No, you haven’t missed the fixed income rally
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 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 has extensive non-executive director experience and 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.
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.
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.
In 2003, Mrs Parr completed a private equity backed MBO of the trust and fund administration division of Deloitte and Touche, called Walbrook, selling it to Barclays Wealth in 2007. As a Managing Director of Barclays, she ultimately became global head of their trust and fund administration businesses, comprising over 450 staff in 10 countries. She stepped down from her executive roles in 2011 to focus on other areas and interests but has maintained directorships in several companies. Mrs 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.
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All data is as at 1 Feb 2023 unless otherwise indicated.
|Portfolio Manager||TwentyFour Asset Management LLP|
|Share Class Currency||GBP|
|End of fiscal year||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||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%|
* TER includes performance fee where applicable
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|Factsheets & Commentaries|
|Monthly Commentary||Dec 2022|
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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 2022|
|AGM Notice||Jul 2022|
|Sales Prospectus||Apr 2014|
|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 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||Sep 2021|
|UK Tax Reporting||Sep 2020|
|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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