Title: TwentyFour Income Fund Factsheet April 2026

URL Source: https://documentscdn.financialexpress.net/Literature/A3DA450670CA6B4035B0272CDC1F2B5B/242087853.pdf

Number of Pages: 3

Markdown Content:
Further Information and Literature: TwentyFour Asset Management LLP T. 020 7015 8900 E. sales@twentyfouram.com W. twentyfouram.com 

Fund Factsheet | 30 April 2026 

# TwentyFour Income Fund 

This Factsheet is a marketing communication for professional UK investors only TwentyFour Income Fund Limited (the ‘Company’, ‘Fund’) is managed by TwentyFour Asset Management LLP and is a non-cellular company limited by shares incorporated in Guernsey and registered as a closed-ended collective investment scheme with the Guernsey Financial Services Commission. Its shares are traded on the Main Market of the London Stock Exchange. 

## Fund Objective 

The Fund aims to generate attractive risk adjusted returns principally through income distributions. 

## Investment Approach 

The Fund is actively managed and will invest in a diversified portfolio of predominantly UK and European Asset-Backed Securities. Uninvested cash or surplus capital or assets may be invested on a temporary basis in cash and/or a range of assets including money market instruments and government bonds. Efficient portfolio management techniques can be employed such as currency hedging, interest rate hedging and the use of derivatives such as credit default swaps to help mitigate market volatility. Shareholders may elect to realise all or part of their holdings of Ordinary Shares every three years. In the event that investors elect to realise all or part of their holdings of Ordinary Shares, the Company may, but shall not be obliged to offer to redeem, repurchase or purchase those Ordinary Shares. Any Ordinary Shares that are not redeemed, repurchased or purchased shall be converted into Realisation Shares. Assets and liabilities attributable to Shareholders holding Realisation Shares will be managed as part of a separate realisation pool and in accordance with an orderly realisation programme with the aim of making progressive returns of cash to the holders of Realisation Shares as soon as practicable. This is only a summary; details of the investment policy, including investment restrictions, are set out in the Prospectus. 

## Fund Facts 

Type of Fund: Closed-ended investment fund 

Listing & Trading: UKLA Official List; LSE Main Market 

ISA & SIPP Eligible: Yes 

Fund Launch Date: 06 March 2013 

NAV Calculation: As of the last business day of each week and each month 

Market Capitalisation: £926.57 mn 

3yr Volatility: 2.87% 

Current Mark-to-Market (MTM) Yield: 10.59% 

Interest Rate Duration: 0.16 yrs 

Credit Spread Duration: 2.61 yrs 

Current Price per Share: 106.60p 

Current NAV per Share: 104.76p 

Premium/Discount to NAV: 1.76% 

Dealing: Daily during LSE opening hours 

Shares in Issue 869.2 mn 

Base Currency: GBP 

Repo Funding (max. 25% of net assets): -0.30% 

WAL: 3.25 yrs 

## Performance                 

> NAV per Share NAV per Share inc dividends Share Price Share Price inc dividends
> 04/13 04/14 04/15 04/16 04/17 04/18 04/19 04/20 04/21 04/22 04/23 04/24 04/25 04/26 75 100 125 150 175 200 225 250 275

Annualised Cumulative Performance 1m 3m 6m 1yr 3yr 5yr 10yr Since Inception* NAV per share inc. dividends 0.57% -1.18% 1.42% 8.39% 12.64% 8.04% 7.76% 7.90% Discrete Performance YTD 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 NAV per share inc. dividends -0.28% 10.07% 16.92% 20.40% -8.84% 7.85% 5.97% 5.04% 2.39% 13.51% 4.28% 

Past performance is not a reliable indicator of future performance. The performance figures shown are in GBP on a mid-to-mid basis inclusive of net reinvested income and net of all fund expenses. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed. 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. *Inception date: 06 March 2013. 

## Top Ten Holdings 

Security Sector % of the whole fund 

VSKH 4 RMBS 4.64% TGWAB 1 RMBS 2.84% CRFT 2026-1 SRT 2.58% UKDAC KPF6 RMBS 2.49% ERF 5 RMBS 2.22% UKDAC KPF1 RMBS 2.11% UKDAC KPF4 RMBS 2.00% HNLY 17 CLO 1.91% MUSSB 2024-2 SRT 1.86% CRFT 2024-1 SRT 1.82% 

## Key Risks  

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Limited participation in the potential of single securities  

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Investments in foreign currencies are subject to currency fluctuations  

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Success of single security analysis and active management cannot be guaranteed  

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It cannot be guaranteed that the investor will recover the capital invested  

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Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility  

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The structure of ABS/MBS and the pools backing them might not be transparent which exposes the Fund to additional credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the Fund  

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Typically, sub-investment grade securities will have a higher risk of default, and are generally considered to be more illiquid than investment grade securities  

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The Fund has the ability to use derivatives, including but not limited to FX forwards, and/or gearing for hedging and EPM purposes or for investment purposes. This may magnify gains or losses  

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The Fund’s investments may be subject to sustainability risks. The sustainability risks that the Fund may be subject to are likely to have an immaterial impact on the value of the Fund’s investments in the medium to long term due to the mitigating nature of the fund’s ESG approach  

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The Fund’s performance may be positively or negatively affected by its sustainability strategy.  

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The ability to meet social or environmental objectives might be affected by incomplete or inaccurate data from third-party providers  

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Information on how environmental and social objectives are achieved and how sustainability risks are managed in this Fund may be obtained from twentyfouram.com/responsible-investment TwentyFour Asset Management | Fund Factsheet | 30 April 2026 

## Ratings Breakdown 

2.07% 3.43% 3.22% 7.21% 27.78% 20.66% 0.42% 35.52% -0.30%        

> AAA/Cash & Equiv AA ABBB BB BCCC NR Repo Funding

-10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 

## Sector Breakdown 

1.91% -0.30% 0.91% 1.21% 2.33% 2.78% 6.42% 7.39% 32.78% 44.59% CLO RMBS SRT Consumer ABS Auto Loans CRE ABS CMBS Credit Cards Repo Funding Cash & Equiv -20% -10% 0% 10% 20% 30% 40% 50% 

## Geographical Breakdown 

1.91% -0.30% 0.22% 0.41% 0.48% 1.23% 2.24% 2.40% 5.94% 7.95% 30.94% 46.60% Mixed UK Netherlands Spain United States Italy Germany Denmark Portugal Belgium Repo Funding Cash & Equiv -20% -10% 0% 10% 20% 30% 40% 50% 60% 

## Weighted Average Life Breakdown 

1.91% -0.30% 2.17% 3.39% 15.36% 22.42% 38.99% 16.07% 0 - 1 yr 1 - 3 yr 3 - 5 yr 5 - 7 yr 7 - 10 yr 10 - 15 yr Repo Funding Cash & Equiv -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 

Calculated on a direct exposure basis. Calculated as the expected maturity date or call date or as the weighted average life for amortising Asset-Backed Securities. Positioning numbers are rounded to nearest integer and therefore only approximate. 

## Environment, Social & Governance - engagement examples 

During Q1 2026, the Asset-Backed Securities team have had the following engagements with companies: 

Engagement Type No. Environmental 2Social 1Governance 6Borrower Meetings/Updates 40 

## Share Classes 

TIDM TFIF 

ISIN GG00B90J5Z95 

SEDOL B90J5Z9 

Distribution Frequency Quarterly 

AMC (%) 0.75% 

OCF (%)* 0.96% 

*As at 21/05/2025. The ongoing charges figure is an estimate based on the last year’s expenses and may vary from year to year. 

## Recent Dividends 

Type Ex-div date Payment date Amount Final dividend 23/04/2026 29/05/2026 4.81p 3rd interim 22/01/2026 06/02/2026 2.00p 2nd interim 16/10/2025 03/11/2025 2.00p 1st interim 17/07/2025 01/08/2025 2.00p Final dividend 17/04/2025 06/05/2025 5.07p The Fund considers environmental, social and governance (ESG) factors in the investment process, utilising an integrated approach. Information on the integration approach may be obtained from twentyfouram.com/view/GG00B90J5Z95/twentyfour-income-fund Further information on fund charges, costs and other important information pertaining to the fund can be found in English and free of charge on the fund pages of our website and/or in the Prospectus and the Key Information Document (KID) which are available at twentyfouram.com/view/GG00B90J5Z95/twentyfour-income-fund 

THIS FACTSHEET IS FOR FINANCIAL ADVISERS AND INSTITUTIONAL/PROFESSIONAL INVESTORS ONLY. NO OTHER PERSONS SHOULD RELY ON THE INFORMATION CONTAINED WITHIN THIS DOCUMENT. No recommendations to buy or sell investments are implied. In making any investment in TwentyFour Income Fund, investors should rely solely on the Prospectus and the Key Information Document (KID) and not the summary set out in this document. Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued/purchased and redeemed/disposed of, if applicable. The return of the fund may go down as well as up, e.g. due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed For definitions of the investment terminology used within this document please see glossary at: twentyfouram.com/glossary. TwentyFour Asset Management LLP is able to assist those institutional clients who require it with meeting their Solvency II (including its UK onboarding and onshoring legislation) obligations. In particular, TwentyFour Asset Management LLP will make all reasonable endeavours to comply with the Solvency II Regulations 2015 Article 256. Neither the fund nor TwentyFour Asset Management LLP make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of an assessment of ESG research and the correct execution of the ESG strategy. As investors may have different views regarding what constitutes sustainable investing or a sustainable investment, the funds may invest in issuers that do not reflect the beliefs and values of any specific investor. Please contact the Compliance Department at compliance@twentyfouram.com for more information. TwentyFour Asset Management LLP is a Limited Liability Partnership incorporated in England under Partnership No. OC335015 with its registered office at 8th Floor, The Monument Building, 11 Monument Street, London EC3R 8AF and is authorised and regulated in the UK by the Financial Conduct Authority, FRN No. 481888. Calls may be recorded for training and monitoring purposes. Copyright TwentyFour Asset Management LLP, 2026 (all rights reserved). 

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