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 Global Defined Returns Fund
“The fund performed as expected given the market environment this year whilst offering investors significantly lower volatility and drawdowns to that of equities.”
The fund has been running for almost two-and-a-half years and we are pleased to report an 8.22% annualised return since launch (8.59% since the launch of the USD share class in Feb-24), comfortably within the fund’s 8-9% target return range.
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The Atlantic House Dynamic Duration Fund
"The fund’s core philosophy, dynamically allocating between interest rate swaps (rate exposure) and inflation swaps (pure inflation protection), was frequently tested and proved effective"
The Atlantic House Dynamic Duration Fund's systematic, rules-based strategy aims to deliver capital growth by dynamically adjusting duration exposure. The strategy demonstrated resilience in 2025 through diversification across rate and inflation exposures and across UK and US markets.
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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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The Atlantic House Balanced Return Fund
"The Atlantic House Balanced Return Fund is a multi-asset portfolio that uses a broader investment toolkit to provide greater resilience throughout economic cycles."
Global equities delivered strong returns in 2025, albeit with several sharp volatility episodes, most notably the Liberation Day tariff-driven sell-off in April. The Balanced Return Fund delivered a resilient profile throughout these conditions. Defined return investments provided stable participation in rising markets and materially shallower downside during stress, while fixed income contributed positively across the year.
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Atlantic House Solutions
"Investors have continued to use structured products as a key tool for defined returns within diversified portfolios."
It was another bumper year for Structured Security issuance with the backdrop of stellar equity returns, falling interest-rates, tight credit spreads and muted equity volatility aside from the short, sharp spike in April following the Trump Tariffs announcements.
