TwentyFour AM's Bowie cuts duration to lowest ever level

Political risk behind move

TwentyFour Asset Management''s Chris Bowie's two biggest fears right now are the economic woes facing Europe and the prospect of a Jeremy Corbyn-led Government.

The looming end of the current market cycle has been a worry for Bowie and his team "for the last 18 months or so" leading them to bring duration on the £1.75bn Absolute Return Credit fund down to its lowest level since inception, at 1.8 years. Yet Bowie said the interest rate reversal by the US Federal Reserve has alleviated imminent recession concerns. "A lot will depend on what the Fed does over the next few months. Many people seem to be pricing in a rate cut later this year but we think that is probably a little bit premature," he said. "But it is all dependent on the data; th...