TWENTYFOUR INCOME FUND LIMITED - Final Results

TwentyFour Income Fund Limited reported another strong year of performance in its final results for the year ended 31 March 2026, delivering a total dividend of 10.81% and continuing its long-term track record of attractive shareholder returns. The asset-backed securities (ABS) specialist grew total assets to £926 million at year-end, rising to almost £1 billion following further successful capital raises, reflecting sustained investor demand. Since launch in 2013, the fund has generated a 170% total return, equivalent to an annualised return of 7.9%. Management highlighted a favourable investment environment for floating-rate ABS and collateralised loan obligations (CLOs), supported by higher-for-longer interest rates, expanding issuance, and regulatory changes expected to increase institutional demand. Despite market volatility driven by geopolitical tensions and macroeconomic uncertainty, the portfolio maintained resilient credit performance with no defaults since inception, while remaining defensively positioned through shorter duration, high-quality secured assets and selective exposure to attractive risk-adjusted opportunities. The fund continues to rotate capital towards higher-conviction investments, including US CLOs, while reducing exposure to commercial mortgage-backed securities and lower-rated credit. With a purchase yield of around 11%, strong dividend cover, disciplined risk management and a diversified portfolio of secured investments, management remains confident in the outlook for stable high income, attractive risk-adjusted returns and continued growth, underpinned by favourable market dynamics and an expanding ABS opportunity set.