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Run by James Mahon and FE Alpha Manager, Jeremy Wharton, Tenax is one of the most respected funds in the sector. With Lipper Awards for 3 and 5-year performance in 2017 and 2018, it has an enviable track record of positive returns in 8 out of the last 10 complete years.
With a clear objective of delivering a positive annual return, in excess of cash or inflation, the fund has received a number of prominent ratings including one from Rayner Spencer Mills Research and a 5 Crown rating from Financial Express.
In a recent article for FT Adviser, Darius McDermott, Managing Director of Fund Calibre picked out Tenax as being best in class. “Unlike many other funds in the sector it doesn’t have a performance fee and it doesn’t short stocks. Instead, the fund targets an absolute return from diversification and risk management alone”.
A key differentiator for the fund is a high exposure to floating rates notes (FRNs) which the managers have selected as a hedge against the likelihood of rising interest rates.
Andy Merricks told Trustnet.com in February this year that he continues to hold Tenax due to its ability to perform during times of high volatility. “It is because we know it held up extremely well during the rocky start that we experienced at the beginning of 2016. People have very short memories and forget how alarming a sharp correction can be”.
Available across numerous major retail platforms the fund the intermediary share class has an ongoing charge of 0.79%.
You can read the full announcement from Investment Week here.