TwentyFour Income Fund Ltd GBP · LSE:TFIF
TwentyFour Income Fund Ltd GBP — TwentyFour Income Fund — Investor Presentation (July 2025)
17 slides from TwentyFour Income Fund Ltd GBP's investor presentation, Jul 16, 2025
Slide 1: Why income remains king in 2025
Why income remains king in 2025 Bronwyn Curtis OBE Aza Teeuwen Chair Partner, Co-Head of ABS TwentyFour Income Fund TwentyFour Asset Management 16 July 2025 This presentation is intended for UK investors only.
Slide 2: Important Information
Important Information The information in this document has been prepared at the direction of TwentyFour Income Fund Limited (“TFIF” circumstances that will occur in the future. These circumstances may or may not transpire and accordingly no or the "Company") solely for use at an information presenta
Slide 3: Important Information
Important Information In particular, this document including any slides and the information contained herein or any related verbal presentation (the “Presentation”) are not for publication or distribution, directly or indirectly, to persons in the United States (within the meaning of Regulation S un
Slide 4: TFIF's story since IPO
TFIF’s story since IPO Issuance restarted post year end and growth trajectory through performance continues 2022 Realisation Opp.: £900m £43m fundraise 900 £9m used for UKML merger: 130m 2019 Realisation Opp.: redemptions shares issued @ £26.6m election, £6.6m £800m placed into market, 114.21p 800 £
Slide 5: Total return and dividends paid
Total return and dividends paid Dividends – pence (£) Total return - pence (£) 12 270 FY 24/25 Return (to 31-Mar-25): 13.6% 250 10 Total Return Since Inception (to 31-Mar-25) 153.0% 230 Total Return Since Inception (Ann.) 8.0% 8 210 190 6 170 4 150 130 2 110 6.38 p 6.65 p 7.14 p 6.99 p 7.23 p 6.45 p
Slide 6: TwentyFour Income Fund Financials Highlights
TwentyFour Income Fund Financials Highlights Total return since inception has been 153%. NAV per ordinary share increased 3.71% during the period to 112.83p. (compared to 108.79p in 2024) Record breaking balancing and full year dividend, totalling 11.07 pence for the year, reflecting the strong perf
Slide 7: Realisation opportunity
Realisation opportunity Realisation opportunity Offer of new shares Potential updates to investment policy The Company’s three-year The Board is also looking to use realisation opportunity will take this as an opportunity to offer As part of the realisation place in Q4 2025. new shares, as previous
Slide 8: TwentyFour Income Fund information
TwentyFour Income Fund information Fund size £843.79 million Launch date 6 March 2013 Current mark-to-market yield 11.3% Book yield 12.5% Average credit rating BB- Interest rate duration 0.13yrs Credit spread duration 2.75yrs 3 year volatility1 7.4% Annualised performance since launch 8.0% FYTD perf
Slide 9: European ABS market overview
European ABS market overview Size of market: €564 bn* (€69 bn issuance calendar year to date) Themes Collateral pool composition* • Post QE, banks are increasingly using ABS as a funding tool, Collateralised Loan Obligations which increases diversification 7% 5% Residential Mortgage Backed Securitie
Slide 10: The ABS market is growing post QE
The ABS market is growing post QE Issuance timeline, €b Issuance by sector Billions Billions Billions 30 200 80 70 2023 2024 2025 ytd 25 60 150 50 20 40 15 100 30 20 10 10 50 5 0 CMBS CLO NC RMBS Mortgages Consumer ABS BTL RMBS Premiums Leasing Solar ABS Auto ABS Prime RMBS SME ABS NPL RMBS RPL RMBS
Slide 11: Relative value of HY European ABS
Relative value of HY European ABS Average Yield Maturity 2024 / YTD 2025 performance Asset class rating (£) (years) (local ccy) 14.4% HY Mezz RMBS BB 8.0% 3.5 4.3% 16.9% BB CLO BB 10.0% 7.2 2.7% 26.1% B CLO B 12.9% 7.2 4.0% 8.5% Euro HY Corporate BB- 8.0% 3.7 2.3% GBP HY Corporate B- 8.3% 3.9 10.7%
Slide 12: Themes & positioning: Balance
Themes & positioning: Balance Trump policies have caused damage. It remains prudent to be at the higher end of the However, while we expect GDP growth to credit quality spectrum, and to keep credit weaken, a US recession is not our base case. spread duration shorter Markets and Fed might look throug
Slide 13: Portfolio positioning
Portfolio positioning Sector breakdown Rating breakdown* 3.1% AAA/Cash & Equiv 50% 1.3% AA 44.3% 7.3% 45% A 33.5% 9.1% 40% 38.8% BBB 35% BB 21.6% B 30% 1.6% CCC 23.1% 25% NR 20% 15% Geography breakdown* UK 10% 1.2% 0.2% 6.4% 1.7% Mixed 1.2% 5% 3.1% 3.1% Netherlands 2.1% 1.7% 2.5% 1.1% 9.7% Spain 0%
Slide 14: TFIF's current book yield vs. BoE cuts
TFIF’s current book yield vs. BoE cuts 13.0% 12.46% 12.0% 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.50% 3.63% 4.0% 3.0% 2.0% 1.0% 0.0% 11.13 11.14 11.15 11.16 11.17 11.18 11.19 11.20 11.21 11.22 11.23 11.24 11.25 Spread over Base rate Book Yield Base rate Implied base rate Past performance is not a rel
Slide 15: Trade examples
Trade examples Mezz RMBS Significant Risk Transfers Issue ECARA 2025-1 F Issue MUSSB 2024-2 Asset type European Auto ABS Asset type UK Corporate SRT Sponsor Stellantis Sponsor Lloyds Bank Rating BB Rating NR Maturity April 2030 Maturity November 2029 Yield £ 8.7% Yield £ 11.0% Commentary • Establish
Slide 16: Key Risks
TwentyFour Income Fund Key Risks • 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 re
Slide 17: Q&A
Q&A 17
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