Can we complain about ABS supply?
The start of the school year ordinarily also marks the end of summer for the primary bond markets as issuance restarts, though this year feels rather different.
An open-ended sub-fund of the TwentyFour ICAV, an umbrella fund with segregated liability between sub-funds authorised by the Central Bank of Ireland as a Qualifying Investor AIF pursuant to the Irish Collective Asset-management Vehicles Act 2015 and authorised by the Central Bank of Ireland as a Qualifying Investor Alternative Investment Fund.
The investment objective of the Sub-Fund is to seek to achieve income and long-term capital growth.
The fund will seek to achieve a return for shareholders through investment in a portfolio of debt and debt related securities. Such debt and debt related securities shall primarily consist of asset backed securities (ABS), (including but not limited to, mortgage backed securities (MBS) and collateralised loan obligations (CLOs).)
TwentyFour will follow an integration approach in assessing environmental, social and governance issues for the fund.
All data is as at 30 Aug 2024 unless otherwise indicated.
| Portfolio Manager | TwentyFour Asset Management LLP |
|---|---|
| Fund Domicile | Ireland |
| 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 |
| Highest since launch | 109.10 |
|---|---|
| Lowest since launch | 95.67 |
| Fund size in mln. | 230.43 |
| Management fee | 0.45% |
|---|---|
| OCF | 0.63% (31 Aug 2023) |
| ISIN | IE00BMX0BJ68 |
|---|---|
| Bloomberg | TFEIBGI ID |
| SEDOL | BMX0BJ6 |
| 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 |
| Share class | Currency | ISIN | Distrib. | Type | Launch date | Management fee | OCF | OCF Date |
|---|---|---|---|---|---|---|---|---|
| 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
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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
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.