TwentyFour

What does UK deal tell us about tariffs?
With much fanfare, President Trump and Prime Minister Starmer announced a “historic” trade deal between the US and UK on Thursday. The main points for the UK are a reduction in auto tariffs from 27.5% to 10% for the first 100,000 cars that enter the US, and the removal of steel and aluminium tariffs.
TwentyFour

The state of play in fixed income after April turmoil
April was one of the most volatile months across financial markets in recent memory, triggered by President Trump’s sweeping tariff announcement on April 2.
Quality Growth Boutique

Replay – Steering through tougher conditions: finding resilience in quality
You can now watch the replay of our webinar “Steering through tougher conditions: finding resilience in quality”.
TwentyFour

Was negative US growth actually negative?
The Bureau of Economic Analysis (BEA) published its first estimate for Q1 US GDP growth, which at -0.3% was slightly worse than the Bloomberg consensus of -0.2% on a quarter-on-quarter (QoQ), seasonally adjusted, annualised basis.
Quality Growth Boutique

Powering the AI boom: deficits create investment opportunities in self-generation solutions
The AI boom has increased demand for data centers, but US electric utilities lack the capacity to power them. This has led to a rise in self-generation solutions, benefiting companies like Schneider Electric and National Grid. The issue was a key theme at the recent Data Center Dynamics trade show.
TwentyFour

Lottomatica reopens high yield for right names
The high yield bond market reopened in Europe last week after a three-week hiatus triggered by the US tariffs fallout. Aside from a private placement by Very Group on April 10, the last public European high yield deal was from UK homebuilder Miller Homes on March 31, so we were interested to see how the first post-tariffs deal would be received.
Conviction Equities Boutique

Time to adapt?
Adaptation solutions are becoming more popular given the increased frequency and severity of extreme weather events. While we see the benefits, we urge investors to remember that prevention is better than cure, and mitigation remains vital if we are to ensure a better future for all.
TwentyFour

Rating upgrades highlight Europe’s improved position
With a week currently feeling like a long time in geopolitics, the European sovereign crisis at the beginning of the last decade feels even more like a distant memory. The road to recovery for Europe’s periphery economies has been long and windy, but post-Covid it has been surprisingly smooth.
TwentyFour

What next for European ABS post-tariffs?
Markets settled down last week thanks to the absence of headlines around tariffs. There is a universal acceptance that uncertainty and volatility will remain, though a series of constructive data prints relating to inflation and labour markets have now been navigated, and investors are shifting their focus to how central banks will weigh up the growth and inflationary impact of tariffs at the next round of meetings.
TwentyFour

Three conclusions from a chaotic week for markets
Last week was one of the most volatile on record. President Trump's announcement of a 90-day pause in reciprocal tariffs for every country bar China sparked one of the largest rallies in equity indices in recent history.
TwentyFour

Flash Fixed Income: Treasuries made Trump blink
After a chaotic week in global markets following the tariffs announced by President Trump on April 2, at time of writing (April 10) investors are left to contemplate 125% tariffs on China, a baseline 10% on the rest of the world, 25% on auto imports and a 90-day pause on more punitive rates.
Quantitative Investments

The AI factor
Are traditional factors falling behind? In this Expl(AI)ning Quanta Byte, we explore how AI can breathe new life into factor investing. Discover the concept of AI-powered factors—a smarter, more adaptive approach that turns static models into predictive engines.
Quality Growth Boutique

Strategies to tackle the top 3 risks in global equity markets
Uncertainty and volatility in today’s environment have highlighted the benefits of our disciplined Quality Growth philosophy, focused on proven businesses with inherent resilience and durability. Given the narrow tailwinds from the prior two years, select quality companies are attractively valued given their defensive growth characteristics.
TwentyFour

European banks show no sign of funding stress in tariff sell-off
With the market focus over the last week or so being firmly on equities and credit spreads, it is worth zooming in on developments in the European bank credit default swap (CDS) market.
TwentyFour

The growing appeal of Significant Risk Transfer in private credit
While much of the focus in private credit has been on direct lending, Significant Risk Transfer (SRT) is emerging as a compelling alternative. What began as a regulatory tool is now gaining traction with a growing investor base, as banks look to optimise capital and issuance reaches record highs.
TwentyFour

Reciprocal tariffs, but not as we know them
“Liberation Day” has landed, and not with a whimper. In extraordinary scenes in the Rose Garden of the White House, President Trump held up a board outlining the level of tariffs the US will impose on countries around the world, and in most cases they were worse than worst-case expectations.
TwentyFour

Multi-Sector Bond Quarterly Update – April 2025
TwentyFour Asset Management’s Eoin Walsh breaks down a turbulent first quarter for investors, driven by newly imposed Trump tariffs and shifting economic forecasts.
TwentyFour

Investment Grade Quarterly Update – April 2025
TwentyFour Asset Management’s Chris Bowie reflects on a politically eventful first quarter, its impact on European and US markets and what it could mean for investors going forward.
TwentyFour

Asset-Backed Securities Quarterly Update – April 2025
As the first quarter of 2025 concludes, TwentyFour Asset Management’s Pauline Quirin shares her take on the strong performance of the securitisation market and insights for European ABS and Collateralised Loan Obligations (CLOs).
TwentyFour

Will Bunds bounce back against US Treasuries?
If we look at the main drivers of returns in Q1 2025, the first one that comes to mind is tariffs. But while this is true for equities and credit spreads, in the context of global fixed income the main driver of total returns in Q1 was the Bund sell-off triggered by a momentous shift in German fiscal policy.
Quality Growth Boutique

Finding resilient growth amid tariffs and AI volatility
As the exuberance we’ve seen over the past few years fades, our Quality Growth team looks to find resilience in industries that are shielded from the effects of tariffs and the volatility around AI.
TwentyFour

Gilts in precarious spot with UK at economic crossroads
With the recent economic spotlight dominated by President Trump’s rhetoric and Germany’s blockbuster fiscal expansion plans, Wednesday brought the UK back into focus with the latest round of inflation data and the Spring Statement from the Chancellor, Rachel Reeves.
Conviction Equities Boutique

Emerging market equities are more domestic than you think
Emerging market (EM) equities are more domestically driven than commonly assumed. Companies in the MSCI EM Index derive over 60% of revenues in their home markets. And they could further reduce their dependence on exports in the future. We illustrate the reasons.
Quality Growth Boutique

The Not So “Secret Sauce” of Portfolio Construction
How do you build the perfect portfolio? Portfolio construction is a little like gourmet cooking, where quality ingredients are combined to create a balanced meal. Portfolio Manager David Souccar reveals our view on what’s at the heart of that delicate balance between risk and return.