The management team represents exceptional depth in liquid alternatives and derivatives expertise, collectively bringing over 125 years of combined investment experience including 85 years of derivatives specialization. Tony Stenning leads as Head of Liquid Alternatives with 17 years at BlackRock where he contributed to growing assets under management from $17 billion to $150 billion, plus experience as former CEO of Atlantic House Group and current chair of TISA UK. Russell Catley serves as Head of Retail with over 30 years of market experience as founder and former CEO of Atlantic House Group, having previously founded Catley Lakeman Securities and held senior roles at Citigroup Global Capital Markets and AXA Investment Managers. Paul Adams contributes as Head of Portfolio Management with more than 20 years specializing in complex products including structured products and systematic strategies, formerly European Head of Cash Equity and Derivative Sales at Royal Bank of Canada with previous positions at Nomura and Lehman Brothers. Huw Price brings over 30 years of risk, derivatives, and alternative investment experience as Head of Structuring, formerly executive director at Santander Asset Management. The team launched this flagship liquid alternatives strategy in January 2025 representing Downing LLP's strategic expansion into systematic derivative strategies. Their combined expertise spans institutional asset management, structured product development, derivative sales, and alternative investment structuring across major global financial institutions. The leadership transition from Atlantic House Group to Downing LLP demonstrates continuity in proven defined returns expertise. This experienced team operates within Downing LLP's broader £2.5 billion asset management platform serving institutional and sophisticated individual investors. Their track record includes developing and managing systematic strategies that target consistent returns across various market conditions through professional risk management and active portfolio optimization.

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The fund employs a hybrid approach combining systematic derivative strategies with active management to deliver predictable returns through risk-focused probability management. The investment philosophy centers on focusing investment risk on the probability of receiving needed returns rather than unnecessary ones, targeting the highest probability of delivering 7% to 10%+ per annum with active management adding material incremental gains. The fund aims to provide consistent positive returns in all markets except for sustained equity market falls exceeding 35% over at least six years. It uses rules-based derivative strategies linked to liquid, large-cap global equity indices (FTSE100, S&P500) with the aim of harvesting well-proven consistent returns across a wide corridor of market conditions. The strategy combines UK government bonds with equity index options among the largest and most liquid instruments traded globally. Defined Return Strategies typically represent more than 80% of net asset value and serve as the main driver of investment returns. The fund operates as a solution-focused approach designed to deliver stable high single or low double-digit returns across a wide spectrum of equity market conditions. The 6-year targeted holding period aligns with the capital growth objective over extended market cycles. Daily dealing with professional risk management provides liquidity while maintaining strategic positioning for long-term performance delivery.

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