Interim Management Statement

RNS Number : 6238Z

TwentyFour Income Fund Limited

07 February 2014

 



TwentyFour Income Fund Limited - Interim Management Statement

7 February 2013

TwentyFour Income Fund Limited

Interim Management Statement (Unaudited)

This interim management statement relates to the period from 1 October 2013 to 5 February 2014 and contains information that covers that period, unless otherwise stated.

Financial Performance - Cumulative Total Return*

	1 Month	3 Months	Financial YTD
Share price	2.52 %	6.08 %	19.71 %
Net asset value	2.31 %	4.95 %	17.17 %

*total return with net dividends reinvested

Source: Bloomberg/TwentyFour AM

Financial position

As at 5 February 2014  

Total assets	GBP 304.0 m
Share price	118.25 p
Net asset value	113.90 p
Discount/Premium	3.81 %
Gearing	0 %

Source: Bloomberg/TwentyFour AM

Material Events

During the period the Company paid two dividends to shareholders totalling 2.50p per ordinary share:

·     1.25p (Ex-Dividend Date 9 October 2013 ; Payment Date 25 October 2013)

·     1.25p (Ex-Dividend Date 15 January 2014 ; Payment Date 31 January 2014)

Material Transactions

Changes to share capital

	Ordinary Shares
As at 1 October 2013	216,817,637
Shares bought back and cancelled	-
Shares bought back into Treasury	-
Shares cancelled from Treasury	-
Shares issued	50,091,075
As at 5 February 2014	266,908,712

Portfolio Analysis

As at 5 February 2014

Ten Largest Holdings

Security	Sector	WAL	% of Total
ESAIL 07-NL2	NC RMBS	12.88	4.82 %
WHINSTONE	Prime RMBS	7.45	4.67 %
LEMES 06-1	CMBS	2.55	4.02 %
LUSI 4	Peripheral RMBS	6.52	3.81 %
LUSI 5	Peripheral RMBS	7.23	3.51 %
ITALF 07-1	Leases	2.46	3.45 %
MERCT I-X	Lev loan CLO	4.21	3.40 %
BANKP I	Peripheral SME	6.46	2.96 %
EMACP 07-NL4	Prime RMBS	12.68	2.64 %
DOLPH 10-3	Prime RMBS	1.38	2.37 %

Sector Breakdown                                         Rating Breakdown                                      Geography Breakdown                      

Sector	% of Total		Rating	% of Total		Geography	% of Total
RMBS	46.02 %		AA	3.82 %		UK	13.38 %
CLO	32.49 %		A	17.82 %		Netherlands	17.60 %
SME	6.34 %		BBB	28.37 %		Germany	1.12 %
Leases	5.57 %		BB	26.33 %		Spain	14.00 %
CMBS	4.84 %		B	15.40 %		Portugal	9.59 %
Consumer	2.02 %		CCC	1.77 %		Italy	9.11 %
CDO	0.45 %		No Rating	4.22 %		Mixed	32.94 %
Cash	2.26 %		Cash	2.26 %		Cash	2.26 %
Total	100.00 %		Total	100.00 %		Total	100.00 %

Enquiries

TwentyFour Asset Management LLP

John Magrath

020 7015 8912

[e-mail]

Numis Securities Limited

Nathan Brown

020 7260 1426

[e-mail]

Hugh Jonathan

020 7260 1263

[e-mail]

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

A monthly fact sheet is produced with respect to the Company, which is available on the Company's website: www.twentyfourincomefund.com.

 

END

 

 

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