TwentyFour Strategic Income Strategy

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 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.

The incoming German government’s removal of the country’s infamous “debt brake” is a serious pivot for the typically fiscally conservative country, and one that we think highlights the value on offer in European assets.

Hedging currency or foreign exchange (FX) risk is a key decision for any manager running a diversified fixed income portfolio. Currencies are inherently volatile, so whether and how FX risk is managed can have a material impact on a portfolio’s risk and return profile.

Since the Federal Reserve first cut interest rates in September, we have seen the most aggressive rise in US Treasury yields of any cutting cycle over the past 40 years.

It has been a busy year in fixed income markets, with Q4 2024 proving to be a pivotal period marked by significant global events, including the US election. TwentyFour Asset Management’s Eoin Walsh looks at the path for interest rate cuts in 2025.

In what has been a busy start to 2025, TwentyFour Asset Management’s Gordon Shannon looks back on the final quarter of 2024.

As the fourth quarter of 2024 comes to a close, TwentyFour Asset Management’s Douglas Charleston reflects on the past year’s events and explains why, in his view, the record supply of European ABS and CLOs in 2024 is likely to be matched in 2025.

Will volatility in government bonds continue? Has fixed income seen “peak ESG”? And what will be the biggest driver of returns?

Given modest interest rate cut projections, a stable if not stellar macro backdrop and better relative value than corporate credit, we think European ABS investors can expect another strong year of supply and returns in 2025.

Spread tightening has left some market participants nervous about fixed income valuations going into 2025, but we think the drivers of recent credit performance are unlikely to weaken materially in the coming months.

It is important to understand the historical context behind “global” capital rules, and why they differ for EU and US banks.