Twentyfour Select Monthl... Share Discussion Threads

[marktime1231] 11/11/2022 16:11

A 3 million issue, a substantial vote of confidence from institutional investors that SMIF is a safe 8%-er and that we could well see underlying asset values turning up from here. If we could finish the year in the 80's I will be very pleased with myself.

[skinny] 10/11/2022 16:07

I wondered where that was!

[cwa1] 10/11/2022 16:06

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 October
2022 as follows:

Ex-Dividend Date 17 November 2022
Record Date 18 November 2022
Payment Date 2 December 2022
Dividend per Share 0.50 pence (Sterling)

[marktime1231] 10/11/2022 12:16

And another top up this morning at 72.5p this time in my SIPP, perhaps room for one more add before Christmas and then that might be enough. Fingers crossed for next week's budget and a glimmer that we have peak inflation in sight to restore confidence in debt.

[marktime1231] 04/11/2022 11:23

Added a handful more at 72p this morning, everything crossed for a rally in to the New Year.

[marktime1231] 02/11/2022 13:27

Earnings are supplemented by issuing new shares at a premium and cancelling some at a discount. Yes we have had another little bounce, let's hope we have seen the bottom this time. Intending to reinvest here again next week.

[ramellous] 02/11/2022 11:55

Annual management charge is 0.75% of net assets

[montyhedge] 01/11/2022 15:17

Is there a annual management charge ? how do they make their money.

[ramellous] 20/10/2022 12:08

Nice little pop especially as it’s ex div today for 0.9p. Might be that at a 9% yield is pricing in any future interest rate rises now.

[noiseboy] 17/10/2022 11:01

Helped myself to a few more , rude not to

[marktime1231] 14/10/2022 11:38

Added a handful more at 68.8p, a bit earlier than I was planning to top up but in time for the bonus dividend. Things will eventually get better.

[catch007] 14/10/2022 11:12

I added a tranche today at 68.8p SMIF is a long time holding for me, the regular monthly income is very attractive and as marktime1231 states 9% yield is a golden opportunity for those willing to hold for the longer term when markets stabilise.

[marktime1231] 13/10/2022 18:22

A wee bonus better than nothing, and evidence that hard working management has been able to cover the basic dividend plus a little headroom. Without gearing.

BIPS is also tanking, borrowing heavily to try and cover the dividend.

NBMI is another level of risk.

There are forces beyond control eroding the value of debt assets, not SMIF at fault. More to do with inflation, interest rates rising, funds desperate for liquidity selling stuff on the cheap, and gilts suddenly offering > 4.5% yield. Rather than specific credit risks in the SMIF portfolio. At some point the market will settle and then turn up. Looking back this chance to add some at 9% yield will seem like a golden opportunity, so I will keep adding.

[cwa1] 13/10/2022 16:09

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, ,b>representing the
required final distribution of net income for the year ending 30 September
2022 as follows:

Ex-Dividend Date 20 October 2022
Record Date 21
October 2022
Payment Date 4 November
2022
Dividend per Share 0.8897968 pence (Sterling)

[cc2014] 13/10/2022 15:22

#162

The fund manager isn't very good at picking the right stocks/bonds. Rising bond yields haven't helped but other managers have done better.

He appears lazy in that he buys the stocks and then runs them to maturity without doing much to manage the portfoli

My post 153 refers. Two weeks has gone by since then. It's now down another 5% off it's launch price taking it to 30%. (and will be more as it only does the NAV once a week). AXI by comparison is down 1% over the same time period taking it to 9%.

Move on and switch into a better fund. (for example AXI, BIPS, CVCG, NBMI, possibly HDIV)

[vas007] 13/10/2022 14:32

SMIF now below 70 , not happy, please elaborate anyone reading this , but looking forward to the bumper dividend on 20 Oct .

[marktime1231] 12/10/2022 16:33

Not much in the notices to work out how well SMIF is doing at covering the dividend with income, some "bottom-up" horse trading of assets and a reduced level of new stock issues against a backdrop where asset values are tanking.

I wouldn't hold out too much hope for the final dividend adding much of a bonus this year. On the other hand even at a flat 6p the yield is a juicy 8.5%, with confidence in the quality of assets and the lack of gearing this is where I am reinvesting most of the dividend income from my ISA portfolio.

Now the government has clobbered the renewable energy sector and sucked the steam out of the recovery in commercial property SMIF is as safe or unsafe as anywhere else.

[ramellous] 12/10/2022 14:26

Sept factsheet



Sept commentary

[ramellous] 06/10/2022 09:16

Should be a bigger divi this month. The 12th interim was 1.02p last October.

[spectoacc] 06/10/2022 08:52

Thanks @CC2014, interesting points on SMIF. Agree that if the underlying isn't easy to understand, why on earth buy. Are they calculating to first call date maybe?

For the first time in a long while, bond exposure is starting to look interesting.

US, but this was a good read:

[8w] 30/9/2022 13:37

Can't bring myself to pull the trigger on these. As per post 153 I don't fully understand the drivers of positive/negative performance or get a strong feeling for future returns. NAV will turn for the better when interest rates peak?

[marktime1231] 30/9/2022 12:11

Added a few more at 74p this morning.

[cc2014] 30/9/2022 11:26

Yeah I get the monthly dividend thing but BIPS, NCYF, AXI, HDIV all pay quarterly as do most others

If people are so bad at managing cash that they can't go 3 months instead of one month for income I'm not sure SMIF is the sort of investment they should be involved with as it's hardly safe, solid and secure (as evidenced by the continual decline in NAV, albeit I think we are now close to or at the bottom on a NAV basis)

[williamcooper104] 30/9/2022 11:16

Thanks for that Monthly divi does attract retail

[cc2014] 30/9/2022 08:45

#152 "How do you have so many perpetuals and still have a low duration?"


That kind of puzzles me too. So much so I wrote to the fund and asked how they treat their perpetuals as I wondered if they excluded from the calculation.

The answer was thay they take the maturity date straight off Bloomberg and Bloomberg put a maturity date of 150 years on them, so it isn't that.


What I think is happenning is that some of the perpetuals have interest resets every 5 years or so the instruments are broadly floating rate with some lag. So, I then went and looked through the portfolio and this is where I hit a snag because what I saw did not really support my theory. There may be some of this going on but it didn't seem enough from my amateur set of knowledge to bring the duration down to that published.

I then gave up as that was enough research for me on a fund I'm unlikey to buy. I can't see why anyone buys this. It's trading at a premium and has lost 25% of it's value by NAV over 6 years or so and contains broadly simliar instruments to AXI. BIPS has some similar instruments too but more US and more commercial/industrial.

AXI and BIPS are trading on a around a 10% discount. AXI has lost 8% of it's value by NAV over a simiar time period while paying very nearly the same dividend. A 10% discount for BIPS is at the outer limit of what it ever goes to.

So, it seems to me I'm buying 10% cheaper on AXI or BIPS and the performance over the long run is better. I cannot get my head round SMIF continues on and on to trade at a premium, isn't providing a decent long term performance yet the investors keep piling in and they are able to keep issuing millions of new shares.
Perhaps it is family offices who are being treated to entertainment in London?