TwentyFour’s Short Term Bond strategy is a genuinely long-only, unlevered bond strategy designed specifically to target a modest level of volatility. The portfolios are built predominantly from investment grade and fixed rate bonds selected using our proprietary stock-picking database Observatory which seeks to identify bonds with the greatest potential for risk-adjusted excess returns. The will also be managed against a reference index or with a defined target return. The team’s high conviction approach is heavily based on managing risk and trying to limit volatility, while targeting relative value by geography, sector and security to help deliver alpha for the portfolios.
Data as at 30.09.2024
| QTD | YTD | 1 year | 3 years | 5 years | 10 years | Since Inception | 3 years annualized | 5 years annualized | Since inception annualized |
|---|---|---|---|---|---|---|---|---|---|
| 2.42% | 5.13% | 8.42% | 6.64% | 12.31% | N/A | 33.54% | 2.17% | 2.35% | 3.23% |
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| 5.05% | 6.01% | 0.58% | 6.82% | 2.95% | 0.68% | -4.39% | 6.60% |
Source: TwentyFour. Performance figures shown are of the GBP performance adjusted to take into account the impact of share class FX hedging from GBP to USD. Returns are presented on a mid-to-mid basis inclusive of net reinvested income and net of all expenses. Past performance is not a reliable indicator of future performance. The performance data do not take account of the commissions and costs incurred on issue and redemption. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Composite performance is calculated using the weighted average daily performance of similar portfolios within the Composite, since the earliest inception date. All portfolios within the Composite are managed by the same team.
| Year | Composite Gross Return (%) | Composite Net Return(%) | Benchmark Return (%) | Composite 3-Yr st Dev (%) | Benchmark 3-Yr st Dev (%) | Number of Portfolios | Internal Dispersion (%) | Composite Assets (£M) | GIPS Assets (£M) | Entity Assets (£M)* |
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 ** | 0.69 | 0.61 | na | na | na | <5 | na | 20 | 3957 | 5483 |
| 2016 | 5.25 | 4.98 | na | na | na | <5 | na | 279 | 5153 | 7811 |
| 2017 | 5.52 | 5.17 | na | na | na | <5 | na | 1091 | 8267 | 11273 |
| 2018 | -0.58 | -0.90 | na | 2.25 | na | <5 | na | 1544 | 11070 | 13957 |
| 2019 | 5.28 | 4.96 | na | 1.46 | na | <5 | na | 1816 | 14656 | 16229 |
| 2020 | 2.73 | 2.43 | na | 2.44 | na | <5 | na | 2287 | 18323 | 19941 |
| 2021 | 0.78 | 0.48 | na | 2.36 | na | <5 | na | 3241 | 22985 | 22985 |
| 2022 | -4.55 | -4.83 | na | 3.59 | na | <5 | na | 2916 | 17565 | 17565 |
| 2023 | 6.35 | 6.04 | na | 3.32 | na | <5 | na | 2960 | 17875 | 17966 |
* Entity Assets is referring to GIPS plus advisory assets
** Partial period return for the period 1 October 2015 to 31 December 2015
TwentyFour Asset Management LLP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. TwentyFour Asset Management LLP has been independently verified for the periods 1 January 2011 through 31 December 2021. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.
The Firm is defined as TwentyFour Asset Management LLP and all subsidiaries or affiliates and is a fixed income asset management firm established in 2008 and regulated by the Financial Conduct Authority. The Firm is defined to include assets managed across all global offices and includes both the institutional and wholesale lines of business.
TwentyFour Asset Management LLP’s policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. Valuations are computed and performance results are reported in Great British Pounds.
The Global Short Term Bond Composite invests primarily in global investment grade fixed-income securities and derivatives of any maturity/duration and any currency, though focused on an overall short-term maturity. The Composite was created in January 2020. The Composite’s inception date is 01 September 2015.
No benchmark is presented because the composite’s strategy is unique and we believe that no benchmark that reflects this strategy exists.
Returns are presented Gross and Net of the actual Annual Management Charge (AMC). The composite uses the weighted average fee schedule for each portfolio and the weighted average fee schedule for the composite. There are no non-fee paying accounts within the composite. The fee schedule used for the composite is applicable to the prospective client or investor. The highest fee schedule for the composite is 0.36% per annum.
A list of all composite and limited pooled fund descriptions and a list of all broad distribution pooled funds is available upon request.
The number of portfolios and internal dispersion are not shown because there were five or fewer portfolios for all periods presented. The three year annualised ex-post standard deviation is not shown when there are less than 36 months of returns available. Net returns are used to calculate risk statistics such as internal dispersion and three-year annualized ex post standard deviation when shown.
Past performance does not guarantee future results. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
