Twentyfour Select Monthl... Share Discussion Threads

[williamcooper104] 29/9/2022 20:49

That's what I'm struggling with How do you have so many perpetuals and still have a low duration Are they lowering the duration with swaps?

[ramellous] 29/9/2022 15:00

I buy these commission free with ii every month with their regular investment service.

[wllmherk] 23/9/2022 22:23

Not sure Carp. I did call them up and the chap I spoke to said it was due to a corporate action, which I know isn't the reason I can't buy more. I'm pretty sure there are 1 or 2 other brokers who won't deal in these. I can't buy APAX either.

wllm :)

[carpingtris] 23/9/2022 21:40

Hi wllm,
What's the block on being able to buy more through Halifax if you don't mind me asking?

This is on my watch-list.

[wllmherk] 23/9/2022 21:34

I would top up on these if I could, Halifax won't let me buy more.

wllm :(

[8w] 23/9/2022 19:49

Very interested in these.....
Interest rate duration a tad under 3 years
New share issuance funding higher coupon purchases
Even if no month 12 boost getting on for 8% divi.


Negatives .... perpetuals in the top ten holdings must be yielding less than target.
Can't find any info. on impaired debt.

[cwa1] 08/9/2022 15:37

Almost seems to come round every month ;-)

Re: Dividend Announcement

The Directors of TwentyFour Select Monthly Income Fund Limited have declared
that a dividend will be payable, in line with the Prospectus, representing the
regular monthly targeted dividend for the financial period ending 31 August
2022 as follows:

Ex-Dividend Date 15 September 2022
Record Date 16 September 2022
Payment Date 30 September 2022
Dividend per Share 0.50 pence (Sterling)

[marktime1231] 31/8/2022 12:43

Added a few more in to my SIPP, no point sat in cash while SMIF keeps rolling out the dividends.

[marktime1231] 17/8/2022 12:26

In cash and ready to add a few more but I might just wait and see the effect of ex-div tomorrow, wondering how things will move as inflation news and interest rate outlook develop.

[cwa1] 11/8/2022 15:14

Re: Dividend Announcement

The Directors of TwentyFour Select Monthly Income Fund Limited have declared that a dividend will be payable, in line with the Prospectus, representing the regular monthly targeted dividend for the financial period ending 29 July 2022 as follows:

Ex-Dividend Date 18 August 2022
Record Date 19 August 2022
Payment Date 2 September 2022
Dividend per Share 0.50 pence (Sterling)

[marktime1231] 11/8/2022 11:08

Very impressed with the ability of SMIF to continue to issue millions of new shares at a modest premium, institutional demand has not been dented by a NAV which is 20% off recent highs.

Taken a good chunk at 80p into my ISA this morning, and will double up when I get the chance. Ahead of an imminent August dividend announcement and with an outside chance of an enhanced final dividend just two months away. Otherwise a splendid 7.5% yield paid monthly, and recovery potential if we have seen peak inflation / recession fears / the bottom of the debt cycle.

[smidge21] 05/8/2022 06:53

The recovery in US HY augurs well for likes of SMIF

[marktime1231] 02/8/2022 12:49

Thank goodness it looks like the rot has stopped here and in other debt type stocks. Why? Have we seen the worst of the gloom, was this sector of the market over-sold, are we going to recover steadily? All depends on what the Fed says about future interest rates.

[cc2014] 12/7/2022 14:24

#135 The share price is falling because the value of the underyling investments are falling because the fund manager has overpaid on the investments.

[smidge21] 11/7/2022 19:17

Then try, £ is weak - implying higher short end yields - on the prospect of fiscal imprudence.

[smidge21] 11/7/2022 19:16

For a starter, US HY is drifting

[vas007] 11/7/2022 12:36

Can anyone comment on why the stock price is not going up.

[vas007] 27/6/2022 11:00

Smif -Many large buys today.

[panshanger1] 17/6/2022 15:36

New 52 week low

[williamcooper104] 16/6/2022 10:21

80 percent of loans mature within 7 years - so given the high yield looks like a duration of around 3 years

[dlp6666] 16/6/2022 10:08

Looking at this Morningstar report, I get the impression that c.67% duration [is that what is meant by 'maturity distribution'?] is 20-30 years:

hxxps://lt.morningstar.com/fav18yujpm/cefprofile/default.aspx?id=F00000SWZ2

Whereas with HDIV c.83% duration is between 3-10 years:

hxxps://lt.morningstar.com/fav18yujpm/cefprofile/default.aspx?id=F000000LRC

Its quite possible that I'm misunderstanding things, though, so please feel free to correct/clarify!

[marktime1231] 31/5/2022 17:32

The interim report seems to have encouraged the market a little today. SMIFs ability to issue new shares at a premium and some horse-trading of positions to improve portfolio income have just about covered the hit from declining asset values. The chair says his team are confident in being able to sustain 0.5p per month. Good enough for me, not too worried if there isn't much of an excess to distribute in month 12, this year or next, 6p is still fine.

[marktime1231] 23/5/2022 12:46

Good points well made. Presumably they don't carry much of a reserve because of the policy of distributing any excess. Not too much risk with Nationwide they just posted a record surplus.

I wonder to what extent SMIF is countering the downward spiral with its ability to issue new shares at 2-3% premium, presumably looking to add to underlying holdings when they drop, averaging down themselves? The tender process hoovers up a few at a 2% discount.

Most recently SMIF said they were "focussed on good relative value switches and opportunistically added bonds that had widened in the sell off". They are also ready to call "peak inflation", we are not there yet but it is on the horizon and that may help to stop the rot. And they also say mtm yield is 9.23% which just covers the 8% yield and 1.15% ocf.

We are due an Interim report so we may learn more from that. On balance I am not too worried, SMIF has risen back from dips before and however long it takes we can hope they will do so again. Even though we may not have hit the bottom yet I am not clever enough to know when that will be so I will add a few as and when.

[williamcooper104] 22/5/2022 16:21

Isn't the duration 2 something years So not a lot of interest rate risk - though clearly a bunch of credit risk