Strategic Income Quarterly Update – January 2021

The TwentyFour Multi-Asset Credit (MAC) strategy aims to maximise returns by allocating to a broad range of sectors across the global credit markets and dynamically targeting what it considers the optimum mix of credit assets as economic conditions change across the market cycle.

Credit assets generally performed well in the first of half of 2026, despite periodic volatility driven by the Iran war and concerns about AI disruption and private credit.

TwentyFour Asset Management’s Gordon Shannon reflects on a quarter shaped by geopolitical tensions, government bond volatility and shifting central bank expectations.

TwentyFour Asset Management’s Diva Bashay reflects on a quarter which tested market sentiment through geopolitical tensions, shifting interest rate expectations and UK political developments.

TwentyFour Asset Management’s Elena Rinaldi reflects on a quarter in which Asset-Backed Securities (ABS) and Collateralised Loan Obligation (CLOs) markets demonstrated resilience despite heightened geopolitical and market volatility.

The primary risk in a fixed income portfolio is credit risk – the risk that a bond issuer will fail to make payments (or “default”) on its debt.