11th Jun 2025 16:28
(Alliance News) - TwentyFour Select Monthly Income Fund Ltd on Wednesday reported a slowdown in its net asset value total return for the six months to March 31, as income remained the main driver of performance and dividends exceeded targets.
The fund that invests in less liquid asset-backed securities said NAV per ordinary share rose slightly to 83.87 pence at March 31 from 83.70p at September 30. NAV total return was 4.9%, down from 22.6% in the prior comparable period.
The fund paid dividends totalling 3.88p per share during the half, ahead of its 6p per annum target on a pro-rata basis.
Net assets rose to GBP234.4 million from GBP219.8 million at the end of September. During the period, the company issued 16.9 million new ordinary shares at a 2% premium to NAV, driven by shareholder demand.
Portfolio Manager George Curtis said floating-rate collateralised loan obligations and subordinated financials led performance, benefitting from higher starting yields and elevated interest rates. CLOs returned 5.83% and insurance 6.04%.
Chair Ashley Paxton said: "SMIF performed strongly... [and] the dividends for the period followed the board’s decision to distribute excess income to shareholders more evenly over the year."
Shares in SMIF were up 0.5% at 87.00 pence in London on Wednesday afternoon.
By Eva Castanedo, Alliance News reporter
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