Church House: How we weathered the sell-offs after 2007 launch

The Tenax Absolute Return Strategies fund, run by Church House Investment Management, was launched just before the financial crisis of 2008, but it has held up well during the subsequent market sell-offs because of its cautious approach.

In 2011, the fund fell 1.7% versus a 3.5% fall for the FTSE All Share index, while in the crisis period of 2008 it shed 6%, compared with an index fall of 30%. So far this year, the fund is up 4.4%, while many global indices are down over the period. James Mahon (pictured), who co-manages the £34m fund with Jeremy Wharton, told Investment Week how they have managed to protect assets on the downside, and explained the strategies they have employed this year. How did you handle major market sell-offs since launch? The fund has been through a number of rocky periods, but the important...