Defensive Fund · Future Strategy · Under Development
Defensive Fund
Under Development · Not Part of the October 2026 LaunchA future capital-preservation strategy for ABCD Fund's platform. It has no active portfolio and is not part of the October 2026 launch; the description below is indicative and subject to change before the strategy is finalised.
Where Defensive Fund May Fit
ABCD Fund is intended to launch initially with Eclipse Fund and Nova Fund. Eclipse Fund is the crisis-opportunity strategy in formation: identifying crisis-driven mispricing and seeking asymmetric recovery from dislocated markets. Nova Fund is the multi-strategy absolute-return strategy in formation. Defensive Fund is a future strategy under development and is not part of the October 2026 launch — a possible capital-preservation layer, envisioned to complete a future three-strategy architecture, that would prioritise stability and protection over growth if it is formalised.
ABCD Fund is building Defensive Fund deliberately. Eclipse Fund and Nova Fund are being prepared for launch first; Defensive Fund will be developed and formalised, and considered for launch, only once those strategies have reached appropriate depth and operational maturity. The sequence reflects a conviction that investment mandates should be earned: built on a foundation of research, governance, and operational capacity rather than assembled in advance of the rigour required to manage them responsibly.
Three-strategy architecture: portfolio roles and risk dispositions
| Fund | Portfolio Role | Risk Disposition | Status |
|---|---|---|---|
| Eclipse Fund | Crisis and market-dislocation opportunities | Higher tolerance for volatility and drawdown | In Formation |
| Nova Fund | Multi-strategy absolute return | Moderated through diversification, hedging, and cash | In Formation |
| Defensive Fund (this page) | Possible future capital-preservation layer | Envisioned to prioritise stability and lower volatility | Under Development |
- Portfolio Role
- Crisis and market-dislocation opportunities
- Risk Disposition
- Higher tolerance for volatility and drawdown
- Portfolio Role
- Multi-strategy absolute return
- Risk Disposition
- Moderated through diversification, hedging, and cash
- Portfolio Role
- Possible future capital-preservation layer
- Risk Disposition
- Envisioned to prioritise stability and lower volatility
Strategic Purpose
Preserve, not grow.
Confirmed: Defensive Fund is planned as a future capital-preservation layer within ABCD Fund's platform — a design premise different in kind from Eclipse Fund's crisis-opportunity focus and Nova Fund's absolute-return mandate.
Design premise: a strategy intended to prioritise protecting capital and maintaining stability over pursuing growth. It is being designed for a specific posture: capital that has already been earned, where the priority is protecting it rather than growing it further.
- High-quality fixed income
- Cash equivalents and short-duration instruments
- Other defensive assets, as determined through final strategy design
The specific instruments, eligibility criteria, risk limits, and portfolio construction rules will be established through ABCD Fund's investment governance process ahead of any launch. Nothing here constitutes a commitment regarding future investment terms, instruments, or returns.
Indicative Strategy Parameters
The figures below are indicative design parameters for Defensive Fund. They are not confirmed terms, targets, or promises, and each remains subject to change through ABCD Fund's investment governance process before any strategy is finalised.
- Design Posture
- Capital Preservation
- A low-turnover home for capital, not a return-seeking mandate.
- Return Objective
- 0%–5%
- Indicative annual objective range. Not a target, floor, or guarantee.
- Max Drawdown
- 2%
- Indicative drawdown reference, not a confirmed or enforceable limit. Losses beyond this level remain possible.
- Liquidity
- Quarterly
- Indicative liquidity concept. Final redemption terms will be set through governance review before launch.
Design Work Ahead of Launch
Defensive Fund's mandate is still being shaped. The items below will be addressed through ABCD Fund's internal investment governance process — and, where applicable, future legal and operational review — before any investor documentation is prepared.
To Be Established Through Governance
- Final eligible instruments, portfolio construction rules, and position limits
- Legal structure, fund domicile, and regulatory registration
- Minimum investment size, fee structure, and subscription terms
- How the 2% indicative drawdown reference would be applied, if adopted
- Liquidity mechanics, redemption processing, and notice periods
- Target launch date — none is set or implied by this page
Development Roadmap
The sequence below reflects ABCD Fund's current development plan for Defensive Fund. It describes an intended order of work, not a timeline or a commitment — dates are deliberately not stated.
- Now Eclipse and Nova formation ABCD Fund's investment, governance, and operational infrastructure is being built and tested through the formation of Eclipse Fund and Nova Fund, the platform's two launch strategies.
- Next Strategy design and governance review Once Eclipse Fund and Nova Fund have reached appropriate depth and operational maturity, Defensive Fund's investment mandate, eligible instruments, and risk framework will be formally designed and reviewed through ABCD Fund's internal governance process.
- Then Legal and operational review Legal structure, regulatory registration, and operational readiness will be assessed and completed before any investor-facing documentation is prepared.
- Later Investor documentation and potential launch Formal investor terms, a factsheet, and risk disclosures will be prepared and published only after the strategy passes formal governance review. Defensive Fund may become available to investors once this process is complete. No date is set or implied.
Important Disclosures
- This page does not describe an active fund. Defensive Fund is a future strategy currently under development and has no active portfolio, positions, or net asset value. No investor capital has been accepted or allocated.
- The parameters described above — including the 0%–5% return objective, the 2% maximum-drawdown reference, and the quarterly liquidity concept — are indicative figures only. They are not targets, floors, guarantees, or confirmed investor terms, and may change materially or be abandoned before any strategy is finalised.
- No future terms, investment objectives, projected returns, investor access terms, drawdown protection, or launch timeline are guaranteed or implied by this page. Defensive Fund does not offer capital protection, and any future implementation of it would still carry capital risk.
- The intended instrument universe described is indicative only and subject to change. Final strategy design, eligible instruments, legal structure, and eligibility criteria have not been formally determined or approved.
- Full strategy details, instruments, risk framework, and investor terms will be published only after formal legal, operational, and governance review and approval.
Investor Relations
Request a Launch Notification
Defensive Fund is currently under development and not yet available to investors. Qualified investors who wish to be informed when the strategy framework, formal investor terms, and documentation become available may request a launch notification through the investor briefing process. The briefing also covers ABCD Fund's launch strategies and broader investment architecture.
A member of the investor relations team will confirm when your interest has been logged.