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TFIF Twentyfour Income Fund Limited

1.40 (1.36%)
20 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Twentyfour Income Fund Limited LSE:TFIF London Ordinary Share GG00B90J5Z95 ORD RED 1P
  Price Change % Change Share Price Shares Traded Last Trade
  1.40 1.36% 104.00 856,233 16:35:15
Bid Price Offer Price High Price Low Price Open Price
102.60 103.80 102.60 102.60 102.60
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services -1.38M -22.6M -0.0353 -29.07 656.58M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:15 UT 97,090 104.00 GBX

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Date Time Title Posts
14/5/202414:01Twenty Four Income Fund271

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Posted at 20/5/2024 09:20 by Twentyfour Income Daily Update
Twentyfour Income Fund Limited is listed in the Finance Services sector of the London Stock Exchange with ticker TFIF. The last closing price for Twentyfour Income was 102.60p.
Twentyfour Income currently has 639,942,655 shares in issue. The market capitalisation of Twentyfour Income is £656,581,164.
Twentyfour Income has a price to earnings ratio (PE ratio) of -29.07.
This morning TFIF shares opened at 102.60p
Posted at 14/5/2024 14:01 by mister md
I won't mention NCYF again (oops just did) - just an observation based on the high-yield share suggestions mentioned further up the thread - I joined TFIF with an initial stake last week, as this seemed the better investment to me ;-)
Posted at 13/5/2024 13:44 by mister md
My point re: NCYF was more to do with the very frequent issues of equity, ie more shares rather than less.

Just checked the number of shares in issue at start of 2020 - this was 427m, so an increase of 28% in shares in circulation to 547m currently.

Though perhaps I am missing something ?


"CQS New City High Yield Fund Limited

("the Company")

Issue of Equity

On 7th May 2024 the Company agreed to issue 4,850,000 ordinary shares of no par value from its blocklisting facility at a price of 51.2 pence per share. The shares will be issued for cash on 9th May 2024.

On the 9th May 2024 the Company's issued share capital will consist of 547,201,858 ordinary shares and there are no shares held in treasury. Therefore, the total number of voting rights in the Company will be 547,201,858."
Posted at 13/5/2024 13:35 by mcunliffe1
njb67 - pointed out:

"..boosted their headline dividend rate by returning some of the underlying capital"

Isn't this in effect similar to a company using a Share Buy Back scheme?

Both 'squander' the cash assets of the company but the DIV support style at least rewards the holders of the company shares whereas the BB often rewards the sellers of shares as they provide a willing buyer and hopes to cause an increase in the share price as a result of fewer shares being in circulation.
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 06/5/2024 10:14 by mcunliffe1
Not until just now Ron. Thanks. I've made a note, checked it online and will keep an eye on that over the same period I'm checking TFIF.

Have you any thoughts you may share on the benefits or otherwise of SMIF compared to TFIF?

Posted at 04/5/2024 09:50 by mcunliffe1
I've help TFIF only since 23 May 2023. It was these threads that pointed me in their direction. I invested £5000 at £1.0113 and held 4938 shares at that point.

My first divid was paid on 8 Aug 2023 and gave me £98.76. This was 'drip'd' at £0.98 and gained me a further 98 shares.

My second divi was paid on 3 Nov 2023. My platform ii (SIPP) stopped the drip facility on TFIF as they stated it was 'too complicated'. I received £100.72 cash divi.

Same again, £100.72 cash divi on 2 Feb 2024.
Then, £199.42 cash divi on 3 May 2024.

I am sorely tempted to invest a further £5k in the next week or two and my only decision will focus on the timing of that investment in the hope that I may also gain some small growth in the share price However, yield is my desire from this share.
Posted at 03/5/2024 18:38 by njb67
The running yield may well currently be at 10%, the key question is whether this can be sustained? Bond yields have increased a lot over the last couple of years, is this a short term trend or the new normal? Ultimately, TFIF will need to decide how confident they are at replacing these current holdings (before or at maturity) with new positions with an equivalent or greater yield.

I like this fund a lot and how it is being managed. I particularly like that they have always delivered the target dividend. I would much rather they take a conservative approach to targets and over-deliver, than assume they can match or increase payments year on year and then disappoint.

I am looking for reliable and growing income streams from my portfolio, so the TFIF approach ticks lots of boxes for me.
Posted at 03/5/2024 14:34 by njb67
JAF - while you are right that historic yield is around 9.5%, the target dividend remains 8p/share, so around a yield of 7.8% at the current share price

I like that they have met/exceeded their target dividend per share every year since IPO in 2013.
Posted at 03/5/2024 10:37 by jaf111
Indeed…..very surprised though to see the share price remaining at discount to the NAV with the yield over 9.5%.
Twentyfour Income share price data is direct from the London Stock Exchange

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