TwentyFour Income Fund Limited

TwentyFour Income Fund Limited is a Guernsey-domiciled closed-ended investment company managed by TwentyFour Asset Management LLP, part of the Vontobel Group. It focuses on generating attractive risk-adjusted returns, primarily through income distributions, by investing in a diversified portfolio of predominantly UK and European asset-backed securities (ABS). These include less liquid, higher-yield instruments such as collateralised loan obligations (CLOs), commercial mortgage-backed securities (CMBS), and consumer ABS, providing indirect exposure to pools of financial assets like mortgages, loans, and corporate debt. Established in 2013, the fund targets an annual net total return of 6% to 9%, with quarterly dividends aiming for 8% of the issue price since 2023 and a minimum of 6 pence per ordinary share annually. Notable features include triennial realisation opportunities for shareholders to redeem holdings and a structure supporting gearing for enhanced returns. As a FTSE 250 constituent, it plays a key role in the structured finance sector, offering income-focused exposure amid robust issuance in securitised products, with total assets around £933 million and an ongoing charge of 0.96%. The portfolio emphasises investment-grade AAA and BBB CLO tranches alongside selective high-yield BB opportunities, balancing yield and caution on riskier exposures.