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Twentyfour Select Monthly Income Fund Limited

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Twentyfour Select Monthly Income Fund Limited LSE:SMIF London Ordinary Share GG00BJVDZ946 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 71.30 438,574 08:00:17
Bid Price Offer Price High Price Low Price Open Price
71.00 72.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Investors, Nec 0.00 -35.45 -16.40 - 154.16
Last Trade Time Trade Type Trade Size Trade Price Currency
16:16:57 O 4,000 71.48 GBX

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Date Time Title Posts
30/5/202315:24TwentyFour Monthly Income247

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Twentyfour Select Monthl... (SMIF) Most Recent Trades

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Posted at 30/5/2023 15:24 by aishah
Tender offer:

The company has announced it intends to purchase up to 20% of the issued share capital at a price based on the Net Asset Value (NAV). The tender price will be set at a 2% discount to the 30 June 2023 NAV. Tender elections in excess of your basic entitlement may be subject to pro rata scaling back

Posted at 10/5/2023 13:37 by cc2014
Comparing SMIF with TFIF is not appropriate. They are invested in different things and have different objectives.

It is easy to argue that the fall in share price and NAV is a result of rising interest rates but the fund has been completely on the wrong side of the move.

They could have invested in a bond with a 5 year maturity instead which would have redemmed at par. They could have invested in shorter duration at the top of the cycle. They could have invested in some floating rate debt. These were all choices and they got them wrong.

So, we now come to a point where we are getting closer to the turn in interst rates and this will certainly help. But, I am not enthused because the prices the underlying instruments are trading at are too high and these at some point have to return to normal.

What price a fund for a fund where the NAV has fallen 28% in 7 years? Well it's going to have to be more than a couple of percent discount for me, because I don't think the investment manager has a grip on the bigger picture.

Posted at 10/5/2023 11:33 by marktime1231
Is that a bit harsh? Criticising SMIFs total return over ten years while it is temporarily (!) at the bottom of a trough caused by the tripple whammy of increased uncertainty of defaults as interest rates have risen, Truss-Kwarteng suddenly making low-risk debt attractive on a risk-reward basis, and the recent CS AT1 default. It does not help that SMIF is primarily invested in finance sector debt where the pain is most acute.

To illustrate the consequence its major holding in Nationwide 10.25% notes has fallen from 160p+ to 120p-. But no-one is seriously expecting Nationwide to default, are they, in a scenario where economies suffer no worse than a shallow recession, employment rates are holding up, and where interest rates stabilise and then fall back?

Until recent events SMIF was still trading at a healthy premium and was expanding rapidly thanks to the availability of bargains and strong corporate investor demand. I imagine income performance to be excellent as a result.

In more normal times SMIF has typically traded around the mid-90s, you would make your money back in the first year. That said my holdings are underwater, and would be deeply loss-making on paper but for trading the average price down to around 80p.

If you had the umph to invest in SMIF in the low 70's what would you be saying about total returns in two or five years time when the share price has restored to the 90s? The unusual discount is inviting right now, you can buy some under 72p this morning which would otherwise be trading at 80p. An ideal get rich slowly scheme. I will continue to invest here as funds become available.

Posted at 10/5/2023 08:56 by speedsgh
Interesting post @spangle93. I do not hold SMIF but I see that it launched in March 2014 so the majority of its existence has been during the ZIRP era which helped to inflate the values of its constituent holdings. This has obviously unwound fairly spectacularly over the past 12-18 months and, looking at its chart since launch, one can see that (ignoring the spike down at the onset of Covid), the worst of its share price (and presumably NAV) falls have occurred in sync with the rise of interest rates. Whilst I do not expect a return to the ultra-low interest rates of the past decade, once rates stabilise and maybe fall back a little, I suspect that the current NAV/share price will indeed prove to be fairly near the bottom of the current cycle. AIMHO

edit - I note that total returns (both NAV & share price) have been superior at TFIF over virtually all timescales


Posted at 10/5/2023 08:44 by ramellous
It’s a bond fund paying a similar coupon every year. The risk free interest rate has gone up so the nav and share price has reduced to reflect this. Like all bonds the price coming down has meant the yield has risen. That’s how I see it. It’s paying nearly a 9% yield at todays price and I buy more every month.
Posted at 10/5/2023 08:20 by spangle93
Been looking at SMIF for some time, from an income perspective. It's currently at a discount to NAV, which is rare

However, since inception, the NAV and share price has fallen about 30% which offsets the income so that total return is less than 4% annualised, or less than I could currently get from a fixed rate bond from many banks. I'm not sure I understand why NAV has consistently fallen

Do people here see the NAV / share price as being at the bottom of a cycle which will unwind positively as inflation and bank interest rates fall? Or is there some other explanation?


Posted at 21/4/2023 13:19 by marktime1231
Yes I was basing my hopes on the fact that SMIF say they have been taking advantage of high yielders at exceptional discounts, and were until recently issuing significant volumes at a slight premium. Net income must be up.

I am also wondering if we have hit the bottom of the latest dip caused by the Credit Suisse AT1 default etc. Probably too early to be confident but I detect a slight improvement in underlying debt prices. If so we can expect the unusual discount here to turn back in to a premium, and the restart of a slow recovery to 80p.

Fully loaded up on SMIF in my SIPP and my ISA, but I might be persuaded to add a few more if there is a prospect of 1p+ final. If there is a surplus SMIF have to pay out don't they? Might we get a clue from interim results in about a month's time?

Posted at 20/3/2023 11:19 by marktime1231
SMIFs direct exposure to CS, if any, will be less than 1% as has been discussed above. The point of the crash this morning is, however, that SMIF is heavily invested in junk-grade high yield in the European financial sector. The risk of these investments has increased in general terms even if SMIF doesn't hold cocos etc which are specifically at risk.

There has also been unreasonable derating of less risky investment grade bonds, perps etc and this is clobbering SMIF NAV. Or stretching further an already stretched discount in underlying holdings. Creating an exceptional buying opportunity in an already cheap market.

SMIFs response is superb. Call an EGM to get approval to issue another 20% more shares, having already issued a fresh 20% in the last year or so, to take advantage of increasing net margin opportunities. Institutional demand for SMIFs mostly safe stock paying 8% will be strong. Take your cue from management and hold your nerve.

Unfortunately it will take a while for the share price to recover but SMIF will be back on the path of steady improvement as soon as the panic settles down. Anyone here for the long term will not regret taking that rare chance to top up in the 60s.

Posted at 20/3/2023 08:34 by adh0
Look at the share price move this morning and take a wild guess!
Posted at 20/5/2022 14:16 by marktime1231
One way to counter the falling price is to top up your holding. I added when the SIPP window opened and will go again next year.

Over the very long-term we can hope SMIF will cycle back towards 100p, and then we will be grateful of the chance to get some in the mid 80s. At some point SMIF in this inflationary cycle may find the opportunity to acquire 9-10% debt which meets their criteria. In the meantime it keeps a lid on the share price by issuing a few new shares at a premium. The market is not too worried about SMIFs outlook, is it. The extra distribution in month 12 might get cut, but even a flat 6p a year is 8% at this share price is top drawer. That is nearly keeping up with headline inflation.


So good in fact I may need to adjust other holdings and add some more.

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