TWENTYFOUR SELECT MONTHLY INCOME FUND LIMITED - Interim Results

TwentyFour Select Monthly Income Fund Limited reported resilient interim results for the six months ended 31 March 2026, demonstrating strong income generation, continued investor demand, and a disciplined investment strategy despite heightened geopolitical uncertainty. Total assets increased to £289 million, while ongoing share issuance at a premium reflected sustained investor confidence in the fund’s performance and income proposition. Although NAV total return was 0.24% during the period, performance was temporarily affected by market volatility linked to Middle East tensions before recovering post period-end. Since launch, the fund has delivered a cumulative total return of 109.5%, equivalent to an annualised return of 6.32%. The Board reaffirmed confidence in achieving a full-year dividend above its 6.0p target, with expectations exceeding 6.5p per share, supported by attractive portfolio yields, including a gross purchase yield above 8% and a mark-to-market yield approaching 10%. The actively managed portfolio remains focused on high-quality credit investments, including CLOs, bank capital securities, insurance debt and asset-backed securities, while maintaining an average BB credit rating and reducing overall portfolio risk. Management highlighted healthy corporate fundamentals, strong bank balance sheets, low default rates and robust net debt-to-EBITDA metrics across credit markets. Despite ongoing macroeconomic challenges, including inflationary pressures, interest rate uncertainty and geopolitical risks, the fund’s diversified allocation, active management approach and income-focused strategy position it well to deliver sustainable shareholder returns, stable dividends and long-term NAV growth.