SRP reviewed how some of the biggest funds of structured products registered in the UK and Ireland performed in July 2025.
Atlantic House Defined Returns Fund
Launched in 2013 and with assets of more than £2 billion, this Dublin domiciled fund is one of the oldest and most established funds of structured products.
The fund aims to deliver an annualised net return of 7-8% of the medium to long-term in all but the bleakest market conditions. It will do so via an actively managed exposure to a diversified portfolio of structured products linked to global equity indices.
The idea of getting 7 to 8% per annum, as long as certain things happen or certain things don't happen, people just like it - Tom May, Atlantic House
Aimed at advised and discretionary market investors, the fund benchmarks its performance to the Solactive United Kingdom Large Cap Ex Investment Trust Net Total Return Index, the Solactive US Large Cap Index and the Solactive Euro 50 Net Total Return Index.
“Defined return investments give investors an opportunity to put something in their portfolio that reduces the level of uncertainty and therefore increases the level of predictability,” Tom May (pictured), CEO and CIO at Atlantic House told SRP.
“The idea of getting 7 to 8% per annum, as long as certain things happen or certain things don't happen, people just like it,” he said.
The fund was up 0.76% in July, with the large cap markets of the UK, US and EU returning over four, six, and one percent, respectively. Its cumulative performance for 2025 to date is 5.59%.
The vast majority of the fund’s autocalls have between five- and six-year until their final autocall barrier. End-July 2025, the fund’s average cover before capital loss was 38.40% with the average cover to achieve a positive return set at 33.63%.
“Because defined return investments are formulaic in nature, you can tell investors what's going to happen to these investments over time, dependent on what the markets do. That adds to the predictability and removes uncertainty,” said May.
Atlantic House Defined Returns Fund has £2.2 billion (US$3 billion) in assets under management (AuM) as of 31 July 2025. The fund was launched on 4 November 2013, and the minimum subscription is £5m or an equivalent amount in another currency. Key investor information risk and reward profile: six out of seven.
Atlantic House Global Defined Returns Fund
The UK investment manager launched another Dublin registered fund in June 2023. It aims to generate an annualised net return of 8-9% pa over the medium to long-term in all but the bleakest market conditions.
It will do so via an actively managed portfolio of structured products linked to global equity indices. To provide the return of capital to investors over time, the fund invests in US government bonds.
In July, the Solactive GBS Developed Markets Large & Mid Cap Index, the fund’s benchmark, was up 1.32% while the fund itself was up 0.71%. The cumulative performance of the fund for 2025 year-to- date (YTD) was 4.92% against 11.18% for the benchmark.
Two autocalls expired in the month, both on their first anniversary. They were replaced with two new autocalls, keeping the fund in line with its aim of being exposed to indices in proportion to its global benchmark index.
The fund’s average cover before capital loss was 32.55% with an average cover to achieve a positive return of 27.71%.
The Atlantic House Global Defined Returns Fund has US$103m in AuM as of 31July 2025. The fund was launched on 26 June 2023, and the minimum investment is US$10,000 or the equivalent in EUR, GBP or CHF. Key investor information risk and reward profile: six out of seven.
Fortem Capital Progressive Growth Fund
This Irish Ucits V Icav fund aims to provide positive returns of 6-7% along with reduced equity beta over the medium to long term. To provide capital growth it invests in structured products linked to major equity indices with a maximum of two underlying indices per investment.
The fund posted a return of 0.59% for July. Its performance for the year, at 2.81%, is also positive as is the performance since inception (40.77%). At the end of July, the funds average cover to capital preservation was 36% with the average cover to capital growth set at 35%.
Fortem Capital Progressive Growth Fund has £399m (US$541m) in AuM as of 31 July 2025. The fund was launched on 20 September 2017, and the minimum subscription is £5m. Key investor information risk and reward profile: four out of seven.
Levendi Thornbridge Defined Return Fund
Levendi’s fund comprises of a diversified portfolio of defined return investments linked to major market equity indices. It aims to maximise the chance of generating an average medium-term annual return of six percent above GBP deposit rates.
Against a backdrop of UK, European and US equities falling rising 4.24%, 0.31% and 2.17%, respectively, the fund increased 0.79% in July.
One product worth £6m in notional autocalled during the month. Buffers were further improved with a 49.5% average buffer to capital preservation – the buffer on the worst performing product is 45.7%. The same buffer for receiving the target return is 39.2% on average and 33.5% on the worst performing product.
The fund is fully exposed to worst-of autocalls of which 50.9% is linked to the FTSE 100/S&P 500; 39.6% is linked to the S&P 500/Eurostoxx 50; and 9.5% is linked to FTSE 100/Eurostoxx 50.
Some 93.1% of the fund’s products are autocalling at current market levels.
Levendi Thornbridge Defined Return Fund has £135.4m (US$182m) AuM as of 31 July 2025. The fund was launched on 31 January 2018 and has a minimum subscription of £5m for institutional investors (B-Class) and £1,000 for retail investors (A-Class).
This fund, which is developed by Investec Wealth & Investment and Protean Capital, aims to generate income and capital growth through investments in structured products linked to major global equity markets.
The fund’s cumulative performance for the past 12 months was 6.07% while since inception it has returned 39.77%.
In July, the fund was invested in 34 structured products, including a CIBC Dual Index Income Note 08/29 (4.07% of the fund), a BOFA Dual Index Income Note 04/30 (3.99%) and a Credit Agricole FTSE Growth Note 06/29 (3.50%).
Under current market conditions, the manager is anticipating annual growth of circa cash plus 4.0% over the longer term.
VT Protean Capital Elder Fund has £74.6m (US$101.1m) in AuM as of 31 July 2025. The fund was launched on 30 August 2017, and the minimum subscription is £2m for institutional investors and £100 for retail investors. Key investor information risk and reward profile: four out of seven.
VT SG UK Defined Return Assets Fund
Another fund from Valu-Trac (VT), the VT SG UK Defined Return Assets Fund is sponsored by Société Générale and will seek to achieve its objective – generating capital growth over the long term – primarily via exposure (indirectly by way of a swap) to a portfolio of defined return investments.
The portfolio is composed of 12 rolling up to six-year autocalls (each of which will have a potential maturity date on a different calendar month each year) which are designed to provide a defined return if the FTSE 100 is at, or above, a predefined level on a specified date.
During July, the fund returned 0.89%, behind the FTSE 100 Total Return Index which returned 4.31%.
The indicated gross redemption yield at the end of July 2025 decreased to 7.59%. The July observation point triggered a reset of that contract, with a new 5.0% coupon replicating the one previously held. Following the month end, the August observation point also triggered.
The average time to maturity is 0.47-years. At current market levels, all the autocallable investments are likely to call within one-year.
VT SG UK Defined Return Assets Fund has £12.9m (US$17.5m) in AuM as of 31 July 2025. The fund was launched on 31 January 2018, and the minimum subscription is £5,000. Key investor information risk and reward profile: five out of seven.
This Dublin registered fund (Ucits V) offers actively managed exposure to a portfolio of autocallable structured products linked to major equity indices. The products are backed by G7 government bonds, reducing counterparty bank risk.
The fund closed July 2.07% higher relative to June. Its cumulative performance for 2025 YTD is 20.31%.
Since its launch in February 2020, it has provided an annual return of 8.05%.
The current portfolio comprises 10 step-down autocalls that pay an average coupon of 10.48% pa. The average distance above the final autocall barrier is 20.50%. If the product reaches the final observation date, the coupons are triggered if the underlying indices are above 80%, 75%, or in some cases, 65% of their initial level.
Some 38 instruments have already matured, averaging a coupon of 9.62% pa.
Causeway Securities Defined Growth Fund has US$15.9m in AuM as of 31 July 2025. The fund was launched on 4 February 2020, and the minimum subscription is US$1,000. Key investor information risk and reward profile: six out of seven.
This article was updated to include the Levendi Thornbridge Defined Return Fund.
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