Tenax Absolute Return Strategies Fund

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The Tenax Absolute Return Strategies Fund has an absolute return objective, aiming to achieve positive returns over rolling twelve-month periods at low levels of volatility.

Performance (B Shares) v. Comparator Benchmarks

Image: Performance (B Shares) v. Comparator Benchmarks

Source: FE Analytics. Total Return Nav-Nav line chart (from 01 December 2007 to 29 October 2021) from UK IA universe. As Tenax is a multi-asset fund, there is no one benchmark or index that can be used to represent a comparison, so UK Government Gilt 2-year TR provides a comparison to bond returns, while FTSE 100 TR allows comparison to mainstream UK Equity returns.

Blue: Tenax Absolute Return B Acc

Green: UK 2-yr gilt TR

Red: FTSE 100 TR

Performance Summary (%)

Performance Summary3m1yr3yr5yr
3m1yr3yr5yr
SVS Church House Tenax Absolute Return Strategies B Acc-0.174.768.411.06
Index: FTSE 100 TR4.1434.5213.8926.53
UK Government Gilt 2-year TR-0.4-0.511.461.62
Source: FE Analytics. Total Return Nav-Nav discrete calendar performance table, of SVS Church House Tenax Absolute Return Strategies Fund (B Acc) from UK Investment Association universe.

Calendar Year Total Returns (%)

Calendar Year Total Returns (%)YearYearYearYearYearYearYear
YTD202020192018201720162015
SVS Church House Tenax Absolute Return Strategies B Acc1.244.053.76-1.442.717.851.60
Source: FE Analytics. Total Return Nav-Nav month end (29 October 2021) performance table from UK UT and OEICs universe.

Top Ten Holdings

Top Ten Holdings (%)percentage
Nationwide FRN SONIA 08/20223.2%
Nationwide FRN SONIA 02/2031 RBC FRN SONIA10/20242.6%
Toronto Dominion Cvd FRN SONIA 06/20222.4%
Bk Nova Scotia Float 03/20252.2%
EIB FRN SONIA 03/20262.1%
EIB FRN SONIA 01/20272.1%
Yorkshire B/S SONIA 11/20232.1%
EIB FRN SONIA 06/20232.0%
ADB FRN SONIA 10/20231.9%
TSB Bank Plc SONIA 02/20241.9%

22.4% of Portfolio     
Total number of holdings: 141

Key Information

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B Share ClassManagement fee 0.875% OCF 0.99% (incl. 0.11% of Synthetic)
B Share Price171.7p (Acc) XD
C Share ClassManagement fee 0.75% OCF 0.87% (incl. 0.11% of Synthetic)
C Share Yield0.90% (Inc)
SEDOL Code: (C Shares)Inc: BNBNRD0 Acc: BNBNRF2
ISIN Code: (C Shares)Inc: GB00BNBNRD03 Acc: GB00BNBNRF27
SectorTargeted Absolute Return
Fund TypeOEIC UCITS Scheme
Launch DateNovember 2007
Dividend PaymentMay & November
Fund Value£504m

Low Volatility Returns

Image: Low Volatility Returns

Source: Church House, Bloomberg

Asset Class Risk Profile as % of total VaR

Image: Asset Class Risk Profile as % of total VaR

Source: Church House

Disposition

Image: Disposition
Source: Church House

Objective and Policy

The Tenax Fund has an absolute return objective, aiming to achieve positive returns over rolling twelve-month periods at low levels of volatility.

The Fund is actively managed and takes diverse exposure to a broad range of asset classes including fixed interest securities, equities, money market instruments, cash deposits, and may include collective investment schemes. There is no fixed asset allocation for any asset class, the mix is maintained in a way that the Managers consider to be consistent with the objective. Capital preservation is key, as such, Tenax may, from time to time, hold high proportions in cash and other lower-risk assets. 

Capital invested in the Sub-fund is at risk and there is no guarantee that a positive return will be achieved over a rolling twelve-month, or any other period. 

Please note
The Fund was converted from a non-UCITS to UCITS on 24/08/2020. As a multi-asset fund, different benchmarks can be used for comparison purposes according to asset classes; the accumulating return from UK Government 2-year gilts as a basic comparator for the returns achieved by the Fund and the FTSE100 TR for a comparator to UK equity market performance.

James Mahon CEO & Joint CIO

A respected figure in the world of investment management with nearly 40 years experience. Read more. 

  • 020 7534 9873

Jeremy Wharton Joint CIO & Director

Joined the business in 2004 after many years trading Gilts and Derivatives. Read more. 

  • 020 7534 9872
  • j.wharton@church-house.co.uk

All prices and data in the factsheet are as at 29 October 2021. All fund performance data is based on the B Acc shares and shown after the deduction of fees and charges. Ongoing Charges Figure (OCF) based on accounts as at 30/09/2020.

Investment Risk

Please note that the value of an investment in this fund and the income from it may go down as well as up and you may not get back your original investment. You should also be aware that past performance may not be a reliable guide to future performance.

Important Information

This is a financial promotion for Professional Clients and/or distributors only. This is not intended as investment advice. You should read the Prospectus and the Key Investor Information Document (KIID for each fund in which you want to invest. The Prospectus and KIID can be found at www.ch-investments.co.uk. All information prepared within has been prepared by Church House Investments Limited, York House, Sherborne, DT9 4JW. Authorised and regulated by the Financial Conduct Authority. This document should not be published in hard copy, electronic form, via the web or in any other medium accessible to the public unless authorised by Church House Investments to do so. No warranty is given as to the accuracy or completeness of this information and no liability is accepted for errors or omissions in such information. This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such an offer or solicitation is unlawful or unauthorised. To help us continually improve our service, and in the interest of security, we may monitor and/or record your telephone calls with us.

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
  • s.liddle@church-house.co.uk

Matthew Goodsir Business Development Manager

Intermediary Sales

  • 020 7534 9877
  • m.goodsir@church-house.co.uk

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