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SVS Church House Tenax Absolute Return Strategies

Elite Rated by FundCalibre

This is a multi-asset fund, which invests directly in assets, rather than using the fund of fund route. It targets positive returns over rolling 12-month periods and LIBOR +4% over rolling 3-year periods. Positive returns have been achieved in 92% of rolling 12-month periods over the past five years, with an average return of 7% and volatility of just 25% of that of the FTSE All Share index.

Company Description

Church House Investment Management is an independent fund management company founded in 1999 by the current CEO, James Mahon. It is majority-owned by its employees, although the Cayzer Family Trust holds a 20% share of the equity. Church House offers investment management services for private individuals and family groups. The funds are managed in a style that focuses on delivering strong risk-adjusted returns with low levels of volatility.


Fund Manager

The managers are James Mahon and Jerry Wharton. James is the chief executive and chief investment officer of the company and was instrumental in its establishment in 1999. Jerry Wharton is a director of Church House with a particular involvement in fixed interest. During his career, Jeremy has worked in both the gilt market and as a professional investor in derivatives.


Successful investing is about managing risk, not paying more than good value for assets, and not being afraid to hold cash when you can’t find assets at the right price. That's what we concentrate on in this fund.

James Mahon - Fund Manager

The Investment Process

James and Jeremy first form a macoreconomic view based on data, corporate activity, political risk, and the interest rate and inflation outlook. They then seek to gain an appropriate exposure across a broad range of asset classes. They assess the absolute return characteristics of each investment with a focus on avoiding loss.


The managers view and manage risk in absolute terms, believing the only risk that matters is the risk of an investment falling in value. They also understand that the money they manage belongs to their clients and they want to see it rise in value.

Our Opinion

A boutique fund run by two very experienced managers, this is an extremely useful portfolio diversifier. The fund is one of the few in the sector that targets an absolute return from diversification and risk management alone. It does not short sell any securities or indices for downside protection.

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