TwentyFour AM manager Ben Hayward is hopeful potential mandate changes on his closed-ended £334m Income fund can benefit performance, as the trust nears its three-year anniversary in March 2016.
Subject to shareholder agreement at a general meeting on 16 December, the trust will have greater flexibility to invest in a broader range of UK and European asset-backed securities (ABS). Potential changes include the requirement to hold at least 50 asset-backed securities. This compares to the original range of 30-50, with 110 currently held. If the changes are voted through, the fund will also no longer be required to invest in any fixed percentage of investment grade ABS. The portfolio is currently required (at the time any new investment is made) to be at least 50% invested in ag...
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