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LONDON (Alliance News) - TwentyFour Select Monthly Income Fund Ltd on Wednesday reported a reduction in its net asset value per share in the first half of its financial year.
For the six months to March 31, the investment company's net asset value per share stood at 90 pence, lower compared to 95.89p in the comparative interim period a year ago. For the year ended September 30, NAV per share stood at 93.17p.
"The six month period ending March 31, was one of two very distinct quarters. The fourth quarter of 2018 was one of the most challenging periods for markets in recent years as Federal Reserve Chair Powell, threatened to raise interest rates through the neutral rate, thereby scaring market participants of a potential policy error, and geopolitical concerns increased both in Europe and
in the trade tariff talks between the US and China," Chair Claire Whittet said.
"However, the first quarter of 2019, in contrast was the complete opposite as Powell reiterated that Fed policy was fully data dependent. Helping repair sentiment further was more conciliatory
rhetoric from the US-China talks, and Article 50 being extended to October 31 in order to give more time to find an orderly Brexit deal."
Looking ahead, Whittet added: "For the coming quarter, the portfolio managers have advised the board that they are confident that the assets in the portfolio will continue to perform, and
that reinvestment risk is not an immediate concern."
TwentyFour Select Monthly Income Fund shares were trading 0.1% higher at 115.09 pence each.