Flexible Bonds
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:
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.
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 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.
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All data is as at 20 Jan 2021 unless otherwise indicated.
| 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 |
| Highest since launch | 101.65 |
|---|---|
| Lowest since launch | 71.41 |
| Management fee | 0.75% of lower of NAV and Market Cap |
|---|
| ISIN | GG00BJVDZ946 |
|---|---|
| Bloomberg | SMIF LN |
| SEDOL | BJVDZ94 |
| 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 |
| Share class | Currency | ISIN | Distrib. | Type | Launch date | Management fee |
|---|---|---|---|---|---|---|
| Ordinary Share Class | GBP | GG00BJVDZ946 | Dist | 10 Mar 2014 | 0.75% |