Fixed Income

The TwentyFour Advent Calendar is a collection of 24 stats telling the story of fixed income and markets this year. The calendar covers everything from interest-rate rises and record bond issuance to falling house prices and disappearing banks.

George Curtis provides a macro update on fixed income markets and an overview of positioning in the TwentyFour Select Monthly Income Fund. 

Ben Hayward, Partner & Chief Executive, discusses why we believe staying in cash could cost you and why investors with a medium term view can take confidence from investing in fixed income given today’s high starting yields. 

In the session, Chris Bowie and Johnathan Owen, provides an update on the Vontobel Fund - TwentyFour Absolute Return Credit Fund and Vontobel Fund - TwentyFour Sustainable Short Term Bond Income.

While bonds are once again finding their feet, investors have found themselves sitting on cash balances of 30% to 50%. This capital preservation trade has made perfect sense, but does it still make sense as we reach terminal rates?

A member of the Multi-Sector Bond team outlines the significance of active engagement within the ESG process at TwentyFour, and provides some examples of our recent engagements. 

Our Investment Grade team discusses the notable improvements seen in ESG disclosures over the past 24 months, categorising them into three main aspects; environmental, social and governance.

Gordon Shannon, Partner and Portfolio Management, highlights climate change as one of the main topics which gathers a tremendous amount of attention within ESG investing, discussing the Paris Agreement, lack of data and poor transparency. 

Elena Rinaldi, Portfolio Management, discusses how banks have benefited from many years of ultra-cheap financing from central banks – which is now coming to an end and giving way to a more dedicated capital market funding needs - and touches on what the results of these changes are.

A member of our Multi-Sector Bond team reflects on a tricky quarter for markets, highlighting the behaviour of the US Federal Reserve, the ECB and the Bank of England and then discusses the ways in which the MSB team have responded to these Q3 events.

Elena Rinaldi gives an update on the market, highlighting the peak in rates in the quarter, the performance of ABS for the quarter, and delving deeper into the primary issuance activity over the summer months.

In our Investment Grade quarterly update, Gordon Shannon, reflects on government bond yields, which accelerated sharply at the end of Q3, as well as commenting on the behaviour of the European Central Banks over the quarter and the soft-landing 'fairytale' markets had hoped for.