Title: URL Source: https://is.gd/Cf7EFX Published Time: Thu, 08 May 2025 13:59:31 GMT Markdown Content: TwentyFour Select Monthly Income Fund This Factsheet is a marketing communication for professional UK investors only ## Performance > NAV per Share NAV per Share including dividends Share Price Share Price including dividends 03 22 09 23 03 23 09 24 03 20 09 21 03 21 09 22 03 18 09 19 03 19 09 20 03 16 09 17 03 17 09 18 09 15 09 14 03 15 03 14 09 16 03 25 30 60 90 120 150 180 210 > Discrete > Performance YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 NAV per share inc. dividends 1.59% 17.69% 17.60% -12.92% 7.48% 5.73% 11.94% -1.41% 14.56% 8.20% 2.81% > Annualised > Cumulative Performance 1m 3m 6m 1y 3y 5y 10y Since Inception* NAV per share inc. dividends -1.18% 1.59% 4.97% 12.95% 8.20% 11.81% 6.48% 6.24% • Limited participation in the potential of single securities • Investments in foreign currencies are subject to currency fluctuations • Success of single security analysis and active management cannot be guaranteed • It cannot be guaranteed that the investor will recover the capital invested • Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility • Interest rates may vary, bonds suffer price declines on rising interest rates • Investment universe may involve investments in countries where the local capital markets may not yet qualify as recognised capital markets • Typically, sub-investment grade securities will have a higher risk of issuer default, and are generally considered to be more illiquid than investment grade securities • 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 • The Fund’s performance may be positively or negatively affected by its sustainability strategy • The ability to meet social or environmental objectives might be affected by incomplete or inaccurate data from third-party providers • Information on how environmental and social objectives are achieved and how sustainability risks are managed in this Fund may be obtained from twentyfouram.com/sustainability ## Key Risks Fund Factsheet | 31 March 2025 Further Information and Literature: TwentyFour Asset Management LLP T. 020 7015 8900 E. sales@twentyfouram.com W. twentyfouram.com Past performance is not a reliable indicator of current or future performance. The performance figures shown are on a mid-to-mid basis inclusive of net reinvested income and net of all Fund expenses; due to data availability month-end pricing has been used. 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: 10/03/2014. ## Top Ten Holdings TwentyFour Select Monthly Income 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 monthly income distributions, by investing in a diversified portfolio of fixed income credit securities. ## Investment Approach The Fund will actively invest in a diversified portfolio of fixed income credit securities that exhibit an illiquidity premium, and which the Portfolio Managers believe represent attractive relative value. These securities will include (but are not limited to): corporate bonds, asset-backed securities, high yield bonds, bank capital, Additional Tier 1 securities, payment-in-kind notes and leveraged loans. 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. The Fund may also use derivatives. This is only a summary; details of the Fund’s investment policy, including investment restrictions, are set out more fully in the Prospectus. Typical investors for whom these Ordinary Shares are intended are professional investors or professionally advised retail investors who are principally seeking monthly income from a portfolio of credit securities. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products, because the Fund would qualify as an investment trust if the Fund was based in the UK. The Fund is not managed in reference to any benchmark index. ## Fund Facts Type of Fund: Closed-ended investment fund Listing & Trading: UKLA Official List; LSE Main Market ISA & SIPP Eligible: Yes Fund Launch Date: 10 March 2014 NAV Calculation: As of each Wednesday and each month end Market Capitalisation: £240.35 mn 3yr Volatility: 8.41% Current Mark-to- Market (MTM) Yield: 9.30% Purchase Yield: 8.48% Interest Rate Duration: 2.71 yrs Credit Spread Duration: 3.79 yrs Current Price per Share: 86.00p Current NAV per Share: 83.87p Premium / Discount to NAV: 2.54% Dealing: Daily during LSE opening hours Shares in Issue: 279.5 mn Base Currency: GBP Security Sector % of the whole fund VSKH 4 C7-1 ABS 1.92 BANCO SABADELL 5 PERP (Exp. Mat. 19/11/2027) Banks 1.92 NATIONWIDE BLDG 10.25 PERP Banks 1.90 BARCLAYS PLC 8.5 PERP (Exp. Mat. 15/06/2030) Banks 1.78 ROTHESAY LIFE 6.875 PERP (Exp. Mat. 12/09/2028) Insurance 1.50 PENSION INS 7.375 PERP (Exp. Mat. 25/07/2029) Insurance 1.43 ARBR 2014-2X FRR ABS 1.41 INTESA SANPAOLO 7 PERP (Exp. Mat. 20/05/2032) Banks 1.41 BANCO SANTANDER 3.625 PERP (Exp. Mat. 21/09/2029) Banks 1.41 NATWEST GROUP 4.5 PERP (Exp. Mat. 31/03/2028) Banks 1.40 Sector Breakdown ## Maturity Profile Geographical Breakdown Insurance ABS Banks Other Corporates High Yield - EU High Yield - US Cash & Equiv 0% 30% 10% 20% 40% 37.70% 34.83% 17.47% 6.96% 0.42% 1.86% 0.76% ES 666544 0% 10% 15% 25% 35% 40% 45% 50% 5% 20% 30% 7 yr - 10 yr 14.12% 10 yr - 15 yr 1.18% 4.71% 25.06% 22.62% 15 yr+ 5 yr - 7 yr 3 yr - 5 yr 1 yr - 3 yr 0 - 1 yr 3.26% 28.29% Europe US Other UK Cash & Equiv 0% 10% 20% 30% 40% 50% 60% 70% 4.29% 0.76% 34.30% 59.51% 1.14% ESG score 62.29 60.32 56.28 41.32 N/A ## Rating Breakdown AAA / Cash & Equiv. BBB A BB B NR 0% 5% 10% 15% 20% 25% 30% 40% 35% 0.76% 1.71% 22.31% CCC 1.58% 9.34% 35.82% 28.48% TwentyFour Asset Management | Fund Factsheet | 31 March 2025 Calculated on a direct exposure basis. The fund has no direct exposure to Russia or Belarus. Calculated as the expected maturity date or call date or as the weighted average life for amortising Asset-Backed Securities. ## Share Classes Recent Dividends Please refer to the current EMT file for the latest OCF TIDM SMIF ISIN GG00BJVDZ946 SEDOL BJVDZ94 Distribution Frequency Monthly AMC (%) 0.75% Type Ex-div date Payment date Amount 5th interim 20/03/2025 04/04/2025 0.50p 4th interim 20/02/2025 07/03/2025 0.50p 3rd interim 16/01/2025 31/01/2025 0.50p 2nd interim 19/12/2024 03/01/2025 0.50p 1st interim 21/11/2024 06/12/2024 0.50p Final dividend 17/10/2024 01/11/2024 1.38p ## Environmental, Social & Governance – engagement examples During Q1 2025, the Multi Sector Bond team have had the following engagements with companies: Engagement type No. Environmental 1 Governance 3 Borrower Meeting/Update 28 THIS FACTSHEET IS FOR FINANCIAL ADVISERS AND INSTITUTIONAL/PROFESSIONAL INVESTORS ONLY. NO OTHER PERSONS SHOULD RELY ON THE INFORMATION CONTAINED WITHIN THIS DOCUMENT. In making any investment in TwentyFour Select Monthly Income Fund, investors should rely solely on the Prospectus and the 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: https://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, 2025 (all rights reserved). 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 www.twentyfouram.com/view/GG00BJVDZ946/ twentyfour-select-monthly-income-fund ## Further Information > TwentyFour AM > TwentyFour Sales > Tel. 020 7015 8900 > sales@twentyfouram.com > Deutsche Numis > Sam Murphy > Tel. 0207 260 1232 > s.murphy@numis.com 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 www.twentyfouram.com/view/GG00BJVDZ946/twentyfour-select-monthly-income-fund