TwentyFour unveils Bowie's Absolute Return Credit fund

Flexible investment mandate

TwentyFour Asset Management has launched its Absolute Return Credit fund for manager Chris Bowie, with 90% initially allocated to short-dated investment grade and 10% to high yield bonds.

The fund aims to return LIBOR plus 250bps after fees, with volatility of less than 3%, and a minimum gross yield of 3.5%. TwentyFour said this return was achievable in the current market environment, but could be raised in the future once yields have begun to rise. TwentyFour AM CEO: We have to do things to get us noticed Its initial core exposure to short-dated investment grade is at the higher end of the possible range, which will always be a minimum of two thirds of the portfolio but can reach 100% during periods of market stress. Conversely, in periods of market calm up to one t...