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IN BRIEF: TwentyFour Select Monthly annual net asset value drops 25%

16th Jan 2023 12:14

TwentyFour Select Monthly Income Fund Ltd - closed-ended fund which targets less-liquid, higher-yielding asset-backed securities - Net asset value per share drops over the year as it notes market volatility, in particular the UK's "mini-budget" in September 2022. NAV as at September 30 falls 25% to 69.99 pence per share from 93.32p a year prior. Dividends declared during financial year 2022 amount to 6.39p per share, down 2.0% from 6.52p. Looking ahead, TwentyFour Select says: "The team believe the outlook for returns has significantly improved given much higher starting yields and an expectation that government bond volatility will decline as the central banks move closer to peak base rates and inflation pressures start to subside." Noting leadership in UK government, the company says: "With...Rishi Sunak as prime minister and Jeremy Hunt as chancellor, the market has gotten more comfortable with a cabinet that will be significantly more conservative on the fiscal front, and gilts have reversed much of the move they saw after the budget announcement."

Current stock price: 75.70 pence

12-month change: down 21%

By Tom Budszus, Alliance News reporter

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