fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

TwentyFour Corporate Bond I GBP

A core, sterling, quality corporate bond fund.

  • 10080.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 12978.00p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.25%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.34%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 2.90%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 25 January 2022, fund commentary last updated 04 October 2021

The objective of the fund is to exceed the median return of the IA £ Corporate Bond sector over the medium to long term through a combination of income and capital growth. The fund invests at least 80% in investment grade bonds but may also allocate up to 20% in high yield issues or floating rate bonds. This has included investments in companies such as supermarket Tesco and educational publisher Pearson. The fund’s portfolio structure is based on the top-down views of TwentyFour’s asset allocation committee, but within that manager Chris Bowie and his team carry out bottom-up stock selection.

Fund summary

Sector £ Corporate Bond
Structure OFFSHORE FUND
Launched January, 2015
Size £1,430m
Yield 2.90%
Charging basis Capital
Dividends paid Jan, Apr, Jul, Aug

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.25%
Ongoing charges figure 0.34%

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Investment process

The management team’s process is controlled by the Investment Committee which meets every month. It is chaired by Anderson and encourages free-ranging debate on the make-up of the portfolio. The meeting reviews economic fundamentals, market technicals, sentiment, valuations, risk and stress analysis, global political issues and Central Bank action. The team also hold weekly meetings focussing on portfolio targets looking at factors such as yield curves and sector weightings. In addition, daily meetings consider portfolio construction. The portfolio managers are responsible for idea generation and select names they believe will provide the ultimate risk-return profile within their chosen sector and the bonds that offer the best potential. They look at yield, price volatility, sector, and spreads and utilise data on individual bonds to compare them to sector, currency and country averages. All investment team members must agree to add positions, although any one team member can remove a position from the portfolio.

TwentyFour is a specialist fixed income boutique, based in London It recruited manager Chris Bowie from Ignis in 2014, where he had successfully managed the corporate bond fund between 2009-2014. He has been at the helm of the fund since it was launched in 2015, working alongside TwentyFour’s Outcome Driven team. The team’s membership includes Graeme Anderson, Chairman, Partner and Portfolio Manager and it takes a collegiate approach to seeking out opportunities. The fund is managed with a strong focus on capital preservation and mitigating volatility.

Manager research

Average monthly relative returns

  • 17/18 0.15%
  • 18/19 -0.06%
  • 19/20 -0.23%
  • 20/21 -0.03%
  • 21/22 0.06%

Bestinvest MRI

  • 3 years -0.07%
  • 5 years -0.02%
  • Career -0.07%
  • 3 years 43.30%
  • 5 years 61.80%
  • Career 43.60%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Chris Bowie

Bowie is a partner and portfolio manager at TwentyFour. He joined the company in 2014 to create and manage the Outcome Driven business, which sits between the Absolute and Multi-Sector Bond strategies and tends to have greater exposure to interest rate sensitive bonds. Bowie is the lead manager for the TwentyFour Corporate Bond Fund and the TwentyFour Absolute Return Credit Fund. He also is a member of the firm’s Investment Committee and its ESG steering group. He has over 25 years of experience across fixed income markets, having been Head of Credit at Ignis for 10 years, and Head of Rates at AEGON. Before AEGON, Bowie was a senior portfolio manager at Murray Johnstone Ltd, which was acquired by Aberdeen Asset Management. Bowie graduated from Strathclyde University in 1992 with a BA (Hons) in Economics.

Track record

Chris Bowie has 5.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.07%. During the worst period of relative performance (from February 2016 - July 2020) there was a decline of 6% relative to the index. The worst absolute loss has been 5%.

Periods of worst performance

Absolute -5.00% (February 2020 - March 2020)
Relative -6.00% (February 2016 - July 2020)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Portfolio

70-100 securities. Interest rate sensitivity +/- 1yr relative to reference benchmark. Industry exposures +/-10% relative to benchmark.

Key Investor Information - Income

Download

Key Investor Information - Accumulation

Download