Vontobel Fund - TwentyFour Multi-Asset Credit Fund

TwentyFour Flexible Bonds
ISIN
LU3435382356
Valor
158479053
98.42
NAV
As at 15 Oct 2026
-

Investment objective
This actively managed bond fund aims to achieve an attractive level of income along with the opportunity for capital growth.


Key features
While respecting risk diversification, the fund invests worldwide across credit ratings predominantly in bonds and similar interest-bearing securities, including corporate, convertible, or CoCo bonds and ABS, comprising MBS and CLOs, with ABS issuers mainly from Europe, the UK, Australia, and the US. The fund may be invested in full in such securities from the high-yield rating segment. The fund may also hold AT1, RT1, or Tier 2 bonds. Specific limits apply for convertible and CoCo bonds as well as for exposure to ABS. In adverse markets, the fund may be invested in full in money-market instruments. It may use derivatives to achieve its investment objective. It considers specific sustainability criteria in assessing potential investments, combining the promotion of environmental and/or social characteristics with a commitment to sustainable investments. It uses no benchmark. The investment team has full discretion.


Approach
The investment team identifies relative-value opportunities based on rigorous economic, technical, and credit analyses. It flexibly adjusts the portfolio, striving to benefit from both rising and falling interest rates.

A fixed income fund that aims to capture global credit risk premiums by investing in a wide range of credit instruments.

Vontobel Fund- TwentyFour Multi-Asset Credit (MAC) aims to maximise returns by allocating to a broad range of sectors across the global credit markets and dynamically targeting the optimum mix of credit assets as economic conditions change across the market cycle.

Investment objective

The Fund aims to achieve an attractive level of income along with the opportunity for capital growth.

Why invest?

  • The potential to earn significantly higher income and total return than multi-sector bond strategies, which tend to maintain sizeable allocations to more defensive sectors such as government bonds and investment grade corporate bonds.
  • Unconstrained, with little or no reference to traditional benchmarks, thereby mitigating the drawbacks associated with benchmark-driven investing.
  • This unconstrained approach also means a MAC manager can seek to add value through tactical asset allocation, specialist credit research and individual security selection.
  • A broad universe of global credit opportunities means MAC strategies can look to navigate full market cycles and changing global credit conditions.
  • MAC strategies can offer diversification across a wide range of credit sectors, thus reducing the risks of single asset class approaches.
     

 

Investment Team

Insights

According to the EU’s Markets in Financial Instruments Directive (MiFID) and its implementation in national law, performance information may only be shown to clients if it covers a period of at least 12 months.

All data is as at 15 Oct 2026 unless otherwise indicated.

Fund data
Portfolio Manager TwentyFour Asset Management LLP
Fund Domicile Luxembourg
Fund Currency GBP
Share Class Currency USD
Risk Level 3.00
Year End 31 August
Share Class Launch Date 1 Sep 2026
Distribution Type Accumulating
Swing Pricing Eligible Yes
SFDR Classification Article 8
Fund Registrations AT, CH, CY, DE, DK, ES, FR, GB, IT, LI, LU, NL, NO, SG
Share Class Registrations CH, LU, SG
Nav Information
Highest since launch 100.07
Lowest since launch 98.17
Fund size in mln. GBP 24.53
Share class size in mln. USD 0.00
Fees And Expenses
Management Fee 1.20%
Max Management Fee 1.25%
OCF 1.41% (1 Sep 2026)
Luxembourg Taxe d Abonnement 0.05%
Identifiers
ISIN LU3435382356
Valor 158479053
Bloomberg TSSHHDU LX
WKN A42H1V
Parties
Investment Manager TwentyFour Asset Management LLP, London
Depositary State Street Bank International GmbH (Luxembourg Branch)
Management Company Vontobel Asset Management SA, Luxembourg
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*
AH (hedged) CHF LU3435382430 Distributing Retail 1 Sep 2026 1.20% -
AHN (hedged) EUR LU3418742030 Distributing Retail 1 Sep 2026 0.60% -
AHN (hedged) CHF LU3418741909 Distributing Retail 1 Sep 2026 0.60% -
AHN (hedged) USD LU3418742113 Distributing Retail 1 Sep 2026 0.60% -
AQG GBP LU2549760085 Distributing Institutional 26 Jan 2023 0.45% 0.59% (28 Feb 2026)
AQHG (hedged) USD LU2549759400 Distributing Institutional 26 Jan 2023 0.45% 0.62% (28 Feb 2026)
AQN GBP LU2549760242 Distributing Retail 26 Jan 2023 0.60% 0.78% (28 Feb 2026)
AQNG GBP LU2549759749 Distributing Retail 26 Jan 2023 0.45% 0.63% (28 Feb 2026)
H (hedged) CHF LU2549759822 Accumulating Retail 26 Jan 2023 1.20% 1.41% (28 Feb 2026)
H (hedged) USD LU3435382356 Accumulating Retail 1 Sep 2026 1.20% -
HI (hedged) EUR LU2549761133 Accumulating Institutional 26 Jan 2023 0.60% 0.77% (28 Feb 2026)
HI (hedged) CHF LU2549758774 Accumulating Institutional 26 Jan 2023 0.60% 0.77% (28 Feb 2026)
HN (hedged) CHF LU2549758691 Accumulating Retail 26 Jan 2023 0.60% 0.81% (28 Feb 2026)
HN (hedged) USD LU2549759079 Accumulating Retail 26 Jan 2023 0.60% 0.81% (28 Feb 2026)
HN (hedged) EUR LU2549760911 Accumulating Retail 26 Jan 2023 0.60% 0.81% (28 Feb 2026)
HNG (hedged) CHF LU3435382513 Accumulating Retail 1 Sep 2026 0.45% -
HR (hedged) CHF LU2549758428 Accumulating Retail 26 Jan 2023 0.25% 0.46% (28 Feb 2026)
N GBP LU2549760325 Accumulating Retail 26 Jan 2023 0.60% 0.78% (28 Feb 2026)
R GBP LU2549761646 Accumulating Retail 26 Jan 2023 0.25% 0.43% (28 Feb 2026)

Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.

* TER includes performance fee where applicable

All data is as at 30 Sep 2026 unless otherwise indicated.

Rating Structure

Regional Exposure

Major Sectors

Maturity Structure

Maturity Weighting
Cash & Equiv 0.2%
0 - 1 yrs %
1 - 3 yrs 12.9%
3 - 5 yrs 18.4%
5 - 7 yrs 36.6%
7 - 10 yrs 29.0%
10 - 15 yrs 0.3%
15+ yrs 2.6%

View all documents View latest documents

Document Date DE EN ES FR IT
Factsheets & Commentaries
Factsheet Sep 2026
PRIIPs KIDs
Key Information Document (KID) Sep 2026
Legal Documents
AGM EGM invitation Jan 2026
Articles of Association Apr 2016
Notification to Investors Oct 2026
Notification to Investors Jun 2026
Notification to Investors Dec 2025
Notification to Investors Aug 2025
Notification to Investors Apr 2025
Notification to Investors Dec 2024
Notification to Investors Oct 2024
Notification to Investors Sep 2024
Notification to Investors Jun 2024
Notification to Investors May 2023
Notification to Investors Nov 2022
Notification to Investors Jan 2022
Notification to Investors Sep 2021
Notification to Investors Jul 2021
Notification to Investors May 2021
Notification to Investors Mar 2021
Notification to Investors Feb 2021
Notification to Investors Nov 2019
Sales Prospectus Jul 2026
View more Legal Documents View less Legal Documents
Sustainability Related Disclosures
Exclusion Framework Jan 2026
Periodic Disclosure Aug 2025
Pre-contractual Disclosure Oct 2026
Statement on principal adverse impacts of investment decisions on sustainability factors Jun 2026
Sustainability Related Disclosures Jul 2026
Swiss Climate Scores Sep 2026
Financial Reports
Annual Distribution Nov 2025
Annual Distribution Nov 2024
Annual Report Aug 2025
Distribution Dates Jan 2026
Quarterly Distribution Sep 2026
Quarterly Distribution Jun 2026
Quarterly Distribution Mar 2026
Quarterly Distribution Dec 2025
Quarterly Distribution Sep 2025
Quarterly Distribution Jun 2025
Quarterly Distribution Mar 2025
Quarterly Distribution Dec 2024
Quarterly Distribution Sep 2024
Quarterly Distribution Jun 2024
Quarterly Distribution Mar 2024
Semi-Annual Report Feb 2026
Semi Annual Distribution Apr 2026
Semi Annual Distribution Apr 2025
Semi Annual Distribution Apr 2024
Semi Annual Distribution Apr 2023
View more Financial Reports View less Financial Reports
Dealing Information
Holiday Calendar 2026 Jan 2026
List of Active Retail Share Classes Jan 2025
Policies
Sanctioned Countries Oct 2022
Shareclass Naming Convention Jan 2026

RISKS

When seeking to achieve its investment objective the Sub-Fund is subject to General Risks, to Investment Fund Risks, to Investment Management Risks and to Other Risks. Investing in the Sub-Fund implies the following risk factors which are described in detail in the section Risk Factors of the Sales Prospectus.

Investment Fund Risks

  • There is no guarantee that the fund will achieve its investment objective or that you will get back the amount you originally invested.

  • The value of your investment can go up or down in response to changes in economic conditions, interest rates, exchange rates, or company creditworthiness. Events such as pandemics, wars, or natural disasters can cause significant and unpredictable market disruptions worldwide.

  • If a key service provider (such as the investment manager or depositary) fails or becomes insolvent, this could cause delays in processing your transactions or result in financial losses for the fund.

  • In difficult market conditions, it may not be possible to sell certain investments quickly or at a fair price, which could mean the fund is unable to meet your redemption request promptly or may have to apply tools such as temporary restrictions on withdrawals.

Investment Management Risks

  • Bonds and other debt securities can fluctuate in value due to changes in interest rates and the creditworthiness of the issuer, meaning you may receive less than you invested.

  • If a borrower fails to meet its financial obligations (such as paying interest or repaying principal), the value of the fund's investment in that issuer could fall significantly. In extreme cases, the fund could lose the full amount invested in that issuer.

  • When interest rates rise, the value of bonds and other fixed-income investments typically falls, and vice versa. Early repayments of bonds may also mean the fund has to reinvest at lower rates, reducing returns.

  • High yield (or 'junk') bonds offer higher interest payments but carry a significantly greater risk of the issuer defaulting or the bond losing value. These bonds are more sensitive to economic downturns and can be harder to sell in stressed markets.

  • Investing in bonds issued by companies in severe financial difficulty or bankruptcy carries a very high risk of losing the capital invested. Recovery of funds can be uncertain, lengthy, and subject to legal proceedings.

  • Asset-backed securities (ABS), such as mortgage-backed securities or collateralized loan obligations, are complex instruments whose value depends on the repayment behaviour of many underlying borrowers; if those borrowers default, the fund could suffer losses. Some ABS structures are opaque, making them harder to value accurately, particularly during stressed market conditions.

  • Contingent convertible bonds ('CoCos') can be written down or converted into shares at a discount if the issuer's financial position weakens, potentially causing significant or total loss of the invested amount. Coupon payments can also be cancelled at the issuer's discretion without triggering a default.

  • Derivatives such as options, futures, and swaps can magnify gains but also amplify losses, and if used incorrectly or in unfavourable market conditions could result in substantial or total loss. There is also a risk that the counterparty to a derivative contract defaults on its obligations, further increasing potential losses.

  • Using leverage (borrowing or derivatives to increase exposure) can amplify both gains and losses, making the fund's value more volatile than if it had invested directly. Currency hedging and options strategies can also contribute to higher leverage levels, sometimes significantly.

  • Investing in emerging markets carries greater risks than developed markets, including less stable governments, weaker regulatory oversight, lower liquidity, and restrictions on moving money in and out of the country. These factors can result in significant price swings and potential losses.

  • When the fund invests in assets denominated in a different currency to the fund's reference currency, movements in exchange rates can increase or decrease the value of your investment independently of how the underlying assets perform. Not all currency exposure may be hedged.

  • Applying ESG (environmental, social, and governance) criteria may cause the fund to avoid certain investments or sectors, which could positively or negatively affect performance compared to funds that do not apply such criteria. ESG data from third parties may be incomplete or inaccurate, and there is no universally agreed standard for what qualifies as a sustainable investment.

Other Risks

  • Environmental, social, or governance events (such as climate change, social controversies, or poor corporate governance) can negatively impact the value of the fund's investments. 

Any of these risks could cause a Sub-Fund to lose money, to perform less well than similar investments, to experience high volatility of the Share price, or to fail to meet its investment objective over any period of time. It cannot be guaranteed that the investor will recover the capital invested. 

Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.


 

Neither the Sub-Fund, nor the Management Company nor the Investment Manager make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of an assessment of ESG research and the correct execution of the ESG strategy.

Any index or supporting data referred to is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto. Refer to vontobel.com/terms-of-licenses for more details.

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