ABS: An untapped source of yield
Doug Charleston, Co-Head ABS at TwentyFour Asset Management, explains why more investors could benefit from the enhanced yields available in asset-backed securities (ABS).
177.19
NAV
1.10%
The fund aims to provide an attractive level of income relative to prevailing interest rates whilst maintaining a strong focus on capital preservation. The fund aims to provide an attractive level of income relative to prevailing interest rates whilst maintaining a strong focus on capital preservation.
The Monument Bond Fund does not offer a capital guarantee or principal protection mechanism. Efforts to preserve the fund's capital will be focused on the selection of underlying mortgage European and Australian asset backed securities where the investment manager has a high degree of confidence as to the issuer's ability to repay the principal due.
A fund that invests across the full range of primarily European investment grade asset-backed securities (ABS).
Monument Bond Fund uses the natural advantages of the ABS asset class and a vastly experienced team to target stable, attractive returns with a strong focus on capital preservation.
Investment objective
The Fund aims to provide an attractive level of income relative to prevailing interest rates whilst maintaining a strong focus on capital preservation.
Why invest?
- ABS normally offers a higher yield for a given rating or maturity than more mainstream investments such as government or corporate bonds.
- ABS are virtually all floating rate, making them less sensitive to interest rate changes than fixed rate bonds.
- Features such as credit enhancement, loss-absorbing reserve funds, and the legal separation of issuer and asset pool are built-in protections for ABS investors.
- Transactions are highly transparent with detailed reports showing the performance of each loan in the asset pool, enabling investors to conduct their own research.
- ABS remains a poorly understood asset class, meaning those that put in the effort and expertise can be rewarded with a complexity premium.
Investment Team
Insights
Replay: Closed-ended investment company update - March 2026
In our latest closed-ended investment company update, George Curtis, Partner, Portfolio Management, and Aza Teeuwen, Partner, Co-Head of ABS, shared their insights on our TwentyFour Select Monthly Income Fund and TwentyFour Income Fund.
CLOs reprice as software and geopolitics test sentiment
Collateralised Loan Obligation (CLO) markets have repriced meaningfully over the past few weeks, with a sell-off in software-related loans leading to even more spread “tiering” as investors differentiate between managers with lower exposure to stressed sectors and those carrying more tail risk.
Replay: The Federal Reserve explained
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.
Replay: Can credit keep delivering?
After a constructive 2025 for fixed income markets, marked by falling interest rates and steady global growth, investors are looking ahead to what’s in store for 2026.
Softer ABS rating trend calls for caution despite strong fundamentals
Historically, one of the key sources of stability in European ABS has been ratings. The market has long seen upgrades consistently outnumber downgrades, even during periods of stress, most recently during Covid-19.
All data is as at 14 Oct 2024 unless otherwise indicated.
Historical performance (net return %)
Performance for calendar years
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I Acc (Net) GBP | 10.2% | -2.6% | 1.9% | 0.5% | 3.1% | 0.0% | 5.3% | 4.0% | -2.3% | 4.5% | 4.6% | 14.8% | -6.1% | 3.7% | 3.8% | NA |
Past performance is not a reliable indicator of future performance. The performance figures shown are in GBP on a mid-to-mid basis inclusive of net reinvested income and net of all fund expenses. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed.
The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
All data is as at 17 Apr 2026 unless otherwise indicated.
| Portfolio Manager | TwentyFour Asset Management LLP |
|---|---|
| Fund Domicile | United Kingdom |
| Type of Fund | UK Authorised UCITS Compliant OEIC |
| Share Class Currency | GBP |
| Year End | 31 March |
| Index | Bank of England SONIA Overnight Rate |
| Fund Launch Date | 10 Aug 2009 |
| Share Class Launch Date | 13 Aug 2009 |
| Distribution Type | Acc |
| Dealing | Daily |
| Minimum investment | 1,000.00 |
| ISA/SIPP Eligible | Yes |
| Fund Registrations | GB |
| Share Class Registrations | GB |
| Highest since launch | 177.19 |
|---|---|
| Lowest since launch | 99.71 |
| Fund size in mln. | 2,388.88 |
| Management Fee | 0.60% |
|---|---|
| OCF | 0.63% (25 Mar 2026) |
| ISIN | GB00B3V5V897 |
|---|---|
| Bloomberg | PTWFIIA LN |
| SEDOL | B3V5V89 |
| Authorised Corporate Director | Apex Fundrock Ltd |
|---|---|
| Auditor | Grant Thornton UK LLP |
| Depositary | Northern Trust Investor Services Limited |
| Registrar | Apex Fundrock Ltd |
Available Share Classes
| Share class | Currency | ISIN | Distrib. | Type | Launch date | Management Fee | OCF |
|---|---|---|---|---|---|---|---|
| A acc (Net) | GBP | GB00B3VH8W86 | Acc | Retail | 10 Aug 2009 | 1.05% | 1.08% (25 Mar 2026) |
| I Acc (Gross) | GBP | GB00B4XMPS34 | Acc | Institutional | 1 Dec 2009 | 0.60% | 0.63% (25 Mar 2026) |
| I Acc (Net) | GBP | GB00B3V5V897 | Acc | Institutional | 13 Aug 2009 | 0.60% | 0.63% (25 Mar 2026) |
| I Inc (Gross) | GBP | GB00B4XCQT18 | Dist | Institutional | 1 Dec 2009 | 0.60% | 0.63% (25 Mar 2026) |
| I Inc (Net) | GBP | GB00B3XVTT21 | Dist | Institutional | 13 Aug 2009 | 0.60% | 0.63% (25 Mar 2026) |
| L Acc (Gross) | GBP | GB00BDD9NJ41 | Acc | - | 7 Mar 2017 | 0.35% | 0.38% (25 Mar 2026) |
| L Acc (Net) | GBP | GB00BDD9NG10 | Acc | - | 19 May 2016 | 0.35% | 0.38% (25 Mar 2026) |
| L Inc (Gross) | GBP | GB00BDD9NH27 | Dist | - | 21 Sep 2016 | 0.35% | 0.38% (25 Mar 2026) |
| L Inc (Net) | GBP | GB00BDD9NF03 | Dist | - | 19 May 2016 | 0.35% | 0.38% (25 Mar 2026) |
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
Please refer to the current EMT file for the latest OCF.
* TER includes performance fee where applicable
All data is as at 14 Oct 2024 unless otherwise indicated.
Rating Structure
Country Weighting
Sector Exposure
Maturity Exposure
View all documents View latest documents
| Document | Date | EN |
|---|---|---|
| Factsheets & Commentaries | ||
| Factsheet | Mar 2026 | |
| Factsheet | Feb 2026 | |
| Monthly Commentary | Mar 2026 | |
| View more Factsheets & Commentaries View less Factsheets & Commentaries | ||
| TwentyFour | ||
| TwentyFour General Application Form | Jul 2023 | |
| UCITS KIIDs | ||
| KIID | Dec 2025 | |
| Legal Documents | ||
| Consumer Facing Disclosure | Jan 2025 | |
| Instrument of Incorporation | Jan 2025 | |
| Sales Prospectus | Apr 2026 | |
| Financial Reports | ||
| Annual Report | Mar 2025 | |
| Semi-Annual Report | Sep 2025 | |
RISKS
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
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Limited participation in the potential of single securities
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Success of single security analysis and active management cannot be guaranteed
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It cannot be guaranteed that the investor will recover the capital invested
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Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility
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The structure of ABS/MBS and the pools backing them might be intransparent which exposes the subfund to additional credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the subfund
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Typically, sub-investment grade securities will have a higher risk of default, and are generally considered to be more illiquid than investment grade securities
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Information on how environmental and social objectives are achieved and how sustainability risks are managed in this Fund may be obtained from here.
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The Sub-Fund’s investments may be subject to sustainability risks. The sustainability risks that the Sub-Fund may be subject to are likely to have an immaterial impact on the value of the Sub-Funds’ investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.
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The Sub-Funds' performance may be positively or negatively affected by its sustainability strategy.
Morningstar rating: © 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.