Twentyfour Income Share Discussion Threads

[asmodeus] 11/5/2018 15:25

My payment advice clearly states dividend (paid gross).

[annwyn] 11/5/2018 15:14

Hargreaves Lansdown describe it as an overseas dividend payment.

[caradog] 11/5/2018 13:53

@Jonwig
Thanks for trying. I was thinking of buying enough just to earn the £500 tax-free interest allowance outside my ISA but, like you, I couldn’t find any info in the literature.

Anyone have a recent CTC who can shed some light?

[jonwig] 11/5/2018 10:03

@ Caradog - I can't find any reference in the company statements.

if your shares are in an ISA, it won't matter. If they are not, your consolidated tax certi9ficate will say which.

[caradog] 11/5/2018 09:54

Are TFIF’s distributions taxed as dividends or interest?

[scburbs] 10/5/2018 08:27

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!

[carterit] 10/5/2018 08:12

Yes i'd seen that article in questor,which gave me a lot more confidence in my original investment a few months prior.

[jonwig] 10/5/2018 06:36

You can't access the TFIF website if you tick the box saying you're a private investor. (So you need to say you're a professional!)

However, a month or so back, this share was tipped by the Telegraph's Questor column!

[asmodeus] 09/5/2018 20:39

Further to Jonwig's comment I have had no trouble buying investment trusts of many types since Mifud - provided that I have looked up the KID and confirm reading and understanding it, and that the Broker also looks it up and makes sure I have understood it. And surely it is us retail investors whom "euronanny" is trying to protect, but not by going to the extent of refusing to let you buy the fund at all? And didn't you have to look up the KID etc. with your new fund? If you want to get back in to TFIF, I would get back to Halifax and make quite sure they know what they're doing - or try another Broker.

[carterit] 09/5/2018 19:33

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.

[jonwig] 09/5/2018 18:36

@ carterit - have you asked Halifax why? I suspect it's to do with the KID which can be downloaded here:

[carterit] 09/5/2018 18:17

Unfortunately forced to sell my holding in TFIF due to MIFUD II as halifax online will not allow any more purchases of the fund,though would allow me to continue to hold what i had previously bought. As i primarily bought them with dividend reinvestment and the compounding effect of such an investment,and didn't want to take the income for a good few years yet,i have now reluctantly sold and bought another fund that is curently available though halifax online,also pays a quarterly dividend in months 1,4,7 and 10 and produces a yield in the range 6-7%,i have now switched to that.

[asmodeus] 22/3/2018 11:53

I have added.

[jonwig] 22/3/2018 07:50

Informative article here:

[wirralowl] 18/10/2017 10:12

Positive article in Moneyweek on TFIF & SMIF:

[luckymouse] 14/9/2016 23:54

weekly graph - convincing divergence on long & short osc - gentle medium hi yield play - may consolidate there (issuance?) - then move onto close the gap if navs (@slight premium) rise. Williams%R suggests more to come.

[8w] 19/8/2016 13:55

Will be interesting to see what the demand for new shares is. I do not know if a target has been set for the fund raise. I do not think TFIF raised as much as had been hoped for on the continuation of the Trust.

[pimsim] 19/8/2016 13:04

Davebowler. Thanks for posting.

It is difficult to put a case for buying floating rate MBS securities at the moment and I am not entirely convinced by the arguments put forward above. Yes they are cheap relative to other FI but, as usual, cheap for a reason.

The phrase 'investors will be able to lock into attractive yields with the potential for capital appreciation as spreads tighten' seems a bit rich given the risk of the BOE / ECB lowering interest rates even further. Fair value losses and reduced income streams from further falls in LIBOR will quickly erase any price rises from spread tightening.

[8w] 10/8/2016 15:34

davebowler, Interesting post. Thanks.

[davebowler] 10/8/2016 15:27

TwentyFour Asset Management

Good Afternoon,

The most interesting discussions we have on the desks normally revolve around where we think the best value is, with the different strategies backing their favourite picks and trying to make each other understand the hidden value that the market isn’t appreciating.

Yields, and the corresponding value, are “not door numbers” as Gary is fond of reminding us, and have been driven by sentiment, fundamentals and direct central bank intervention amongst others.

The last of these – central bank action – took an interesting turn yesterday as the Bank of England, on the second day of buying more gilts, failed to buy their target amount in their reverse auction. Another sign of the technical squeeze in £ fixed income that we are experiencing at the moment.

Already since the announcement of the intention to buy £10bn of corporate bonds, spreads on eligible bonds have tightened significantly, and even ineligible bonds – banks and insurers – have seen the “portfolio effect” push prices up and yields down.

Has this value shift happened across the entire market? Definitely not, and a deal last week in the UK RMBS market emphasizes this.

Hawksmoor 2016-1 is a £2.25bn deal backed by vintage (2007) mortgages originated by GE Money. I’m not going to go into the detail of the trade, or our credit view, rather more interesting is the levels the deal priced at and the demand.

Rather unusually there were a couple of tranches issued with split ratings. The Class D bonds are A-/Baa2 and the Class Es are BBB/Ba2. Investors’ interest for these two tranches were between 2 and 5 times the amount of bonds issued, and they priced tighter than initially expected.

Even with that in mind, the yields these bonds were issued at were sterling LIBOR plus 4.75% and 6% respectively.

That’s an incredible yield for 3yr bonds, when compared to the yield on BBB sterling corporate bonds which is currently 1.85% over the same index.

Asset backed securities markets are not as mainstream as corporate bonds and prices do tend to lag, but I challenge any of my colleagues in our other strategies to find something more compelling.

Ben Hayward
Partner, Portfolio Manager

[exmooroil] 25/2/2016 19:52

Dividend declaration this evening:

2.64p

Ex div date: 3.3.16