TwentyFour Select Monthly Income (SMIF) is the smaller of two debt trusts run by TwentyFour Asset Management and is unique in the sector in paying monthly dividends. It was launched in March 2014, raising just over £100m and setting an annualised total return target of between 8 and 10%. It usually sets a 6.0p annual dividend target, paying out 0.5p per month throughout the year, with a larger twelfth payment to reflect any additional net income it has received. The trust holds quarterly tender offers at a 2% discount, but it has nearly always traded at a premium, so it has been a regular issu...
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UPDATE (Sep 2026): NCYF returned 7.0% in the year to June 2025, and 10.2% to June 2026. In May 2026, the trust appointed Darrem Toner as Co-Portfolio Manager, with the intention that he takes over from Ian Francis in May 2027. Francis will remain available as a consultant for three subsequent years. The trust has continued to trade at a premium and regularly issue new shares, with its share count increasing from 550m to 728m over the past couple of years, taking its market cap to around £370m.
CQS New City High Yield (NCYF) is a debt fund incorporated in Jersey in 2007 as a reconstruction veh...
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UPDATE (Sep 2026): BIPS produced a NAV total return of +11.7% in 2023, +8.5% in 2024, +8.7% in 2025, and +2.8% in the first half of 2026. Its market cap is now around £500m as it has been a regular issuer of shares in the last few years, due to usually trading at a small premium to NAV. Its share count has risen from 178m in July 2023 to 296m in September 2026. It is targeting an unchanged annual dividend of 12.25p per share for 2026, having paid 11.5p for 2023, 11.6875p for 2024, and 12.25p for 2025
Invesco Bond Income Plus (ticker: BIPS) was created from the 2021 merger of City Merchants Hi...
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