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(Alliance News) - TwentyFour Select Monthly Income Fund Ltd on Friday lowered its full-year dividend and reported an annual net asset value fall.
In the year ended September 30, total net assets fell by 1.1% year-on-year to GBP167.8 million from GBP169.7 million. Net asset value per share declined by 2.7% to 90.63 pence from 93.17p last year.
TwentyFour Select was trading 0.7% higher at 93.62p each in London on Friday morning.
The company cut its full-year dividend by 3.2% to 6.34p each from 6.55p last year. This is, however, in line with its annual payout of 6p.
The total return for the year, with the reinvestment of dividends, was 5.2%. To compare, the Euro High Yield index also returned 5.2% during the period, though TwentyFour Select lagged behind the Sterling High Yield and Dollar High Yield indices which both returned 6.3%.
TwentyFour Select said: "Despite considerable economic uncertainty, geopolitical volatility and a very challenging period for markets in the fourth quarter of 2018, the fund generated a respectable return over the financial year."
By Eric Cunha; ericcunha@alliancenews.com
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