TwentyFour Monument Bond

A fixed income fund investing exclusively in lower risk Asset Backed Securities across Europe.

The most significant feature of the Monument fund is its portfolio being 100% invested in asset backed securities which fall under the broader category of “floating rate” bonds. This means they do not fall in value like traditional bonds when interest rates rise. Instead, they deliver a higher yield.

The fund focuses on the higher quality end of the ABS market, investing in a combination of residential and commercial mortgages together with portfolios of consumer and more general loans. The underlying borrowers all reside in the UK, Europe or Australia.

We like the fund as it offers an attractive yield with very low duration, thereby potentially protecting capital well in falling bond markets.

Fund type UK OEIC
Asset class Bonds
Sector Short Dated
Managed by Rob Ford, Ben Hayward, Aza Teeuwen et al.
Held in EQ PortfoliosBest Ideas Cautious
Best Ideas Cautious Plus
Absolute Return
Best Ideas Balanced

Manager Profile

Rob’s main responsibility is managing the firm’s ABS business, including the Monument Bond Fund, and the TwentyFour Income Fund, and a number of institutional mandates. He also is a member of the firm’s Investment Committee.

Rob has been trading ABS since their inception in the late 1980s, and as one of the market’s leading authorities on the sector he is also a pivotal member of a number of high level market initiatives and steering groups.

Rob previously spent over 20 years at Barclays Capital (formerly BZW) in London as a fixed income trader covering a broad range of instruments, where he established and managed the floating rate credit trading unit and was a Managing Director and Head of European ABS Trading.

Ben’s main responsibility is managing the ABS business, having launched the Monument Bond Fund, the TwentyFour Income Fund and more recently UK Mortgages Ltd, as well as managing a number of institutional mandates. He is a member of the Investment, Risk and Product Committees.

Ben has 21 years fixed income portfolio management experience, having spent 9 years at Citigroup Alternative Investments where he was responsible for managing four vehicles that invested $100bn across asset-backed securities and credit.

Aza's main responsibility is managing the firm’s ABS funds, including the Monument Bond Fund and the TwentyFour Income Fund, in addition to a number of institutional mandates. He is also a member of the firm’s Investment Committee.

Aza has 12 years of experience of fixed income portfolio management. He joined TwentyFour in 2011, after having spent 4 years working for IMC asset management in Amsterdam, where he focused on the European RMBS, CLO and ABS CDO sectors. He holds a master’s degree in Financial Engineering & Management from the University of Twente (the Netherlands).

Doug’s main responsibility is managing the firm’s ABS funds, including the Monument Bond Fund and the TwentyFour Income Fund, and more recently UK Mortgages Ltd. He is also a member of the firm’s Investment Committee.

Doug has 11 years of experience in fixed income markets, specifically ABS finance. He started at Nationwide Building Society, where he helped establish the RMBS funding platform and manage Treasury ABS investments, then moved to S&P where he rated European RMBS transactions. Doug was hired from Lloyds where he was a structurer for RMBS and whole loans clients. He is also a CFA Charterholder.

Fund performance

TwentyFour Asset Management

TwentyFour Asset Management is a fixed income specialist based in the City of London. Founded in 2008 by a group of leading fixed income professionals, investing in investment products that span across the fixed income risk spectrum.

In April 2015 the Firm entered into a strategic partnership with Vontobel Asset Management, a subsidiary of the Vontobel Group. Vontobel Asset Management acquired a 60% shareholding in the firm with TwentyFour Asset Management’s working partners retaining a 40% stake in the business. The firm remains autonomous, run by the partners with full control over day-to-day business decisions.

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