TwentyFour Asset Management Flexible Bonds

Vontobel Fund - TwentyFour Strategic Income Fund

ISIN
LU1322871390
Valor
30445160

Fund strategy

Investment objective

This bond fund aims to achieve an attractive level of income and capital growth over a full economic cycle, while respecting risk diversification.


Key features

The fund invests worldwide in a variety of government bonds, supranational bonds, investment-grade and high-yield corporate bonds, emerging market bonds, contingent convertible bonds, and asset-backed securities, denominated in various currencies. At the point of purchase, exchange rate risks against the fund currency are fully hedged. The fund can use derivative financial instruments for hedging purposes.


Approach

The experienced investment team takes a high-conviction approach to finding the best relative-value opportunities available in the investment universe, based on rigoros macro-economic and technical analyses combined with detailed credit analysis. Striving to benefit throughout the credit cycle from both rising and declining rate environments, the team flexibly allocates interest-rate and credit risks in line with their continuous assessment of market conditions and future developments. They also use interest-rate and credit derivatives to either optimize or reduce exposures.

123.12
NAV
1.98%
Performance YTD
4 stars
As at Aug 10 2020 As of Jun 30 2020

Why invest?

  • Targets attractive returns through consistent income and capital gain opportunities
  • The Fund’s flexibility allows the managers to tactically shift portfolio weightings, helping them to capture relative value opportunities as economic and market conditions change
  • We look to add value through both ‘bottom-up’ stock selection as well as ‘top-down’ macro calls – important amid an aging credit cycle and uncertainty around global monetary policy
  • The transparent and easy to understand design of the Fund has made it “bond like” in behavior and gives confidence in anticipated performance
  • Strong focus on the unwritten rule of fixed income, capital preservation at all times

An actively managed, long only bond fund with a fully flexible approach which seeks value across the global bond universe.

Fund characteristics

  • A genuinely unconstrained bond fund, managed independent of market indices, seeking to combine the best sources of fixed income from around the globe in one portfolio
  • Flexible approach to managing key risks such as interest rate and credit risk, better enabling the Fund to react to all market conditions
  • Ability to reduce risk through a broad armory of hedging tools
  • Looks to move into sectors, geographies and products that are supported by economic fundamentals as well as market technicals, liquidity and sentiment
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Investment universe

  • The Strategic Income Fund is unconstrained by reach – our team has the mandate and the skills to look across global fixed income markets for the best risk-adjusted return opportunities
  • The Fund is constrained by risk control, giving investors confidence in the Fund’s ability to deliver stable returns throughout the cycle
  • Within these risk parameters the managers’ approach is nimble with high conviction, ensuring emerging themes and ideas can be quickly reflected in the portfolio
  • We hunt down relative value between securities, sectors and geographies, and place a high importance on stock selection as well as top-down asset allocation
  • We insist on meeting the management of every issuer whose bonds we buy, and our forensic bottom-up research means we are typically happy to hold every investment to maturity
  • Selective use of strategic hedges can be used to respond to changing market conditions and calibrate key risks such as interest rate and credit duration

Investment team

From the beginning we built our team of investment professionals to reflect the structure of today’s fixed income market. From structuring and ratings specialists to trading and investment banking, we have people who know the bond markets inside out. Our team is deliberately drawn from a diverse range of nationalities and cultures. This is how we look to escape the echo chamber, using diverse insights from people who are not having the same conversations and reading the same press.

Mark Holman

Chief Executive Officer TwentyFour Asset Management, Portfolio Manager

All data is as at Jun 30 2020 unless otherwise indicated.

Daily Performance

Periodic Performance

1M YTD 3Y SI
I GBP 1.7% -0.5% 3.1% 20.2%

Rolling Performance

Jul 01 2015 - Jun 30 2016 Jul 01 2016 - Jun 30 2017 Jul 01 2017 - Jun 30 2018 Jul 01 2018 - Jun 30 2019 Jul 01 2019 - Jun 30 2020
I GBP NA 10.1% 1.9% 4.6% 2.9%

Annual Performance

Risk Data

Portfolio
Volatility 6.9%
Sharpe ratio 0.4
Interest rate duration 3.3
Credit duration 3.5
Average rating BBB
Number of positions 358.0
[1 year]
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed.

All data is as at Aug 10 2020 unless otherwise indicated.

Fund data
Portfolio Manager TwentyFour Asset Management LLP
Fund Domicile Luxembourg
Fund Currency GBP
Share Class Currency GBP
End of fiscal year 31 August
Share Class Launch date Nov 30 2015
Distribution type Accum
Fund Registrations AT, CH, DE, ES, FI, FR, GB, IE, IT, LI, LU, NL, NO, PT, SE, SG
Share Class Registrations CH, FI, GB, IE, LU, NO, SE, SG
Nav Information
Highest since launch 123.08
Lowest since launch 94.19
Fund volume in mln. GBP 3,339.82
Share class volume in mln. GBP 155.14
Fees And Expenses
Management fee 0.60%
TER 0.71% (Feb 28 2020)
Identifiers
ISIN LU1322871390
Valor 30445160
Bloomberg VOTFGIG LX
WKN A2DXBS
Parties
Depository RBC Investor Services Bank S.A.
Management Company Vontobel Asset Management S.A.
Swiss Paying Agent Bank Vontobel AG
Swiss Representative Vontobel Fonds Services AG

Available Share Classes

Share class Currency ISIN Distrib. Type Launch date Management fee TER TER Date
AH (hedged) USD LU1380459609 Dist Retail Mar 23 2016 1.20% 1.41% Feb 28 2020
AH (hedged) EUR LU1380459518 Dist Retail Mar 23 2016 1.20% 1.41% Feb 28 2020
AH (hedged) CHF LU1380459435 Dist Retail Mar 23 2016 1.20% 1.41% Feb 28 2020
AHI (hedged) EUR LU1325139290 Dist Institutional Nov 30 2015 0.60% 0.77% Feb 28 2020
AHN (hedged) CHF LU1683482407 Dist Retail Oct 04 2017 0.60% 0.81% Feb 28 2020
AHN (hedged) EUR LU1734078311 Dist Retail Dec 11 2017 0.60% 0.81% Feb 28 2020
AQ GBP LU1695534591 Dist Retail Oct 10 2017 1.20% 1.35% Feb 28 2020
AQH (hedged) Gross USD LU1695534674 Dist Retail Oct 10 2017 1.20% 1.41% Feb 28 2020
AQH (hedged) Gross HKD LU1695534831 Dist Retail Oct 10 2017 1.20% 1.41% Feb 28 2020
AQH (hedged) Gross SGD LU1695534914 Dist Retail Oct 10 2017 1.20% 1.41% Feb 28 2020
AQH (hedged) Gross EUR LU1695534757 Dist Retail Oct 10 2017 1.20% 1.41% Feb 28 2020
AQHG (hedged) EUR LU1816229899 Dist Institutional May 18 2018 0.45% 0.62% Feb 28 2020
AQHG (hedged) USD LU1816230046 Dist Institutional May 18 2018 0.45% 0.62% Feb 28 2020
AQHI (hedged) USD LU1331792082 Dist Institutional Dec 18 2015 0.60% 0.77% Feb 28 2020
AQHN (hedged) EUR LU1325135033 Dist Retail Nov 30 2015 0.60% 0.81% Feb 28 2020
AQHNG (hedged) EUR LU1325134226 Dist Retail Nov 30 2015 0.45% 0.66% Feb 28 2020
AQHNG (hedged) USD LU1451580523 Dist Retail Jul 22 2016 0.45% 0.66% Feb 28 2020
AQN GBP LU1322871630 Dist Retail Nov 30 2015 0.60% 0.75% Feb 28 2020
AQNG GBP LU1695534328 Dist Retail Oct 10 2017 0.45% 0.60% Feb 28 2020
G GBP LU1322871713 Accum Institutional Nov 30 2015 0.45% 0.56% Feb 28 2020
H (hedged) EUR LU1551754515 Accum Retail Jan 31 2017 1.20% 1.41% Feb 28 2020
H (hedged) USD LU1695535135 Accum Retail Oct 10 2017 1.20% 1.41% Feb 28 2020
HG (hedged) USD LU1717117896 Accum Institutional Nov 10 2017 0.45% 0.62% Feb 28 2020
HG (hedged) EUR LU1717117623 Accum Institutional Nov 10 2017 0.45% 0.62% Feb 28 2020
HI (hedged) USD LU1325144027 Accum Institutional Nov 30 2015 0.60% 0.77% Feb 28 2020
HI (hedged) EUR LU1325141510 Accum Institutional Nov 30 2015 0.60% 0.77% Feb 28 2020
HI (hedged) CHF LU1325143136 Accum Institutional Nov 30 2015 0.60% 0.77% Feb 28 2020
HN (hedged) USD LU1767066431 Accum Retail Feb 09 2018 0.60% 0.81% Feb 28 2020
HN (hedged) EUR LU1734078584 Accum Retail Dec 11 2017 0.60% 0.81% Feb 28 2020
HNG (hedged) EUR LU1325133921 Accum Retail Nov 30 2015 0.45% 0.66% Feb 28 2020
HNG (hedged) USD LU1695535051 Accum Retail Oct 10 2017 0.45% 0.66% Feb 28 2020
HR (hedged) CHF LU1650589929 Accum Aug 04 2017 0.25% 0.46% Feb 28 2020
I GBP LU1322871390 Accum Institutional Nov 30 2015 0.60% 0.71% Feb 28 2020
N GBP LU1322871556 Accum Retail Nov 30 2015 0.60% 0.75% Feb 28 2020
NG GBP LU1322871986 Accum Retail Nov 30 2015 0.45% 0.60% Feb 28 2020
Click here to see an overview of our shareclass naming convention.

* TER includes performance fee where applicable

All data is as at Jun 30 2020 unless otherwise indicated.

Regional Exposure

Document Date DE EN ES FR IT
Factsheets & Commentaries
Factsheet Jul 2020
Monthly Commentary Jul 2020
Brochures
Product Flyer Oct 2019
KIIDs
KIID Jul 2020
Legal Documents
Articles of Association Apr 2016
Notification to Investors Jan 2020
Sales Prospectus Dec 2019
Financial Reports
Annual Report Aug 2019
Dividend Payout Jan 2019
Semi-Annual Report Feb 2020
Dealing Information
Holiday Calendar 2020 Jan 2020
List of Active Retail Share Classes Dec 2018
Policies
Sanctioned Countries Sep 2016
Shareclass Naming Convention Nov 2019
  • Limited participation in the potential of single securities

  • Success of single security analysis and active management cannot be guaranteed

  • It cannot be guaranteed that the investor will recover the capital invested

  • Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility

  • Interest rates may vary, bonds suffer price declines on rising interest rates

  • Investment universe may involve investments in countries where the local capital markets may not yet qualify as recognised capital market

  • Investments in foreign currencies are subject to currency fluctuations

  • Money market investments are associated with risks of a money market, such as interest rate fluctuations, inflation risk and economic instability

Morningstar rating: © 2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.