fund Currency GBP
Share Class Currency GBP
End of fiscal year 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 71.41
Fees And Expenses
Management fee 0.75% of lower of NAV and Market Cap
OCF 1.15%
Identifiers
ISIN GG00BJVDZ946
Bloomberg SMIF LN
SEDOL BJVDZ94
Parties
Auditor PricewaterhouseCoopers CI LLP
Registrar Computershare Investor Services (Guernsey) Limited
AIFM Maitland Institutional Services Limited
Corporate Broker Numis Securities Ltd
Fund Administrator Northern Trust International Fund Administration Services (Guernsey) Ltd

Available Share Classes

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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AGM Notice Jul 2022
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Annual Report Sep 2015
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UK Tax Reporting Sep 2020
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