Twentyfour Income Share Discussion Threads

[dendria] 08/2/2016 18:10

In my IWeb account today - I'll take up my basic entitlement too.

[wirralowl] 08/2/2016 12:37

Received all docs over the weekend from selftrade...will be taking up my basic entitlement, at least, at 101p.

TFIF hosted a webinar presentation today, which gives a nice update of where they're currently at - well worth a listen:

hxxp://www.twentyfouram.com/news/twentyfour-income-fund-webinar-08022016

[dendria] 04/2/2016 18:31

So we have a tender (realisation) offer & an open offer. Has anyone had notifications from their brokers yet?

[dendria] 16/4/2015 08:22

Again the share price hasn't moved on ex-div.

[davebowler] 27/1/2015 09:57

¢ NAV as at 23 Jan: 118.47 XD (119.97) compared to 118.18 (XD 119.68) as of 16 Jan.

Investec insight

¢ TFIF went ex-dividend very well, with the price not falling post the ex-date, the NAV appears to be ticking up and should provide another strong year of returns for investors.

¢ The fund’s NAV has held up remarkably well during each recent bout of volatility and looks to be well supported by the European ABS QE program along with improving underlying in the Spanish and peripheral SME and housing markets.

[wirralowl] 24/11/2014 15:24

Thanks DB, all sounds very positive.

[davebowler] 24/11/2014 09:47

Investec;
Twenty Four Income Fund (TFIF) Half year to 30 September 2014

¢ NAV total return +6.54%, with two dividends of 2.63pps and 1.5pps respectively paid during the period.

¢ The Board believes the outlook for the company remains robust: “before the end of 2014 it is anticipated that the ECB will begin its ABS Purchase Programme, which will be supportive of prices throughout the European ABS market, and which further enhances the reputation of an asset class that has recently enjoyed material changes in regulatory treatment”.

Investec Insight

¢ We wrote two weeks ago about the likely impact of the ECB’s ABS Purchase Programme. Please contact us for the note.

¢ TFIF is the only pure ABS fund in the sector and, like the Board, we believe the fund is well positioned to benefit from the ECB’s actions. We think the Purchase Programme could help TFIF deliver out-sized returns.

¢ The fund is trading at a premium of c.7.3%, and while we are normally hesitant to buy funds at a rich premium, we think this rating is deserved and sustainable because of the strong fundamentals around the asset class.

¢ TFIF is also paying a healthy level of dividend (5.5%) relative to other “vanilla”; fixed income products which, in our view, helps justify the premium rating too.

[davebowler] 28/10/2014 10:12

Investec;
Having raised £22.6m on 15 Oct to benefit from opportunities arising from the upcoming ECB purchases of ABS in Europe, the fund has posted a strong weekly NAV (+0.3%), holding up well despite background volatility in the Euro area. According to Bloomberg the ECB purchased €1.7bn / $2.2bn of covered bonds last week, with ABS buying scheduled to begin later this quarter against a pool ofc.€400bn of eligible ABS available to buy from. It is expected that the program will do most of its buying in the secondary market.

¢ Looking through to the underlying geographic exposures there is increasing support in markets such as Spain, where the big US private equity houses/hedge funds such as Blackstone and Cerberus have been active for the past two years seemingly catching the bottom of the market or at least putting in some kind of floor with the weight of money flowing into the area. Most recently Goldman Sachs has been reported to be in talks to acquire €300m of Spanish homes and office buildings in one portfolio of 27 apartment blocks and 11 offices. As of the end of September the total Spanish exposure came to 14.3%, a similar picture can be seen in Portugal (9.7%), where the market is recovering, albeit from a much less distressed base.

¢ Overall we think the fund is well positioned in the market and we will be interested to see how the allocations have changed post the investment of the most recent capital raise. The fund is trading at a premium of c.6.5%, and while we are normally reluctant to buy assets at a rich premium, the fundamentals remain strong and the fund is paying a healthy level of dividend (5.6%) compared to what else we are seeing across the fixed income space.

[davebowler] 05/9/2014 14:23

FT


Mr Draghi, the ECB president, said this was the final rate cut as it unveiled its latest move to revive lending across the bloc: policy makers will start purchasing bundles of loans, known as asset-backed securities, and covered bonds in October.

[chester] 14/7/2014 16:48

Agree Wirral. I bought in at the 100p Float Price , so, it's been a 25% return in just over a year in growth and a lovely divi on top. Excellent.

[wirralowl] 14/7/2014 16:23

Agreed Midas, particularly when you consider this follows hot on the heels of the special dividend paid in April. Bearing in mind the capital growth too, its been a superb investment so far.

[m1das_touch] 14/7/2014 15:21

1st interim dividend declared of 1.5p, payable on 31.07 (Ex-Div 16.07).

20% up on 1st interim last year...now that's what I call real dividend growth!

[davebowler] 09/6/2014 15:00

hxxp://www.twentyfouram.com/sites/default/files/documents/TwentyFour%20Income%20Fund%20Factsheet%20%28May%202014%29.pdf

[davebowler] 04/6/2014 12:38

NAV at end May now 119p

[skinny] 23/4/2014 12:50

TwentyFour Income Fund 116.76 (XD) 17th April Limited

[wirralowl] 17/4/2014 11:18

Agree with you M1das Touch, about how impressive TwentyFour's TFIF has performed, and for that reason I also put faith in them with this new vehicle. To be fair, there are fewer fixed income bargains around than there were 12 months ago, so not expecting quite the same capital performance from SMIF as with TFIF, though you never know. However, the monthly income appeals to my own circumstances, and I note in their prospectus that they'll look to boost the final dividend of the year with any surplus profits from the period, which I presume is what we've just seen with the final dividend on TFIF, so it may well be, that even buying in now at around 103.5p, we still end up getting +6%?


Incidentally, I bought 3 chunks the previous couple of days, all in online ISA's with idealing and selftrade with no issues, so good to hear that TwentyFour were even willing to contact and sort out ii on your behalf; very impressive and quite rare these days...

[m1das_touch] 17/4/2014 10:43

Thanks for that info WirralOwl - was certainly of interest to me and have just purchased some SMIF using my new ISA allowance.

These guys at TwentyFour AM, although only in business since 2008, really seem to know what they're doing. I like the fact that they're independent and use their expertise to focus exclusively on fixed income. Here's hoping that they can repeat the TFIF performance with the Monthly Income fund.

Just as an aside I purchased SMIF via Interactive Investor, who initially insisted that it wasn't eligible for purchase within an ISA. They couldn't explain to me why when I phoned up, just vaguely saying it was down to HMRC and no, definitely not an error in their systems. Quick phonecall to TwentyFour AM confirmed that this was, er, BS! Sophia at TwentyFour offered to phoned II direct and she then e-mailed me 10 minutes later to say that it was now available on their platform...apparently Interactive Investor had failed to tick a certain box on their systems!

Anyway impressive customer service from TwentyFour AM and nice to see a genuine concern for private investors. The way they handled my query gives me additional confidence in the way they do business.

[wirralowl] 16/4/2014 13:38

In case of interest to holders here, TwentyFour also launched a new Monthly Income Fund last month, targeting a minimum 6% dividend (against the issue price of £1) and overall return of 8-10%. Buys were going through as sells yesterday at 103.4, which still gives a yield of 5.8%. EPIC is SMIF and davebowler's kindly set up a thread here:

[m1das_touch] 15/4/2014 13:15

I hadn't even noticed the 2.63p 4th quarter dividend, cheers Jeff, I'd assumed we'd be looking at 4 x 1.25p. That puts the fund on a current year 5.1% yield at these levels.

This is a solid performer and good diversifier for my SIPP in nervous / volatile markets. Bought in at 103.50 back in March 2013 and very happy to see steady capital growth and to collect a healthy dividend every quarter.

[asmodeus] 15/4/2014 10:53

And its not ex-d until tomorrow - 16th April. (And divs. should be gross, so ideal for ISA)

[wirralowl] 15/4/2014 10:10

Its not a share I tend to worry about, as they seem to be doing such a good job, but pleasing to see, Jeff H, nevertheless! Presumably its been raised owing to the fact its a Q4/final dividend (as according to my records its their 4th payment since inception?) rather than being a step-change in quarterly dividend payments? Either way, TFIF has made sterling progress in its first year, paying a good (and higher than predicted) yield and increasing its NAV impressively.

[jeff h] 14/4/2014 23:46

Surprised nobody mentioned the latest quarterly dividend moved up from 1.25p to 2.63p

[davebowler] 01/4/2014 16:14

RECI is looking cheap again at a discount to NAV.