Market Update

TwentyFour Asset Management’s Felicity Juckes shares her take on volatility in Q4 and why we remain optimistic on credit heading into 2026.

TwentyFour Asset Management’s Gordon Shannon explains how resilient US economic activity and evolving Federal Reserve dynamics shaped Q4 and why we remain focused on high-quality credit heading into 2026.

TwentyFour Asset Management’s Douglas Charleston highlights 2025 as another year in which European ABS delivered solid positive returns over risk-free rates, with lower-than-expected volatility despite ongoing geopolitical uncertainty.

2026 began with the global acknowledgement that the TACO mantra (Trump Always Chickens Out) does not apply to foreign policy. We believe this sends a clear message to leaders of small and medium-sized countries opposing or refusing to cooperate/negotiate with the Trump administration.

Amid tariffs, bankruptcies, and uncertainty, credit fundamentals remain strong. Elevated yields and solid corporate balance sheets favour income-focused fixed income strategies over government bonds, even as volatility persists.

As we begin the final stretch of 2025, market conditions appear challenging. Inflation remains sticky across a range of economies, preventing major central banks from enacting rapid rate cuts to support GDP growth.

As fixed income investors face inflation surprises, tariff rhetoric and growing concerns around central bank independence, Gordon Shannon, Partner and Co-Head of Investment Grade, explains why the focus remains on resilience.

In our latest Multi-Sector Bond quarterly update, Jakub Lichwa, Portfolio Management, discusses why we retain a favourable view on credit despite tighter spreads.

In our latest Asset-Backed Securities (ABS) quarterly update, Aza Teeuwen, Partner and Co-Head of ABS, explains how strong CLO issuance, robust investor demand and tightening spreads have driven a standout year for the European ABS market.

In November 2023, we estimated that holding cash, as opposed to staying invested, could cost investors 10-30% over a three-year period. At the time, we highlighted that interest rates had reached their cyclical peaks and were likely to decrease from that point.

The $5.2tr asset-backed finance (ABF) market represents a growing opportunity to gain exposure to high quality loan pools and the returns they can generate.

TwentyFour Asset Management’s Gordon Shannon reflects on a volatile but resilient second quarter of 2025 for the Investment Grade team, shaped by shifting tariff policies and evolving central bank actions.