Sharing our convictions

Fixed income markets are pricing more than the path of interest rates: they are weighing growth, inflation, and governments’ capacity to manage rising debt. From US and Brazilian election uncertainty to Treasury supply and French bond market volatility, investors may want to consider balancing duration and credit risk while discerning headlines from fundamental change.

How do financial institutions contribute to environmental outcomes when they are often one or more steps away from the real-world impact? This article looks at the role the industry can play beyond direct financing, and how these contributions can be measured.

The energy transition is no longer steered by climate considerations alone as the conflict in the Middle East has laid bare the vulnerabilities of import-dependent energy systems. Read the latest Impact Report for more insights into the forces influencing the transition.

Are current rate levels justified by fundamentals and what are the implications for fixed income markets? In our view, higher rates are being driven by resilient nominal growth, fiscal pressures, and an energy shock, rather than a broad reacceleration in inflation.

Emerging market bonds have remained generally resilient despite a sustained oil shock, elevated geopolitical uncertainty, and tighter global financial conditions. Stronger policy frameworks, improved external balances, and healthier macroeconomic fundamentals have helped support performance this year.

In this webinar our experts discussed about the latest developments in the US yield curve and examined Brazil’s elections to assess the implications for fixed income investors.

Developed market fixed income continues to present what we believe are diverse opportunities across sectors. AI-related issuance is reshaping investment-grade credit markets, high-yield investors are navigating a rate-driven repricing with growing dispersion, and Swiss bonds remain a defensive anchor where stability and quality may prove more valuable than headline yield.

Fixed income investors have had to adjust to a dramatic shift in market conditions as the year has evolved.

We believe that the outcome of Brazil’s October election will likely be a contributing driver of Brazilian asset performance heading into year-end, shaping market expectations for fiscal policy, institutional stability, and the medium-term outlook for growth and inflation.

Tracking error has risen sharply since mid-2025, but that does not necessarily mean active portfolios have become riskier. As AI-related stocks increasingly dominate benchmark returns, diversified portfolios may have become less correlated with the index. Higher tracking error may therefore reflect benchmark concentration, not greater portfolio risk.

With two-year UST yields at around 4.7%, we think short end yields are offering an attractive potential hedge against both downside growth catalysts and lower oil prices.

Felipe Villarroel delivered the keynote address at TwentyFour Asset Management’s Annual Fixed Income Conference in London on 17 September 2026.

Since mid-2025, a sharp rise in market concentration and a decline in breadth have challenged quality managers. We are managing through this period with a continued focus on quality, diversification, and risk management. In our view, the recent struggles of quality investing do not reflect a broken investment style.

Liquidity is a key consideration in fixed income to determine whether assets can be bought or sold at speed, in sufficient size, with minimal price impact.

Hyperscaler bond issuance has surged in 2026, with volumes already far exceeding previous years. Alphabet, Amazon, Meta, Microsoft, Oracle and SpaceX have issued over $180bn of USD-denominated bonds so far this year.

We examine where we currently stand in the artificial intelligence (AI) cycle, how much further the AI boom may run, and why current market weakness could present long-term opportunities.

We believe emerging markets (EM) are reasserting themselves as a compelling source of long-term growth. This article explores the structural forces driving the resurgence, why quality investing has historically outperformed in EM, and why a forward-looking, active approach is essential for identifying tomorrow’s enduring compounders.

How do you make renewable power available when the sun isn’t shining or the wind isn’t blowing? Storage may be an important puzzle piece of the answer.

The US Treasury Department surprised markets yesterday afternoon by announcing an increase in its buyback operations, which will “at least double” to $4bn, from 9 September to 4 November.

Investing has no perpetual motion machine. Just as energy comes at a cost, growth comes with risk. The AI boom highlights this trade-off: while AI-related stocks are driving returns, future payoffs remain uncertain. Quality investing seeks to maximize growth per unit of risk through disciplined portfolio construction and balance.

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

This article examines the central paradox of the AI economy: intelligence is becoming dramatically cheaper even as technology companies invest record sums in AI infrastructure. It explores the AI value chain, token economics, the open-versus-closed model debate, and whether soaring usage can offset falling prices as compute supply remains constrained.

Credit assets generally performed well in the first of half of 2026, despite periodic volatility driven by the Iran war and concerns about AI disruption and private credit.

TwentyFour Asset Management’s Elena Rinaldi reflects on a quarter in which Asset-Backed Securities (ABS) and Collateralised Loan Obligation (CLOs) markets demonstrated resilience despite heightened geopolitical and market volatility.