Insights & News

Chris Bowie

  • Would An Independent Scotland Be In The PIIGS?

    During the 2010 euro bailouts and subsequent 2011 sovereign crisis, investors became so concerned about exposure to the euro bailout countries of Portugal, Ireland, Italy, Greece and Spain, that the acronym ‘PIIGS’ was coined. The most common question in meetings I had with investors during that period was “What is your PIIGS exposure?”. Is it now time for the membership of PIIGS to change? It might just be, for two […]

  • Fund manager profile – Chris Bowie

    Read the recent Portfolio adviser interview with Chris Bowie here

  • Gilts Go Grizzly

    Just two months ago, in Gilts Go Gangbusters, we argued that having long-dated conventional Gilts with cash prices of over 200 was unsustainable in the long term. How wrong we were – because they weren’t sustainable in the short term either.  In the last two months, long-dated Gilts have seen cash prices fall by thirty points or more and the pace of the fall has surprised even ourselves.  Far from […]

  • Will September See The Primary Market On Fire?

    Given today is the 350th anniversary of the Great Fire of London, and that in little over a month we are moving offices to be right next to The Monument to that historic fire, it is incumbent on me to get as many incendiary references as possible into today’s blog.  But please note we are implementing a strict no smoking policy at the new offices as we don’t want The […]

  • Gilts Go Gangbusters

    On Thursday, two days after the Bank of England failed to buy as many long dated gilts as it wanted to (no I’m not going off on one about liquidity again, but it does illustrate our point), we note a strange technical quirk in terms of gilt cash prices at the long end of the yield curve. Bearing in mind that gilts, like most bonds, are issued at 100 (or […]

  • Carney More Than Blows The Doors Off

    For anyone familiar with the late 60’s crime caper “The Italian Job”, starring Michael Caine, there is a great line where Caine remonstrates with his explosives expert that he was only “supposed to blow the bloody doors off!” instead of demolishing the security van, when he is prototyping how much explosives to use in gaining entry to the stash of gold. With the announcements today, Carney has more than blown […]

  • Booze and Fags

    Before and after the EU Referendum much has been speculated about what would happen to the sterling credit markets in terms of bond issuance. Some commentators had suggested that issuance would dry up as corporates tapped the euro or dollar markets instead, or that investors would stay away from the pound, or were too nervous to commit capital to potentially loss making investments. Well yesterday we had our answer: things […]

  • Short call risk? Sent to Coventry…

    For some time now we have preferred our short end yield curve exposure to be mostly located in 3, 4 and 5 year maturities. This has been for two reasons: firstly the credit curve is significantly steep, and therefore the additional carry and roll-down opportunities compared to near term maturities are very attractive; and secondly given the continuing risks of domestic economic strength in the US teasing the Fed into […]

  • US Jobless Claims: The Canary in the mine?

    Yesterday the US Department of Labor reported that 247,000 people had filed the preceding week as being jobless for the first time.  This is the lowest number since 1973 (see chart below).  Admittedly, the seasonal adjustments often struggle with years where Easter falls early, and that was the case this year so some of this could be noise, but given that the unemployment rate is now exactly half that of […]

  • Volkswagen

    Today’s press release from the European Automobile Manufacturers Association (ECEA) makes for fantastic reading.  March car sales across the European Union in March were staggering, rising +6% YoY, marking the 31st consecutive month of growth.  As the report itself states, this is close to March 2007 levels, just before the financial crisis hit.  Across the European Union, strength looks broad based, as shown below: Particular highlights include Cyprus +37.1%, Portugal +31.8%, […]

Chris Bowie, Partner & Portfolio Manager

Chris Bowie

Partner, Portfolio Manager

Chris is one of the partners at TwentyFour, joining in September 2014 to create and manage the Outcome and Index Driven business line. This business line sits between the ABS and Unconstrained strategies and tends to have greater exposure to interest rate sensitive bonds, where the active management of duration risk is a key determinant of absolute and relative performance.

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