The Strategic Income strategy aims to provide an attractive level of income and an opportunity for capital growth throughout the economic cycle. To do this, we manage portfolios independent of any indices and are unconstrained by geography, sector or rating. The approach is one of high conviction, focusing on relative value while adopting a high degree of flexibility in order to be able to adjust and take advantage of prevailing market conditions throughout the economic cycle . Whilst portfolios are typically simple, long only we have the ability to use a broad range of hedging tools to adapt the portfolios to ever changing macro and geopolitical events.
Portfolio Management
Global Strategic Income Strategy Composite
Data as at 31.03.2024
Cumulative Performance
| QTD | YTD | 1 year | 3 years | 5 years | 10 years | Since Inception | 3 years annualized | 5 years annualized | Since inception annualized |
|---|---|---|---|---|---|---|---|---|---|
| 3.00% | 3.00% | 13.07% | 0.94% | 17.70% | 49.04% | 107.95% | 3.31% | 4.07% | 5.46% |
Discrete Performance
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -2.42% | 23.65% | 10.21% | 6.39% | 3.20% | 5.53% | 9.77% | -1.00% | 11.34% | 7.64% | 2.28% | -12.54% | 10.32% |
Source: TwentyFour. Performance figures shown are of the GBP performance adjusted to take into account the impact of share class FX hedging from GBP to USD. Returns are presented on a mid-to-mid basis inclusive of net reinvested income and net of all expenses. Past performance is not a reliable indicator of future performance. The performance data do not take account of the commissions and costs incurred on issue and redemption. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Composite performance is calculated using the weighted average daily performance of similar portfolios within the Composite, since the earliest inception date. All portfolios within the Composite are managed by the same team.
Disclaimer
Global Strategic Income Strategy Composite
| Year | Composite Gross Return (%) | Composite Net Return(%) | Benchmark Return (%) | Composite 3-Yr st Dev (%) | Benchmark 3-Yr st Dev (%) | Number of Portfolios | Internal Dispersion (%) | Composite Assets (£M) | GIPS Assets (£M) | Entity Assets (£M)* |
|---|---|---|---|---|---|---|---|---|---|---|
| 2011 | -1.18 | -2.02 | na | na | na | <5 | na | 25 | 515 | 983 |
| 2012 | 25.15 | 24.13 | na | na | na | <5 | na | 88 | 784 | 1415 |
| 2013 | 11.48 | 10.54 | na | 8.19 | na | <5 | na | 209 | 1616 | 2234 |
| 2014 | 7.62 | 6.75 | na | 5.06 | na | <5 | na | 641 | 2621 | 4023 |
| 2015 | 4.33 | 3.53 | na | 3.66 | na | <5 | na | 1621 | 3957 | 5483 |
| 2016 | 6.22 | 5.46 | na | 4.28 | na | <5 | na | 1649 | 5153 | 7811 |
| 2017 | 9.68 | 8.91 | na | 4.23 | na | <5 | na | 2417 | 8267 | 11273 |
| 2018 | -1.77 | -2.45 | na | 4.05 | na | <5 | na | 3385 | 11070 | 13957 |
| 2019 | 10.19 | 9.42 | na | 2.46 | na | <5 | na | 4922 | 14656 | 16229 |
| 2020 | 7.84 | 7.09 | na | 7.44 | na | <5 | na | 6005 | 18323 | 19941 |
| 2021 | 2.80 | 2.09 | na | 7.31 | na | <5 | na | 7928 | 22985 | 22985 |
| 2022 | -12.32 | -12.94 | na | 9.78 | na | <5 | na | 5588 | 17565 | 17565 |
| 2023 | 10.53 | 9.73 | na | 8.02 | na | <5 | na | 4933 | 17875 | 17966 |
* Entity Assets is referring to GIPS plus advisory assets
Compliance Statement
TwentyFour Asset Management LLP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. TwentyFour Asset Management LLP has been independently verified for the periods 1 January 2011 through 31 December 2021. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis.
The Global Strategic Income Composite has had a performance examination for the periods 1 January 2011 through 31 December 2021. The verification and performance examination reports are available upon request.
Definition of the Firm
The Firm is defined as TwentyFour Asset Management LLP and all subsidiaries or affiliates and is a fixed income asset management firm established in 2008 and regulated by the Financial Conduct Authority. The Firm is defined to include assets managed across all global offices and includes both the institutional and wholesale lines of business.
Policies
TwentyFour Asset Management LLP’s policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. Valuations are computed and performance results are reported in Great British Pounds.
Composite Description
The Global Strategic Income Composite obtains exposure to global debt instruments from the whole range of fixed income assets including, but not limited to, high yield bonds, investment grade bonds, government bonds, asset-backed securities and other bonds, and has no geographical restrictions. The Composite may use financial derivative instruments in both rising and declining rate environments throughout the economic cycle. The Composite was created in April 2017. The Composite’s inception date is 01 January 2011.
Benchmark
No benchmark is presented because the composite’s strategy is unique and we believe that no benchmark that reflects this strategy exists.
Fees
Returns are presented Gross and Net of the actual Annual Management Charge (AMC). The composite uses the weighted average fee schedule for each portfolio and the weighted average fee schedule for the composite. There are no non-fee paying accounts within the composite. The fee schedule used for the composite is applicable to the prospective client or investor. The highest fee schedule for the composite is 1.13% per annum.
List of Composites
A list of all composite and limited pooled fund descriptions and a list of all broad distribution pooled funds is available upon request.
Statistics
The number of portfolios and internal dispersion are not shown because there were five or fewer portfolios for all periods presented. The three year annualised ex-post standard deviation is not shown when there are less than 36 months of returns available. Net returns are used to calculate risk statistics such as internal dispersion and three-year annualized ex post standard deviation when shown.
Disclaimer
Past performance does not guarantee future results. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
