Morningstar Fund Report  | 05/04/2025Print

Vontobel Fund - TwentyFour Absolute Return Credit Fund AI GBP

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Vontobel Fund - TwentyFour Absolute Return Credit Fund AI GBP
Fund0.4-4.95.95.71.3
+/-Cat0.71.5-1.71.0-0.1
+/-B’mrk1.42.3-1.01.6-0.1
 
Category: GBP Corporate Bond - Short Term
Category Benchmark: Markit iBoxx GBP NonGilts 1...
Key Stats
NAV
03/04/2025		 GBP 87.96
Day Change 0.16%
Morningstar Category™ GBP Corporate Bond - Short Term
IA (formerly IMA) Sector Targeted Absolute Return
ISIN LU1267852249
Fund Size (Mil)
02/04/2025		 GBP 3211.23
Share Class Size (Mil)
02/04/2025		 GBP 0.83
Max Initial Charge 5.00%
Ongoing Charge
05/02/2025		  0.50%
Investment Objective: Vontobel Fund - TwentyFour Absolute Return Credit Fund AI GBP
The Sub-Fund aims to achieve a positive absolute return in any market environment over a period of 3 years by keeping a modest level of volatility. While respecting the principle of risk diversification, the Sub-Fund's assets are mainly invested in bonds and similar fixed-interest and floating-rate securities issued by corporate issuers rated with investment grade (i.e. at least BBB- (S&P and Fitch), Baa3 (Moody's) or a comparable rating of another recognized rating agency).
Returns
Trailing Returns (GBP)03/04/2025
YTD1.54
3 Years Annualised3.25
5 Years Annualised2.66
10 Years Annualised-
12 Month Yield 3.92
Dividend Paying Frequency Annually
Management
Manager Name
Start Date
Chris Bowie
28/08/2015
Gordon Shannon
28/08/2015
Click here to see others
Inception Date
28/08/2015

Category Benchmark
Fund BenchmarkMorningstar Benchmark
Not BenchmarkedMarkit iBoxx GBP NonGilts 1-5 TR
Portfolio Profile for  Vontobel Fund - TwentyFour Absolute Return Credit Fund AI GBP28/02/2025
Fixed Income
Effective Maturity-
Effective Duration-
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock0.000.000.00
Bond95.870.0095.87
Property0.000.000.00
Cash44.6940.883.81
Other0.310.000.31
Growth Of 1000 (GBP) 31/03/2025
Fund:  Vontobel Fund - TwentyFour Absolute Return Credit Fund AI GBP
Category:  GBP Corporate Bond - Short Term
Category Index:  Markit iBoxx GBP NonGilts 1-5 TR
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-0.974.852.310.38-4.945.925.711.32
+/- Category-0.540.68-0.750.751.49-1.701.04-0.11
+/- Category Index-0.941.05-0.811.352.33-0.961.60-0.08
% Rank in Category801718951366
Trailing Returns (GBP)03/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.16   -0.020.06
1 Week0.34   -0.08-0.17
1 Month0.30   -0.01-0.15
3 Months1.55   -0.05-0.27
6 Months2.29   -0.04-0.26
YTD1.54   -0.11-0.31
1 Year5.90   0.320.46
3 Years Annualised3.25   0.090.64
5 Years Annualised2.66   0.080.88
10 Years Annualised-   --
 
Category: GBP Corporate Bond - Short Term
Category Index: Markit iBoxx GBP NonGilts 1-5 TR
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20251.32---
20241.371.092.320.81
20230.640.012.143.04
2022-1.80-3.63-2.422.94
20210.140.830.00-0.59
2020-2.752.461.301.36
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAbove AverageBelow Average4 star
5-YearAbove AverageLow4 star
10-Year--Not Rated
OverallAbove AverageLow4 star
 
Category :  GBP Corporate Bond - Short TermClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev3.32 %
3-Yr Mean Return3.23 %
 
3-Yr Sharpe Ratio-0.26
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Markit iBoxx GBP NonGilts 1-5 TR  Morningstar UK HY Bd GR GBP
3-Yr Beta0.590.41
3-Yr Alpha0.03-1.94
 
Fixed Income Style-
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 3254
Maturity Distribution %
1 to 320.39
3 to 527.82
5 to 711.22
7 to 107.62
10 to 150.00
15 to 200.00
20 to 3011.91
Over 3013.75
Effective Maturity-
Effective Duration-
Credit Quality Breakdown %     %
AAA -   BB-
AA-   B-
A-   Below B-
BBB-   Not Rated-
 
Category: GBP Corporate Bond - Short Term
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock0.000.000.00
Bond95.870.0095.87
Property0.000.000.00
Cash44.6940.883.81
Other0.310.000.31
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings0
Total Number of Bond Holdings145
Assets in Top 10 Holdings24.52
NameSectorCountry% of Assets
Germany (Federal Republic Of) 2.5%Germany7.37
United States Treasury Notes 4.125%United States5.01
United States Treasury Notes 4.125%United States2.56
BNP Paribas SA 2%France1.60
Tesco Corporate Treasury Services PLC... United Kingdom1.54
Bupa Finance PLC 5%United Kingdom1.53
Virgin Money UK PLC 5.125%United Kingdom1.32
ING Groep N.V. 6.25%Netherlands1.27
Axa SA 3.25%France1.19
Bunzl Finance plc 2.25%United Kingdom1.13
 
Increase Decrease New since last portfolio
Category: GBP Corporate Bond - Short Term
 
Management
Name of CompanyVontobel Asset Management S.A.
Phone-
Websitewww.vontobel.com
Address2-4, rue Jean l'Aveugle L-1148 Luxemburg
 Luxembourg   -
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date28/08/2015
Fund Advisor(s)
TwentyFour Asset Management LLP
Fund ManagerChris Bowie
Manager Start Date28/08/2015
Career Start Year1992
Education
1992, Strathclyde University, B.A.
 
Biography
Chris has been managing fixed income portfolios for over 25 years, both across global credit and government bonds. Chris is one of the partners of TwentyFour and a member of the portfolio management team, where his primary responsibility is the management of the Outcome Driven business line. Before joining TwentyFour in September 2014, Chris was Head of Credit portfolio management for ten years at Ignis Asset Management and was responsible for the firm’s £14bn of retail, institutional and insurance credit portfolios. Chris achieved top decile investment performance for the Ignis Corporate Bond Fund over 5 years, leading to a AAA rating from Citywire and a Bronze rating from Morningstar. Citywire also ranked Chris 14th out of 1,000 of the world’s top investment managers for three year risk-adjusted performance in 2012, across fixed income, equity, property and cash asset classes. Between 2000 and 2004, Chris was Head of Rates at AEGON Asset Management in Edinburgh, responsible for £7bn of Rates portfolios across UK and Global Sovereign bond funds. Prior to this, from 1994 to 2000, Chris was a Senior Fixed Income Portfolio Manager at Murray Johnstone Ltd. which was acquired by Aberdeen Asset Management in 2000. Here, Chris covered both credit and government bond portfolios for both retail and institutional clients. Prior to his fund management career, Chris was an Analyst/Programmer for National Australia Bank. Chris holds the ASIP designation.
Fund ManagerGordon Shannon
Manager Start Date28/08/2015
Career Start Year2007
Education
2005, University of Cambridge, B.A.
 
Biography
Gordon is one of the partners at TwentyFour having joined in 2015 as a Portfolio Manager. He has over 15 years of experience in fixed income. Gordon’s main responsibility is as Co-Head of the Outcome Driven Business line. Gordon is also a member of the firm’s Investment Committee and ESG steering group. Before joining TwentyFour, Gordon was a portfolio manager at Ignis Asset Management, helping to run £14bn of retail, institutional and insurance portfolios on the firm’s credit desk. Gordon worked at Ignis for 8 years running several euro and sterling corporate bond mandates. While at Ignis Gordon became a CFA Charterholder. Prior to this Gordon worked as a Pensions Consultant at Watson Wyatt for two years, after graduating from Cambridge University in 2005 with a degree in Economics.
Fund ManagerJack Daley
Manager Start Date28/08/2015
Career Start Year2011
Education
2011, Loughborough University, B.Sc
 
Biography
Jack originally joined TwentyFour in 2013 as an Operations Analyst before moving to the Outcome Driven team. His primary responsibilities involve assisting in the management and day-to-day activities of the team, which manages strategies including the Corporate Bond Fund and Absolute Return Credit Fund. Prior to joining TwentyFour, Jack worked in the investment team at VenCap International Plc as an Investment Associate. Jack graduated from Loughborough University in 2011 with a BSc in Management Science. Jack is also a CFA Charterholder.
Fund ManagerJohnathan Owen
Manager Start Date03/09/2018
Career Start Year2018
Education
2018, Edinburgh University, M.Tech
 
Biography
Johnathan joined TwentyFour in 2018 as a Portfolio Assistant in the Outcome Driven team. His primary responsibilities involve assisting in the management and day-to-day activities of the team, which manages strategies including the Corporate Bond Fund and Absolute Return Credit Fund. Prior to joining TwentyFour, Johnathan completed an internship at Baillie Gifford and spent 6 months as a Process Engineer with Xodus Group, an Oil and Gas Consultancy. Johnathan graduated from Edinburgh University in 2018 with a Master’s Degree in Chemical Engineering.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Max Exit Charge*0.30%
Annual Charges
Max Annual Management Charge0.43%
Ongoing Charge0.50%
Purchase Details
Minimum Investments
Initial-
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes