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MI TwentyFour Dynamic Bond

Elite Rated by FundCalibre

This fund has a very flexible approach, taking advantage of changes in market conditions. It may invest across the whole range of fixed interest assets. The yield is usually one of the highest in the sector, but will fluctuate as investments and market conditions change.

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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Fund Manager

Gary Kirk spent the first 20 years of his career as a successful credit trader. He then became a portfolio manager, during which time he traded the complete range of fixed interest securities and derivative products. He has previously worked for both Royal Bank of Canada and Wachovia, now part of Wells Fargo. Although Gary is the lead manager, TwentyFour follows a team approach in managing funds.

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In the current market place it helps to be an experienced crafty cockney with a focus on relative value!

Gary Kirk - Fund Manager

The Investment Process

The investment approach for this fund has a very strong focus on liquidity, and the separation of credit and interest rate risk. The team believe that opportunties can be found among lower rated (i.e. higher risk) bonds that fewer analysts have the expertise to research thoroughly. Their specilalist skills mean that they can, and do, invest in areas of the market where others may fear to tread, such as suboridnated financial debt and asset-backed securities. They have a highly flexible approach that enables them to take advantage of prevailing market conditions as they change over time.

Risk

The focus is on credit risk – i.e. how likely is it that interest and capital payments will be made on time – and they can use the whole spectrum of bond investments. This requires particularly meticulous due diligence, which, fortunately, the team do extremely well.

Our Opinion

A highly professional team, running a very focused strategic bond fund. This fund pays an attractive yield and is managed with an emphasis on credit risk to ensure protection of investors’ capital and income wherever possible. This fund differs from most strategic bond funds due to a consistent weighting to asset-backed securities, an area in which they specialise.

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