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.
89.93
NAV
3.81%
Performance YTD
As at 25 Nov 2020

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

Biographical details of the Directors are as follows:

Claire Whittet – (Chair) 

Ms Whittet is a resident of Guernsey and has nearly 40 years’ experience in the banking industry. Until May 2016, she was Managing Director and Co-Head of Rothschild Bank International Ltd and a Director of Rothschild Bank (CI) Ltd and is now a Non-Executive Director of Rothschild Bank International Ltd. She joined Rothschild as a Director in 2003 having begun her career at the Bank of Scotland where she was for 19 years in a variety of personal and corporate finance roles. Subsequently, Ms Whittet joined Bank of Bermuda and was Global Head of Private Client Credit before joining Rothschild. Ms Whittet is a Non-Executive Director of 4 other listed, Guernsey registered funds. 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.

Christopher F. L. Legge – (Non-executive Director)

Mr Legge is a Guernsey resident and worked for Ernst & Young in Guernsey from 1983 to 2003. Having joined the firm as an audit manager in 1983, he was appointed a partner in 1986 and managing partner in 1998. From 1990 to 1998, he was head of Audit and Accountancy and was responsible for the audits of a number of banking, insurance, investment fund, property fund and other financial services clients. He also had responsibility for the firm’s training, quality control and compliance functions. He was appointed managing partner for the Channel Islands region in 2000 and merged the business with Ernst & Young LLP in the United Kingdom. He retired from Ernst & Young in 2003. Mr Legge currently holds a number of non-executive directorships in the financial services sector and also chairs the Audit Committees of several UK listed companies. He is an FCA and holds a BA (Hons) in Economics from the University of Manchester. Mr Legge was appointed to the Board on 12 February 2014.

Ian Martin – (Non-executive Director) 

Ian Martin has over 30 years’ experience in finance gathered in a variety of multi asset investment focused roles in the UK, Hong Kong, Switzerland and Uruguay. More recently he was the 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 trading as well as CIO and Managing Director of a Fund of Hedge fund company in the UK. Currently he is a Director of Bedlam Family Office. Mr Martin was appointed to the Board on 15 July 2014.

To view share price information and regulatory announcements please click here.

Portfolio Managers

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All data is as at 25 Nov 2020 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
Identifiers
ISIN GG00BJVDZ946
Bloomberg SMIF LN
SEDOL BJVDZ94
Parties
Auditor PricewaterhouseCoopers CI LLP
Registrar Computershare Invtestor 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%
Document Date EN
Factsheets & Commentaries
Factsheet Oct 2020
Monthly Commentary Oct 2020
KID
KID Dec 2019
Legal Documents
Sales Prospectus Apr 2014
Financial Reports
Annual Report Sep 2019
Semi-Annual Report Mar 2020
UK Tax Reporting Sep 2019