In part one of a two-part roundup, we review how funds registered in Switzerland and Dublin performed in May.
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.
May was marked by a strong rebound in global equity markets and a renewed appetite for risk, according to Vincent Bonnard, founding partner at Finanzlab.
Growth stocks continued to lead the way, with the Nasdaq gaining 10.5% during the month - Vincent Bonnard
“Growth stocks continued to lead the way, with the Nasdaq gaining 10.5% during the month […] European markets also participated in the rally, while the Nikkei 225 stood out with a gain of nearly 12%,” he told SRP.
The fund closed the month at a new all-time high of CHF126.08 while its year-to-date (YTD) performance is also positive at 1.99%.
One structured product reached maturity in May. It was replaced by two new issuances offering significantly higher coupon levels. The first, an autocall conditional coupon BRC issued by UBS (CH1560487345), references the Hang Seng Index, S&P/ASX 200, DAX and Ibex 35 and offers a coupon of 6.3% pa. The second, a conditional coupon BRC issued by Raiffeisen (CH1556907595) and linked to the AEX, FTSE 100, Nasdaq-100 and OMX Stockholm 30, provides a coupon of 7.6% pa.
These transactions enabled the fund managers to increase the portfolio's average coupon to 6.49% despite lower volatility levels, as measured by the VIX. At the same time, the strong equity market performance further strengthened the portfolio's defensive profile.
Today, 65% of the barriers embedded in the fund's structured products provide downside protection of more than 50%.
Finanzlab Multi Index Fund – breakdown of issuers as of 31 May 2026
Source: Finanzlab
As of end-May 2026, the fund had exposure to 12 counterparties plus a cash component of 3.20%.
Distribution share class
Building on this track record, a new distribution share class was launched in mid-June. The new class follows the same investment strategy and fee structure as the existing accumulation class but is designed for investors seeking a stable and regular income stream in Swiss francs. Its objective is to distribute 1.0% per quarter, net of tax.
Quarterly distributions make the transition from individual structured products to a diversified fund solution more natural for many investors - Vincent Bonnard
In designing the new share class, Finanzlab deliberately borrowed a feature that investors are accustomed to in the structured products market: quarterly income payments.
“While quarterly distributions remain relatively uncommon in the Swiss fund industry, they are a familiar concept for many BRC investors […] in our view, quarterly distributions make the transition from individual structured products to a diversified fund solution more natural for many investors,” said Bonnard.
The decision to introduce this new share class was directly driven by investor demand.
“Several professional investors actively use individual barrier reverse convertibles and view our fund as an efficient way to industrialise and diversify this strategy while continuing to receive regular cash flows.
“We have also observed growing interest from investors using pension and retirement assets, who appreciate receiving periodic distributions directly from the fund rather than having to sell shares to generate income,” said Bonnard.
A sizable portion of these distributions is expected to qualify as capital gains and therefore generally remains tax-free for private investors in Switzerland.
Bonnard is already seeing strong interest in the new distribution share class and believes it addresses a genuine market need.
“Following the milestone of surpassing CHF50m in assets under management last month, we believe the new share class provides an additional avenue for future growth,” he concluded.
Finanzlab Multi Index Fund has CHF50.7m (US$63.8m) in assets under management (AuM) as of 31 May 2026. The fund was launched on 20 October 2021. There is no minimum subscription. Dealing/liquidity: daily. Key investor information risk and reward profile: two out of seven.
Atlantic House Defined Returns Fund
Launched in 2013 and with assets of £2.7 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.
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.
The fund was up 1.67% in May, with the large cap markets of the UK, US and EU returning 0.4%, 6.6%, and 4.1%, respectively. Its cumulative performance for 2026 to date is 3.51%.
The four autocalls in the fund with annual observations in May all matured on their first anniversaries, delivering an average coupon of 8.95%. They were replaced by four new autocalls with similar characteristics and an average coupon of 9.56%.
End-May 2026, the fund’s average cover before capital loss was 40.45% with the average cover to achieve a positive return set at 35.82%.
Atlantic House Defined Returns Fund has £2.7 billion (US$3.6 billion) in AuM as of 31 May 2025. The fund was launched on 4 November 2013, and the minimum subscription is £5m or an equivalent amount in another currency. Dealing/liquidity: daily. 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 primarily in US government bonds alongside a portfolio of global, liquid derivatives that generate the return on capital.
In May, the Solactive GBS Developed Markets Large & Mid Cap Index, the fund’s benchmark, was up 4.64% while the fund itself was up 1.45%. The cumulative performance of the fund for 2026 YTD was 3.00% against 10.51% for the benchmark.
The two autocalls that had their observations in the month both matured on their first anniversaries, with an average coupon of 10.44%. Two new autocalls were deployed with similar autocall barriers but with an average coupon of 10.72%.
The fund’s average cover before capital loss was 34.45% with an average cover to achieve a positive return of 29.97%.
The Atlantic House Global Defined Returns Fund has US$192m in AuM as of 31May 2026. The fund was launched on 26 June 2023, and the minimum investment is US$10,000 or the equivalent in EUR, GBP or CHF. Dealing/liquidity: daily. Key investor information risk and reward profile: six out of seven.
Atlantic House Defensive Defined Returns Fund
Launched in December 2018, this third Dublin-registered Ucits fund from Atlantic House aims to generate positive returns of 5 to 7% pa in most market conditions over any given three-year period.
In addition to an actively managed exposure to a diversified portfolio of defined return investments linked to global equity indices, the fund employs an overlay of systematic protection strategies, designed to dampen volatility and improve outcomes during periods of equity market stress.
The portfolio is primarily invested in government bonds, which provide the return of capital over time, alongside a portfolio of global, liquid derivatives that generate the return on that capital. The fund is benchmarked against the Solactive United Kingdom Large Cap ex-Investment Trust Net Total Return Index.
The fund returned 1.54% for May, primarily driven by gains from the defined return investments. No new defined return investments were added during the month, as there were no scheduled observations.
The fund’s average cover before capital loss was 43.29% with an average cover to achieve a positive return of 34.90%.
The Atlantic House Defensive Defined Returns Fund has £42.8m (US$57.4m) in AuM as of 31May 2026. The fund was launched on 5 December 2018, and the minimum investment is £1,000. Dealing/liquidity: daily. Key investor information risk and reward profile: four out of seven.
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