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Chris Bowie at TwentyFour Asset Management describes the third quarter of 2024 as a significant turning point in fixed income markets, marked by the Federal Reserve (Fed) cutting interest rates by 50 basis points (bps) for the first time in many years. This followed an earlier 25bp cut by the Bank of England (BoE), setting the scene for further rate cuts over the coming years.

George Curtis from the Multi-Sector Bond (MSB) team at TwentyFour Asset Management reflects on the third quarter of 2024 and its impact on credit and equity markets. Despite some mid-quarter volatility, overall performance remained strong, with government bonds leading the way.

Douglas Charleston (Partner, Co-Head of ABS) and Pauline Quirin (Portfolio Management), from our Asset-Backed securities team provided a comprehensive understanding of the key aspects and trends within the Significant Risk Transfer (SRT) market.

Our investment grade team discussed social bonds in more detail and TwentyFour's approach to considering social factors in the companies that we invest in.

Our investment grade team discusses our longstanding carbon emissions engagement policy and its focus on collaborating with companies we believe we can influence. Our goal has been to shape their environmental journey over the medium to long term, leading to a reduction in carbon emissions.

Recent economic news may have created a sense of uncertainty across Europe, but Ellie Aylen from our Asset-Backed Securities (ABS) team offers a more optimistic view. According to low-level data from the Bank of England (BoE) and the European Central Bank (ECB), the actual performance is much more reassuring than what the headlines might suggest.

In his latest update on the European high yield market, a member of our Multi-Sector Bond team discusses two key topics: the Maturity Wall and Default Rates. He highlights that as interest rates continue to rise, default rates are projected to increase from 2.5% to around 3%.

Pauline Quirin, Portfolio Management, provides an update on the global Collateralised Loan Obligation (CLO) market, highlighting why we think CLOs are positioned to deliver the strongest performance across fixed income markets for the rest of the year.

We have consistently highlighted the benefits of higher interest rates for the European banking sector. However, the current outlook suggests that lower rates are anticipated going forward.

Eoin Walsh delivered the keynote address at TwentyFour Asset Management’s Annual Conference in London on September 10, 2024.

Positioning and fixed income markets have remained quite tricky this year, however credit markets have continued to perform very strongly. TwentyFour Asset Management's Eoin Walsh, discusses why he thinks there is opportunity within European credit despite the rate headwinds and pull back on some of the aggressive rate cutting expectations markets had at the start of the year.

TwentyFour Asset Management's Chris Bowie discusses the underweight duration across all of our outcome driven strategies, how this phase is now coming to an end, and why we are beginning to increase our interest rate duration in all of our funds.