Macroeconomics

TwentyFour Partner and Portfolio Manager, Douglas Charleston, describes the developments of the ABS market in Q4 2022.

Is it now the time to invest in emerging markets fixed income? As 2023 progresses, there are strong arguments for this asset class. We also believe risk concerns remain manageable. Waiting on the sidelines was perhaps the smartest thing to do in 2022, but may not be the best strategy next year.

In TwentyFour Asset Management’s annual fixed income outlook, Eoin Walsh says that with rates now offering both yield and downside mitigation, and credit yields at near-decade highs, fixed income investors could enjoy strong returns in 2023.

Following Chairman Powell’s speech last night, George Curtis looks at what the latest labour market data means for the Fed’s war on inflation.

As the cycle of market excesses comes to an end, how can investors prepare? Tilt towards a portfolio of less-cyclical companies with pricing power and don’t mistake quality companies for those with an exciting story. The good news is that human ingenuity is not limited by the macro environment.

Feeding a starving person is important, we all agree on that. But from an investor’s point of view, allocating capital to companies working towards the same end is perhaps even more appropriate. But first, go find promising ones active in areas such as increasing land yields, reducing food waste, or preserving biodiversity, to name a few.

As the cycle of market excesses comes to an end, how can investors prepare? Tilt towards a portfolio of less-cyclical companies with pricing power; don’t mistake quality companies for those with an exciting story; and watch out for underestimated risks, such as carbon emission liabilities.

George Curtis looks at market conditions in the third quarter of 2022.

TwentyFour Portfolio Manager, Johnathan Owen, explains how investment grade markets have performed in Q3 2022.

TwentyFour Partner and Portfolio Manager, Douglas Charleston, explains how ABS markets have performed in Q3 2022 and provides his outlook for the rest of the year.

With rates volatility persisting and developed markets likely sliding toward recession, Jack Daley revisits our research on BBB defaults and returns and explains why we tend to maintain a significant allocation to BBB credit.

Geopolitical tensions, an energy crisis and inflation have marked global activity in 2022. The ball is now in the court of central banks, which in the months ahead will have to quell runaway inflation without risking a global economic freeze.