Archived article: This article was correct at the time of publishing. Tax, investments and pension rules can change over time so the information below may not be current.

The TwentyFour Dynamic Bond – for a dynamic ISA portfolio

This small fund is from TwentyFour, a City of London-based fixed income specialist set up in 2008. The senior partners each have on average 20 years’ experience in markets in the sector, and have backgrounds at Barclays Capital, Citi Alternative and IMC Asset Management. We have rated the TwentyFour Dynamic Bond four stars, which means it is a fund we have strong conviction in and feel is high quality. Remember, with the end of the tax year on the horizon, it’s important to choose your investments and ensure you’re making the most of your tax-efficient allowances – we believe that this fund could be considered for your ISA or SIPP portfolio.

Jason Hollands Jason Hollands
18 March 2015

The aims of the TwentyFour Dynamic Bond is to give an attractive level of income and to take advantage of any opportunities for capital growth – the fact that the fund has a small size means the team can do this effectively and take a more active, flexible approach to managing the portfolio against an illiquid market backdrop.

Its mandate is focused and it adopts a best ideas strategy, investing across the credit quality spectrum. Pan European credits and mortgage backed securities are what the management team looks at primarily, and we are pleased that the team at TwentyFour has provided us with insight into the European markets.

“With the spectre of rate rises in the UK and the looming elections, investors have become increasingly nervous about their fixed income holdings, and in particular their gilt exposure.

A lot of comment has been made about Europe and its weak economic position, which has led to the extraordinary policy measures that have been put in place. There have been concerns that Europe has been too slow in acting, and has significantly lagged policy implementation in the US and UK. However, when looking at the policy action they have taken in total, we view it as a ‘game changer’ for Europe.”

TwentyFour believes that the effects of the European Central Bank’s Quantitative Easing (QE) policy are still likely to be the major theme in their relevant markets whilst they are executed, and will be able to “trump” other market issues at certain times, for example in Greece and Ukraine.

TwentyFour say that the Dynamic Bond portfolio’s key themes include the fact that it is positioned in Spanish and Portugese government bonds as the top picks for peripheral sovereign convergence trade; it has a carefully selected exposure to 17 banks; and their stock selection is an important contribution to its outperformance.

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The value of investments, and the income derived, can go down as well as up, and you can get back less than you originally invested. Different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing. Bonds issued by major governments and companies will be more stable than those issued by emerging markets or smaller corporate issuers; in the event of an issuer experiencing financial difficulty, there may be a risk to some or all of the capital invested. This article does not constitute personal advice.