An introduction to global CLOs
Collateralised loan obligations, or CLOs, have become an increasingly popular asset class within global fixed income.
117.43
NAV
1.94%
Investment objective
Key features
Approach
This bond fund aims to provide an attractive level of income relative to prevailing interest rates, while maintaining a strong focus on capital preservation and respecting risk diversification.
Key features
The fund invests with a focus on Europe in fixed-income securities, particularly asset-backed securities, in various currencies of diverse issuers of good quality (at least low investment grade). The fund can use derivative financial instruments for hedging purposes.
Approach
The experienced and diverse investment team focuses initially on capital preservation, avoiding defaults and mitigating volatility, as well as accessing an attractive revenue stream on a risk-adjusted basis. The team drives this by a thorough analysis of fundamental credit risk as well as by the liquidity profile of each position and the relative value present in the portfolio compared to the market. The team extensively mitigates interest-rate and currency risks by investing solely in floating-rate bonds and hedging currency exposures.
A fund that invests across the full range of investment grade European ABS.
Vontobel Fund - TwentyFour Asset Backed Securities uses the natural advantages of the asset class and a vastly experienced team to target stable, attractive returns.
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, meaning they are naturally expected to be far less volatile than fixed rate bonds in periods when interest rates are rising.
- Built-in investor protection features such as credit enhancement, loss-absorbing reserve funds and the legal separation of issuer and asset pool.
- High transparency with transaction reports detailed enough to view the performance of each individual loan in the asset pool, enabling investors to conduct their own research.
- ABS remains a largely under-researched and poorly understood asset class, meaning those that put in the effort and expertise can be rewarded with a complexity premium.
Investment Team
Insights
TwentyFour Global CLOs Webinar - July 2025
Aza Teeuwen (Partner, Co-Head of ABS) and Elena Rinaldi (Portfolio Management) hosted a webinar on Wednesday 9 July 2025, where they shared insights into recent trends in global CLOs.
New issuers add welcome depth to UK RMBS
The UK Prime RMBS market has continued to evolve in 2025, with a broadening of its participant base driven by the entrance of two new sponsors (Nottingham Building Society and Newcastle Building Society) which have both priced inaugural deals this year.
SRTs not sounding any alarms - despite the headlines
Last Friday, the European Banking Authority (EBA) published its semi-annual Risk Assessment Report. It is always a good read, as it provides a summary of trends in the banking sector and highlights risks that might be emerging in parts of the banking system.
Reform proposals bring fresh hope of deeper ABS market
Blog posts about regulation rarely trouble our most-read charts, but on this occasion we think the payback on time invested looks more compelling.
Watching spreads and structures as ABS momentum builds
Last week marked another record-breaking year for the securitisation industry as over 5,500 market participants gathered in Barcelona for the annual Global ABS conference, surpassing last year’s attendance and reflecting the growing momentum across both public asset-backed securities (ABS) and private asset-backed finance (ABF) markets.
All data is as at 31 May 2025 unless otherwise indicated.
Fund performance
Cumulative performance
| 1M | YTD | 1Y | 3 yrs p.a. | 5 yrs p.a. | Since Inception | |
|---|---|---|---|---|---|---|
| I EUR | 0.8% | 1.4% | 4.4% | 4.7% | 3.6% | 16.9% |
Performance for calendar years
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| I EUR | 6.7% | 8.4% | -4.5% | 1.7% | -0.1% | 2.0% | -1.1% | NA | NA | NA |
Portfolio characteristics
| Portfolio | |||||
|---|---|---|---|---|---|
| Volatility | 2.5% | ||||
| Sharpe Ratio | 0.7 | ||||
| Information Ratio | |||||
| Credit duration | 2.9 | ||||
| Average Rating | AA- | ||||
| Yield To Maturity | 3.7% | ||||
| [3 years annualized] | |||||
All data is as at 10 Jul 2025 unless otherwise indicated.
| Portfolio Manager | TwentyFour Asset Management LLP |
|---|---|
| Fund Domicile | Luxembourg |
| Fund Currency | EUR |
| Share Class Currency | EUR |
| Risk Level | 2.00 (16 Jun 2025) |
| Year End | 31 August |
| Share Class Launch date | 27 Jun 2017 |
| Distribution Type | Accumulating |
| Swing pricing | Yes |
| SFDR Classification | Article 8 |
| Fund Registrations | AT, CH, DE, DK, ES, FI, FR, GB, IT, LI, LU, NL, NO, SE, SG |
| Share Class Registrations | CH, DE, DK, ES, FI, FR, GB, IT, LI, LU, NL, NO, SE, SG |
| Highest since launch | 117.63 |
|---|---|
| Lowest since launch | 94.41 |
| Fund size in mln. | EUR 221.37 |
| Share class size in mln. | EUR 81.00 |
| Management fee | 0.50% |
|---|---|
| TER* | 0.65% (28 Feb 2025) |
| OCF | 0.65% (28 Feb 2025) |
| ISIN | LU1602255561 |
|---|---|
| Valor | 36484858 |
| Bloomberg | VONTFIE LX |
| SEDOL | BYVXB35 |
| WKN | A2DTWS |
| Depository | State Street Bank International GmbH (Luxembourg Branch) |
|---|---|
| Management Company | Vontobel Asset Management SA, Luxembourg |
| Swiss Paying Agent | Bank Vontobel AG |
| Swiss Representative | Vontobel Fonds Services AG |
Available Share Classes
| Share class | Currency | ISIN | Distrib. | Type | Launch date | Management fee | TER* | OCF |
|---|---|---|---|---|---|---|---|---|
| A | EUR | LU1882612564 | Distributing | Retail | 5 Nov 2018 | 1.00% | 1.19% (28 Feb 2025) | 1.19% (28 Feb 2025) |
| AHI (hedged) | GBP | LU2388185246 | Distributing | Institutional | 6 Oct 2021 | 0.50% | 0.68% (28 Feb 2025) | 0.67% (28 Feb 2025) |
| AQHG (hedged) | GBP | LU2388185089 | Distributing | Institutional | 6 Oct 2021 | 0.35% | 0.53% (28 Feb 2025) | 0.52% (28 Feb 2025) |
| AQHNG (hedged) | GBP | LU2388184868 | Distributing | Retail | 6 Oct 2021 | 0.35% | 0.57% (28 Feb 2025) | 0.56% (28 Feb 2025) |
| HG (hedged) | GBP | LU2388185162 | Accumulating | Institutional | 6 Oct 2021 | 0.35% | 0.53% (28 Feb 2025) | 0.52% (28 Feb 2025) |
| HI (hedged) | USD | LU1602256700 | Accumulating | Institutional | 27 Jun 2017 | 0.50% | 0.68% (28 Feb 2025) | 0.67% (28 Feb 2025) |
| HI (hedged) | GBP | LU2388185329 | Accumulating | Institutional | 6 Oct 2021 | 0.50% | 0.68% (28 Feb 2025) | 0.67% (28 Feb 2025) |
| HI (hedged) | CHF | LU1602256296 | Accumulating | Institutional | 27 Jun 2017 | 0.50% | 0.68% (28 Feb 2025) | 0.67% (28 Feb 2025) |
| HN (hedged) | GBP | LU1882613372 | Accumulating | Retail | 5 Nov 2018 | 0.50% | 0.72% (28 Feb 2025) | 0.71% (28 Feb 2025) |
| HN (hedged) | CHF | LU1882613299 | Accumulating | Retail | 5 Nov 2018 | 0.50% | 0.72% (28 Feb 2025) | 0.71% (28 Feb 2025) |
| HNG (hedged) | GBP | LU2388184942 | Accumulating | Retail | 6 Oct 2021 | 0.35% | 0.57% (28 Feb 2025) | 0.56% (28 Feb 2025) |
| I | EUR | LU1602255561 | Accumulating | Institutional | 27 Jun 2017 | 0.50% | 0.65% (28 Feb 2025) | 0.65% (28 Feb 2025) |
| N | EUR | LU1882613026 | Accumulating | Retail | 5 Nov 2018 | 0.50% | 0.69% (28 Feb 2025) | 0.69% (28 Feb 2025) |
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
* TER includes performance fee where applicable
All data is as at 31 May 2025 unless otherwise indicated.
Rating Structure
Regional Exposure
Major Sectors
Maturity Structure
| Maturity | Weighting | |
|---|---|---|
| Cash & Equiv | 1.3% | |
| 0 - 1 yrs | 7.4% | |
| 1 - 3 yrs | 44.1% | |
| 3 - 5 yrs | 29.1% | |
| 5 - 7 yrs | 14.7% | |
| 7 - 10 yrs | 3.4% | |
| 10 - 15 yrs | % |
View all documents View latest documents
| Document | Date | EN |
|---|---|---|
| Factsheets & Commentaries | ||
| Factsheet | May 2025 | |
| Monthly Commentary | May 2025 | |
| UCITS KIIDs | ||
| Key Investor Information Document (KIID) | Jun 2025 | |
| Key Investor Information Document (KIID) | May 2025 | |
| Legal Documents | ||
| AGM EGM invitation | Jan 2025 | |
| AGM EGM invitation | Jan 2024 | |
| AGM EGM invitation | Jan 2023 | |
| AGM EGM invitation | Jan 2022 | |
| AGM EGM invitation | May 2021 | |
| AGM EGM invitation | Jan 2021 | |
| AGM EGM invitation | Jan 2020 | |
| Articles of Association | Apr 2016 | |
| Notification to Investors | Apr 2025 | |
| Notification to Investors | Dec 2024 | |
| Notification to Investors | Oct 2024 | |
| Notification to Investors | Sep 2024 | |
| Notification to Investors | Jun 2024 | |
| Notification to Investors | May 2023 | |
| Notification to Investors | Dec 2022 | |
| Notification to Investors | Nov 2022 | |
| Notification to Investors | Jan 2022 | |
| Notification to Investors | Sep 2021 | |
| Notification to Investors | Jul 2021 | |
| Notification to Investors | May 2021 | |
| Notification to Investors | Mar 2021 | |
| Notification to Investors | Feb 2021 | |
| Notification to Investors | Nov 2019 | |
| Sales Prospectus | May 2025 | |
| View more Legal Documents View less Legal Documents | ||
| Sustainability Related Disclosures | ||
| Exclusion Framework | May 2025 | |
| Periodic Disclosure | Aug 2024 | |
| Pre-contractual Disclosure | May 2025 | |
| Statement on principal adverse impacts of investment decisions on sustainability factors | Jun 2025 | |
| Sustainability Related Disclosures | May 2025 | |
| Financial Reports | ||
| Annual Distribution | Nov 2024 | |
| Annual Report | Aug 2024 | |
| Distribution Dates | Jan 2025 | |
| Quarterly Distribution | Jun 2025 | |
| Quarterly Distribution | Mar 2025 | |
| Quarterly Distribution | Dec 2024 | |
| Quarterly Distribution | Sep 2024 | |
| Quarterly Distribution | Jun 2024 | |
| Quarterly Distribution | Mar 2024 | |
| Semi-Annual Report | Feb 2025 | |
| Semi Annual Distribution | Apr 2025 | |
| Semi Annual Distribution | Apr 2024 | |
| Semi Annual Distribution | Apr 2023 | |
| UK Tax Reporting | Aug 2024 | |
| UK Tax Reporting | Aug 2023 | |
| UK Tax Reporting | Aug 2022 | |
| View more Financial Reports View less Financial Reports | ||
| Dealing Information | ||
| Holiday Calendar 2025 | Jan 2025 | |
| Order Subscription Form | Oct 2024 | |
| Insights | ||
| Solvency II and Asset Backed Securities | Nov 2017 | |
| Policies | ||
| Sanctioned Countries | Oct 2022 | |
| Shareclass Naming Convention | Jan 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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Interest rates may vary, bonds suffer price declines on rising interest rates
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Investments in foreign currencies are subject to currency fluctuations
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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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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.
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The ability to meet social or environmental objectives might be affected by incomplete or inaccurate data from third-party providers.
Morningstar rating: © 2025 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.