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(Alliance News) - Twentyfour Income Fund Ltd on Friday reported a rise in first-half net assets, but an "uncertain macro-economic climate" has caused its shares to trade at a discount.
In the six months to September 30, the trust recorded an 11% surge in net assets to GBP557.2 million from GBP500.5 million at the end of March.
Net asset value per share fell however, by 2.6%, to 110.39 pence from 113.28 pence in March. Twentyfour ended the interim period with 504.7 million shares in issue, compared with 441.8 million at its year-end.
In London on Friday afternoon, shares in the trust were 0.2% lower at 110.30p each, a 0.1% discount to its September net asset value.
Chair Trevor Ash said: "The company's shares have typically traded at a premium since launch, and continued to do so during the first three months of the period, however in the second half this drifted to a discount.
"The average premium during the period was 0.43%, and moved in a range of +3.0% to -3.5% during the six months. I see the move to a discount as more reflective of the current uncertain macro-economic climate rather than specifically attributable to sentiment specific to our company."
Twentyfour, which invests primarily in asset-backed securities, held its interim dividend at 3.00p per share.
Twentyfour said: "The key themes that have driven wider market sentiment year-to-date, continued throughout the period, with central bank policy and the trade tariff dispute dominating the markets; while Brexit uncertainty remained heightened."
By Eric Cunha; ericcunha@alliancenews.com
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