The Tenax Fund is a long-only, multi-asset fund that aims for positive returns in excess of cash + fees over rolling 12-month periods at a low level of volatility. Launched in November 2007 it was initially designed as a client portfolio for an investor whose priority was to protect the value of their capital.

Rayner Spencer Mills Research has produced a comprehensive independent assessment of the Fund.

Latest Fund Factsheet

Long-term track record

Tenax has a ten year plus performance history

Straightforward approach

Targets returns greater than cash over rolling 12-month periods

Volatility dampener

Low volatility makes it an ideal defensive holding


Genuine multi-asset fund that delivers diversification

Easy access

Available across wide range of platforms

Platform coverage

Independent validation

Series of industry ratings and awards

View our awards and testimonials

Tenax investment process

This document provides a comprehensive and open analysis of the various stages of managing the fund, from the high level methodology to tactical asset allocation and from idea generation to portfolio construction. Fund selectors wanting to understand in detail how the fund delivers on its objectives will find this a valuable resource.  

Download a copy here

Independent validation

A number of independent agencies have researched and rated the Tenax Fund.

Tenax has been recognised by both Rayner Spencer Mills Research and Dynamic Planner.

How to invest


  • Rayner Spencer Mills Research Fund Rating

    RSMR provide specialist research to help advisers and wealth managers to deliver sound advice to their clients backed by rigorous and structured research and due diligence. RSMR ratings are founded on a strict methodology that considers performance and risk measures but places a greater emphasis on the ability of fund managers to continue to deliver performance in the years ahead. In conclusion RSMR stated: Overall, the SVS Church House TENAX Absolute Return Strategies fund is an excellent option for investors looking for a relatively simple, absolute return focused fund with low volatility and drawdown characteristics.
  • Dynamic Planner Risk Managed Decumulation Rating

    On 3rd April 2020, Dynamic Planner launched its Risk Managed Decumulation Ratings, initially awarded to just eleven funds that met the selection criteria, the Tenax Fund being one of those. Funds awarded a rating should have low sequence of returns risk, such that the timing of withdrawals from a retirement account will have little impact on the overall rate of return available to an investor

What Tenax offers fund selectors

In a sector dominated by complex products, the Tenax Absolute Return Strategies Fund is notable for its straightforward approach to investing. It is based on three core principles: a clear performance objective, over a specified time period partnered with appropriate controls to minimise volatility.

Operating as multi-asset solution, Tenax has enjoyed significant growth in recent years having attracted the attention of fund selectors looking for a defensive holding in their portfolios to protect against the worst extremes of market volatility. With its origins in a private investor portfolio, where the primary need was for long-term preservation of capital, the management style is one of patience in pursuit of the returns investors expect without the shocks they fear.

Church House can invest in equities as well and has a lot of flexibility in terms of asset class. If they like equities, for instance, they can start building positions in equities, but they are not going to be an equity fund - they're trying to protect client capital. They're very transparent with what they are holding in their portfolio.

Professional Adviser - Nov 19

Ben Willis - Prof Adviser Nov 19

Head of Portfolio Management Chase de Vere

The Church House Tenax Absolute Return Strategies fund, a long-only multi-asset vehicle, which invests directly in assets, rather than using the ‘fund of fund’ route. The fund places capital preservation at the heart of its investment process.

Portfolio Adviser - 25th March 2020

Darius McDermott - Portfolio Adviser March 20

Managing Director Chelsea Financial Services

It has been tested through different difficult market environments and generally passed each one with flying colours. The fund offers reliability and consistency when many of the others in the sector don’t.

Trustnet - 24th Feb 2020

Andy Merricks - Trustnet Feb 2020

Fund strategy consultant

A boutique fund run by two very experienced managers, James Mahon and Jerry Wharton, this is an extremely useful portfolio diversifier. Church House Tenax Absolute Return Strategies fund is one of the few in the sector that targets an absolute return from diversification and risk management alone.

Trustnet - 9th March 2020

Darius McDermott - Trustnet March 20

Managing Director Fund Calibre

How to invest


Financial Advisers, wealth managers and other professionals will find our funds listed on a wide range of retail platforms and they also appear on the main fund trading exchanges. A full list of the platforms we support is available using the link below.

Direct Investors

We also have arrangements in place for individuals who want to invest directly without either our wealth planning or portfolio management services. For more information including full instructions, please use the link below.

Platforms and direct investing

Contact us

To discuss your requirements, or to find out more about our funds and services, please contact us:

Sam Liddle Sales Director

Intermediary Sales

  • 07887 520621

Matthew Goodsir Business Development Manager

Intermediary Sales

  • 020 7534 9877