Multi-Sector Bonds

Come investitori obbligazionari, ci concentriamo sulle ripercussioni dello shock sulle variabili chiave per le obbligazioni: inflazione, crescita e risposta delle banche centrali.

Foreign exchange markets have taken centre stage again in recent weeks. President Trump’s apparent indifference to the relatively steep dollar depreciation trend of late has raised a few eyebrows and added fuel to the dollar fire.

Recent developments involving Federal Reserve (Fed) Chair Jerome Powell have raised fresh questions around central bank independence, the politicisation of monetary policy, and the future of Fed leadership, particularly with his term as Chair due to expire in May 2026.

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

Il team di portfolio manager di TwentyFour Asset Management ha raccolto una selezione di grafici che illustrano i principali trend osservati nel 2025, ritenendo che tutti possano avere implicazioni significative per gli investitori nel 2026.

Mentre ci avviciniamo alla fine di un anno che ha visto gli asset rischiosi scrollarsi di dosso le problematiche legate ai dazi statunitensi e le crescenti preoccupazioni sulle valutazioni tecnologiche basate sull'intelligenza artificiale, il team di gestione del portafoglio di TwentyFour Asset Management seleziona le sette domande chiave che, a suo avviso, definiranno il 2026 per gli investitori nel reddito fisso.

October brought the first serious bout of volatility in corporate bond markets for some time, with two high-profile US bankruptcies raising fears of a more systemic issue in credit.

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.

Earlier this month, we wrote about the high cost of staying in cash in the Euro market. In that note, we argued that a combination of inflation, low front-end rates and steeper curves, favoured a rotation out of cash and cash like instruments into other alternatives that delivered better real returns, including credit. Building on this argument, we wanted to extend this perspective to the US dollar market and highlight a few key points.

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

With the Fed’s stance suggesting it is prioritising growth over sticky inflation risks, volatility in longer dated bonds is likely to persist and the case for increasing duration in fixed income is not compelling.

In his latest update, TwentyFour Asset Management’s George Curtis looks back at a volatile yet resilient Q2 2025 for the Multi-sector bond team.