In the second and final part of our funds of structured products roundup, we review how funds from Luxembourg, the Netherlands, Switzerland, Ireland and Canada performed in July 2025.
The Luxembourg domiciled Sicav fund aims to generate long-term returns consistent with the preservation of capital, through a strategy focused on structured notes linked to underlyings in the global pharmaceutical and biotechnology sectors.
In July, the fund delivered a 3.7% gain, driven by strong performance from select Big Pharma holdings and the portfolio’s diversified geographic exposure.
Strong fundamentals suggest the pharmaceutical sector is well-positioned to extract enhanced yield through structured investments - Dmitry Reykhart
“Recent US trade agreements with the EU and Japan, which introduced 15% tariffs on certain goods including pharmaceuticals, proved less severe than initially feared, supporting several portfolio constituents,” said Dmitry Reykhart, chairman of the board at Forte Pharma Fund.
Company-specific developments further influenced performance.
“AstraZeneca, for example, gained around 12% following the announcement of a US$50 billion US investment plan by 2030, aimed at expanding manufacturing and research facilities, combined with strong topline growth and positive Phase III trial results for its hypertension drug Baxdrostat,” Reykhart added.
Late month announcements prompted a volatility spike and brief sell-off in healthcare stocks, despite an otherwise robust earnings season in which most Big Pharma companies exceeded expectations, revised guidance upward, and increased R&D spending – signalling sustained industry confidence.
“While valuations remain at a steep discount comparing to broad equity indices due to ongoing regulatory uncertainty, strong fundamentals suggest the pharmaceutical sector is well-positioned to extract enhanced yield through structured investments,” Reykhart said.
At the end of July, the fund comprised 17 structured notes from eight different issuers. The notes have an average maturity of 19 months while the weighted average coupon is set at 24.4% pa. In total, the products offer exposure to 21 different underlying equity names.
Forte Pharma Fund has US$52.9m in assets under management (AuM) as of 31 July 2025. The fund was launched on 1 October 2020, and the minimum subscription is US$200,000. Dealing/liquidity: monthly.
This Dutch fund invests in a variety of structured products to generate an average long-term return at least equal to the average long-term return of equity markets in general, but with a lower level of risk compared to a diversified equity portfolio.
The fund closed July 1.20% higher relative to June. Its cumulative performance for 2025 year-to-date (YTD) is 3.81%.
All intended coupons were paid throughout the month. These revenues, including most of the redeemed structures and the available liquidities, were reinvested in new structures in both euros and dollars.
At the end of July 2025, the conditional protection barrier was intact for all structures. The average buffer towards the protection barrier is more than 39%, with the lowest buffer more than 38%. In addition, all structures currently pay their coupon.
The average annual coupon decreased compared to a month ago and amounts 12.70%.
At the end of July, the funds liquidity position amounted to approximately four percent.
The Market Stability Fund has €161.8m (US$188.3m) in AuM as of 1 August 2025. The fund was launched on 1 January 2018, and the minimum subscription is €100,000. Key investor information risk and reward profile: five out of seven. Dealing/liquidity: weekly and monthly.
The objective of this Swiss open-ended fund is to provide an efficient investment in a diversified portfolio of barrier reverse convertible (BRC) products linked exclusively to equity indices of the major developed countries.
The fund extended its upward trajectory, closing the month at CHF121.30, up 0.61% month-on-month (MoM), with a cumulative YTD performance of 2.96%.
Two early redemptions allowed the reinvestment of liquidity into new products from BBVA and Banque Internationale à Luxembourg, offering coupons of 5.70% and 5.80%, respectively.
By the end of July, the fund had exposure to 12 different issuers: BBVA, Banque Cantonale Vaudoise, Bank of America, Basler Kantonalbank, Banque Internationale à Luxembourg, EFG, Goldman Sachs, Marex, Natixis, Raiffeisen, Santander and Vontobel. Only 2.24% was held in cash.
The average coupon of the products included in the fund is 5.835% pa.
The fund’s KID has recently been updated, and it now has a risk and reward profile of two out of seven (previously three out of seven).
Finanzlab Multi Index Fund has CHF35.5m (US$43.9m) in AuM as of 31 July 2025. The fund was launched on 20 October 2021. There is no minimum subscription. Key investor information risk and reward profile: two out of seven. Dealing/liquidity: daily.
Ballybunion Insignia Defined Returns Fund
Regulated by the Central Bank of Ireland, this fund aims to achieve a target return of 7-9% per annum over rolling five-year periods by investing in structured notes.
In July, the fund’s net asset value (NAV) increased by 2.8%. There were no trades for the fund during the month. However, the performance of most notes was positive with the Renewables Note a particular standout.
As of 31 July 2025, the fund had exposure to 12 counterparties: Barclays, BBVA, CIBC, Crédit Agricole, EFG, HSBC, Itau, Marex, Mediobanca, Morgan Stanley, Société Générale and UBS. Some 16.9% is linked to cash.
Ninety-four percent of the fund’s assets are invested in step-down autocalls with the remaining six percent tied to a protected tracker. Some 82% is allocated in notes denominated in euro; 12% is US dollar denominated; and six percent is GBP denominated.
Ballybunion Insignia Defined Returns Fund has €24.8m (US$29m) in AuM as of 31 July 2025. The fund was launched on 10 February 2020. The minimum subscription is €100,000 or equivalent (Class A shares). Key investor information risk and reward profile: four out of seven. Dealing/liquidity: monthly.
Schroder Special Situations Fund (SSF) Structured Income
This Luxembourg Ucits fund aims to provide income and capital growth over rolling five-year periods by investing indirectly in a portfolio of autocallables linked to global equity market indices.
The fund’s performance for July was 0.30% while its cumulative performance for 2025 YTD was 5.4%. Since inception the fund has returned 16.6%. The fund comprised 71 holdings as of 31 July 2025.
Schroder SSF Structured Income has US$37.5m in AuM as of 31 July 2025. The fund was launched on 1 June 2023. The minimum initial subscription is US$5m. Dealing/liquidity: daily.
CI Structured Premium Yield Fund
This Canadian fund’s investment objective is to provide investors with regular distributions by replicating the outcome of an actively managed portfolio of diversified structured notes, primarily through investing in derivatives and/or structured notes that provide exposure to North American and/or global equity indices and securities.
The fund is managed by CI Global Asset Management, an investment management company based in Toronto. It has positions in, among others, Core Canadian Large Cap Index (8.41%), Canada Insurance Index (7.48%), Canada Pipelines Index (7.48%), US Equal Weight Semiconductor Index (5.61%) and the Eurostoxx 50 Index (5.61%).
The fund has a history of less than one year so a performance is not available.
CI Structured Premium Yield Fund has C$29m in AuM as of 30 July 2025. The fund was launched on 28 January 2025. The minimum initial subscription is C$500/C$25 additional. Dealing/liquidity: monthly.
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