TwentyFour Asset Management LLP

We are delighted to share that three of TwentyFour Asset Management LLP’s employees have been announced as finalists for the Investment Week 2024 Women in Investment Awards. They are listed in the following categories: - Elena Rinaldi, CFA for 𝗙𝘂𝗻𝗱 𝗠𝗮𝗻𝗮𝗴𝗲𝗿 𝗼𝗳 𝘁𝗵𝗲 𝗬𝗲𝗮𝗿 (𝘀𝗺𝗮𝗹𝗹 𝘁𝗼 𝗺𝗲𝗱𝗶𝘂𝗺 𝗳𝗶𝗿𝗺𝘀) - Pauline Quirin, CFA for 𝗥𝗶𝘀𝗶𝗻𝗴 𝗦𝘁𝗮𝗿 𝗼𝗳 𝘁𝗵𝗲 𝗬𝗲𝗮𝗿 𝗔𝘄𝗮𝗿𝗱 (𝘀𝗺𝗮𝗹𝗹 𝘁𝗼 𝗺𝗲𝗱𝗶𝘂𝗺 𝗳𝗶𝗿𝗺𝘀) - Sophia Papi for 𝗙𝘂𝗻𝗱 𝗦𝗮𝗹𝗲𝘀𝘄𝗼𝗺𝗮𝗻 𝗼𝗳 𝘁𝗵𝗲 𝗬𝗲𝗮𝗿 and for 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗪𝗼𝗺𝗮𝗻 𝗼𝗳 𝘁𝗵𝗲 𝗬𝗲𝗮𝗿 These awards mark the achievements of women across a variety of roles within the investment sector, highlighting their impact in shaping the discussions around improving diversity and inclusion. We are proud of each of them and look forward to finding out next month if they have won. Congratulations to all the finalists for these awards: https://okt.to/EN0g1z #awards #finalists

Earlier this month we released our inaugural edition of our Flash Fixed Income insight titled 'What would Trump do to Treasuries?'. Key takeaways - Both candidates are projected to add trillions to the national debt, though a split Congress could restrict either winner and we don’t see fiscal expansion sparking a “bond vigilantes” moment for US Treasuries. - A bear steepening of the curve is again the consensus “Trump trade”, but this didn’t play out as expected post-2016 and Trump’s policy priorities have shifted in the eight years since. - As stated, we think Trump’s aggressive stances on tariffs and immigration would curtail the Federal Reserve’s ability to meet current market expectations for US rate cuts. Read more here: https://okt.to/Cupsxd #flashfixedincome

Despite higher interest rates and cost of living increases across jurisdictions, there is no sign as yet of any impact on issuance levels in European consumer ABS. In her latest blog, Sam Lee highlights that although primary issuance of consumer ABS has not suffered from any weakening of sentiment, one recent deal demonstrates why investors should remain vigilant. Read more here: https://okt.to/g2anAN #abs #europeanabs

Earlier this month, Eoin Walsh answered the question "Can credit keep calm and carry on?" in the midst of a tricky stage of an unusual economic cycle. He highlighted that investors should stay vigilant about areas of weakness in the global economy and given the high overall yields available investors can look to mitigate the risk of credit spread widening by shifting towards higher quality, shorter-dated bonds without sacrificing too much in terms of potential return. Read more here: https://okt.to/jl8Rd5

Through our partnership with GAIN UK, we are delighted to share that there is still time to apply for the GAIN Empower Investment Internship Programme. GAIN UK is a charity set up to inspire young women and non-binary candidates into the investment industry to help improve gender diversity through career support, development and internship. Vaishnavi Patel, who joined us through the same programme this summer, shares her experience in the video below, giving an insight into some of the different learning opportunities within each of the rotations. Apply here now: https://okt.to/6j8yF2

A lot has happened since our last blog about the state of affairs in the European High Yield (HY) market. At the time, the focus was on the largest capital structures announcing restructuring advisors. Since then, the HY space has experienced notable bouts of volatility in June and August. Adel Ahmed explores how, despite these concerns, strong corporate fundamentals and a highly supportive technical environment has led to a more positive outcome than some anticipated. Read more here: https://okt.to/x9GAnL

𝗖𝗮𝗻 𝗰𝗿𝗲𝗱𝗶𝘁 𝗸𝗲𝗲𝗽 𝗰𝗮𝗹𝗺 𝗮𝗻𝗱 𝗰𝗮𝗿𝗿𝘆 𝗼𝗻? - This is a tricky stage of an unusual economic cycle, as growth moderates from a high level in the US and picks up from a low level in the Eurozone - Investors should stay vigilant about areas of weakness in the global economy, but corporate balance sheets are showing little evidence of the excesses typically associated with late cycle markets - High overall yields mean investors can look to mitigate the risk of credit spread widening by shifting towards higher quality, shorter dated bonds without sacrificing too much in terms of potential return Read more: https://okt.to/Vylj51 #credit #spreads #fixedincome

Flash Fixed Income is a new monthly outlook from TwentyFour Asset Management. Taking its inspiration from the “flash” economic indicators that offer markets a preview of the final numbers, Flash Fixed Income will keep investors ahead of the curve with specialist insights from across the global bond markets. In this inaugural edition, we look at the highly unpredictable US presidential election and explain why a potential second Trump administration could limit the Federal Reserve’s ability to deliver more rate cuts. Read more: https://okt.to/sDdWrN #flashfixedincome

Eoin Walsh recently came back from a fixed income roadshow across Asia, hosted by Vontobel Investments, where he shared insights on the future of fixed income in today’s environment alongside Andrew Jackson, Head of Fixed Income at Vontobel. #fixedincome https://okt.to/3AlQPi

Chris Bowie (Partner, Portfolio Management) from our Investment grade (IG) team highlights a key shift in fixed income markets during Q3 2024. With the Fed cutting rates by 50 basis points (bps) for the first time in years. This followed a 25bps cut by the Bank of England earlier in the quarter, setting the tone for further rate reductions over the next few years. Watch here to find out more about these pivotal changes: https://okt.to/h1l628