1st Dec 2020 17:50
Twentyfour Income Fund Ltd - closed-ended fund which targets less liquid, higher yielding asset backed securities - Net asset value per share at end of September 108.2 pence compared to 94.19p six months earlier. Interim dividend maintained at 3.0p.
Chair Trevor Ash says: "The NAV performance of the company has been mostly positive during the period as it has recovered from the volatility felt across all financial markets since late February, as a result of the implications of a global shutdown in response to the Covid-19 pandemic. Fundamental performance of the asset pools and structures remains strong and stable at the period end, notably outstripping the more negative expectations felt during the immediate aftermath of the global shutdown, and ratings remain stable with a bias towards upgrades over downgrades.
"However, there is clearly a material negative impact on the global economy, and despite the significant amount of central bank and government support this will lead to an increase in arrears and loan defaults generally in both consumer and corporate lending markets, as well as an increase in credit ratings downgrades in future," he adds.
Current stock price: 105.50 pence
Year-to-date change: down 5.8%
By Paul McGowan; [email protected]
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