Just over one fifth (20.9 per cent) of the portfolio is expected to mature in the next 12 months, with a further 47 per cent maturing in the next one to three years.
Crucially, performance has matched the mandate. In each rolling 12-month period to the end of April 2019 the fund has produced a positive return, it is up 10.6 per cent over the past three years and and it is up 12.6 per cent since launch.
The fund has an estimated ongoing charge of 0.56 per cent, which is very low for the sector and it carries no performance fee.
It is refreshing to see a fund like this in a sector which has become increasingly synonymous with complexity and leverage.
It has delivered predictable, positive returns, with low volatility and low drawdowns.
TwentyFour is one of our favourite houses for fixed income in general and the consistent risk-adjusted returns delivered by this fund reinforce that belief. It is a strong candidate for any investor looking for not just a defensive absolute return fund but also a core fixed income holding.
Darius McDermott is managing director of Fundcalibre
