CAPITAL AT RISK
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Tom May
CEO & CIO
2025 has been an unusual year. Markets hit new highs, yet political noise, shifting policy and changing market drivers made conditions far from straightforward. Through this, demand for outcome-based investments has grown, with Defined Returns and Liquid Alternatives becoming core portfolio tools.
We have seen record issuance, rising AUM and broader interest across UCITS, Cayman vehicles, Actively Managed Certificates (AMCs) and bespoke notes as investors seek targeted exposure to risk premia and greater clarity in unpredictable markets.
This year’s Annual Review includes updates from each fund and three new articles: practical approaches to managing downside risk, the role of inflation in portfolio construction, and how to feel hopeful and empowered about the future of AI. Together, they help investors understand potential portfolio journeys, navigate uncertainty and build resilience.
Thank you for your support throughout the year, and we wish you a happy and prosperous 2026.
2025 Fund Reviews
Past performance does not predict future returns.
The Atlantic House Defined Returns Fund
“The equity indices that the fund is most exposed to (UK, US and EU) have returned 19% year-to-date, a remarkable run that has been consistent apart from a short and sharp fall in March / April.”
2025 has been characterised by rising equity markets and a relatively smooth performance for the fund of 7.86% year-to-date (31-Oct-25). Nov 2025 marked the Fund’s 12th anniversary, delivering an annualised return of 7% since 2013, providing investors with predictable returns, lower volatility, and smaller drawdowns compared to equities.
The Atlantic House Uncorrelated Strategies Fund
"Since launch, the fund has delivered an annualised total return of 4%, with a correlation of just 0.08 to equities and -0.32 to bonds."
The Atlantic House Uncorrelated Strategies Fund has navigated a challenging year, whilst staying true to its objective of delivering uncorrelated returns. Fund Manager Tom Boyle reflects on the drivers of performance and outlook for the fund.
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