Insights & News


  • A Clearer Technical Picture

    The markets had an interesting day to digest yesterday, with elections in the Netherlands and an FOMC rate decision making for a potential bump in the road for the current rally. As it happens, it was only the UK government that suffered the bump, with Chancellor Philip Hammond falling victim to the Ides of March after being forced into an embarrassing U-turn of his proposed National Insurance tax rise; good […]

  • Default Rates

    It’s been a while since we commented on this, but as spread levels in European high yield converge on the post-global financial crisis lows that we hit in Q2 2014, we need to be confident that the default rate is continuing to be well anchored. Source: BAML   Here in Europe, the 12 month trailing default rate remains stable and importantly, at a very low level, with the February data showing […]

  • Riskless Rather Than Risk Off

    We have come to that point again when the risk-off portions of fixed income portfolios may well present us with much unwanted mark-to-market risk. The US market has rapidly responded to the various Fed Governor comments that a rates hike next week is now firmly on the cards, and that the pace of hiking in 2017 will be far more meaningful compared to the previous two years. US Treasury yields […]

  • Politics Takes Centre Stage

    If anyone is looking for an appetiser for what 2017 may bring us from a markets point of view, this weekend could be the perfect case study as politics takes centre stage. In Austria we have a re-run of the presidential election where Norbert Hofer the leader of the far right Freedom Party of Austria is standing against Alex van der Bellen of the Green Party. Polls suggest there is […]

  • Yields Higher, Time to Act?

    The last week has seen sharp moves in the world’s risk free rates driven by sentiment from across the Atlantic that the new Trump administration will initiate a large fiscal stimulus plan that will spur growth at the expense of inflation. A similar sentiment has been hanging over the gilt market, as participants anticipate the content of next week’s autumn statement by the new Chancellor. The market’s initial conclusions in […]

  • Cash Trumps Volatility

    Now that the dust is beginning to settle on the unexpected victory of Donald Trump in the US presidential election, investors are beginning to take stock of the market reaction and the new landscape they face. To recap on the volatility yesterday, much of which took place in the early hours as the electoral colleges began to announce their results, the Dow Jones equity futures dropped by almost 1,000 points […]

  • Senior Loan Officers Survey

    We have previously commented that the central banks’ surveys to their banking systems give us a really good guide to where we are in the cycle, as well as providing a great deal of colour on loan demand, supply and pricing. The US 3rd quarter survey, known as the Senior Loan Officers Survey was released on Monday, and was eagerly anticipated by us here at TwentyFour as prior surveys had […]

  • US elections and the search for a risk free asset

    The US election campaigning has been nothing short of sensational. As a patriotic American I have listened to the ever unfolding rhetoric with shock and fatigue and can understand why the world is following this race with real concern. We appear to be confronted with candidates that seem set on self-destruction with a varying combination of isolationism and anti-business rhetoric. So what impact will the US elections have on the […]

  • US $ Libor

    22nd September 2016 Previously we mentioned the spike in US $ 3 month Libor essentially acting as a rate hike in the US. The graph below shows that over the last 3 months we have seen an increase of 24 basis points in this important benchmark rate. The reason for this is a technical one, but one that may not go away in a hurry, which is why we think the […]

  • FOMC Thoughts

    Today is the start of the much awaited two day meeting of the Federal Reserve’s Open Market Committee, so what can we expect? Markets are currently placing just a 20% chance of a rate hike tomorrow, is that fair? To us that sounds low given the speeches that we’ve listened to from various Fed officials. Both Fischer and Yellen have hinted that two rate hikes this year are still possible, […]





Welcome to TwentyFour Asset Management LLP, an active asset manager in the fixed income market.

This website is intended solely for the use of professional investors and/or eligible counterparties and is not for general public distribution. If you are not a professional investor or eligible counterparty you should not view or seek to rely on any information contained in this website and should contact your financial adviser.

What type of investor are you?

What is your place of residence?

Are you a US citizen?

(Scroll down to read the special terms and conditions of use)

Terms & Conditions

Special Legal Information regarding the Investment Funds / Special Terms and Conditions of Use.

You must read the following information before proceeding. It provides information on some of the laws and regulations applicable to this website. If you do not understand or accept all provisions of the “Special Terms and Conditions of Use”, we kindly request for you to leave the TwentyFour AM website.

This website is directed exclusively at persons who are professional clients or eligible counterparties for the purposes of the handbook of rules and guidance issued from time to time by the FCA. ‘Professional clients’ are typically institutional investors, such as banks, insurance companies, pension funds and managers, collective investment schemes, local authorities, IFAs and large companies. Occasionally TwentyFour AM may be willing to treat an individual as an ‘elective’ professional client, where they have sufficient expertise, experience and knowledge, although where this is the case, it will be explicitly agreed between the relevant client and TwentyFour AM in writing. For the avoidance of doubt, any other individuals should consider themselves to be ‘retail clients’ and therefore should not view or seek to rely on any information contained in this website.

This website may contain information or documents which constitute a financial promotion for the purposes of the Financial Services and Markets Act 2000 and the FCA Rules.

TwentyFour AM neither provides investment advice to, nor receives and transmits orders from, investors in the Funds nor does it carry on any other activities with or for such investors that constitute “MiFID or equivalent third country business” for the purposes of the FCA Rules.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States. In case of doubt, please see the end of this document for a definition of “US Person”.

This website is not intended to constitute, and should not be construed as, investment advice. Potential investors in the Funds should seek their own independent financial advice. This website has been provided for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to on this website. This website is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Any decision to purchase securities or interests with respect to any of the Funds described on this website must be based solely upon the information contained in the Prospectus or Private Placement Memorandum for that Fund, including any supplements thereto, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements relating to such investments. Some or all alternative investment programmes may not be suitable for certain investors.

Although the information in this website is believed to be materially correct, no representation or warranty is given as to the accuracy of any of the information provided. Certain information included in this website is based on information obtained from sources considered to be reliable. However, any projections or analysis provided to assist the recipient of this website in evaluating the matters described on this website may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extent permitted by law, neither the Funds nor any of their agents, service providers or professional advisers assumes any liability or responsibility nor owes any duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this website or for any decision based on it.

Past performance is not a guide to future performance. The actual performance realised by any given investor will depend on, amongst other things, the Fund invested into, the class of shares/interests subscribed for, the period during which such shares/interests are held and in what currency such shares/interests are held. This website may include returns for various indices. These indices are not intended to be direct benchmarks for a particular Fund, nor are they intended to be indicative of the type of assets in which a particular Fund may invest. The assets invested in by the Funds will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile.

Details of the specific and general risks associated with each Fund are contained within the Prospectus and the Simplified Prospectus of the Fund. Among the risks we wish to call to the particular attention of prospective investors are the following:

  1. past performance is not a guide to future performance;
  2. the value of an investment and any 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;
  3. in order to offer a higher yield, a proportion of a Fund may be invested in higher risk securities that may increase the risk to your capital;
  4. in order to offer a higher yield, a proportion of a Fund may be invested in higher risk securities that may increase the risk to your capital;
  5. investments in fixed interest securities and bonds are subject to credit and market risk;
  6. the value of the underlying assets and therefore the value of shares in any Fund will be impacted by fluctuations in interest rates and the perceived credit risk of an issuer;
  7. investments may be concentrated in any one country, sector or issuer;
  8. a Fund may have a significant exposure to high yield bonds, emerging market bonds or non investment grade or unrated bonds at any time;
  9. non-investment grade bonds may increase the risk to capital;
  10. derivatives may be used to achieve Fund objectives and allocations may vary significantly over time;
  11. the yield or the capital value of a Fund (or both) can fluctuate and investors may not get back their original investment;
  12. in the case of any new Funds, there is a risk that if the anticipated size of the Fund is not achieved, the proportion of charges and expenses allocated to the investment may be higher and the value of the investment consequently reduced;
  13. investments in foreign markets are subject to special currency, political and economic risks;
  14. exchange rates may cause the value of underlying overseas investments to go down or up; and
  15. investments in emerging markets may be more volatile than other markets and the risk to capital is therefore greater; additionally, the economic and political situations may be more volatile than in established economies which may adversely influence the value of investments made.

You should be aware that the internet is not a completely reliable transmission medium. We shall not have any liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the services provided herein.

Messages that you send to us by e-mail may not be secure. We recommend that you do not send any confidential information to us by e-mail. If you choose to send any confidential information to us via e-mail you do so at your own risk with the knowledge that a third party may intercept this information. Instructions sent by you via e-mail and to the Site are processed exclusively at your risk.

If you are unsure about the meaning of any information provided on this website, then please consult your financial or other professional adviser. We do not offer investment advice.

Otherwise than as specifically set out, the information on this website must in no circumstances be copied, reproduced or redistributed in whole or in part. You may download or print copies of some of the documentation contained on this website for your own private use only, provided that you do not change any copyright, trademark or other proprietary notices. All intellectual and other property information contained in this website shall continue to be held by us and no rights of any kind in it shall pass to you.

Please choose an option for all questions.