Multi-Sector
The Multi-Sector funds aim to provide an attractive level of income and an opportunity for capital growth throughout the economic cycle.
Multi-Sector Bond Quarterly Update – October 2024
George Curtis from the Multi-Sector Bond (MSB) team at TwentyFour Asset Management reflects on the third quarter of 2024 and its impact on credit and equity markets. Despite some mid-quarter volatility, overall performance remained strong, with government bonds leading the way.
Key takeaways
Multi-Sector Bond market performance
- Despite mid-quarter volatility, overall performance in Q3 2024 was strong
- Government bonds led the way, with yields at higher-than-average levels
- Market sentiment improved in September, driven by several positive developments. US unemployment data remained stable, and the Federal Reserve (Fed) initiated its rate-cutting cycle with a 50 basis point cut following the September Federal Open Market Committee meeting. Additionally, we saw more positive headlines from China, which had been underperforming over the past few quarters
Market outlook
- Overall Q3, was a strong one for credit and rates markets and we see the continued potential in government bonds heading into the rest of the year
- We believe fixed income is a very attractive place, particularly with yields currently offering higher than long term averages
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