Obbligazioni absolute return

Chris Bowie at TwentyFour Asset Management describes the third quarter of 2024 as a significant turning point in fixed income markets, marked by the Federal Reserve (Fed) cutting interest rates by 50 basis points (bps) for the first time in many years. This followed an earlier 25bp cut by the Bank of England (BoE), setting the scene for further rate cuts over the coming years.

TwentyFour Asset Management's Chris Bowie discusses the underweight duration across all of our outcome driven strategies, how this phase is now coming to an end, and why we are beginning to increase our interest rate duration in all of our funds.

Johnathan Owen, Portfolio Management, defines the second quarter of 2024 as another interesting period for financial markets, marked by the first rate cut from the European Central Bank (ECB) in June and President Macron's snap election announcement in France. He outlines what these meant for the Investment Grade (IG) team.

Chris Bowie, di TwentyFour Asset Management, illustra le sue riflessioni sulla duration nei portafogli obbligazionari e spiega perché nel 2024 seguire il senso comune sulla duration potrebbe rivelarsi controproducente per alcuni investitori.

Following the aggressive rates rally at the end of 2023, Q1 saw notable gains, with inflation surpassing expectations. Johnathan Owen, Portfolio Management, highlights a more promising inflation outlook and its implications for the Investment Grade team. 

After a tumultuous year for fixed income, government bond markets were finally delivering a story of falling inflation in Q4 2023. In our Investment Grade quarterly update, Gordon Shannon reflects on Q4, and in particular the month of December which proved to be one of the strongest months of the year, as hopes of multiple rate cuts in 2024 were accelerated.

Dopo un 2022 orribile per i mercati finanziari, la view sulle prospettive macro per il 2023 era ottimistica, con una previsione – condivisa dalla maggior parte degli analisti – di sensibile miglioramento, sostenuta da tagli dei tassi favorevoli da parte delle banche centrali e rendimenti positivi generati sia dai titoli di Stato che dal credito.

Mentre le obbligazioni stanno riprendendo terreno, gli investitori si sono ritrovati con saldi di cassa compresi tra il 30% e il 50%. Questa operazione di conservazione del capitale ha avuto perfettamente senso. Ma lo avrà ancora una volta raggiunto il picco dei tassi?

In our Investment Grade quarterly update, Gordon Shannon, reflects on government bond yields, which accelerated sharply at the end of Q3, as well as commenting on the behaviour of the European Central Banks over the quarter and the soft-landing 'fairytale' markets had hoped for.

A nostro avviso, il 2022 è stato senza dubbio un anno da dimenticare per il mercato obbligazionario. Chi ha investito in titoli di Stato, crediti aziendali di fascia alta o titoli più rischiosi ad alto rendimento ha inevitabilmente subito gli effetti del forte aumento dei tassi d’interesse a livello globale, che ha fatto crollare i prezzi delle obbligazioni.

This paper takes a deep dive into the flourishing ESG sector and examines the trends, challenges, and opportunities that have emerged in recent years, with a particular focus on data quality, the expansion of ESG labelled bonds, action from central banks and whether or not the green premium or ‘greenium’ makes sense for issuers.

Jack Daley takes a look into the economic events that have influenced the investment grade markets in Q2. He then goes on to explain why he believes investment grade fixed income offers the most attractive risk-adjusted returns currently available.