TwentyFour AM's Bowie gets Brexit boost from currency put option

Strong first year performance

TwentyFour AM fund manager Chris Bowie has said his Absolute Return Credit fund benefitted from Brexit trades, with July's performance alone meeting its target for the whole year.

The £78m Absolute Return Credit fund, which has now reached its first anniversary, aims to achieve 3-month LIBOR plus 250bps (after fees) on an annual basis, with volatility of less than 3%, and a minimum gross yield of 3.5%. However, the fund's positioning around the time of June's EU referendum helped the portfolio exceed its annual target in the space of a month. Overall, for its first year to 26 August, the fund returned 5.9% compared to 3-month LIBOR of 0.59% and 1% for the IA Targeted Absolute Return sector, according to FE. This performance was achieved with a Sharpe ratio of 3...