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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Twentyfour Income Fund Limited | TFIF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.40 | 0.39% | 103.60 | 16:08:06 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 103.60 | 103.60 | 103.60 | 103.60 | 103.20 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 06/5/2024 20:15 by njb67 You are welcome. These were lifted from the notes I make on all my holdings - these describe my rationale for each investment - so it only took me a few minutes to pull together some hopefully salient points.I have been investing around 40 years now, and have learned a lot along the way. I have made plenty of mistakes too. In the 1980s, when the government privatised a lot of industries, I was a 'stagger', applying for stock and then selling at a premium on the first day of trading. That worked well. Had my penny share stock phase next, blindly following tip sheets and losing most of my money. In my 30s when I could afford to invest again, I started buying funds and did reasonably well. The game changer for me was discovering value investing - in my early 40s. There was a poster on ADVFN (JTCOD), who had his own bulletin board, where he had links to value investing literature, and published the investment cases he built for each of his holdings. It taught me a lot about an investing style and an approach to stock selection that worked well for my personality (analytical and increasingly risk averse). So posting a few hopefully useful things here is me repaying those I have learned from over the years. I am neither qualified nor would presume to give you investment advice. My only concession to that position is I believe that you need to find what works best for you and your financial needs. Our investment goals will likely be different. Some investors are prioritising growth, for some like me reliable income is the priority, for others a mix of the two. Some of us are prepared to speculate to accumulate, some want to minimise the risk of capital losses. Some have a short investment time frame, others much longer. How much time you are prepared to invest to make investment decisions is a personal thing too. Individual stocks take most time, funds less, and trackers the least. I personally like the investment case approach - researching and writing down my reasons why I have invested money in individual holdings. For all of my holdings, I define triggers that will lead me to increase, reduce or sell out. I spend 99+% of my time doing my research, and <0.1% buying and selling. I have already planned what I will do with the dividends I am not withdrawing through to the end of the financial year (adding to a Japan position), and have a couple on the watch list should I be able to swap them for existing holdings if this increases my total dividend payout. It works for me. For investment trusts, I find the AIC website invaluable. The screener function under research tools is a great way to compare the different investment trusts that have a similar investment focus. I also read the monthly fact sheets/commentary and annual/half yearly reports for each of my holdings and those on my watchlist. Good luck. hxxps://www.theaic.c hxxps://www.twentyfo hxxps://www.twentyfo hxxps://www.invesco. |
Posted at 06/5/2024 18:09 by njb67 eggs - I believe I have been very clear in my posts that I am using the company annual target dividend rather than what was actually paid to calculate the yield for TFIF (and also SMIF).TFIF dividend has not gone up year on year, it fell in 2017 (6.99p/s) vs 2016 (7.14p/s). It was 7.23ps in 2018 but 6.45, 6.40 and 6.10ps in the next three years. The last three years have seen increases. In every year since IPO, TFIF has paid out more than its dividend target, 6p/s until recently when it increased to 7p/s and now 8p/s. As an income investor, the dividends on my holdings cover my living expenses. My portfolio contains holdings that I am confident, on past performance, will pay me a reliable and increasing dividend. I therefore use the target dividend when calculating forward yield. That way any extra paid out above the target is a bonus. I much prefer this to expecting TFIF to increase the dividend year on year, to then be disappointed when it falls like in 2017, 2019, 2020 and 2021, with a lower level of income than I expected. |
Posted at 06/5/2024 17:19 by njb67 Worth understanding how the different funds vary.TFIF holds UK/EU asset backed securities. Around 25% of their holdings are classed as investment grade (AAA-BBB), the remainder is classified as high yield, or "junk" bonds due to higher risk of issuer defaults. 45% is rated as BB-B and 25% C, or lower or not rated at all. Current yield (based on company published dividend target) is 7.8%. They have hit their published dividend target every year since IPO. BIPS holds mainly corporate bonds, with a rough split of one third UK, one third EU and one third rest of the world. They hold a higher percentage of investment grade bonds (32%) and BB-B bonds (63%) than TFIF, with less than 10% rated C or lower, or not rated. Current yield is 6.8%. They have maintained or increased their dividend for the last 10 years. SMIF holds a range of UK and EU fixed income credit securities, including asset backed securities, corporate bonds, high yield bonds, bank capital, Additional Tier 1 securities, payment-in-kind notes and leveraged loans. Around 26% is considered to be investment grade, 60% BB-B and 14% C or lower or not rated. Current yield is 7.8%. Like TFIF they have hit their annual dividend target every year since IPO. NYCF appear to be firmly in the high yield/junk sector. They do not publish a ratings summary, and as far as I can tell, they focus on higher risk, higher rewards debt. Current yield is 8.8%. They have increased their dividend for the last 16 years, albeit recent increases have been very small. Rather than selecting one holding, it may make sense to spread your asset and geographic risk by taking smaller positions in a range of different investment trusts. These are the four that I hold, as my focus is on reliable income streams. There are Trusts with higher yields that I have passed over, mainly due to their track record of delivering predictable income streams over time. These may appeal to investors with a greater risk tolerance than me. |
Posted at 03/5/2024 17:00 by tradertrev ...but the investor updates say the portfolio has a running yield of much more than 10% and the shares are at a discount to the NAV of the portfolio, so that targetted 8p dividend does look very conservative. |
Posted at 13/11/2023 11:17 by mcunliffe1 I secure-messaged Interactive Investor and they have responded to state that TFIF has recently been removed from the DRIP scheme 'due to its complexity'. |
Posted at 21/9/2022 12:55 by ammons Re the Telegraph article.How to secure 14pc returns – even as we head into a recession Questor investment trust bargain: this fund’s divi is in line for a boost and its assets should follow suit for a double-digit total return By Richard Evans 15 September 2022 • 6:00am For that elusive combination of high returns and low risk, Questor has tended to favour either specialist property funds or specialist bond funds. Our thinking is that the professionals who run these portfolios develop such deep understanding of their markets, and have cultivated such fruitful networks of the contacts on which successful deal-making in these areas often depends, that they can buck the normal rules of investing and unearth assets that really can deliver good returns at disproportionately low risk. Among the property funds tipped here, we would put into this category the likes of Residential Secure Income, Triple Point Social Housing and Regional Reit; for bond funds we would mention Real Estate Credit Investments, BioPharma Credit, Honeycomb – and TwentyFour Income, the portfolio we cover today. The share price chart since we first tipped the fund in 2018 at 116.5p may seem uninspiring; with the shares at 104.5p we are in the red to the tune of 10.3pc in capital terms. But this is to ignore its income – the portfolio has exceeded its dividend target of 6p a share every year since it listed in 2013. What is more, we can now expect big increases in the divi, and indeed in the fund’s net asset value and hence in all probability in the share price too, because of the way the portfolio’s assets work. There are two forces at play here. First, the managers invest in “floating̴ The second is more complex. The market value of many of its assets has fallen in recent months as investors more generally have sold bonds in response to the rise in inflation. But TwentyFour Income’s managers tend to hold their investments until they mature – which of course they do at “par” value, or the amount originally lent when the bonds were issued. As the maturity date approaches (and the fund’s assets are about three years from maturity on average), the market price naturally tends to rise back up to the par level at which investors will be repaid. And, when the money from matured bonds is reinvested, it will generate higher interest rates if used to buy other bonds at depressed prices. None of this, obviously, would hold water if the more perilous economic times we are entering led to a spate of defaults among the fund’s bond holdings. But this is where that specialisation on the managers’ part we referred to above comes into its own. Such is their skill at assessing the creditworthiness of those they lend to (and mortgage borrowers in Britain and Europe, via “mortgage̴ “TwentyFour Income has never held an investment that has defaulted, nor has it ever held a position that has subsequently defaulted after it owned it,” said Numis, the broker, last month. “There are no credit‑impaire Let’s return to the rising income we can expect thanks to increases in interest rates. “We expect the [fund’s] dividends for the current year to be substantially higher than the prior year given the rise in base rates,” Numis said. “We see scope for a dividend of 8.6p‑9p, equivalent to an 8.3pc‑8.7pc dividend yield on the share price [almost unchanged since its note], based only on the change in market expectations for UK interest rates. This is assuming there is no benefit from reinvesting any [bond repayments] at the current attractive [rates].” But the broker said it could see scope for “an even higher dividend” as more of the portfolio’s bonds matured and the proceeds were reinvested at better rates. For the year to March 2024 “we could see scope for a dividend of about 10p”, it said, although it said “a lot could change between then and now”. But we also need to consider the potential for capital gains as the prices of its bonds drift upwards towards par value as maturity approaches. Adding together the yield and these likely capital gains, Numis said “total returns in the medium term should be closer to … about 14pc [a year]”. Fourteen per cent from a bond portfolio that has never suffered a default is a very attractive proposition. Buy. Questor says: buy Tickers: TFIF Share prices at close: 104.5p |
Posted at 10/2/2022 08:37 by scburbs So an investor in March 2018 hasn’t done very well but is still up (“wonderful investment chap(s)”) and an investor in March 2020 has done really well (wonderful investment chap(s)).Most investors over the last 5 years have probably purchased between 110 and 120 with the price being relative stable and the dividend yield decent. Solid investment chaps. |
Posted at 19/6/2020 11:05 by bscuit Mentioned again in Telegraph, but with no mention of “meant for professional investors “ restriction on retail buyers. Came across this problem recently when despite holding SUPR already we were not allowed to participate in recent non-underwritten placing by Charles Stanley Direct but had no difficulties with AJ Bell. |
Posted at 10/5/2018 08:27 by scburbs Regulation gone mad. All the ultra high risk investments that are freely available to retail investors on the wider market, but they must protect retail investors from a medium risk debt fund! |
Posted at 09/5/2018 19:33 by carterit Yep,looks like it. Spoke to them and they have sympathies,but as their platform is targetted towards retail investors (though they admit to having plenty who have fairly substantial portfolios like me),then they can not let it be sold via their platform,which is a pity. I am not a professional or professionally advised investor but have built up a portfolio over the last 20-25 years,and the best ways to learn tend to be through our own mistakes. If the situation changes,than i intend to get back in. Just frustrating. |
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