Twentyfour Income Share Discussion Threads

[dendria] 27/2/2014 13:15

Bought in this morning after selling out of GLIF.

[wirralowl] 10/2/2014 12:26

Thanks for the updates, DB.

[davebowler] 10/2/2014 10:35

Investec;
NAV TR: 1 month = 2.31%, 3 months = 4.95%, Financial YTD 17.17%

¢ Total AUM now stand at £304.0m, share price 118.25p, NAV = 113.90p, Premium = 3.81%. No Gearing at fund level.

¢ Dividends: During the period the company paid two dividends to shareholders totalling 2.50p per share.

¢ During the period 50.091m shares were issued.

¢ Sector Breakdowns: RMBS 46.02%, CLO 32.49%, SME 6.34%, Leases 5.57%, CMBS 4.84%, Consumer 2.02%, CDO 0.45%, cash 2.26%

¢ Rating Breakdown: AA 3.82%, A 17.82%, BBB 28.37%, BB 26.33%, B 15.40%, CCC 1.77%, NR 4.22%, Cash 2.26%

¢ Geography: UK 13.38%, Netherlands 17.60%, Germany 1.12%, Spain 14.00%, Portugal 9.59%, Italy 9.11%, Mixed 32.94%, Cash 2.26

Investec Insight

¢ The appetite for risk has been supported by continuing strong fundamentals in all geographies in which the fund invests. Housing surveys such as Hometrack have pointed to 75% of UK households having seen house price increases in 2013. Mortgage approvals are now also at their highest level in 6 years.

¢ UK, Spanish and Dutch unemployment rates have fallen.

¢ New investment activity has focussed on adding a recent CLO position and a UK prime bond position.

¢ Today the portfolio is split with roughly c.53% now in investment grade assets.

¢ 2013 was an exceptional year for mezzanine ABS and it may perhaps be unlikely to see another year of double digit returns from this asset class as tapering gets underway.

¢ Spanish and Italian government yields have tightened to below 4%, with the compression of sovereign spreads filtering through into the portfolios overseas structured credit positions.

[davebowler] 03/2/2014 16:02

Investec;
Twenty Four Income Fund (TFIF) Monthly Fact-sheet

¢ When the Fed decision finally came (purchases are to be reduced by a combined $10bn starting later this month), the accompanying rhetoric gave comfort by indicating a timeline for a continued reduction of a further $10bn per meeting (subject to a stable economic environment) and a dovish outlook for the economy.

¢ This meant that the announcement was generally taken in the market's stride with most asset classes rallying in response, with the exception of the US Treasury market which sold off in response and the Gilt market which moved in sympathy with its US counterpart.

¢ The European ABS market had been quieter in December with a drop in new issuance, although the secondary markets remained active with a steady flow of bid lists trading and with most dealers continuing to trade.

¢ The appetite for risk was supported by strong fundamental data in the relevant geographies, most notably in the UK.

¢ All indications continue to point to a recovering housing market across the UK, with Hometrack saying that 75% of UK postal districts had seen price increases during 2013.

¢ Mortgage approvals jumped towards the end of the year finishing at the highest level in almost 6yrs, and net lending data from the Funding for Lending Scheme pointing to increased usage and greater volumes of net lending.

¢ Most importantly for UK RMBS was another material improvement in the unemployment rate from 7.6% to 7.4%.

¢ Corresponding employment data in Spain and Holland also showed an improving trend on the month.

¢ The fund was relatively light on activity during the month, adding a CLO position and a UK Prime bond to invest small amounts of cash.

¢ During the month the NAV per share increased by 0.90%, the proportion of the portfolio represented by investment grade assets (including cash) is 53.50% and the gross portfolio yield at the end of the month closed at 7.64%.

¢ Outlook: While 2013 was a year of exceptional returns for mezzanine ABS, our expectations are for another year of strong performance (that may struggle to match 2013, but could offer double digit returns).

¢ Spanish and Italian government yields have tightened significantly over the last quarter and in particular have opened the year strongly with both the 10yr bonds trading below 4%.

¢ This compression of spreads to other sovereigns should be reflected in the same performance in ABS from those markets, as investors grow increasingly comfortable with this risk, and where the spreads available still offer a significant yield premium over core European alternatives.

¢ In contrast, the move in the 10yr Gilt has been pronounced since last summer and, as the US tapers and should fundamental data continue to impress, the market will increasingly push up yields, whether the Bank of England move rates or not.

[wirralowl] 13/1/2014 09:49

Thanks, Dave. Interesting to read they are targeting double-digit gains again this year and NAV continues to rise impressively to 112.27p.

[davebowler] 01/1/2014 18:12

Rival Hansteen buys debt at 51% discount to face value;

[wirralowl] 12/12/2013 17:20

Thanks Dave, I'll take another look though I did hold it earlier in the year.

Meanwhile here at TFIF the NAV's continuing to progress:

FUND NAME NAV ISIN NAV DATE
------------------------ ---------- ------------------ -------------
TwentyFour Income Fund 111.23p GG00B90J5Z95 6th December
Limited 2013
------------------------ ---------- ------------------ -------------

[davebowler] 12/12/2013 13:22

DREF is worth a look in my view.

[wirralowl] 05/12/2013 15:05

Got to say, I've been impressed by the NAV growth in TFIF and am happy to continue to hold.

[davebowler] 05/12/2013 14:18

Final Net Asset Value


FUND NAME NAV ISIN NAV DATE
----------------------- ---------- ------------------ --------------
TwentyFour Income Fund 110.78p GG00B90J5Z95 29th November
Limited 2013
----------------------- ---------- ------------------ --------------

[davebowler] 22/11/2013 10:22

FUND NAME NAV ISIN NAV DATE
------------------------ ---------- ------------------ --------------
TwentyFour Income Fund 109.32p GG00B90J5Z95 15th November
Limited 2013
------------------------ ---------- ------------------ -------------

[davebowler] 04/11/2013 10:06

RECI is at NAV whereas this is at a 4% premium.

[asmodeus] 23/10/2013 16:33

112 mid, today.

[davebowler] 23/10/2013 15:47

FUND NAME NAV ISIN NAV DATE
----------------------- ------------- ------------------ --------------
TwentyFour Income Fund 106.78p XD GG00B90J5Z95 18th October
Limited 2013
----------------------- ------------- ------------------ --------------

[davebowler] 14/10/2013 12:17

hxxp://www.twentyfouram.com/sites/default/files/documents/TwentyFour%20Income%20Fund%20%28September%202013%29_0.pdf

[wirralowl] 05/8/2013 10:30

NAV now up to 102, and first dividend payment received in my selftrade account on Friday

[dendria] 11/7/2013 18:34

Ex Dividend 17 July 2013 (1.25p).

Don't hold - my kind of investment but premium to NAV is too rich for me currently.

[wirralowl] 14/6/2013 10:45

Monthly update published earlier in the week.

hxxp://www.twentyfouram.com/sites/default/files/documents/TwentyFour%20Income%20Fund%20Factsheet%20%28May%202013%29.pdf

Interestingly, it mentions first quarterly dividend payment is due on 1st July.

[wirralowl] 04/6/2013 19:03

Early days, but NAV seems to be progressing quite nicely here.

[davebowler] 04/6/2013 14:12

FUND NAME NAV ISIN NAV DATE
------------------------- ---------- ------------------ ----------------
Twenty TwentyFour Income 104.56p GG00B90J5Z95 31st May 2013
Fund
------------------------- ---------- ------------------ ----------------

[davebowler] 31/5/2013 10:10

FUND NAME NAV ISIN NAV DATE
----------------------- ---------- ------------------ ----------------
TwentyFour Income Fund 103.47p GG00B90J5Z95 24th May 2013
----------------------- ---------- ------------------ ----------------

[davebowler] 31/5/2013 09:42

Investec;


24 Income Fund (TFIF) Equity raise

¢ TFIF LN is looking to raise up to £40m through issue of new ords. Issue closes 12 noon 07/06/13 & will be at a minimum of a 2% premium to NAV

Investec Insight:

¢ TFIF shares are down 1.6% on the news and currently trade on a premium of 3.4%

[davebowler] 28/5/2013 16:05

Thanks for the comment but sadly no they do't all go up -just the many I keep on about!
The reason for the premium in a nutshell is here . Another almost 2% rise in NAV -21 May 2013 over ( just about) a week !

FUND NAME NAV ISIN NAV DATE
------------------------- ---------- ------------------ ----------------
Twenty TwentyFour Income 101.79p GG00B90J5Z95 17th May 2013
Fund
------------------------- ---------- ------------------ ----------------