Market Update

March 6, 2023, marks the 10th anniversary of the TwentyFour Income Fund (TFIF) being listed on the London Stock Exchange with a £150m capital raise.

When Wall Street’s army of analysts were publishing their outlooks for 2023 back in November, there was very little love for Europe.

TwentyFour Portfolio Manager, Pierre Beniguel, discusses recent market developments in Q4 2022 and provides his outlook for the year ahead.

TwentyFour Partner and Portfolio Manager, Douglas Charleston, describes the developments of the ABS market in Q4 2022.

TwentyFour AM portfolio manager Jack Daley discusses Q4 performance for Investment Grade markets and provides his outlook for 2023.

While European ABS was not immune to negative returns amid the considerable fixed income headwinds of 2022, it gave investors largely what they look to this allocation for – lower volatility and better performance than mainstream bonds.

The TwentyFour Advent Calendar is a collection of 24 stats telling the story of fixed income this year. The calendar covers everything from yields and issuance records to fund flows and inflation figures, and our ESG filter has even ruled out lumps of coal.

With investors caught between inflation and recession, Chris Bowie argues current valuations in short term, investment grade bonds can offer portfolios both downside protection and attractive yields.

While rising interest rates are generally positive news for European ABS due to the resulting increase in their floating rate coupons, the substantial volatility in UK government bonds recently has seen ABS spreads widen, we believe due in large part to the popularity of the asset class with pension funds as a liquid fixed income allocation alternative.

George Curtis looks at market conditions in the third quarter of 2022 and his expectations for the rest of the year.

TwentyFour Portfolio Manager, Johnathan Owen, explains how investment grade markets have performed in Q3 2022.

TwentyFour Partner and Portfolio Manager, Douglas Charleston, explains how ABS markets have performed in Q3 2022 and provides his outlook for the rest of the year.