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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
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 103.40 | 09:22:18 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 104.00 | 103.40 | 104.00 | 103.40 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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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 10/5/2018 06:36 by jonwig 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! |
Posted at 09/5/2018 20:39 by asmodeus 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. |
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. |
Posted at 19/8/2016 13:04 by pimsim 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. |
Posted at 10/8/2016 15:27 by davebowler TwentyFour Asset ManagementGood 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 |
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