Twentyfour Select Monthl... Share Discussion Threads

[smidge21] 12/4/2024 20:18

I, too, am heavily exposed. The income is nice, and so is the pull to par consistent with the 11+% mtm yield

[marktime1231] 12/4/2024 20:08

Well considering how well invested I am in SMIF it is to my shame that I missed this enhanced dividend announcement yesterday. Fancy splashing it out half way rather than loading it all on the final, something I usually add to my holding for, will have to rethink strategy.

Oh well, jam today, and I'm still expecting the final to be 1p+.

[speedsgh] 12/4/2024 15:38

Dividend Announcement -

Given the ongoing interest rate environment the Directors have given careful consideration to the Company's projected income for the year balanced against their assessment of risks inherent in achieving its target dividend payment of 6 pence per share per annum. Based on this analysis the Directors believe that dividends payable in respect of the year ending 30 September 2024 are likely to be in excess of 6.5 pence per share, and consequently believe it is appropriate to pay an additional 0.25 pence per share, in addition to its regular monthly targeted dividend of 0.5 pence per share, for the period ended 31 March 2024.

[my retirement fund] 08/4/2024 18:51

Decent volume

[marktime1231] 12/3/2024 13:24

A strong response in the price of underlying debt to signals from Europe (*) that inflation is heading in the right direction and interest rates must surely start to fall. I think SMIF is getting some momentum back and will be resuming its journey of recovery back to 90s.

Edit - * or whatever other signals are being used by those betting on where, when and how many interest rate cuts

[marktime1231] 01/3/2024 13:22

Another welcome dividend rolls in. I note a NAV leapday report yesterday ex-div we are pretty much back at 80p, lost a little bit of momentum waiting for the next round of good news about inflation but the underlying value is still creeping forward. There is only so long our central bank can hold out before cutting the base rate. And the ongoing reissue of shares from Treasury will dampen progress a little but outlook remains very good.

What do we fancy for year end here, mid 80s or might we see the 90s again?

[srichardson8] 24/1/2024 14:02

REALLY USEFUL THANKS

[bench2] 23/1/2024 16:56

Langland you are a star , many thanks

[bench2] 23/1/2024 10:55

Dear All ,

I am trying to find a site that shows UK Gilt Redemption Yields , but have failed . Can anyone suggest a where I can find this information ?

[marktime1231] 18/1/2024 11:30

Yes I think AJ Bell the best alternative, but will stay put with my ISA for now. AJ Bell confirm today that they have also been helping themselves unfairly to interest on client cash, told by the FCA to rein it in by an indicated £30 per customer a year. I suspect the behaviour at HL, and the throttle being applied, is much worse. If this is my only real beef with them worth watching how things unfold.

Meanwhile, and despite my positive outlook for SMIF, today I sold off the extra chunk bought in November at 73p for 80p. Nice quick gain and three dividends. A response to being taught a lesson by not banking gains at AIRE last week, where the share price has tumbled on a slightly disappointing CPI announcement. Now looking to take advantage of an undue discount on a high yielder, at LLOY or LGEN maybe, ahead of reporting and big dividend season.

[marktime1231] 09/1/2024 14:08

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.

[spangle93] 09/1/2024 07:52

Yes, HL are to some degree like BA, in that they used to be a premium provider and despite now offering budget service, they bask in that reputation.

On the other hand, their website is gold compared to Charles Stanley, where my portfolio in Firefox doesn't move stably, and where (once you've already logged in) to even get a quote on a stock you have to tick that you've read up to 3 documents and insert a password. Then if you're lucky, you get a quote but (it seems) more often than HL they are unable to

[marktime1231] 08/1/2024 19:50

Yes boom. They spuriously delay adr for up to a month, for no good reason I can deduce. On one famous occasion they took so long GSK shares had gone ex-div again before HL completed the previous quarterly adr. So much for compounding. They are actively working against your best interests. Utter shambles, except that implies it is an accident when it is deliberate policy.

My SMIF dividend was credited by HL at some stage during today, it wasn't first thing because I checked but precisely when is not certain because they don't time stamp it.

You then have to be alert to instruct HL to immediately transfer the cash from an "income and loyalty" holding account to "capital", otherwise it is held unavailable for up to 30 days a bit like the adr is held back. Why ... who knows, no good reason, as far as I am aware no-one else does this, HL are up to tricks. You also have to remember an obscure four or five click process designed to make it as difficult as possible to do the transfer and actually make your cash available to use.

In summary HL are exploiting customers, deploying all sorts of nice little earners. That has to be my 2024 resolution, move my remaining HL accounts elsewhere.

[panshanger1] 08/1/2024 18:42

Joined you all here Surely a sell signal !Anyway miss those monthly divs from Epic which I have now sold as it's winding up GLA

[boomorboom] 08/1/2024 17:56

HL also take an age to reinvest dividends. For the same reason? A bit more daily interest I guess. Halifax reinvest mine almost immediately. HL can take a month.

[cwa1] 05/1/2024 17:55

Hey ho, what do you do.

Err...move elsewhere?

[marktime1231] 05/1/2024 17:40

Welcome arrival of the first dividend of the year. In AJB anyway. But not HL, yet again they fail to credit cash promptly going in to a weekend. It will be sitting nicely in one of their money-market accounts for an extra two or three days to their benefit. That the CMA and Treasury Select Committee are on to them for profiteering from "agency" over client cash, not passing on enough of the interest earned, has not stopped them playing greedy games. Too many times HL and too predictable for it to be accidental slow administration. I hope they get slaughtered by the review and given a public dressing down by the committee on TV.

Not everyone realises the extent of what they are up to, last year for example HL retained the equivalent of £150 per client from net interest on client cash. Way more than what they earn from declared fees. And they crowed about it (to their shareholders).

They are all at it of course. For example, AJB last pension instalment was deducted from my SIPP on the 8th but didn't appear at my bank until after close of play on the 13th. Using the dinosaur concept of non-working days and the quill-and-ink idea that a simple transfer needs up to 4 working days as an excuse to delay what should be an intraday electronic process. But I am sure that HL are the worst of the bunch and the least apologetic.

Hey ho, what do you do.

Meanwhile Santa answered my prayer and SMIF share price has indeed restored a small premium to NAV, even Numis happy to buy up the tendered stock on that basis knowing it will be able to offload them promptly at an even higher price. Long recovery still to come here, and it will come as confidence builds that interest rates will start being cut. We might not see the full 100p this year but I am hopeful of seeing the 90s again.

[my retirement fund] 21/12/2023 01:13

Director buy good to see

[marktime1231] 15/12/2023 18:02

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.

[marktime1231] 14/12/2023 19:23

Dear Santa, 80p at a 2%+ premium for Christmas. Please and thank you, MT

[pyemckay] 17/11/2023 19:04

NAV up to 75p.