**Summary of TwentyFour Income Fund Limiteds Interim Results for the Six Months Ended 30 September 2025**
**Financial Highlights**
**NAV Return per Ordinary Share** 5.90% (FY 31 March 2025: 13.61%).
**Dividends Declared** 4p for the period, in line with the annual target of 8p.
**Total Net Assets** Increased to £867.57m (FY 31 March 2025: £843.79m).
**Average Premium to NAV** 1.27%, contrasting with the sectors discount.
**Portfolio Performance**
**Positive Performance** Across all securitised sectors, supported by strong demand and fundamentals.
**Best Performing Sectors** Collateralised Loan Obligations (CLOs) and Significant Risk Transfer (SRT) returned 8% and 6.8%, respectively.
**Portfolio Allocation** Focus on CLO equity and BB-rated tranches for attractive risk-adjusted returns.
**Portfolio Metrics** Book yield of 12.51% and mark-to-market yield of 10.30%.
**Post-Period Activities**
**Realisation Opportunity and Share Issuance:** Raised £64.3m net through a Placing, Offer for Subscription, and Open Offer, with strong demand.
**Outlook**
**Market Conditions** Strong supply and demand for ABS, with regulatory changes in Europe expected to underpin demand.
**Investment Focus** Best relative value in bank-issued ABS, BB-rated, and selective equity tranches of European CLOs.
**Geographical Expansion** Widened investment universe to include Australia and the US for diversification and growth potential.
**Performance Drivers** Higher-yielding ABS and CLOs expected to drive portfolio performance, offering protection against mark-to-market volatility.
**Management Comments**
**Bronwyn Curtis OBE, Chair** Highlighted the Companys successful period, trading at a premium, and issuing shares to meet strong demand.
**Aza Teeuwen, Portfolio Manager** Emphasized the focus on high-quality, higher-yielding assets, particularly RMBS and CLOs, with a preference for short-duration assets.
**Financial Summary**
**Total Comprehensive Income:** £47096803 (FY 31 March 2025: £57392995).
**Net Assets:** £867568575 (FY 31 March 2025: £843786521).
**NAV per Ordinary Share** 111.98p (FY 31 March 2025: 112.83p).
**Key Developments**
**Investment Policy Change** Approved by shareholders to include US and Australian ABS.
**ESG Focus** Continued engagement with issuers on ESG factors, including decarbonisation and vulnerable mortgage holders.
**Conclusion**
TwentyFour Income Fund Limited demonstrated robust performance in the first half of its financial year, achieving its investment objectives, expanding its investment universe, and positioning itself well for continued growth and income generation in a favorable market environment.
| Metric | As at 30.09.2025 | As at 31.03.2025 | Change |
|---|---|---|---|
| NAV per Ordinary Share (pence) | 111.98 | 112.83 | -0.75% |
| Total Net Assets (£ million) | 867.57 | 843.79 | +2.82% |
| Total NAV Return per Ordinary Share | 5.90% | 13.61% | -56.65% |
| Dividends Declared per Ordinary Share (pence) | 4.00 | 11.07 | -63.87% |
| Dividends Paid per Ordinary Share (pence) | 7.07 | 9.96 | -29.02% |
| Repurchase Agreement Borrowing | 0.75% | 0.50% | +50.00% |
| Ongoing Charges | 0.93% | 0.85% | +9.41% |