TwentyFour

With risk assets rallying hard in the early weeks of 2023, Chris Holman reviews fundamentals in high yield bonds to see if recent performance has left any value in the market.

With Norinchukin Bank reportedly looking again at CLOs, Aza Teeuwen looks at the potential impact the return of the one of the market’s biggest buyers might have on spreads.

Strong performance across markets in January has left some investors feeling they’ve missed out on the rally in bonds. No need to worry, says Felipe Villarroel.

With inflation and rate hikes dominating markets in 2022, European ABS proved to be a valuable allocation for fixed income investors wishing to avoid unwanted yield curve related volatility.

When Wall Street’s army of analysts were publishing their outlooks for 2023 back in November, there was very little love for Europe.

TwentyFour Portfolio Manager, George Curtis, provides an update on the Multi-Sector teams current investment themes and macro outlook before looking at the performance and portfolio positioning of the Vontobel Fund – TwentyFour Strategic Income Fund.

As we enter 2023, we think there is good reason for fixed income investors to be positive. This is especially true in investment grade where issuers are typically higher quality, less leveraged and generally have a lower cost of funding than HY issuers.

While yields have soared in recent months and created a broad buying opportunity in fixed income, Aza Teeuwen says investors should look at floating rate bonds to benefit from higher coupons today.

With commercial real estate seen to be in the eye of the storm as interest rates rise, Aza Teeuwen looks at the potential impact on CMBS and CRE loans and highlights where valuations could be most at risk.

TwentyFour AM portfolio manager Jack Daley discusses Q4 performance for Investment Grade markets and provides his outlook for 2023.

TwentyFour Portfolio Manager, Pierre Beniguel, discusses recent market developments in Q4 2022 and provides his outlook for the year ahead.

TwentyFour Partner and Portfolio Manager, Douglas Charleston, describes the developments of the ABS market in Q4 2022.