SMIF Twentyfour Select Monthly Income Fund Limited

 
TIDMSMIF 
 
18 January 2021 
 
 
                 TwentyFour Select Monthly Income Fund Limited 
 
TwentyFour Select Monthly Income Fund Limited (the "Company") was incorporated 
with limited liability in Guernsey, as a closed-ended investment company on 12 
February 2014. The Company's shares were listed with a Premium Listing on the 
Official List of the UK Listing Authority and admitted to trading on the Main 
Market of the London Stock Exchange ("LSE") on 10 March 2014. 
 
 
Re:       Portfolio Update 
 
 
Portfolio Update 
 
At the Company's most recent tender opportunity, following a strong rally in 
the share price during the second half of the year, 46,100,745 shares were 
tendered, at a discount of NAV-2%. 10,000,000 of the tendered shares were 
placed by the Company's broker, resulting in a net redemption of 36,100,745 
shares (approximately 15.9% of the Company's Ordinary Shares, for further 
information please refer to Company announcements on 6 and 11 January 2021). 
 
Given the volume of the required asset liquidation to meet the net tender 
amount, the Portfolio Managers ("PMs") saw this as an opportunity to re-shape 
the portfolio and focus on liquidating those securities which were seen as 
least conducive to the objectives of the Company. Assisted by a strong 
supporting market and demand for the underlying securities in the portfolio, 
the PMs are confident they've been able to achieve this. The sales of the 
securities were transacted with an average premium of NAV+0.38% and the 
optimisation of the portfolio resulted in the mark-to-market yield increasing 
from 6.67% to 7.10%, while the gross purchase yield was improved from 7.13% to 
7.35%. The PMs managed to make these improvements to the portfolio yields while 
maintaining the weighted average rating at BB-. 
 
The PMs believe that the changes made are positive for the strategy and will 
hopefully be viewed positively by investors, particularly in the current 
environment where they believe credit to be fundamentally well supported and 
yield continuing to be an ever scarcer commodity. 
 
Past performance is not a reliable indicator of future performance. 
 
The value of an investment and the income from it can fall as well as rise as a 
result of market and currency fluctuations and you may not get back the amount 
originally invested. 
 
 
For further information, please contact: 
 
Numis Securities Limited: 
Nathan Brown             +44 (0)20 7260 1000 
Hugh Jonathan 
 
TwentyFour Income Fund Limited: 
John Magrath              +44 (0)20 7015 8900 
Alistair Wilson 
 
 
 
END 
 
 

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January 18, 2021 07:34 ET (12:34 GMT)

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