Multi-Sector Bonds

The German government has been quite an active and bold one since it took office some 15 months ago.

Multi-Asset Credit (MAC) is an active, unconstrained fixed income strategy that targets higher returns for investors who accept greater market and credit risk.

Elon Musk’s SpaceX has given markets a rare opportunity to test risk appetite across credit and equity in recent days, having followed its blockbuster initial public offering (IPO) with a bond market debut.

The conflict in Iran has driven a sharp repricing at the front-end of rates markets, pushing central bank expectations from cuts to hikes in a matter of weeks. While the reaction is understandable given the inflationary impact, the scale of the move has left front-end yields on a more attractive footing.

TwentyFour Asset Management’s Felicity Juckes discusses how geopolitics, inflation and shifting risk sentiment shaped fixed income markets in the first quarter of 2026, and why the focus has remained on high‑quality credit.

As fixed income investors, our focus is on how the shock ripples through the variables that matter most for bonds: inflation, growth, and how central banks respond.

Foreign exchange markets have taken centre stage again in recent weeks. President Trump’s apparent indifference to the relatively steep dollar depreciation trend of late has raised a few eyebrows and added fuel to the dollar fire.

Recent developments involving Federal Reserve (Fed) Chair Jerome Powell have raised fresh questions around central bank independence, the politicisation of monetary policy, and the future of Fed leadership, particularly with his term as Chair due to expire in May 2026.

TwentyFour Asset Management’s Felicity Juckes shares her take on volatility in Q4 and why we remain optimistic on credit heading into 2026.

It is the nature of financial markets that the trends and risks investors have their eye on at the start of the year are seldom the trends and risks they have their eye on by the end. Below is a selection of charts depicting some key trends we have seen develop in 2025, all of which we believe will have implications for investors heading into 2026.

As we approach the end of a year that has seen risk assets shrug off US tariffs and mounting concerns over AI-driven tech valuations, TwentyFour Asset Management’s portfolio management team selects the seven key questions that they believe will define 2026 for fixed income investors.

October brought the first serious bout of volatility in corporate bond markets for some time, with two high-profile US bankruptcies raising fears of a more systemic issue in credit.