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TwentyFour Asset Management
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Fixed Income 2020: A Brave Old World

Twelve months ago, as we wrote our annual review and forecast for 2019, backing 10-year German government bonds that were yielding just 0.24% at the time to perform would have been a brave call.

Suffice to say we were among those that did not predict that yield would fall from 0.24% on January 1 to -0.37% as of December 1 (hitting a barely believable low of -0.71% along the way), delivering a handy return of 6% for the first 11 months of the year.

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