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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Twentyfour Select Monthly Income Fund Limited | SMIF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.60 | 0.73% | 82.60 | 14:46:09 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 82.60 | 82.60 | 82.60 | 82.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 09/1/2024 14:08 by marktime1231 Really hard knowing who to trust to move my ISA to, I will of course let you all know what I decide to do and when.Back on topic, pleasing to see SMIF taking advantage of its recently re-acquired premium to issue a big chunk of shares from Treasury to meet insti demand. Perversely this has the effect of cooling open market prices, but I still expect private investor enthusiasm and NAV recovery to push us back up in to the 90s this year. Remember the teaser that we can expect another bumper final dividend to be announced in October, at 80p the prospective yield is probably nearer 8.5-9% than the nominal 7.5% from 0.5p per month. Inevitably sentiment about the direction and pace of interest rates will wobble, so it may not be a straight line recovery, but a long term income investor buying in at this level will be well rewarded. |
Posted at 15/12/2023 18:02 by marktime1231 An impressive final report today, the board teeing up the "achievable" prospect of another bumper final dividend next year to follow the exceptional one this year. Choosing not to highlight that NAV has gained another 1.5p since 30 Sept.The 5 million or so shares tendered last year at the 2% discount to NAV makes you wonder what more investors could possible want from SMIF to be quitting at such a daft time in the cycle. Current progress indicates a slow but steady return to a small premium, so the manager can hope to offload those shares repurchased in to Treasury in the months ahead and resume the issue of fresh shares too. Portfolio expanded to over 160 holdings which seems like a lot, there must be some real tiddlers, the message whether this is for value opportunity or lower credit risk has become a bit confused. The manager's economic outlook is reaffirmed as a "softish landing" ... the UK will suffer a mild recession over the next few quarters, so there will be more unemployment and business defaults, without commenting on whether any of the assets in the SMIF portfolio are at particular risk. Anticipating a rate cut later in 2024. Which may prove to be a rather conservative view. |
Posted at 14/10/2023 10:56 by lord gnome Yes Taylor. I moved my accounts to ii several years ago. Mostly ok, but Barclays managed to lose my largest holding and I had trouble getting them to believe me when I complained. I was paid a token amount in compensation. Barclays once had all my business but when they introduced their Master Investor (sic, whatever ) product they went from best to worst overnight.? |
Posted at 12/10/2023 21:57 by tayle Have investors received the most recent dividend payment ? Usually paid to my account ding done on the bell. However, recently this and other dividend payments stretched out, still paid within 10 days. Is someone else benefitting interest wise by paying late ? |
Posted at 09/8/2023 08:19 by spangle93 Pretty close to an ISA's worth of share purchases for a NED yesterday |
Posted at 10/5/2023 11:33 by marktime1231 Is that a bit harsh? Criticising SMIFs total return over ten years while it is temporarily (!) at the bottom of a trough caused by the tripple whammy of increased uncertainty of defaults as interest rates have risen, Truss-Kwarteng suddenly making low-risk debt attractive on a risk-reward basis, and the recent CS AT1 default. It does not help that SMIF is primarily invested in finance sector debt where the pain is most acute.To illustrate the consequence its major holding in Nationwide 10.25% notes has fallen from 160p+ to 120p-. But no-one is seriously expecting Nationwide to default, are they, in a scenario where economies suffer no worse than a shallow recession, employment rates are holding up, and where interest rates stabilise and then fall back? Until recent events SMIF was still trading at a healthy premium and was expanding rapidly thanks to the availability of bargains and strong corporate investor demand. I imagine income performance to be excellent as a result. In more normal times SMIF has typically traded around the mid-90s, you would make your money back in the first year. That said my holdings are underwater, and would be deeply loss-making on paper but for trading the average price down to around 80p. If you had the umph to invest in SMIF in the low 70's what would you be saying about total returns in two or five years time when the share price has restored to the 90s? The unusual discount is inviting right now, you can buy some under 72p this morning which would otherwise be trading at 80p. An ideal get rich slowly scheme. I will continue to invest here as funds become available. |
Posted at 20/3/2023 08:51 by return_of_the_apeman CS not listed in their top 20 holdings as per the interim report on 30 Sept 2022 so would be less than 1.09% if they did.A full portfolio listing can be obtained on request to the administrator via email or perhaps call investor relations |
Posted at 11/11/2022 16:11 by marktime1231 A 3 million issue, a substantial vote of confidence from institutional investors that SMIF is a safe 8%-er and that we could well see underlying asset values turning up from here. If we could finish the year in the 80's I will be very pleased with myself. |
Posted at 30/9/2022 08:45 by cc2014 #152 "How do you have so many perpetuals and still have a low duration?"That kind of puzzles me too. So much so I wrote to the fund and asked how they treat their perpetuals as I wondered if they excluded from the calculation. The answer was thay they take the maturity date straight off Bloomberg and Bloomberg put a maturity date of 150 years on them, so it isn't that. What I think is happenning is that some of the perpetuals have interest resets every 5 years or so the instruments are broadly floating rate with some lag. So, I then went and looked through the portfolio and this is where I hit a snag because what I saw did not really support my theory. There may be some of this going on but it didn't seem enough from my amateur set of knowledge to bring the duration down to that published. I then gave up as that was enough research for me on a fund I'm unlikey to buy. I can't see why anyone buys this. It's trading at a premium and has lost 25% of it's value by NAV over 6 years or so and contains broadly simliar instruments to AXI. BIPS has some similar instruments too but more US and more commercial/industria AXI and BIPS are trading on a around a 10% discount. AXI has lost 8% of it's value by NAV over a simiar time period while paying very nearly the same dividend. A 10% discount for BIPS is at the outer limit of what it ever goes to. So, it seems to me I'm buying 10% cheaper on AXI or BIPS and the performance over the long run is better. I cannot get my head round SMIF continues on and on to trade at a premium, isn't providing a decent long term performance yet the investors keep piling in and they are able to keep issuing millions of new shares. Perhaps it is family offices who are being treated to entertainment in London? |
Posted at 09/12/2021 13:38 by marktime1231 The yield at this share price is at least 6.2% so where do you get 5.44% from, as others have pointed out with the final bumper dividend the yield is more like 6.5%+.And since when has a yield of 5.44% been an "only"? As the chart above shows SMIF has enjoyed terrific growth in the last 18 months. Over the long term the share price has tracked in the 90-100p range but strong inflation pushing up interest rates may dent that (and present another buying opportunity). And yes it is monthly, cash in the bank if you are a retired income investor is very comforting. There are reasons to invest other than growth, steady low risk high yield for example. Despite the lack of growth SMIF has consistently attracted a small premium, a sign of its good value. For further information have a look at the annual report printed today. Or was that a rhetorical question? There is another trust paying around 6.4% monthly which does offer the prospect of an improving dividend / NAV progress, and a trust which converts strong NAV growth in to a progressive 6% yield but not monthly. Invest in those too. Invest in SMIF for its steady regular top drawer payments. |
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