Vontobel Fund - TwentyFour Absolute Return Credit Fund

TwentyFour Investment Grade
ISIN
LU1410502493
Valor
32553207
Sedol
BYYSRD9
103.19
NAV
As at 31 Oct 2024
4.87%
Performance YTD

Investment objective

This bond fund aims to achieve a positive absolute return over a period of three years by keeping a modest level of volatility, while respecting risk diversification.


Key features

The fund can invest worldwide, with a focus on Europe, in corporate bonds and similar fixed-interest and floating-rate securities in various currencies of diverse issuers of good quality (investment grade). The fund can use derivative financial instruments for hedging purposes.


Approach

The experienced and diverse investment team takes high-conviction decisions based on rigorous macro-economic, technical and issuer analyses. In line with their continuous assessment of market conditions and future developments, the team allocates interest-rate and credit risks with the aim to benefit from any market environment. They select those securities and instruments within the investment universe in which they see the most rewarding yield and/or hedging values. The team actively adapts the portfolio to invest in attractive opportunities whenever they occur while keeping risks under control.

A short term bond fund that targets the very best risk-adjusted returns within fixed income while keeping volatility to a minimum.

The Vontobel Fund - TwentyFour Absolute Return Credit Fund (ARC) is an actively managed short term bond fund that aims to deliver steady returns in any market environment. With strict risk parameters and a focus on short dated investment grade bonds, ARC aims to capture nearly all the returns of higher risk strategies but with a fraction of the drawdowns expected in tougher market conditions.

Why invest?

  • We aim to achieve a positive absolute return in any market environment over three years, by keeping a modest level of volatility
  • A minimum of two-thirds of the fund is invested in 0-5yr investment grade bonds, which we consider the best source of risk-adjusted returns within fixed income
  • Smaller high conviction allocations to BB rated high yield, asset-backed securities (ABS) and 6-7yr investment grade bonds
  • A strong emphasis on stock selection seeking to generate alpha and further manage risks. All bond positions must pass a rigorous screening process to show they have good return potential with low expected volatility
  • We use zero leverage or shorting, and when allocating our mix of assets we choose to avoid emerging markets and high yield bonds rated below BB (the highest rating band in HY)

Investment team

Insights

All data is as at 30 Sep 2024 unless otherwise indicated.

Fund performance

Cumulative performance

1M YTD 1Y 3 yrs p.a. 5 yrs p.a. Since Inception
AQHNG (hedged) USD 0.7% 5.0% 8.2% 2.0% 2.3% 30.9%

Performance for calendar years

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
AQHNG (hedged) USD 6.5% -4.5% 0.5% 3.1% 6.6% 0.5% 6.3% NA NA NA
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, e.g. 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 31 Oct 2024 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 (7 Oct 2024)
Year End 31 August
Share Class Launch date 18 May 2016
Distribution Type Distributing
Last distribution 1.15 (23 Sep 2024)
SFDR Classification Article 8
Fund Registrations AT, CH, DE, ES, FI, FR, GB, IE, IT, LI, LU, NL, NO, PT, SE, SG
Share Class Registrations CH, GB, IE, LU, SG
Nav Information
Highest since launch 107.37
Lowest since launch 95.88
Share class size in mln. USD 31.02
Fees And Expenses
Management fee 0.25%
TER* 0.46% (29 Feb 2024)
OCF 0.43% (7 Oct 2024)
Identifiers
ISIN LU1410502493
Valor 32553207
Bloomberg VTARAQH LX
SEDOL BYYSRD9
WKN A2DU3J
Parties
Depository 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) EUR LU1380459278 Distributing Retail 23 Mar 2016 0.80% 1.01% (29 Feb 2024)
AH (hedged) CHF LU1380459195 Distributing Retail 23 Mar 2016 0.80% 1.01% (29 Feb 2024)
AH (hedged) USD LU1380459351 Distributing Retail 23 Mar 2016 0.80% 1.01% (29 Feb 2024)
AH1 (hedged) Gross USD LU2301284217 Distributing Retail 26 Feb 2021 0.60% 0.81% (29 Feb 2024)
AHN (hedged) CHF LU1734078154 Distributing Retail 11 Dec 2017 0.40% 0.61% (29 Feb 2024)
AHN (hedged) EUR LU1683487620 Distributing Retail 12 Oct 2017 0.40% 0.61% (29 Feb 2024)
AI GBP LU1267852249 Distributing Institutional 28 Aug 2015 0.40% 0.51% (29 Feb 2024)
AQHG (hedged) USD LU1767065979 Distributing Institutional 16 Feb 2018 0.25% 0.42% (29 Feb 2024)
AQHN (hedged) EUR LU1331789450 Distributing Retail 18 Dec 2015 0.40% 0.61% (29 Feb 2024)
AQHNG (hedged) USD LU1410502493 Distributing Retail 18 May 2016 0.25% 0.46% (29 Feb 2024)
AQN GBP LU1331789377 Distributing Retail 18 Dec 2015 0.40% 0.55% (29 Feb 2024)
AQNG GBP LU1368730674 Distributing Retail 26 Feb 2016 0.25% 0.40% (29 Feb 2024)
G GBP LU1273680238 Accumulating Institutional 28 Aug 2015 0.25% 0.36% (29 Feb 2024)
H (hedged) CHF LU2270707222 Accumulating Retail 17 Dec 2020 0.80% 1.01% (29 Feb 2024)
H (hedged) EUR LU1551754432 Accumulating Retail 31 Jan 2017 0.80% 1.01% (29 Feb 2024)
H1 (hedged) USD LU2133069521 Accumulating Retail 30 Mar 2020 0.60% 0.81% (29 Feb 2024)
HG (hedged) CHF LU2419361550 Accumulating Institutional 13 Jan 2022 0.25% 0.42% (29 Feb 2024)
HG (hedged) USD LU2419361634 Accumulating Institutional 13 Jan 2022 0.25% 0.42% (29 Feb 2024)
HG (hedged) EUR LU1925065655 Accumulating Institutional 8 Jan 2019 0.25% 0.42% (29 Feb 2024)
HI (hedged) AUD LU2191833487 Accumulating Institutional 9 Jul 2020 0.40% 0.57% (29 Feb 2024)
HI (hedged) CHF LU1599320444 Accumulating Institutional 25 Apr 2017 0.40% 0.57% (29 Feb 2024)
HI (hedged) EUR LU1331789617 Accumulating Institutional 18 Dec 2015 0.40% 0.57% (29 Feb 2024)
HN (hedged) EUR LU1734078238 Accumulating Retail 11 Dec 2017 0.40% 0.61% (29 Feb 2024)
HN (hedged) CHF LU2270707495 Accumulating Retail 17 Dec 2020 0.40% 0.61% (29 Feb 2024)
HN (hedged) USD LU1767066357 Accumulating Retail 9 Feb 2018 0.40% 0.61% (29 Feb 2024)
I GBP LU1267852082 Accumulating Institutional 28 Aug 2015 0.40% 0.51% (29 Feb 2024)
N GBP LU1267852595 Accumulating Retail 28 Aug 2015 0.40% 0.55% (29 Feb 2024)

Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
Click here to see an overview of our shareclass naming convention.

* TER includes performance fee where applicable

All data is as at 30 Sep 2024 unless otherwise indicated.

Rating Structure

Regional Exposure

Major Sectors

Maturity Structure

Maturity Weighting
0 - 1 yr 24.3%
1 yr - 3 yr 41.6%
3 yr - 5 yr 32.5%
5 yr - 7 yr %
Cash & Equiv 1.6%
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RISKS

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

  • 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

  • High-yield bonds (non-investment-grade bonds/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated bonds

  • The Sub-Fund’s investments may be subject to sustainability risks. The sustainability risks that the Sub-Fund may be subject to are likely to have an immaterial impact on the value of the Sub-Funds’ investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.
  • The Sub-Funds' performance may be positively or negatively affected by its sustainability strategy.
  • The ability to meet social or environmental objectives might be affected by incomplete or inaccurate data from third-party providers.

  • Information on how sustainable investment objectives are achieved and how sustainability risks are managed in this Sub-Fund may be obtained here.

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.

Morningstar rating: © 2024 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.

ANY INDEX OR SUPPORTING DATA REFERRED TO HEREIN 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.