End of year review 2025
Global Defined Returns Fund
This is a marketing communication for professional investors only. Capital at risk.
Past performance does not predict future returns.
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. The fund performed as expected given the market environment this year whilst offering investors significantly lower volatility and drawdowns to that of equities.
Performance summary
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8.15% year-to-date (to 31-Oct-25)
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8.59% annualised since launch of USD share class
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2025 volatility of 7.64% vs 15.26% of world index benchmark
Past performance does not predict future returns.
Source: Atlantic House as at 31/10/25.
Overview of the year
2025 has been a very strong year for global equity markets. The benchmark index has returned 19.91% this year to 31-Oct-25 despite a short and sharp fall in April. The Fund is up 8.15% over the same 10-month period while providing half the volatility of the benchmark index. The Fund aims for a return of 8-9% annualised over the medium to long term so, while looking at a 10-month period is shorter than we usually like to look at 2025 has been a good year so far.
Looking in more detail at the earlier part of the year, the benchmark index fell 19% between 20-Feb-25 and 8-Apr-25 while the Fund fell 9%. It makes sense that the Fund should fall significantly less here as the Fund’s sensitivity (or ‘delta’) to market moves during this time ranged from 35-55%. Subsequently, with markets performing so well since 8-Apr-25 the Fund’s delta has reduced from 55% to around 30% at the end of October. In other words, one would expect the Fund to move about a third of that of markets during these times.
Rising markets has brought maturities of the Fund’s autocalls, mostly on their first anniversaries, this year. Typically, two new autocalls have therefore been entered into each month, maintaining a long maturity profile of the Fund. It has been pleasing to see that terms for new autocalls have remained very good while interest rates have been declining through the year. The average autocall in the Fund has an annual coupon of 9.9% and a maximum time to maturity of 5 years and 5 months.
2026 outlook
We believe the fund presents an excellent risk-reward profile for investors. The positive return and capital loss barriers, at 30.97% and 35.73% respectively, provide a substantial level of downside protection, particularly for a fund that aims for an annualised return of 8-9%. On the upside, the fund has the potential to deliver an 8.59% return in flat equity markets and 10.45% if equity markets rise by 10% over the next 12 months. Even if equity markets decline by 10% over the next year, we project the fund to still deliver a positive return of 3.21%. The fund's delta is currently at 29.27%, with underlying regional allocations closely mirroring those of a global equity index.
Average cover before capital loss
35.73%
Average cover to achieve a positive return
30.97%
Past performance does not predict future returns.
Source: Atlantic House as at 31/10/25.
Forward Looking Scenario Analysis and Intrinsic Value
Past performance does not predict future returns.
Source: Atlantic House as at 31/10/25.
We remain focused on:
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Delivering a return of 8-9% annualised over the medium to long term
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Providing investors with a predictable investment experience
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Ability to offer lower drawdowns and volatility compared to equity markets
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Providing a valuable addition to any diversified portfolio
This is a marketing communication. The fund is aimed at advised & discretionary market investors over the long term who have the capacity to tolerate a loss of the entire capital invested or the initial amount.
A final investment decision should not be contemplated until the risks are fully considered. A comprehensive list of risk factors is detailed in the Risk Factors Section of the Prospectus and the Supplement of the fund and in the relevant key investor information document (KIID). A copy of the English version of the Supplement, the Prospectus, and any other offering document and the KIID can be viewed at www.atlantichousegroup.com and www.geminicapital.ie. A summary of investor rights associated with an investment in the fund is available in English at ww.gemincapital.ie.
Please be aware that past performance is not indicative of future performance. The value of investments and income from them can go down as well as up, and you may get back less than originally invested.
Equity Risk: The fund has exposure to equity markets. The value of equities can rise and fall.
Counterparty Risk: The risk that a counterparty will not fulfil its payment obligation for a trade, contract or other transaction, on the due date.
Interest Rate Risk: The fund’s investments are sensitive to changes in interest rates.
Operational Risk: The risk of direct or indirect loss resulting from inadequate or failed processes, people and systems including those relating to the safekeeping of assets or from external events.
Credit Risk: The risk the issuer of the bond fails to make interest or capital payments.
Liquidity Risk: The risk that the fund may be unable to sell an investment readily at its fair market value. In extreme market conditions this can affect the fund’s ability to meet redemption requests upon demand.
Derivatives Risk: The fund is permitted to use certain types of financial derivatives to achieve its objective. The value of these investments can rise and fall depending on the value of the underlying instrument. There is also a risk that the counterparty to these derivatives fails to meet its obligations.
For full information on these and other risks, please refer to the fund prospectus and offering documents, including the KID or KIID, as applicable.
This is a marketing communication issued by Atlantic House Investments Limited and does not constitute or form part of any offer or invitation to buy or sell shares. It should be read in conjunction with the Fund’s Prospectus, key investor information document (“KIID”) or offering memorandum. Atlantic House Investments Limited is authorised and regulated by the Financial Conduct Authority FRN 931264. Atlantic House Investments Limited is a Private Limited Company registered in England and Wales, registered number 11962808. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ.
The contents of this article are based upon sources of information believed to be reliable. Atlantic House Investments Limited has taken reasonable care to ensure the information stated is accurate. However, Atlantic House Investments Limited make no representation, guarantee or warranty that it is wholly accurate and complete.
This material may not be disclosed or referred to any third party or distributed, reproduced or used for any other purposes without the prior written consent of Atlantic House, any data provider and any other third party whose data is included herein and must be returned on request to Atlantic House and any copies thereof in whatever form destroyed.
A decision may be taken at any time to terminate the arrangements for the marketing of the Fund in any jurisdiction in which it is currently being marketed. Shareholders in affected EEA Member State will be notified of any decision to terminate marketing arrangements in advance and will be provided the opportunity to redeem their shareholding in the Company free of any charges or deductions for at least 30 working days from the date of such notification.
GemCap Investment Funds (Ireland) plc is authorised in Ireland by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011) (the “UCITS Regulations”), as amended.
Gemini Capital Management (Ireland) Limited, trading as GemCap, is a limited liability company registered under the registered number 579677 under Irish law pursuant to the Companies Act 2014 which is regulated by the Central Bank of Ireland. Its principal office is at Suites 22-26 Morrison Chambers, 32 Nassau Street, Dublin 2, D02 X598 and its registered office is at 7th Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, D02E762. GemCap acts as both management company and global distributor to GemCap Investment Funds (Ireland) plc.
2023 Fund Reviews
Capital is at risk. Past performance does not predict future returns.