TwentyFour Dynamic Bond
TwentyFour Dynamic Bond has a very flexible approach in order to take advantage of changes in market conditions. It may invest across the whole range of fixed interest assets. The income produced is usually one of the highest in the sector, but will fluctuate as investments and market conditions change.
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Gary Kirk is a founding partner of TwentyFour and serves as a portfolio manager. He is a key member of the firm's Investment Committee, responsible for setting the overall risk bias for portfolios. Gary manages the Multi-Sector Bond team and associated funds. His extensive career in fixed-income markets began in 1988, with senior roles in asset management and investment banking, including leadership positions at Daiwa Capital, Royal Bank of Canada, CDC, and Wachovia Bank. Gary holds a degree in Biochemistry from the University of London.
Eoin Walsh is one of the founding partners of TwentyFour. He sits on the firm’s Investment Committee, which sets the overall risk bias for their portfolios. Since 1998, Eoin has developed an expertise in fixed-income markets across a variety of roles including at Citigroup Alternative Investments, where he managed over $75 billion of fixed-income assets. He graduated in Accounting & Economics from the University of Limerick.
Eoin Walsh is one of the founding partners of TwentyFour. He sits on the firm’s Investment Committee, which sets the overall risk bias for their portfolios. Since 1998, Eoin has developed an expertise in fixed-income markets across a variety of roles including at Citigroup Alternative Investments, where he managed over $75 billion of fixed-income assets. He graduated in Accounting & Economics from the University of Limerick.
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Company Description
TwentyFour Asset Management is an independent fixed income firm, founded in 2008 by a group of leading specialists. It offers highly transparent products that benefit from a rigorous detail-orientated investment approach to achieve superior risk-adjusted returns.
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Talking Factsheet
Investment process
The investment approach for TwentyFour Dynamic Bond fund has a very strong focus on liquidity, and the separation of credit and interest rate risk. The team believes that opportunities can be found among lower rated (i.e. higher risk) bonds and that fewer analysts have the expertise to research them thoroughly. The team’s specialist skills mean that it can, and will, invest in areas of the market where others may fear to tread, such as subordinated financial debt and asset-backed securities. It has a highly flexible approach that enables the team to take advantage of prevailing market conditions as they change over time. The fund will also use derivatives, such as interest rate and credit derivatives, to optimise exposure or reduce it, depending on the market environment.
Risk
The focus of TwentyFour Dynamic Bond fund is on credit risk - i.e. how likely is it that interest and capital payments will be made on time. The five-strong team also have the flexibility to use the entire spectrum of the bond market. This requires particularly meticulous due diligence, which, fortunately, the team do extremely well.
ESG
ESG - Integrated
TwentyFour has a robust ESG framework which is integrated throughout the investment process for its funds. With this fund, the team are directly responsible and accountable for the analysis: there is no reliance on third-party analysts or a separate ESG team within the firm.
As a specialist fixed income investor, the priority is to ensure bond coupons and principals are paid, and the team sees ESG as a risk to this goal like any other. All ESG factors are considered, however the team has a particular focus on governance with this fund. The ESG integration model also incorporates more nuanced factors such as controversies, engagement and momentum, refelcting TwentyFour’s approach as an active manager. This means that ESG analysis is embedded into every stage of the investment process, to achieve two main objectives: enhancing investor returns, and playing its part in promoting better societal and environmental outcomes.
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