TwentyFour managers plan 'opportunistic' play on US high yield

Steering clear of energy sector

Laura Dew
clock • 2 min read

TwentyFour Asset Management is looking to add an "opportunistic" position in US high yield to its Dynamic Bond and Global Unconstrained funds.

The £1.4bn Dynamic Bond fund currently has 0.6% allocated to US high yield, but its managers intend to increase this level to 5%. Meanwhile, the Global Unconstrained fund, launched in December, currently has 2.7% invested in the asset class, which the team hopes to build to 10%. US high yield bonds were pummelled in the second half of last year as concerns over defaults in the energy sector, jitters over impending interest rate rises and liquidity fears prompted a rush for the exit. The situation was exacerbated in December when US firm Third Avenue Management imposed a freeze on with...

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