TwentyFour Income Fund

What TwentyFour Income Fund does

TwentyFour Income Fund Limited (TFIF) is a Guernsey-domiciled, London Stock Exchange-listed (FTSE 250, ticker TFIF) closed-ended investment company that was launched on 6 March 2013. The fund invests in a diversified portfolio of less liquid, higher yielding asset-backed securities (ABS) — primarily UK, European and Australian residential mortgage-backed securities, US collateralised loan obligations, and UK/European/US secured corporate loans — with the aim of generating attractive risk-adjusted returns through income distributions.

The fund targets an annual net total return of Bank Base Rate plus 6-8% and, since February 2023, an 8p per share annual dividend paid quarterly. It is actively managed by TwentyFour Asset Management LLP under a portfolio management agreement, with Waystone Management Company IE Limited acting as Alternative Investment Fund Manager from Dublin, and Computershare and Northern Trust providing registrar, receiving agent and administration services from Guernsey and Bristol. Portfolio construction may employ currency hedging, interest-rate hedging and credit default swaps to manage volatility.

The fund distributes through the LSE primary listing to retail investors (its stated primary audience, accessed via stockbrokers and IFAs) and to professional investors via the TwentyFour Asset Management LLP website. It currently has £867.57m of total net assets, a £996.1m market capitalisation, and a NAV per share of 107.37 GBp. It has delivered a 178.61% total return since inception and a 5.9% NAV return for the six months ended 30 September 2024, while trading at a 1.27% average premium to NAV versus a wider sector discount. The fund provides a three-yearly realisation mechanism at a guaranteed 2% discount to NAV, an independent non-executive Board chaired by Bronwyn Curtis OBE, and holds UK Reporting Fund status with GDPR-compliant investor data processing.

Name

TwentyFour Income Fund

Legal name

TwentyFour Income Fund Limited

Website

https://twentyfourincomefund.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

TwentyFour Income Fund Limited is a Guernsey-domiciled, FTSE 250-listed closed-ended investment company that invests in higher-yielding asset-backed securities across UK, Europe, Australia and the US, serving retail and professional investors with quarterly income distributions.

Ownership category

akta.pro rank

Product category

Closed-ended investment company - asset-backed securities

NAICS

Other Investment Pools and Funds (5259)

SIC

Asset-Backed Securities (6189)

akta.pro primary industry

Fixed Income Mutual Funds (FSAAAEAB)

Keywords

• Asset-backed securities
• Closed-ended investment fund
• Residential mortgage-backed securities
• Collateralized loan obligations
• Alternative credit investing

Headquarters

HQ city

Guernsey

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management Fees: The fund generates revenue through management fees charged by TwentyFour Asset Management LLP for portfolio management services. The fund is a closed-ended investment company listed on the London Stock Exchange.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

TwentyFour Income Fund Limited (TFIF) is a London-listed, FTSE 250 closed-ended investment company that invests in a diversified portfolio of less liquid, higher yielding asset-backed securities (ABS). The fund targets residential mortgage-backed securities in the UK, Europe and Australia, collateralised loan obligations in the US, and secured corporate loans in the UK, Europe and US, aiming to generate attractive risk-adjusted returns through quarterly income distributions targeting 8p per ordinary share per annum.

Product overview

TwentyFour Income Fund Limited is a single, unified closed-ended investment fund listed on the London Stock Exchange (FTSE 250). The fund targets less liquid, higher yielding asset-backed securities in the UK, Europe, Australia and the US, investing primarily in secured assets such as residential mortgages and secured corporate loans. The product portfolio consists of one core offering — the main investment company fund — that provides shareholders with income distributions (targeting Bank Base Rate + 6-8% annual net total return, with an 8p annual dividend target paid quarterly). The fund expanded its investment universe in 2025 to include Australia and the US alongside its core UK and European holdings.

Differentiator

Problem solved

Functional benefit

Products and services

• TwentyFour Income Fund Limited (TFIF) A FTSE 250-listed closed-ended investment company that targets less liquid, higher yielding asset-backed securities (ABS), including residential mortgage-backed securities (RMBS) in the UK, Europe and Australia, collateralised loan obligations (CLOs) in the US, and secured corporate loans in the UK, Europe and the US, for income generation and attractive risk-adjusted returns through quarterly dividend distributions targeting 8p per share per annum.

Quantifiable outcome

• 5.9% NAV return in six months ended 30 September 2024
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• TwentyFour Asset Management LLPcoreStrategic or Co-development Partner · 6 March 2013Portfolio Manager responsible for daily operations, investment decisions, and strategy execution. The manager drives the strategy for enabling the Company to reach its investment objectives in asset-backed securities.
• Waystone Management Company IE LimitedcoreImplementation/ SI/ Consulting PartnerAlternative Investment Fund Manager (AIFM) providing regulatory oversight and fund management services from Dublin, Ireland.
• Computershare Investor Services (Guernsey) LimitedminorOthersAppointed as Registrar to the Company providing share registration and transfer services from Guernsey.
• Computershare Investor Services PLCminorOthersAppointed as Receiving Agent providing administrative services from Bristol, UK.
• Northern Trust International Fund Administration Services (Guernsey)minorOthersHandles general enquiries and fund administration services for the investment company.

Scale indicators8 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Sequoia Economic Infrastructure Income Fund: London-listed closed-ended fund focused on specialist debt and income investments; shares the LSE closed-ended investment trust structure and income-distribution model even though its underlying assets skew toward infrastructure debt.
• Blackstone Loan Financing: London-listed closed-ended fund primarily investing in US and European CLO debt, providing a directly comparable CLO-focused alternative credit vehicle with similar income objectives.
• Hayfin Financial Assets Fund: Listed alternative credit fund focused on senior secured loans, CLOs, and structured credit opportunities, comparable to TwentyFour's ABS allocation with overlapping exposure to European and US credit markets.
• Fair Oaks Income Fund: London-listed closed-ended fund investing primarily in ABS including CLOs and RMBS, with a nearly identical mandate and structure to TwentyFour Income Fund, making it the closest direct competitor in the listed ABS space.
• JPMorgan Claverhouse Investment Trust: FTSE 250-listed investment trust offering UK equity income exposure; comparable as a fellow FTSE 250-listed UK investment trust targeting income-oriented retail and professional investors.
• CVC Credit Partners European Opportunities: European-focused listed alternative credit fund investing across CLOs, ABS, and private debt, offering a similar fixed-income alternative credit exposure with comparable closed-ended fund mechanics.
• RM Secured Direct Lending: London-listed investment trust focused on secured direct lending and asset-backed investments, comparable to TwentyFour's focus on secured corporate loans and ABS, sharing a similar closed-ended structure and income-focused mandate.
• Pollen Street Secured Lending: London-listed investment trust focused on secured lending to mid-market companies, sharing TwentyFour's emphasis on secured assets and the closed-ended listed income structure, though with private loan rather than ABS focus.
• TwentyFour Select Monthly Income Fund: Sister fund managed by the same TwentyFour Asset Management LLP with a similar ABS-focused mandate but distributing monthly rather than quarterly, providing a closely comparable strategy and management team benchmark.

Broad incumbents

• BH Macro: FTSE 250-listed closed-ended fund with a Brevan Howard macro strategy; comparable as a fellow Guernsey-domiciled, FTSE 250-listed alternative income vehicle but with a different asset class focus (macro strategies versus ABS).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/twentyfour-income-fund

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TwentyFour Income Fund