TwentyFour Sustainable Enhanced Income ABS Fund

Asset-Backed Securities
ISIN
IE00BMX0BJ68
Sedol
BMX0BJ6
108.14
NAV
As at 29 Nov 2024
10.70%

The investment objective of the Sub-Fund is to seek to achieve income and long-term capital growth.

A specialist bond fund that invests across a broad range of investment grade and non-investment grade European asset-backed securities (ABS), aiming to deliver an attractive level of income relative to prevailing interest rates.

Our Sustainable Enhanced Income ABS Fund can make use of less liquid securities to enhance the portfolio’s income. The team uses TwentyFour’s ESG Scoring Model to evaluate and monitor investments, combining a traditional negative screen with a positive screen.

Why invest?

  • ABS normally offers a higher yield for a given rating or maturity than more mainstream investments such as government or corporate bonds
  • TwentyFour’s ABS expertise allows the team to target more attractive income in less liquid securities
  • Features such as credit enhancement, loss-absorbing reserve funds, and the legal separation of issuer and asset pool are built-in protections for ABS investors
  • Transactions are highly transparent with detailed reports showing the performance of each loan in the asset pool, enabling investors to conduct their own research
  • ABS remains a poorly understood asset class, meaning those that put in the effort and expertise can be rewarded with a complexity premium

Investment Team

Insights

All data is as at 14 Oct 2024 unless otherwise indicated.

Fund performance

Performance for calendar years

2023 2022 2021 2020 2019
A Inc GBP 14.3% -2.1% 3.6% 2.4% NA

All data is as at 29 Nov 2024 unless otherwise indicated.

Fund data
Portfolio Manager TwentyFour Asset Management LLP
Fund Domicile Ireland
Type of Fund Irish Authorised ICAV (QIAIF)
Share Class Currency GBP
Year End 28 February
Index Bank of England SONIA Overnight Rate
Fund Launch Date 20 Aug 2020
Share Class Launch date 20 Aug 2020
Distribution Type Dist
Distribution Frequency Quarterly
Dealing Weekly
Fund Registrations GB, IE
Share Class Registrations GB, IE
Nav Information
Highest since launch 109.69
Lowest since launch 95.67
Fund size in mln. 275.57
Fees And Expenses
Management fee 0.45%
OCF 0.63% (31 Aug 2023)
Identifiers
ISIN IE00BMX0BJ68
Bloomberg TFEIBGI ID
SEDOL BMX0BJ6
Parties
Auditor Grant Thornton
Depository Northern Trust Fiduciary Services (Ireland) Limited
Registrar Northern Trust International Fund Administration Services (Ireland) Limited
AIFM Waystone Management Company (IE) Limited
Fund Administrator Northern Trust

Available Share Classes

Share class Currency ISIN Distrib. Type Launch date Management fee OCF
A ACC CHF CHF IE000N38Y625 Acc Institutional 1 Nov 2020 0.45% 0.68% (31 Aug 2023)
A Acc GBP IE00BMX0BH45 Acc Institutional 1 Nov 2020 0.45% 0.63% (31 Aug 2023)
A Inc GBP IE00BMX0BJ68 Dist Institutional 20 Aug 2020 0.45% 0.63% (31 Aug 2023)

Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.

* TER includes performance fee where applicable

All data is as at 14 Oct 2024 unless otherwise indicated.

Rating Structure

Country Weighting

Sector Exposure

Maturity Exposure

View all documents View latest documents

Document Date EN
Factsheets & Commentaries
Factsheet Oct 2024
Monthly Commentary Oct 2024
Legal Documents
Prospectus Supplement Aug 2024
Sales Prospectus Oct 2023
Sustainability Related Disclosures
Pre-contractual Disclosure Jul 2023
Sustainability Related Disclosures Jul 2023
Financial Reports
Annual Report Feb 2024
UK Tax Reporting
UK Tax Reporting Feb 2023
Dealing Information
Redemption Form Sep 2020
Subscription Form Sep 2021

RISKS

Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.

  • Limited participation in the potential of single securities

  • Success of single security analysis and active management cannot be guaranteed

  • It cannot be guaranteed that the investor will recover the capital invested

  • Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility

  • The structure of ABS/MBS and the pools backing them might be intransparent which exposes the subfund to additional credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the subfund

  • The fund has the ability to use derivatives, including but not limited to FX forwards, for hedging and EPM purposes only. This may magnify gains or losses

  • Typically, sub-investment grade securities will have a higher risk of default, and are generally considered to be more illiquid than investment grade securities

  • Information on how environmental and social objectives are achieved and how sustainability risks are managed in this Fund may be obtained from here.

  • The Sub-Fund’s investments may be subject to sustainability risks. The sustainability risks that the Sub-Fund may be subject to are likely to have an immaterial impact on the value of the Sub-Funds’ investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.
  • The Sub-Funds' performance may be positively or negatively affected by its sustainability strategy.

Morningstar rating: © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.