An introduction to global CLOs
Collateralised loan obligations, or CLOs, have become an increasingly popular asset class within global fixed income.
79.79
NAV
1.32%
Investment objective
Key features
Approach
This bond fund aims to achieve an attractive level of income and capital growth over a full economic cycle, while respecting risk diversification.
Key features
The fund invests worldwide in a variety of government bonds, supranational bonds, investment-grade and high-yield corporate bonds, emerging market bonds, contingent convertible bonds, and asset-backed securities, denominated in various currencies. At the point of purchase, exchange rate risks against the fund currency are fully hedged. The fund can use derivative financial instruments for hedging purposes.
Approach
The experienced investment team takes a high-conviction approach to finding the best relative-value opportunities available in the investment universe, based on rigorous macro-economic and technical analyses combined with detailed credit analysis. Striving to benefit throughout the credit cycle from both rising and declining rate environments, the team flexibly allocates interest-rate and credit risks in line with their continuous assessment of market conditions and future developments. They also use interest-rate and credit derivatives to either optimize or reduce exposures.
A global, long-only strategic bond fund targeting attractive returns throughout the economic cycle.
Vontobel Fund - TwentyFour Strategic Income Fund (SIF) is a global and flexible fund that seeks value from across the global bond markets. SIF is designed as a core fixed income allocation to be held throughout the economic cycle. The managers’ approach is dynamic and high conviction, aiming to ensure the portfolio can adapt to target new opportunities and mitigate risks as market conditions evolve.
Investment objective
The Fund aims to provide an attractive level of income, along with an opportunity for capital growth by investing in a broad range of bonds and fixed income instruments.
Why invest?
- The primary goal is an attractive level of income at all times, with a secondary goal of capital growth where conditions permit.
- A global and flexible fund not tied to any benchmark.
- An investment universe spanning government bonds, investment grade, high yield and emerging markets, as well as more specialist sectors such as subordinated financials and asset-backed securities.
- High conviction approach seeks relative value by geography, sector, bond issuer and type of bond, looking to capture alpha from the bottom-up as well as top-down.
- Long-only and unlevered, but with a hedging toolkit available for managing currency, interest rate and credit risk.
Investment Team
Insights
Selectivity pays as European high yield hits record
Primary issuance in the European high yield (HY) market surged in June with €21.2bn of supply marking the highest monthly volume on record.
European fixed income offers value, not just diversification
The turbulent start to 2025 has sent many investors seeking alternatives to US assets, but in our view European fixed income can offer more than just diversification.
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.
Flash Fixed Income: Rates calm before the storm?
Softer US economic data means the pressures on UST yields now look more balanced, but headlines around President Trump’s pick for the next Fed chair are just one reason investors should expect rates volatility to continue.
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.
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 | |
|---|---|---|---|---|---|---|
| AHN (hedged) CHF | 0.6% | 0.4% | 3.1% | 1.4% | 1.0% | 6.8% |
Performance for calendar years
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| AHN (hedged) CHF | 4.6% | 5.9% | -14.5% | 1.2% | 6.7% | 7.4% | -4.1% | NA | NA | NA |
Portfolio characteristics
| Portfolio | |||||
|---|---|---|---|---|---|
| Volatility | 7.7% | ||||
| Sharpe Ratio | |||||
| Information Ratio | |||||
| Credit duration | 3.0 | ||||
| Average Rating | BBB+ | ||||
| Yield To Maturity | 6.6% | ||||
| [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 | GBP |
| Share Class Currency | CHF |
| Risk Level | 4.00 (5 Feb 2025) |
| Year End | 31 August |
| Share Class Launch date | 4 Oct 2017 |
| Distribution Type | Distributing |
| Last distribution | 4.20 (26 Nov 2024) |
| SFDR Classification | Article 8 |
| Fund Registrations | AT, CH, DE, DK, ES, FI, FR, GB, IE, IT, LI, LU, NL, NO, PT, SE, SG |
| Share Class Registrations | AT, CH, DE, ES, FR, GB, LU, SG |
| Highest since launch | 101.93 |
|---|---|
| Lowest since launch | 76.37 |
| Fund size in mln. | GBP 4,945.95 |
| Share class size in mln. | CHF 30.04 |
| Management fee | 0.60% |
|---|---|
| TER* | 0.77% (28 Feb 2025) |
| OCF | 0.77% (28 Feb 2025) |
| ISIN | LU1683482407 |
|---|---|
| Valor | 38291774 |
| Bloomberg | VOTFAHN LX |
| WKN | A2JKPJ |
| 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 |
|---|---|---|---|---|---|---|---|---|
| AH (hedged) | EUR | LU1380459518 | Distributing | Retail | 23 Mar 2016 | 1.20% | 1.37% (28 Feb 2025) | 1.37% (28 Feb 2025) |
| AH (hedged) | USD | LU1380459609 | Distributing | Retail | 23 Mar 2016 | 1.20% | 1.37% (28 Feb 2025) | 1.37% (28 Feb 2025) |
| AHN (hedged) | EUR | LU1734078311 | Distributing | Retail | 11 Dec 2017 | 0.60% | 0.77% (28 Feb 2025) | 0.77% (28 Feb 2025) |
| AHN (hedged) | CHF | LU1683482407 | Distributing | Retail | 4 Oct 2017 | 0.60% | 0.77% (28 Feb 2025) | 0.77% (28 Feb 2025) |
| AQ | GBP | LU1695534591 | Distributing | Retail | 10 Oct 2017 | 1.20% | 1.34% (28 Feb 2025) | 1.34% (28 Feb 2025) |
| AQG | GBP | LU1322872018 | Distributing | Institutional | 30 Nov 2015 | 0.45% | 0.55% (28 Feb 2025) | 0.55% (28 Feb 2025) |
| AQH (hedged) Gross | USD | LU1695534674 | Distributing | Retail | 10 Oct 2017 | 1.20% | 1.37% (28 Feb 2025) | 1.37% (28 Feb 2025) |
| AQH (hedged) Gross | EUR | LU1695534757 | Distributing | Retail | 10 Oct 2017 | 1.20% | 1.37% (28 Feb 2025) | 1.37% (28 Feb 2025) |
| AQHG (hedged) | EUR | LU1816229899 | Distributing | Institutional | 18 May 2018 | 0.45% | 0.58% (28 Feb 2025) | 0.58% (28 Feb 2025) |
| AQHG (hedged) | USD | LU1816230046 | Distributing | Institutional | 18 May 2018 | 0.45% | 0.58% (28 Feb 2025) | 0.58% (28 Feb 2025) |
| AQHI (hedged) | USD | LU1331792082 | Distributing | Institutional | 18 Dec 2015 | 0.60% | 0.73% (28 Feb 2025) | 0.73% (28 Feb 2025) |
| AQHN (hedged) | EUR | LU1325135033 | Distributing | Retail | 30 Nov 2015 | 0.60% | 0.77% (28 Feb 2025) | 0.77% (28 Feb 2025) |
| AQHNG (hedged) | EUR | LU1325134226 | Distributing | Retail | 30 Nov 2015 | 0.45% | 0.62% (28 Feb 2025) | 0.62% (28 Feb 2025) |
| AQHNG (hedged) | USD | LU1451580523 | Distributing | Retail | 22 Jul 2016 | 0.45% | 0.62% (28 Feb 2025) | 0.62% (28 Feb 2025) |
| AQN | GBP | LU1322871630 | Distributing | Retail | 30 Nov 2015 | 0.60% | 0.74% (28 Feb 2025) | 0.74% (28 Feb 2025) |
| AQNG | GBP | LU1695534328 | Distributing | Retail | 10 Oct 2017 | 0.45% | 0.59% (28 Feb 2025) | 0.59% (28 Feb 2025) |
| G | GBP | LU1322871713 | Accumulating | Institutional | 30 Nov 2015 | 0.45% | 0.55% (28 Feb 2025) | 0.55% (28 Feb 2025) |
| H (hedged) | USD | LU1695535135 | Accumulating | Retail | 10 Oct 2017 | 1.20% | 1.37% (28 Feb 2025) | 1.37% (28 Feb 2025) |
| H (hedged) | EUR | LU1551754515 | Accumulating | Retail | 31 Jan 2017 | 1.20% | 1.37% (28 Feb 2025) | 1.37% (28 Feb 2025) |
| HG (hedged) | EUR | LU1717117623 | Accumulating | Institutional | 10 Nov 2017 | 0.45% | 0.58% (28 Feb 2025) | 0.58% (28 Feb 2025) |
| HG (hedged) | USD | LU1717117896 | Accumulating | Institutional | 10 Nov 2017 | 0.45% | 0.58% (28 Feb 2025) | 0.58% (28 Feb 2025) |
| HI (hedged) | USD | LU1325144027 | Accumulating | Institutional | 30 Nov 2015 | 0.60% | 0.73% (28 Feb 2025) | 0.73% (28 Feb 2025) |
| HI (hedged) | EUR | LU1325141510 | Accumulating | Institutional | 30 Nov 2015 | 0.60% | 0.73% (28 Feb 2025) | 0.73% (28 Feb 2025) |
| HN (hedged) | USD | LU1767066431 | Accumulating | Retail | 9 Feb 2018 | 0.60% | 0.77% (28 Feb 2025) | 0.77% (28 Feb 2025) |
| HNG (hedged) | EUR | LU1325133921 | Accumulating | Retail | 30 Nov 2015 | 0.45% | 0.62% (28 Feb 2025) | 0.62% (28 Feb 2025) |
| HNG (hedged) | USD | LU1695535051 | Accumulating | Retail | 10 Oct 2017 | 0.45% | 0.62% (28 Feb 2025) | 0.62% (28 Feb 2025) |
| I | GBP | LU1322871390 | Accumulating | Institutional | 30 Nov 2015 | 0.60% | 0.70% (28 Feb 2025) | 0.70% (28 Feb 2025) |
| N | GBP | LU1322871556 | Accumulating | Retail | 30 Nov 2015 | 0.60% | 0.74% (28 Feb 2025) | 0.74% (28 Feb 2025) |
| NG | GBP | LU1322871986 | Accumulating | Retail | 30 Nov 2015 | 0.45% | 0.59% (28 Feb 2025) | 0.59% (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 | 0.9% | |
| 0 - 1 yrs | 8.6% | |
| 1 - 3 yrs | 19.0% | |
| 3 - 5 yrs | 18.5% | |
| 5 - 7 yrs | 16.1% | |
| 7 - 10 yrs | 28.8% | |
| 10 - 15 yrs | 1.0% | |
| 15+ yrs | 7.1% |
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) | 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 | 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 | Mar 2024 | |
| 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 | |
| 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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Investment universe may involve investments in countries where the local capital markets may not yet qualify as recognised capital market
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Investments in foreign currencies are subject to currency fluctuations
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Money market investments are associated with risks of a money market, such as interest rate fluctuations, inflation risk and economic instability
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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.