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Atlantic House UCITS ICAV
(an open-ended Irish collective asset management vehicle which is constituted as an umbrella fund with vari able capital and segregated liability between its sub-funds and registered in Ireland authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended)
Condensed Interim Report And Unaudited Financial Statements For the financial period ended 30 June 2026
Registration Number : C553577
Page 2
Contents Page
Atlantic House UCITS ICAV
General Information 1
Investment Manager’s Report 2
Condensed Statement of Financial Position 14
Condensed Statement of Comprehensive Income 16
Condensed Statement of Changes in Net Assets Attributable to Shareholders 17
Condensed Statement of Cash Flows 18
Notes to the Condensed Financial Statements 19
Schedule of Investments 39
Statement of Significant Portfolio Changes 59
Securities Financing Transactions Regulations (SFTR) 64
Page 3
1
Atlantic House UCITS ICAV
General Information
The Directors Conor Hoey (Irish) 1 Tom May (British) 2 Tom Stokes (Irish) 1 ,3 Siobhan Moloney (Irish) 1 , 3,4
1 Non-Executive Director 2 Executive Director 3 Independent Director 4 Chairperson
Registered Office Riverside One Sir John Rogerson’s Quay Dublin 2 Ireland
Manager Ascender Fund Partners (Ireland) Limited 7th Floor, Block A One Park Place Upper Hatch Street Dublin 2 Ireland
Secretary to the ICAV HMP Secretarial Limited Riverside One Sir John Rogerson’s Quay Dublin 2, D02 X576 Ireland
Global Distributor Atlantic House Investments Limited One Eleven Edmund Street Birmingham West Midlands B3 2HJ United Kingdom
Legal Advisers McCann FitzGerald LLP Riverside One Sir John Rogerson’s Quay Dublin 2, D02 X576 Ireland
Investment Manager Atlantic House Investments Limited One Eleven Edmund Street Birmingham West Midlands B3 2HJ United Kingdom
Depositary J.P. Morgan SE - Dublin Branch 200 Capital Dock 79 Sir John Rogerson’s Quay Dublin 2, D02 RK57 Ireland
Administrator, Registrar and Transfer Agent J.P. Morgan Administration Services (Ireland) Limited 200 Capital Dock 79 Sir John Rogerson’s Quay Dublin 2, D02 RK57 Ireland
Independent Auditors Grant Thornton Chartered Accountants and Statutory Audit Firm 13-18 City Quay Dublin 2, D02 ED70 Ireland
Page 4
Atlantic House UCITS ICAV
Investment Manager’s Report
For the financial period ended 30 June 2026
Atlantic House Defensive Defined Returns Fund
Market Review
The first half of 2026 presented investors with a more challenging investment environment than many had anticipated. Expectations for a smooth decline in inflation and a broad - based monetary easing cycle gave way to a more uncertain backdrop, characterised by price pressures, stagnant economic growth and renewed geopolitical tensions. Together, these factors drove volatility across equities, government bonds and credit markets.
Government bond markets reflected this uncertainty most acutely. Inflation data repeatedly surprised to the upside, prompting investors to scale back expectations for policy easing from the Federal Reserve, Bank of England and European Central Bank. The su bsequent escalation of conflict in the Middle East added a further inflationary impulse, pushing oil prices higher and raising concerns over the potential disruption of global energy supplies. Although the provisional agreement between the United States an d Iran helped restore confidence towards the end of the period, bond markets remained sensitive to both economic data and geopolitical developments, with yields adjusting as expectations for monetary policy evolve.
Corporate credit demonstrated greater resilience. Investment - grade and high - yield spreads widened briefly during pockets of stress, before recovering as fears eased. Healthy corporate balance sheets, resilient earnings and relatively low default expectatio ns continued to provide support, allowing credit markets to outperform government bonds on a risk - adjusted basis.
Equity markets delivered positive returns over the period, although leadership remained highly concentrated. Artificial intelligence continued to dominate investor attention, supporting strong performance from semiconductor manufacturers, data infrastructu re providers and companies exposed to the expanding AI ecosystem. At the same time, the exceptional outperformance of the Magnificent Seven began to moderate as elevated valuations encouraged investors to broaden their exposure towards small and mid - cap te chnology companies and other beneficiaries of increased capital expenditure on AI infrastructure. This gradual broadening of market leadership was viewed positively, suggesting that earnings growth was becoming less reliant on a small number of mega - cap co mpanies.
Overall, the first half of 2026 reinforced the importance of maintaining a diversified investment approach. Inflation remains above target across many developed economies, central banks continue to balance slowing growth against persistent price pressures, and geopolitical risks remain elevated. These competing forces are likely to sustain volatility across financial markets, reinforcing the value of maintaining a prudent and systematic asset allocation and selective exposure across asset classes.
Performance Review
2
Page 5
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Defensive Defined Returns Fund
Since being repurposed in December 2025, the Fund has delivered returns towards the upper end of its 5 – 7% annualised target range. The Fund has achieved this through a full allocation to a diversified portfolio of Defined Return Investments linked t o globa l equity indices, designed to deliver annualised returns of approximately 7 – 8% in all but the most adverse equity market environments. Alongside this, the Fund employs a Protection Overlay comprising systematic defensive strategies, designed to generate po sitive returns during periods of significant market stress and mitigate drawdowns from the Defined Return Investments. When signific ant market stress is absent, the expected long - term cost of the Protection Overlay is approximately 2% per annum.
The Defined Return Investments performed as anticipated during the first half of 2026, continuing to deliver attractive retur ns despite periods of heightened market uncertainty. The Protection Overlay also behaved as intended, helping to protect the Define d Return Investments as markets came under pressure. This is reflected in the daily correlation of around - 0.6 between the two allocations over the period, with the diversification between them contributing to the Fund's beta of approximately 0.3 to global equities.
The benefits of the Protection Overlay were particularly evident on 5 June, when US equity markets fell by 2.6% and the Defin ed Return Investments also declined. The Protection Overlay contributed approximately 0.42% to Fund performance, more than offsetti ng these losses and resulting in a positive day for the Fund while many traditional diversifiers, including government bonds, also declined.
Elevated market volatility during the first half of the year improved pricing across newly issued Defined Return Investments, increasing the expected returns available from autocalls. The investment team continued to add new positions throughout the period , maintaining a diversified ladder of maturities and taking advantage of these attractive investment opportunities. The Fund's three most recent Defined Return investments were entered alongside the flagship Atlantic House Defined Returns Fund, with coupon s of 9.25%, 11.65% and 9.52%.
The cost of the Protection Overlay was modestly higher than the Fund's long - term expectation during the first half of the year, with the cost of protection realising at approximately 1.5% for H1 2026, compared with the Fund's long - term expectation of appro ximately 2% per annum. This was a natural consequence of heightened market uncertainty, as elevated volatility increased the cost of downside protection. However, the same market conditions also created a more attractive pricing environment for Defined Ret urn Investments. This meaningful improvement in the investment opportunity set more than offset the higher cost of protection, le aving the Fund well positioned to continue delivering returns towards the upper end of its target range while maintaining a Pro tection Overlay designed to mitigate significant market drawdowns.
92%
94%
96%
98%
100%
102%
104%
106%
31/12/2025 31/01/2026 28/02/2026 31/03/2026 30/04/2026 31/05/2026 30/06/2026
Defensive Defined Returns Fund - H1 2026 Attribution
Defined Return Investments Protective Overlay Defensive Defined Returns Fund 6% Net Annualised Return
3
Page 6
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Defensive Defined Returns Fund
Outlook
The attractive pricing environment for Defined Return Investments experienced during the first half of the year has strengthened the portfolio's expected return profile. Current scenario analysis indicates that, assuming broadly flat equity markets, the De fined Return Investments are expected to generate approximately 8% over the next twelve months, placing the Fund in a strong position to continue delivering returns within its 5 – 7% annualised target range after allowing for the expected cost of the Protect ion Overlay in the absence of significant market stress. The portfolio is well positioned to continue delivering attractive returns across a broad range of market environments while mitigating the impact of significant market drawdowns.
4
Page 7
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Defined Returns Fund
Market Review
The first half of 2026 presented investors with a more challenging investment environment than many had anticipated. Expectat ions for a smooth decline in inflation and a broad - based monetary easing cycle gave way to a more uncertain backdrop, characterised by price pressures, stagnant economic growth and renewed geopolitical tensions. Together, these factors drove volatility across equities, government bonds and credit markets.
Government bond markets reflected this uncertainty most acutely. Inflation data repeatedly surprised to the upside, prompting investors to scale back expectations for policy easing from the Federal Reserve, Bank of England and European Central Bank. T he subsequent escalation of conflict in the Middle East added a furthe r inflationary impulse, pushing oil prices higher and raising concerns over the potential disruption of global energy supplies. Although the provisional agreement between the United State s and Iran helped restore confidence towards the end of the period, b ond markets remained sensitive to both economic data and geopolitical developments, with yields adjusting as expectations for monetary policy evolve.
Corporate credit demonstrated greater resilience. Investment - grade and high - yield spreads widened briefly during pockets of stress, before recovering as fears eased. Healthy corporate balance sheets, resilient earnings and relatively low default expectatio ns continued to provide support, allowing credit markets to outperform government bonds on a risk - adjusted basis.
Equity markets delivered positive returns over the period, although leadership remained highly concentrated. Artificial intel ligence continued to dominate investor attention, supporting strong performance from semiconductor manufacturers, data infrastructu re providers and companies exposed to the expanding AI ecosystem. At the same time, the exceptional outperformance of the Magnificent Seven began to moderate as elevated valuations encouraged investors to broaden their exposure towards small and mid - cap te chnology companies and other beneficiaries of increased capital expenditure on AI infrastructure. This gradual broadening of market leadership was viewed positively, suggesting that earnings growth was becoming less reliant on a small number of me ga cap co mpanies.
Overall, the first half of 2026 reinforced the importance of maintaining a diversified investment approach. Inflation remains above target across many developed economies, central banks continue to balance slowing growth against persistent price pressures, and geopolitical risks remain elevated. These competing forces are likely to sustain volatility across financial markets, reinfor cing the value of maintaining a prudent and systematic asset allocation and selective exposure across asset classes.
Performance Review
The first half of 2026 saw global equity markets broadly continue their rally, with the markets that the Fund is most exposed to (UK, US and EU) climbing around 8%. This was despite a short and sharp fall of around 10% in March following the beginning of t he war in Iran. Exuberance in the technology sector, particularly around AI remained principal growth theme and outweighed the downw ard effects and potential inflationary consequences of the Iran war. The Fund was up 4.39% for the period, in line with its target 7 - 8% annualised. Every autocall that had its annual observation in H1 matured (23 of them), paying out their defined coupons. The market falls in March were not enough to cause any to miss. They have been repla ced by new autocalls on attractive terms.
The table below shows how the fund has performed versus its benchmarks over various time periods.
Share Class/ Currency
1 month 3 Months YTD 1 Year 3 years
5 years
Since Launch Perf. Perf. Perf. Perf. Perf. Ann. Perf. Ann. Perf. Ann. GBP Accumulation (B) 0.85 5.48 4.39 8.68 27.70 8.49 42.73 7.38 137.63 7.08 UK Large Cap 0.86 3.59 7.06 23.07 54.95 15.71 80.01 12.48 150.55 7.53 US Large Cap 0.48 15.07 11.56 25.88 67.54 18.77 88.55 13.53 500.65 15.22 EU Large Cap 4.14 13.71 10.10 22.66 54.68 15.65 75.40 11.90 188.90 8.75
5
Page 8
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Defined Returns Fund
Outlook
The table below shows our scenario analysis grid as of 30 June 2026. These are estimates based on our models and are unlikely to be exactly accurate. Having said that, as mentioned above, past scenario analyses have proven to be reasonably accurate and investors find these grids ve ry useful for planning purposes.
The grid below shows that the Fund is in good shape looking forwards, in all but the severest of sustained market falls.
Scenario Analysis
Market Move - 30% - 20% - 10% 0% 10% 20% 30%
3 months - 19.56% - 9.93% - 2.64% 2.18% 4.04% 4.52% 4.76%
1 year - 16.12% - 5.49% 3.09% 7.97% 9.90% 10.48% 10.76%
2 years - 11.28% 1.48% 11.02% 15.94% 17.68% 18.21% 18.45%
3 years - 5.65% 9.41% 19.14% 23.77% 25.55% 26.01% 26.26%
Intrinsic Value Intrinsic NAV Change 41.42% 30.18% 14.26% 4.97% 4.50% 4.50% 4.50%
Duration 5.36 3.74 1.71 0.58 0.53 0.53 0.53 Intrinsic Value (Annualised) 6.68% 7.31% 8.11% 8.65% 8.72% 8.72% 8.72%
The intrinsic NAV change is the aggregate terminal return of the fund considering estimated fees over the relevant period. The table above shows that, for example, if an investor bought the fund today and none of the markets on which the investments were bas ed moved between now and when the investments mature, the fund would increase by 4.97%. What this does not tell us is the annualized yield that is represented by these intrinsic values.
The table also shows the weighted average time to maturity of the investments held within the fund (labeled “Duration”). Curr ently this is 0.58 years assuming no market moves, because, at current market levels, most of the current investments are likely to mature within a year. This number gives the investor an idea of how long it will take for them to earn the Equivalent Annualised Ret urn.
Finally, the table also shows the current expected return of the fund considering estimated fees for certain movements in the underlying indices. For example, if markets do not move, we would expect the fund to yield 8.65% given its current make - up. You ca n also see that we would expect a positive return if the market falls 20% and then stays at that level until all investments mature.
6
Page 9
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Dynamic Duration Fund
Market Review
The first half of 2026 presented investors with a more challenging investment environment than many had anticipated. Expectat ions for a smooth decline in inflation and a broad - based monetary easing cycle gave way to a more uncertain backdrop, characterised by price pressures, stagnant economic growth and renewed geopolitical tensions. Together, these factors drove volatility across equities, government bonds and credit markets.
Government bond markets reflected this uncertainty most acutely. Inflation data repeatedly surprised to the upside, prompting investors to scale back expectations for policy easing from the Federal Reserve, Bank of England and European Central Bank. T he su bsequent escalation of conflict in the Middle East added a further inflationary impulse, pushing oil prices higher and raisin g concerns over the potential disruption of global energy supplies. Although the provisional agreement between the United State s an d Iran helped restore confidence towards the end of the period, bond markets remained sensitive to both economic data and geopo litical developments, with yields adjusting as expectations for monetary policy evolve.
Corporate credit demonstrated greater resilience. Investment - grade and high - yield spreads widened briefly during pockets of stress, before recovering as fears eased. Healthy corporate balance sheets, resilient earnings and relatively low default expectatio ns continued to provide support, allowing credit markets to outperform government bonds on a risk - adjusted basis.
Equity markets delivered positive returns over the period, although leadership remained highly concentrated. Artificial intel ligence continued to dominate investor attention, supporting strong performance from semiconductor manufacturers, data infrastructu re providers and companies exposed to the expanding AI ecosystem. At the same time, the exceptional outperformance of the Magnificent Seven began to moderate as elevated valuations encouraged investors to broaden their exposure towards small and mid - cap te chnology companies and other beneficiaries of increased capital expenditure on AI infrastructure. This gradual broadening of market leadership was viewed positively, suggesting that earnings growth was becoming less reliant on a small number of me ga cap co mpanies.
Overall, the first half of 2026 reinforced the importance of maintaining a diversified investment approach. Inflation remains above target across many developed economies, central banks continue to balance slowing growth against persistent price pressures, and geopolitical risks remain elevated. These competing forces are likely to sustain volatility across financial markets, reinfor cing the value of maintaining a prudent and systematic asset allocation and selective exposure across asset classes.
Performance Review
Share Class/ Currency
1 month 3 months YTD 1 year Since Launch
Perf. Perf. Perf. Perf. Perf. Ann.
A Acc GBP 0.19% 0. 57 % 0.87% 1.85% 8.17% 2.75%
7
Page 10
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Dynamic Duration Fund
Sleeve UK Rates UK Inflation US Rates US Inflation Cash Base Total Performance - 0.85% 0.59% - 1.15% 0.08% 2.20% 0.87%
The first half of 2026 was marked by significant volatility across global fixed income markets as investors navigated persist ent inflation, evolving monetary policy expectations and heightened geopolitical tensions. Against this challenging backdrop, the f und returned 0.87%, outperforming its IA Gilt benchmark, which returned 0.18%. Expectations entering the year centred on a gradua l decline in inflation and a steady easing cycle from major central banks. Instead, resilient price pressures, divergent econom ic data and the sharp rise in energy prices following the escalation of conflict in the Middle East repeatedly forced markets to reas sess the outlook for interest rates.
In the United States, inflation proved more persistent than expected. Although core inflation moderated during the early mont hs of the year, resilient economic activity, fiscal pressures and trade - related uncertainty complicated the Federal Reserve's path towards policy easing. Treasury yields responded with pronounced swings as investors repeatedly repriced both the timing and magnitud e of future rate cuts. The fund's dynamic allocation framework proved particularly valuable in this environment, with durat ion exposure benefiting during bond market rallies while inflation - linked positions provided effective diversification when inflation expectations strengthened.
96%
97%
98%
99%
100%
101%
102%
103%
104%
31/12/2025 31/01/2026 28/02/2026 31/03/2026 30/04/2026 31/05/2026 30/06/2026
Performance (%)
Dynamic Duration H1 Performance Review
UK Rates UK Inflation US Rates US Inflation Cash Base Total
8
Page 11
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Dynamic Duration Fund
The UK experienced a similar pattern, although with greater sensitivity to energy prices. Early signs of moderating inflation were overshadowed by renewed concerns over second - round inflation effects, prompting investors to reassess the outlook for Bank of England policy. Gilt yields remained volatile as ma rkets balanced slowing growth against persistent inflationary pressures. Throughout these periods, the fund's inflation - linked exposures helped offset weakness in traditional duration positions, demonstrating the benefits of maintaining diversified sources of return.
The first half also highlighted the advantages of the fund's systematic, rules - based investment process. In May, the UK signal increased from 3/6 to 4/6 following the release of April CPI figures. This extended UK fixed income duration to approximately 10.5 years - the first signal change since November 2024 - and bringing the UK allocation broadly into line with the US positioning. This reflected improving disinflationary signals while maintaining meaningful inflation protection should inf lationary pressures re - emerge.
A key feature of the strategy is the diversification provided by combining traditional duration and inflation - linked exposures. Over the period, the UK inflation - linked and interest rate sleeves exhibited a correlation of - 0.6, while the equivalent US slee ves recorded a correlation of - 0.5. This negative relationship enabled the portfolio to remain resilient during periods of market stress, most notably in March, when restrictions to shipping through the Strait of Hormuz drove oil prices sharply higher. Dur ing the escalation of the conflict, the inflation - linked positions gained 1.22%, helping to offset weakness elsewhere in the portfolio until geopolitical tensions began to ease.
In an environment increasingly defined by competing inflation and growth narratives, the ability to dynamically adjust betwee n duration and inflation protection remained a key driver of portfolio resilience and relative outperformance.
Outlook
Looking ahead, the Memorandum of Understanding between the US and Iran should help alleviate some of the immediate pressure on energy markets. Nevertheless, oil prices are likely to remain elevated relative to levels seen earlier in the year, reflec ting bo th the replenishment of strategic reserves and the repricing of geopolitical risk. Consequently, inflation is expected to moderate o nly gradually, limiting the scope for aggressive monetary easing.
At the same time, growth across the UK and Eurozone continues to soften, presenting policymakers with a difficult balancing a ct. Weakening economic activity would ordinarily support lower interest rates; however, inflation remains above target and energy r elated risks continue to cloud the outlook. This combination increases the likelihood of a prolonged period in which inflatio n concerns, and growth risks coexist.
The fund is modestly longer fixed - income duration with both the UK and US signals at 4/6. The trajectory of oil prices will remain a key driver of inflation expectations throughout the remainder of the year. Any sustained increase in energy prices could re ignite inflationary pressures and delay monetary easing. The fund's systematic framework is designed to respond to these changing conditions by dynamically increasing inflation protection while reducing duration exposure when appropriate, reducing relianc e on discretionary decision - making.
Against this backdrop, the fund’s diversified exposure to both duration and inflation - linked assets position it well to navigate further market turbulence.
9
Page 12
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Global Defined Returns Fund
Market Review
The first half of 2026 presented investors with a more challenging investment environment than many had anticipated. Expectat ions for a smooth decline in inflation and a broad - based monetary easing cycle gave way to a more uncertain backdrop, characterised by price pressures, stagnant economic growth and renewed geopolitical tensions. Together, these factors drove volatility across equities, government bonds and credit markets.
Government bond markets reflected this uncertainty most acutely. Inflation data repeatedly surprised to the upside, prompting investors to scale back expectations for policy easing from the Federal Reserve, Bank of England and European Central Bank. T he su bsequent escalation of conflict in the Middle East added a further inflationary impulse, pushing oil prices higher and raisin g concerns over the potential disruption of global energy supplies. Although the provisional agreement between the United State s an d Iran helped restore confidence towards the end of the period, bond markets remained sensitive to both economic data and geopo litical developments, with yields adjusting as expectations for monetary policy evolve.
Corporate credit demonstrated greater resilience. Investment - grade and high - yield spreads widened briefly during pockets of stress, before recovering as fears eased. Healthy corporate balance sheets, resilient earnings and relatively low default expectatio ns continued to provide support, allowing credit markets to outperform government bonds on a risk - adjusted basis.
Equity markets delivered positive returns over the period, although leadership remained highly concentrated. Artificial intel ligence continued to dominate investor attention, supporting strong performance from semiconductor manufacturers, data infrastructu re providers and companies exposed to the expanding AI ecosystem. At the same time, the exceptional outperformance of the Magnificent Seven began to moderate as elevated valuations encouraged investors to broaden their exposure towards small and mid - cap te chnology companies and other beneficiaries of increased capital expenditure on AI infrastructure. This gradual broadening of market leadership was viewed positively, suggesting that earnings growth was becoming less reliant on a small number of me ga cap co mpanies.
Overall, the first half of 2026 reinforced the importance of maintaining a diversified investment approach. Inflation remains above target across many developed economies, central banks continue to balance slowing growth against persistent price pressures, and geopolitical risks remain elevated. These competing forces are likely to sustain volatility across financial markets, reinfor cing the value of maintaining a prudent and systematic asset allocation and selective exposure across asset classes.
Performance Review
The Fund was up 3.91% for H1 2026 and 9.06% for the last year, in line with its target return of 8 - 9% annualised . Despite some volatility in equity markets as a result of the conflict in Iran all 12 autocall investments observed in this quarter matured , paying out their defined coupons. They have been replaced by new autocalls on attractive terms. Following good inf lows into the Fund additional autocalls were also entered into, as well as selective upsizing of existing autocalls. The average coupon of autocalls in the Fund is now a little over 10.5%.
The table below shows how the fund and its benchmark have performed over various time periods.
Share Class/ Currency 1 month 3 months YTD 1 year Since Launch Perf. Perf. Perf. Perf. Perf. Ann.
GBP Accumulation (A) Hedged 0.81 5.90 3.83 8.79 26.72 8.18
USD Accumulation (A) (Launch date 02/02/24) 0.82 5.94 3.91 9.06 21.90 8.58
Solactive GBS Developed Markets Large & Mid caps Index USD - 0.79 13.81 9.64 21.51 74.17 20.23
10
Page 13
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Global Defined Returns Fund
Outlook
The table below shows our scenario analysis grid as of 30 June 2026. These are estimates based on our models and are unlikely to be exactly accurate. Having said that, as mentioned above, past scenario analyses have proven to be reasonably accurate, a nd in vestors find these grids very useful for planning purposes.
The grid below shows that the Fund is in good shape looking forwards, in all but the severest of sustained market falls.
Scenario Analysis
Market Move - 30% - 20% - 10% 0 10% 20% 30%
3 months - 21.37% - 10.95% - 2.73% 2.69% 4.96% 5.60% 5.94%
1 year - 17.82% - 5.79% 3.74% 9.79% 12.37% 13.30% 13.72%
2 years - 12.72% 2.07% 13.03% 19.66% 22.36% 23.25% 23.65%
3 years - 7.01% 10.72% 22.95% 29.74% 32.41% 33.19% 33.59%
Intrinsic Value Intrinsic NAV Change 22.56% 41.05% 21.06% 7.37% 6.16% 6.16% 6.16%
Duration 5.55 4.11 2.08 0.75 0.62 0.62 0.62 Intrinsic Value (Annualised) 3.73% 8.72% 9.62% 9.94% 10.11% 10.11% 10.11%
11
Page 14
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Uncorrelated Strategies Fund
Market Review
Market Summary: January 2026 – June 2026
The first half of 2026 was defined by two distinct phases, separated by a geopolitical shock that reshaped the macro landscap e and tested risk appetite across asset classes.
January opened on firm footing, with Emerging Markets, Asia Pacific, and Europe leading early equity gains, while US benchmar ks advanced more modestly due to weakness in large - cap tech and financials. Credit spreads remained tight and equity implied volati lity was close to multi - year lows entering the year, with the VIX at around 16 and rate swap volatility equally subdued. The AI investment theme continued to drive corporate capex commitments, and the Federal Reserve, having paused its easing cycle, kept m arkets attuned to any shift in the inflation trajectory.
That calm was sharply disrupted in late February and March, when US and Israeli military action against Iran triggered the cl osure of the Strait of Hormuz. Brent crude surged from $72 to over $100 per barrel as the conflict continued and Iranian strikes ta rgeted oil and gas infrastructure across the Gulf region. Global markets experienced heightened volatility as geopolitical conflict and rising energy prices pressured equities and bonds simultaneously, with commodities posting gains of over 24% in Q1 as th e standout asset class. A pronounced style rotation accompanied the sell - off: growth fell sharply while value rose creating an unusually wide gap, as investors rotated out of large - cap tech and into energy, materials, and defensive sectors.
Within equity markets, software names bore the brunt of the downdraft, as concerns about AI disruption to existing business m odels compounded the energy shock, weighing on sentiment in both equities and leveraged credit for software issuers. The S&P 500 fe ll 4.3% in Q1, its weakest quarter since 2022, while Japan and the UK were notable outperformers, supported by commodity and cyclical exposures respectively. European equities were among the hardest hit given the continent's energy import dependence, thoug h the UK proved more resilient as commodity - linked sectors provided a partial offset.
The second quarter brought a meaningful recovery. Perceived de - escalation in the Middle East conflict boosted risk sentiment, and equity prices more than reversed their earlier declines, underpinned by strong corporate earnings and some stabilisation in c r edit markets, with spreads narrowing after their Q1 widening. Asia delivered exceptional first - quarter earnings growth of around 40%, heavily concentrated in AI - related names, and markets remained constructive through May as geopolitical risks appeared to recede. The S&P 500 delivered a 15.23% gain in Q2 – its largest quarterly advance in six years – though June saw leadership broaden away from large - cap tech (the equal - weight index outperformed the cap - weighted benchmark) and instead value, small caps, and cyclicals lead into the half - year close.
Global equities ended H1 up around 10 – 11% in aggregate, with Japan the standout at approximately +17%, propelled by a new pro growth government and a weaker yen attracting foreign capital, and Emerging Markets surging approximately +24%, driven by AI hardw are exposure in Taiwan, South Korea and China. The SpaceX IPO in June – the largest in history at $86 bn – headlined a record - breaking period for equity issuance, with US IPO and secondary activity topping $250 bn in H1, a new half - year record.
Fixed income endured a more difficult period. The oil price shock supercharged inflation expectations and prompted markets to price out anticipated Fed rate cuts entirely, briefly assigning meaningful probability to a rate hike by year - end. Two - year Treasu ry yields rose as higher inflation compensation drove the front end higher, while the ten - year yield was more contained as growth concerns partially offset the inflation impulse. The Strait of Hormuz reopening in late June sent oil prices back toward pre - c onflict levels, easing inflation concerns and pulling Treasury yields lower across the curve.
Gold's half- f- year trajectory was equally dramatic. The metal surged to an all - time high of $5,595 in late January before shedding more than 10% in March – its worst monthly decline since 2013 – as higher real yields and a stronger dollar reversed the safe - haven bid. By the close of H1, gold was trading near $4,500, still ~30% above year - earlier levels despite the correction, reflecting the enduring structural demand from central banks and ongoing sovereign debt concerns. Global debt reached a record $353 trillion in H1 20 26, with the government share approaching one - third of that figure, reinforcing gold's role as a monetary hedge even as near - term tactical headwinds persisted.
Across the half, the dominant narrative was one of interrupted momentum: an AI - driven, low - volatility environment disrupted by an energy shock that forced a repricing of inflation, rates and growth expectations, before a tentative normalisation allowed ri s k assets to reclaim and extend their highs into the half- f- year end.
12
Page 15
Atlantic House UCITS ICAV
Investment Manager’s Report (continued)
For the financial period ended 30 June 2026
Atlantic House Uncorrelated Strategies Fund
Performance Review
The X Accumulation share class of the fund gained 2.55% over the first half of the year, recovering from a drawdown of 9% in Feb March in just a couple of months. The main winner was dispersion, particularly spot dispersion driven by the stock rotations me ntioned above, with the sleeve being up 9.40% YTD. Tail protection paid away 7.14% as it was significantly leveraged going into March , but the quick drawdown and subsequent recovery left the sleeve without monetizable gain.
The table below breaks down the performance over this period:
Outlook
Over the last two years, the assets under management have declined, with USD 73mm at the end of June. The investment in scala ble risk management capabilities continues to pay dividends for the fund, with the go live of the Risk Cube enhancing the daily management activity of the fund. We believe this technology is market - leading in approach, providing:
- better live data to the fund managers regarding the exposures of the underlying strategies so they can ensure the best articulation of each sleeve. - better data to investors regarding what to expect from the fund - multi - step scenario analyses to estimate how the fund will perform in different types of extreme market environments.
The long - standing structural tailwinds that should see the fund increase in value over time remain, and we see no structural changes in the market as to why these will not persist. This, in addition to our continuously improving risk and expectation manage ment processes, means we are excited about the future of the fund.
Bucket - Sleeve - Underlying Strategy Current Risk Weight June Attribution YTD Return
Long Volatility - Tail 7.0% 0.29% -7.14% - Equity 85.6% 0.46% -6.96% - Interest Rates 14.4% -0.17% -0.18% Long Volatility - Trend 3.0% -0.07% -0.15% - Commodity 0.0% 0.00% 0.00% - Cross Asset 100.0% -0.07% -0.15% - Equity 0.0% 0.00% 0.00%
Diversifiers - Volatility Carry 3.0% 0.49% 0.80% - US Equity 55.0% 0.26% 1.82% - European Equity 0.0% 0.00% -1.16% - European Credit 29.3% 0.16% 0.01% - US Credit 15.8% 0.07% 0.13% Diversifiers - Dispersion 3.0% 1.78% 9.40% - US Equity 22.7% 0.69% 2.47% - European Equity 65.7% 0.63% 0.72% - Japanese Equity 0.7% 0.00% 0.00% - Global Equity 11.0% 0.45% 6.21% Diversifiers - Non-Directional Carry 3.0% -0.28% -2.02% - Commodities 0.0% 0.00% 0.00% - Credit 78.0% -0.20% -2.33% - FX 22.0% -0.08% 0.32%
Collateral Return 0.38% 1.65%
Total 19.0% 2.59% 2.55% - Diversification -5.2% - Expected Volatility 8.1% - Realised Volatility 6.5%
13
Page 16
Atlantic House UCITS ICAV
Condensed Statement of Financial Position
As at 30 June 2026
14
Atlantic House Defensive Defined Returns Fund
Atlantic House Defined Returns Fund
Atlantic House Dynamic Duration Fund
Atlantic House Global Defined Returns Fund
Note
30 June 2026 GBP '000
31 December 2025 GBP '000
30 June 2026 GBP '000
31 December 2025 GBP '000
30 June 2026 GBP '000
31 December 2025 GBP '000
30 June 2026 USD '000
31 December 2025 USD '000
CURRENT ASSETS
Financial assets at fair value through profit or loss 5 44,364 43,176 2,720,358 2,513,142 25,064 23,370 236,945 113,119
Investments in Transferable Securities 42,100 41,315 2,598,704 2,390,939 24,577 22,609 226,385 107,003
Investments in Financial Derivative Instruments 2,264 1,861 121,653 122,203 487 761 10,560 6,115
Cash and cash equivalents 6 466 1,156 148,742 100,645 691 840 9,049 6,299
Cash pledged as collateral – 260 – – – – – 80
Receivables 90 275 9,921 12,313 114 209 1,087 614
Total current assets 44,920 44,867 2,879,020 2,626,100 25,869 24,419 247,081 120,111
CURRENT LIABILITIES
Financial liabilities at fair value through profit or loss 5 1,672 1,531 89,048 112,290 1,006 713 7,221 3,719
Investments in Financial Derivative Instruments 1,672 1,531 89,047 112,290 1,005 713 7,221 3,719
Payables 125 796 27,233 5,446 60 97 4,448 468 Total current liabilities (excluding net assets attributable to shareholders) 1,797 2,327 116,280 117,736 1,065 810 11,669 4,187
Net asset value attributable to shareholders 43,123 42,540 2,762,740 2,508,364 24,804 23,609 235,412 115,924
The accompanying notes form an integral part of these financial statements.
Page 17
Condensed Statement of Financial Position (continued)
As at 30 June 2026
15
Atlantic House UCITS ICAV
Atlantic House Uncorrelated Strategies Fund
Note
30 June 2026 USD '000
31 December 2025 USD '000
CURRENT ASSETS Financial assets at fair value through profit or loss 5 72,608 166,928 Investments in Transferable Securities 60,577 140,826 Investments in Financial Derivative Instruments 12,031 26,102
Cash and cash equivalents 6 3,970 24,837 Receivables 2,447 806 Total current assets 79,025 192,571
CURRENT LIABILITIES Financial liabilities at fair value through profit or loss 5 5,412 5,634 Investments in Financial Derivative Instruments 5,412 5,634 Payables 273 993 Total current liabilities (excluding net assets attributable to shareholders) 5,685 6,627
Net asset value attributable to shareholders 73,340 185,944
The accompanying notes form an integral part of these financial statements.
Page 18
Condensed Statement of Comprehensive Income
For the financial period ended 30 June 2026
16
Atlantic House UCITS ICAV
Atlantic House Defensive Defined Returns Fund 1
Atlantic House Defined Returns Fund 1
Atlantic House Dynamic Duration Fund 1
Atlantic House Global Defined Returns Fund 1
Atlantic House Uncorrelated Strategies Fund 1
Note
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 USD '000
Period ended 30 June 2026 USD '000
Operating income 1,353 72,497 1,076 7,602 9,301 Net gains/( losses) on financial assets/liabilities at fair value through profit or loss 3 1,103 93,879 (558) 1,313 (4,375) Total investment income 2,456 166,376 518 8,915 4,926
Operating expenses (1,033) (53,040) (285) (2,940) (1,660) Net operating profit 1,423 113,336 233 5,975 3,266
Finance costs Interest expense – (6) – – Distributions to shareholders – (6,941) (112) (92) (1,237) Total finance costs – (6,947) (112) (92) (1,237)
Net profit 1,423 106,389 121 5,883 2,029 Increase in net assets attributable to shareholders from operations 1,423 106,389 121 5,883 2,029
1 The Sub-Fund launched on 19 September 2025, hence no comparative data is available. There are no recognised gains or losses arising in the financial period other than those dealt with in the condensed comprehensive income statement. The accompanying notes form an integral part of these financial statements.
Page 19
Condensed Statement of Changes in Net Assets Attributable to Shareholders
For the financial period ended 30 June 2026
17
Atlantic House UCITS ICAV
Atlantic House Defensive Defined Returns Fund 1
Atlantic House Defined Returns Fund 1
Atlantic House Dynamic Duration Fund 1
Atlantic House Global Defined Returns Fund 1
Atlantic House Uncorrelated Strategies Fund 1
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 USD '000
Period ended 30 June 2026 USD '000
Net assets attributable to shareholders at the beginning of the financial period 42,540 2,508,364 23,609 115,924 185,944 Increase in net assets attributable to shareholders from operations 1,423 106,389 121 5,883 2,029
Share transactions Proceeds from issue of participating shares 3,040 457,648 4,595 121,068 13,560 Payments on redemption of participating shares (3,880) (309,661) (3,521) (7,463) (128,193) (Decrease)/increase in net assets resulting from share transactions (840) 147,987 1,074 113,605 (114,633)
Net assets attributable to shareholders at the end of the financial period 43,123 2,762,740 24,804 235,412 73,340
1 The Sub-Fund launched on 19 September 2025, hence no comparative data is available. The accompanying notes form an integral part of these financial statements.
Page 20
Condensed Statement of Cash Flows
For the financial period ended 30 June 2026
18
Atlantic House UCITS ICAV
Atlantic House Defensive Defined Returns Fund 1
Atlantic House Defined Returns Fund 1
Atlantic House Dynamic Duration Fund 1
Atlantic House Global Defined Returns Fund 1
Atlantic House Uncorrelated Strategies Fund 1
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 USD '000
Period ended 30 June 2026 USD '000
Cash flows from operating activities: Increase in net assets attributable to shareholders from operations 1,423 106,389 121 5,883 2,029 Adjustment for: Interest income (724) (48,933) (538) (5,297) (2,355) Interest expense – 6 – – Swap income (612) (23,564) (487) (2,349) (6,949) Swap expense 859 44,905 186 2,410 1,151 Distributions to shareholders – 6,941 112 92 1,237 Total 946 85,744 (606) 739 (4,887)
Change in financial assets at fair value through profit or loss (1,188) (207,215) (1,694) (123,827) 94,320 Change in cash pledged as collateral 260 – – 80 Change in other receivables (3) – (8) 59 (2,194) Change in financial liabilities at fair value through profit or loss 141 (23,243) 292 3,502 (222) Change in other payables (6) 18,369 (32) 4,167 (385) 150 (126,345) (2,048) (115,280) 86,632
Interest received 839 52,552 588 4,942 2,876 Swap interest received 612 23,564 487 2,349 6,949 Swap interest paid (859) (44,905) (186) (2,410) (1,151) Net cash provided by/(used in) operating activities 742 (95,134) (1,159) (110,399) 95,306
Cash flows from financing activities: Interest paid – (6) – – Proceeds from issue of participating shares 3,113 456,393 2 4,648 120,891 13,582 3 Payments for redemption of participating shares (4,545) (306,243) (3,526) (7,650) (128,528) Distributions paid to shareholders – (6,913) 2 (112) (92) (1,227) 3 Net cash (used in)/provided by financing activities (1,432) 143,231 1,010 113,149 (116,173)
Net (decrease)/increase in cash and cash equivalents (690) 48,097 (149) 2,750 (20,867)
Cash and cash equivalents at the beginning of the financial period 1,156 100,645 840 6,299 24,837 Cash and cash equivalents at the end of the financial period 466 148,742 691 9,049 3,970
1 The Sub-Fund launched on 19 September 2025, hence no comparative data is available. 2 Proceeds from issue of participating shares during the financial period ended 30 June 2026 excludes distribution reinvestments of GBP 27,671 which are non-cash transactions. 3 Proceeds from issue of participating shares during the financial period ended 30 June 2026 excludes distribution reinvestments of USD 9,902 which are non-cash transactions. The accompanying notes form an integral part of these financial statements.
Page 21
Notes to the Condensed Financial Statement
For the financial period ended 30 June 2026
19
Atlantic House UCITS ICAV
1. General information
The ICAV is an open ended investment vehicle with variable capital established pursuant to the Irish Collective Asset management Vehicles Act 2015 (the “ICAV Act”), the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011), as amended (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement Act 2013 (Section 48(1) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019, as amended (the “Central Bank UCITS Regulatio ns”).
The ICAV was registered with the Central Bank of Ireland (the “Central Bank”) on 20 March 2025 with registration number C553577 and authorized by the Central Bank on 23 June 2025.
The ICAV currently has five sub-funds in operation, Atlantic House Defensive Defined Returns Fund, Atlantic House Defined Returns Fund, Atlantic House Dynamic Duration Fund, Atlantic House Global Defined Returns Fund and Atlantic House Uncorrelated Strategies Fund (individually the “Sub-Fund”, together the "Sub-Funds"), which were authorised by the Central bank on 23 June 2025 and commenced operations on 19 September 2025. Atlantic House Tail Risk Fund (formerly Atlantic House Defensive Strategies Fund, prior to its name change effective 16 April 2026) was authorised by the Central bank on 23 June 2025 but had not launched during the financial period.
2. Basis of preparation and material accounting policies
The interim report and unaudited financial statements have been prepared on a going concern basis in accordance with IFRS Accounting Standards ("IFRS") as adopted by the European Union ("EU"), the ICAV Act, the UCITS Regulations and the Central Bank UCITS Regulations.
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the financial period.
The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future years if the revision affects both current and future years. There were no significant estimates used in measuring the fair value of investments at the financial period ended 30 June 2026.
All amounts have been rounded to the nearest thousand, unless otherwise indicated.
The material accounting policies and estimation techniques are consistent with those applied to the previous annual financial statements.
Page 22
20
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
3. Net gains/(losses) on financial assets/liabilities at fair value through profit or loss
Atlantic House Defensive Defined Returns Fund 1
Atlantic House Defined Returns Fund 1
Atlantic House Dynamic Duration Fund 1
Atlantic House Global Defined Returns Fund 1
Atlantic House Uncorrelated Strategies Fund 1
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 GBP '000
Period ended 30 June 2026 USD '000
Period ended 30 June 2026 USD '000
Net realised losses on investments – (255) – – (377) Net realised gains/(losses) on financial derivative instruments 607 63,855 (95) 5,566 7,636 Net change in unrealised gains/ (losses) on investments 238 5,985 (36) (3,860) (160) Net change in unrealised gains/ (losses) on financial derivative instruments 242 23,755 (566) (394) (11,082) Net gains/(losses) on foreign exchange 16 539 139 1 (392) Total 1,103 93,879 (558) 1,313 (4,375)
1 The Sub-Fund launched on 19 September 2025, hence no comparative data is available.
4. Distributions to shareholders
Distributions are accounted for when they are declared. The Board of Directors declared the following distributions during the financial period ended 30 June 2026 except for Atlantic House Defensive Defined Returns Fund where no distributions were declared:
Currency
Distribution per share Ex-Date Pay date
Final distribution paid Atlantic House Defined Returns Fund Class I Distribution 4% GBP Shares GBP 0.0129 5 February 2026 19 February 2026 3,058,811 Class I Distribution 4% GBP Shares GBP 0.0126 6 May 2026 20 May 2026 3,001,594 Class I Distribution 5% GBP Shares GBP 0.0153 5 February 2026 19 February 2026 403,033 Class I Distribution 5% GBP Shares GBP 0.0149 6 May 2026 20 May 2026 410,963 Class I Distribution 7% GBP Shares GBP 0.0179 5 February 2026 19 February 2026 27,734 Class I Distribution 7% GBP Shares GBP 0.0175 6 May 2026 20 May 2026 38,864 Atlantic House Dynamic Duration Fund Class D Distribution GBP Shares GBP 0.0099 5 February 2026 19 February 2026 59,869 Class D Distribution GBP Shares GBP 0.0096 6 May 2026 20 May 2026 52,058 Atlantic House Global Defined Returns Fund Class I (Hedged) Distribution 5% GBP Shares GBP 0.0136 5 February 2026 19 February 2026 28,280 Class I (Hedged) Distribution 5% GBP Shares GBP 0.0133 6 May 2026 20 May 2026 32,845 Class I Distribution 5% USD Shares USD 0.0133 5 February 2026 19 February 2026 4,235 Class I Distribution 5% USD Shares USD 0.0130 6 May 2026 20 May 2026 4,358 Atlantic House Uncorrelated Strategies Fund Class I (Hedged) Distribution AUD Shares AUD 0.0107 5 February 2026 19 February 2026 13,972 Class I Hedged Distribution GBP Shares GBP 0.0104 5 February 2026 19 February 2026 127,483 Class I Hedged Distribution GBP Shares GBP 0.0096 6 May 2026 20 May 2026 73,958 Class Z (Hedged) Distribution EUR Shares EUR 0.0097 5 February 2026 19 February 2026 2,153 Class Z (Hedged) Distribution EUR Shares EUR 0.0090 6 May 2026 20 May 2026 1,985 Class Z (Hedged) Distribution GBP Shares GBP 0.0104 5 February 2026 19 February 2026 329,414 Class Z (Hedged) Distribution GBP Shares GBP 0.0096 6 May 2026 20 May 2026 363,482 Class Z Distribution USD Shares USD 0.0105 5 February 2026 19 February 2026 3,469 Class Z Distribution USD Shares USD 0.0097 6 May 2026 20 May 2026 3,215
Page 23
21
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
Distributions are accounted for when they are declared. The Board of Directors declared the following distributions during the financial period ended 31 December 2025 except for Atlantic House Defensive Defined Returns Fund where no distributions were declared:
Currency
Distribution per share Ex-Date Pay date
Final distribution paid Atlantic House Defined Returns Fund Class I Distribution 4% GBP Shares GBP 0.0126 5 November 2025 13 November 2025 2,930,349 Class I Distribution 5% GBP Shares GBP 0.0150 5 November 2025 13 November 2025 369,447 Class I Distribution 7% GBP Shares GBP 0.0177 5 November 2025 13 November 2025 19,759 Atlantic House Dynamic Duration Fund Class D Distribution GBP Shares GBP 0.0099 5 November 2025 13 November 2025 53,644 Atlantic House Global Defined Returns Fund Class I (Hedged) Distribution 5% GBP Shares GBP 0.0134 5 November 2025 13 November 2025 23,679 Class I Distribution 5% USD Shares USD 0.0130 5 November 2025 13 November 2025 4,162 Atlantic House Uncorrelated Strategies Fund Class I (Hedged) Distribution AUD Shares AUD 0.0101 5 November 2025 13 November 2025 13,055 Class I Hedged Distribution GBP Shares GBP 0.0098 5 November 2025 13 November 2025 195,334 Class Z (Hedged) Distribution EUR Shares EUR 0.0092 5 November 2025 13 November 2025 2,565 Class Z (Hedged) Distribution GBP Shares GBP 0.0098 5 November 2025 13 November 2025 296,455 Class Z Distribution USD Shares USD 0.0099 5 November 2025 13 November 2025 4,258
5. Fair value measurement
The Sub-Funds are required to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments;
Level 2: Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indire ctly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valua tion techniques in which all significant inputs are directly or indir ectly observable from market data; and
Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument’s valuation. This category includes instruments that are valued based on quoted prices for similar instruments but for which significant unobservable adjustments or assumptions are required to reflect differences be tween the instruments.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.
The Sub-Funds consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
4. Distributions to shareholders (continued)
Page 24
22
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
The following table analyses within the fair value hierarchy the Sub-Funds’ financial assets and financial liabilities (by level) measured at fair value at 30 June 2026:
Level 1 Level 2 Level 3 Total Atlantic House Defensive Defined Returns Fund GBP '000 GBP '000 GBP '000 GBP '000 Financial assets at fair value through profit or loss: Investment in transferable securities Bonds – 42,100 – 42,100 Investment in financial derivative instruments Unrealised gains on autocallable swaps – – 1,924 1,924 Unrealised gains on index swaps – 86 – 86 Unrealised gains on inflation rate swaps – 254 – 254 Total – 42,440 1,924 44,364 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on index swaps – (86) – (86) Unrealised losses on inflation rate swaps – (1,586) – (1,586) Total – (1,672) – (1,672)
Atlantic House Defined Returns Fund GBP '000 GBP '000 GBP '000 GBP '000 Financial assets at fair value through profit or loss: Investment in transferable securities Bonds – 2,539,595 38,000 2,577,595 Commercial Papers – 21,109 – 21,109 Investment in financial derivative instruments Unrealised gains on autocallable swaps – – 106,405 106,405 Unrealised gains on forward currency contracts – 237 – 237 Unrealised gains on inflation rate swaps – 15,011 – 15,011 Total – 2,575,952 144,405 2,720,357 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on autocallable swaps – – (1,326) (1,326) Unrealised losses on forward currency contracts – (355) – (355) Unrealised losses on inflation rate swaps – (87,366) – (87,366) Total – (87,721) (1,326) (89,047)
Atlantic House Dynamic Duration Fund GBP '000 GBP '000 GBP '000 GBP '000 Financial assets at fair value through profit or loss: Investment in transferable securities Bonds – 24,577 – 24,577 Investment in financial derivative instruments Unrealised gains on cross currency swaps – 224 – 224 Unrealised gains on forward currency contracts – 10 – 10 Unrealised gains on inflation rate swaps – 165 – 165 Unrealised gains on interest rate swaps – 88 – 88 Total – 25,064 – 25,064 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on forward currency contracts – – 1 – – 1 Unrealised losses on inflation rate swaps – (648) – (648) Unrealised losses on interest rate swaps – (357) – (357) Total – (1,005) – (1,005)
Atlantic House Global Defined Returns Fund USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Investment in transferable securities Bonds – 215,385 9,000 224,385 Commercial Papers – 2,000 – 2,000 Investment in financial derivative instruments Unrealised gains on autocallable swaps – – 9,388 9,388 Unrealised gains on forward currency contracts – 17 – 17 Unrealised gains on inflation rate swaps – 1,155 – 1,155 Total – 218,557 18,388 236,945
5. Fair value measurement (continued)
Page 25
23
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
Level 1 Level 2 Level 3 Total Atlantic House Global Defined Returns Fund (continued) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on autocallable swaps – – (72) (72) Unrealised losses on forward currency contracts – (2,401) – (2,401) Unrealised losses on inflation rate swaps – (4,748) – (4,748) Total – (7,149) (72) (7,221)
Atlantic House Uncorrelated Strategies Fund USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Investment in transferable securities Bonds 30,917 29,660 – 60,577 Investment in financial derivative instruments Unrealised gains on forward currency contracts – 26 – 26 Unrealised gains on index swaps – 2,629 – 2,629 Unrealised gains on inflation rate swaps – 417 – 417 Unrealised gains on OTC options purchased – 4,743 – 4,743 Unrealised gains on total return swaps – 374 – 374 Unrealised gains on variance swaps – 2,256 – 2,256 Unrealised gains on volatility swaps – 1,586 – 1,586 Total 30,917 41,691 – 72,608 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on credit default swaps – (112) – (112) Unrealised losses on forward currency contracts – (981) – (981) Unrealised losses on index swaps – (628) – (628) Unrealised losses on inflation rate swaps – (579) – (579) Unrealised losses on total return swaps – (3,005) – (3,005) Unrealised losses on variance swaps – (107) – (107) Total – (5,412) – (5,412)
1 Investments which are less than 500 have been rounded down to zero.
The following table analyses within the fair value hierarchy the Sub-Funds’ financial assets and financial liabilities (by level) measured at fair value at 31 December 2025:
Level 1 Level 2 Level 3 Total Atlantic House Defensive Defined Returns Fund 1 GBP '000 GBP '000 GBP '000 GBP '000 Financial assets at fair value through profit or loss: Investment in transferable securities Bonds – 41,315 – 41,315 Investment in financial derivative instruments Unrealised gains on autocallable swaps – – 1,609 1,609 Unrealised gains on index swaps – 13 – 13 Unrealised gains on inflation rate swaps – 239 – 239 Total – 41,567 1,609 43,176 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on autocallable swaps – – (89) (89) Unrealised losses on index swaps – (244) – (244) Unrealised losses on inflation rate swaps – (1,198) – (1,198) Total – (1,442) (89) (1,531)
Atlantic House Defined Returns Fund GBP '000 GBP '000 GBP '000 GBP '000 Financial assets at fair value through profit or loss: Investment in transferable securities Bonds – 2,350,160 20,000 2,370,160 Commercial Papers – 20,779 – 20,779 Investment in financial derivative instruments Unrealised gains on autocallable swaps – – 115,534 115,534 Unrealised gains on forward currency contracts – 1 – 1 Unrealised gains on inflation rate swaps – 6,668 – 6,668 Total – 2,377,608 135,534 2,513,142
5. Fair value measurement (continued)
Page 26
24
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
Level 1 Level 2 Level 3 Total Atlantic House Defined Returns Fund (continued) GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on autocallable swaps – – (1,379) (1,379) Unrealised losses on forward currency contracts – (449) – (449) Unrealised losses on inflation rate swaps – (110,462) – (110,462) Total – (110,911) (1,379) (112,290)
Atlantic House Dynamic Duration Fund GBP '000 GBP '000 GBP '000 GBP '000 Financial assets at fair value through profit or loss: Investment in transferable securities Bonds – 22,609 – 22,609 Investment in financial derivative instruments Unrealised gains on cross currency swaps – 279 – 279 Unrealised gains on inflation rate swaps – 224 – 224 Unrealised gains on interest rate swaps – 258 – 258 Total – 23,370 – 23,370 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on forward currency contracts – (13) – (13) Unrealised losses on inflation rate swaps – (575) – (575) Unrealised losses on interest rate swaps – (125) – (125) Total – (713) – (713)
Atlantic House Global Defined Returns Fund USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Investment in transferable securities Commercial Papers – 2,001 – 2,001 Bonds – 102,987 2,015 105,002 Investment in financial derivative instruments Unrealised gains on autocallable swaps – – 4,616 4,616 Unrealised gains on forward currency contracts – 1,341 – 1,341 Unrealised gains on inflation rate swaps – 158 – 158 Total – 106,487 6,631 113,118 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on autocallable swaps – – (247) (247) Unrealised losses on forward currency contracts – (6) – (6) Unrealised losses on inflation rate swaps – (3,466) – (3,466) Total – (3,472) (247) (3,719)
Atlantic House Uncorrelated Strategies Fund USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Investment in transferable securities Bonds 29,966 100,857 – 130,823 Commercial Papers – 10,003 – 10,003 Investment in financial derivative instruments Unrealised gains on forward currency contracts – 2,110 – 2,110 Unrealised gains on index swaps – 7,596 – 7,596 Unrealised gains on inflation rate swaps – 181 – 181 Unrealised gains on OTC options purchased – 6,404 – 6,404 Unrealised gains on total return swaps – 5,764 – 5,764 Unrealised gains on variance swaps – 2,727 – 2,727 Unrealised gains on volatility swaps – 1,320 – 1,320 Total 29,966 136,962 – 166,928 Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments Unrealised losses on forward currency contracts – (241) – (241) Unrealised losses on index swaps – (3,466) – (3,466) Unrealised losses on inflation rate swaps – (273) – (273) Unrealised losses on total return swaps – (88) – (88) Unrealised losses on variance swaps – (1,425) – (1,425) Unrealised losses on volatility swaps – (141) – (141) Total – (5,634) – (5,634)
5. Fair value measurement (continued)
Page 27
25
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
1 Atlantic House Balanced Return Fund was renamed as Atlantic House Defensive Defined Returns Fund on 18 December 2025.
The following table represents a summary of the Level 3 investments and the details of the unobservable inputs used for the financial period ended 30 June 2026: Atlantic House Defensive Defined Returns Fund
Financial Instrument
Fair Value at 30 June 2026 GBP '000
Valuation Technique
Unobservable Inputs Input Range
Possible shift in unobservable inputs
Effect on Valuation GBP '000
Autocallable Swaps 1,924
Monte Carlo simulation (local volatility) using prices from Refinitiv Pricing Direct Correlation; volatility Not disclosed 1,2,3
Not disclosed 2,3
Not disclosed 2,3
Atlantic House Defined Returns Fund
Financial Instrument
Fair Value at 30 June 2026 GBP '000
Valuation Technique
Unobservable Inputs Input Range
Possible shift in unobservable inputs
Effect on Valuation GBP '000
Autocallable Swaps 105,079
Monte Carlo simulation (local volatility) using prices from Refinitiv Pricing Direct Correlation; volatility Not disclosed 1,2,3
Not disclosed 2,3
Not disclosed 2,3 Bonds 38,000 Cost Not applicable Not applicable Not applicable Not applicable
Atlantic House Global Defined Returns Fund
Financial Instrument
Fair Value at 30 June 2026 USD '000
Valuation Technique
Unobservable Inputs Input Range
Possible shift in unobservable inputs
Effect on Valuation USD '000
Autocallable Swaps 9,316
Monte Carlo simulation (local volatility) using prices from Refinitiv Pricing Direct Correlation; volatility Not disclosed 1,2,3
Not disclosed 2,3
Not disclosed 2,3 Bonds 9,000 Cost Not applicable Not applicable Not applicable Not applicable
1 The Sub-Fund obtains fair values for autocallable swaps from Refinitiv Pricing Direct, which applies proprietary valuation models incorporating significant unobservable inputs, including correlation and volatility assumptions. 2 The Sub-Fund does not have access to the underlying valuation models or the ranges of the significant unobservable inputs. Accordingly, quantitative information on input ranges and sensitivities has not been disclosed as it is not available and cannot be obtained without undue cost or effort. 3 Changes in these unobservable inputs could have a material impact on the fair value of the autocallable swaps.
5. Fair value measurement (continued)
Page 28
26
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
The following table represents a summary of the Level 3 investments and the details of the unobservable inputs used for the financial period ended 31 December 2025:
Atlantic House Defensive Defined Returns Fund 1
Financial Instrument
Fair Value at 31 December 2025 GBP '000
Valuation Technique
Unobservable Inputs Input Range
Possible shift in unobservable inputs
Effect on Valuation GBP '000
Autocallable Swaps 1,520
Monte Carlo simulation (local volatility) using prices from Refinitiv Pricing Direct Correlation; volatility Not disclosed 2,3,4
Not disclosed 3,4
Not disclosed 3,4
Atlantic House Defined Returns Fund
Financial Instrument
Fair Value at 31 December 2025 GBP '000
Valuation Technique
Unobservable Inputs Input Range
Possible shift in unobservable inputs
Effect on Valuation GBP '000
Autocallable Swaps 114,155
Monte Carlo simulation (local volatility) using prices from Refinitiv Pricing Direct Correlation; volatility Not disclosed 2,3,4
Not disclosed 3,4
Not disclosed 3,4 Bonds 20,000 Cost Not applicable Not applicable Not applicable Not applicable
Atlantic House Global Defined Returns Fund
Financial Instrument
Fair Value at 31 December 2025 USD '000
Valuation Technique
Unobservable Inputs Input Range
Possible shift in unobservable inputs
Effect on Valuation USD '000
Autocallable Swaps 4,369
Monte Carlo simulation (local volatility) using prices from Refinitiv Pricing Direct Correlation; volatility Not disclosed 2,3,4
Not disclosed 3,4
Not disclosed 3,4 Bonds 2,015 Cost Not applicable Not applicable Not applicable Not applicable
1 Atlantic House Balanced Return Fund was renamed as Atlantic House Defensive Defined Returns Fund on 18 December 2025. 2 The Sub-Fund obtains fair values for autocallable swaps from Refinitiv Pricing Direct, which applies proprietary valuation models incorporating significant unobservable inputs, including correlation and volatility assumptions. 3 The Sub-Fund does not have access to the underlying valuation models or the ranges of the significant unobservable inputs. Accordingly, quantitative information on input ranges and sensitivities has not been disclosed as it is not available and cannot be obtained without undue cost or effort. 4 Changes in these unobservable inputs could have a material impact on the fair value of the autocallable swaps.
The following table presents the transfers between levels for t he financial period ended 30 June 2026.
Transfer from Level 3 to Level 2: Level 1 Level 2 Level 3 Atlantic House Global Defined Returns Fund EUR '000 EUR '000 EUR '000 Bonds – 2,015 (2,015)
There were no transfers between levels of investments held duri ng the financial period ended 31 December 2025.
5. Fair value measurement (continued)
Page 29
27
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
The following tables presents the movement in Level 3 instrumen ts for the financial period ended 30 June 2026:
Atlantic House Defensive Defined Returns Fund Total GBP' 000 Opening balance 1,520 Purchases 24 Sales (1,561) Net transfers Net realised and unrealised gains recognised in profit and loss 1,941 Closing balance 1,924 Total change in unrealised gains for the financial period included in the Condensed Statement of Comprehensive Income for assets held at the end of the financial period 1,852
Atlantic House Defined Returns Fund Total GBP' 000 Opening balance 134,155 Purchases 19,029 Sales (115,617) Net transfers Net realised and unrealised gains recognised in profit and loss 105,512 Closing balance 143,079 Total change in unrealised gains for the financial period included in the Condensed Statement of Comprehensive Income for assets held at the end of the financial period 86,763
Atlantic House Global Defined Returns Fund Total USD' 000 Opening balance 6,384 Purchases 10,697 Sales (4,512) Net transfers (2,015) Net realised and unrealised gains recognised in profit and loss 7,762 Closing balance 18,316 Total change in unrealised gains for the financial period included in the Condensed Statement of Comprehensive Income for assets held at the end of the financial period 7,456
The following tables presents the movement in Level 3 instrumen ts for the financial period ended 31 December 2025:
Atlantic House Defensive Defined Returns Fund 1 Total GBP' 000 Opening balance Purchases Sales Net transfers Net realised and unrealised gains recognised in profit and loss 1,520 Closing balance 1,520 Total change in unrealised gains for the financial period included in the Statement of Comprehensive Income for assets held at the end of the financial period 1,520
Atlantic House Defined Returns Fund Total GBP' 000 Opening balance Purchases 20,000 Sales Net transfers Net realised and unrealised gains recognised in profit and loss 114,155 Closing balance 134,155 Total change in unrealised gains for the financial period included in the Statement of Comprehensive Income for assets held at the end of the financial period 114,155
5. Fair value measurement (continued)
The following table represents a summary of the Level 3 investments and the details of the unobservable inputs used for the financial period ended 31 December 2025:
Atlantic House Defensive Defined Returns Fund 1
Financial Instrument
Fair Value at 31 December 2025 GBP '000
Valuation Technique
Unobservable Inputs Input Range
Possible shift in unobservable inputs
Effect on Valuation GBP '000
Autocallable Swaps 1,520
Monte Carlo simulation (local volatility) using prices from Refinitiv Pricing Direct Correlation; volatility Not disclosed 2,3,4
Not disclosed 3,4
Not disclosed 3,4
Atlantic House Defined Returns Fund
Financial Instrument
Fair Value at 31 December 2025 GBP '000
Valuation Technique
Unobservable Inputs Input Range
Possible shift in unobservable inputs
Effect on Valuation GBP '000
Autocallable Swaps 114,155
Monte Carlo simulation (local volatility) using prices from Refinitiv Pricing Direct Correlation; volatility Not disclosed 2,3,4
Not disclosed 3,4
Not disclosed 3,4 Bonds 20,000 Cost Not applicable Not applicable Not applicable Not applicable
Atlantic House Global Defined Returns Fund
Financial Instrument
Fair Value at 31 December 2025 USD '000
Valuation Technique
Unobservable Inputs Input Range
Possible shift in unobservable inputs
Effect on Valuation USD '000
Autocallable Swaps 4,369
Monte Carlo simulation (local volatility) using prices from Refinitiv Pricing Direct Correlation; volatility Not disclosed 2,3,4
Not disclosed 3,4
Not disclosed 3,4 Bonds 2,015 Cost Not applicable Not applicable Not applicable Not applicable
1 Atlantic House Balanced Return Fund was renamed as Atlantic House Defensive Defined Returns Fund on 18 December 2025. 2 The Sub-Fund obtains fair values for autocallable swaps from Refinitiv Pricing Direct, which applies proprietary valuation models incorporating significant unobservable inputs, including correlation and volatility assumptions. 3 The Sub-Fund does not have access to the underlying valuation models or the ranges of the significant unobservable inputs. Accordingly, quantitative information on input ranges and sensitivities has not been disclosed as it is not available and cannot be obtained without undue cost or effort. 4 Changes in these unobservable inputs could have a material impact on the fair value of the autocallable swaps.
The following table presents the transfers between levels for t he financial period ended 30 June 2026.
Transfer from Level 3 to Level 2: Level 1 Level 2 Level 3 Atlantic House Global Defined Returns Fund EUR '000 EUR '000 EUR '000 Bonds – 2,015 (2,015)
There were no transfers between levels of investments held duri ng the financial period ended 31 December 2025.
Page 30
28
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
Atlantic House Global Defined Returns Fund Total USD' 000 Opening balance Purchases 2,015 Sales Net transfers Net realised and unrealised gains recognised in profit and loss 4,369 Closing balance 6,384 Total change in unrealised gains for the financial period included in the Statement of Comprehensive Income for assets held at the end of the financial period 4,369
1 Atlantic House Balanced Return Fund was renamed as Atlantic House Defensive Defined Returns Fund on 18 December 2025.
6. Cash and cash equivalents
Cash and cash equivalents, were held with J.P. Morgan SE - Dublin Branch (the “Depositary”) at the financial period end. The Depositary does not have a credit rating, however, its parent company J.P. Morgan SE has a long-term credit rating from Standard & Poor’s of AA- (31 December 2025: AA-), Bank overdrafts are disclosed separately in the Condensed Statement of Financial Position under current liabilities, where applicable.
Cash pledged as collateral are disclosed separately in the Condensed Statement of Financial Position under current assets, where applicable.
7. Share capital
The ICAV is an open-ended umbrella-type Irish Collective Asset-management Vehicle with segregated liability between Sub Funds authorised in Ireland by the Central Bank as a UCITS pursuant to the ICAV Act and the Regulations.
The authorised share capital of the ICAV is 2 subscriber shares of €1 each and 1,000,000,000,000 shares of no par value initially designated as unclassified participating shares.
The Instrument of Incorporation provides un-issued Shares are at the disposal of the Directors who may offer, allot, issue, grant options over or otherwise dispose of them to such persons, at such times, for such consideration and on such terms and conditions as the Directors see fit.
The ICAV may by ordinary resolution increase its share capital, consolidate its shares or subdivide any of them into shares of a smaller amount or cancel authorised but unissued shares.
The holders of shares shall:
i) have the right to vote at a general meeting. On a show of hands, be entitled to one vote per holder and, on a poll, be entitled to one vote per share;
ii) be entitled to such dividends as the Directors may from time to time declare; and
iii) in the event of a winding up or dissolution of the ICAV, have the entitlements referred to under the prospectus.
5. Fair value measurement (continued)
Page 31
29
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
The following table shows the number of shares in issue at the reporting date together with the movements during the financial period ended 30 June 2026:
Balance at the beginning of the period
Issued during the period
Redeemed during the period
Balance at the end of the period Atlantic House Defensive Defined Returns Fund Class A Accumulation GBP Shares 31,957,490 2,270,000 (2,900,302) 31,327,188
Atlantic House Defined Returns Fund Class B (Hedged) Accumulation AUD Shares 750,000 – (750,000) Class B (Hedged) Accumulation EUR Shares 13,177,140 2,236,102 (1,108,579) 14,304,663 Class B (Hedged) Accumulation USD Shares 13,458,833 4,051,004 (1,046,791) 16,463,046 Class B Accumulation GBP Shares 939,599,461 172,991,479 (115,238,227) 997,352,713 Class I Distribution 4% GBP Shares 236,474,316 34,186,958 (30,240,883) 240,420,391 Class I Distribution 5% GBP Shares 26,213,560 3,798,666 (1,714,749) 28,297,477 Class I Distribution 7% GBP Shares 1,327,386 1,178,026 (44,135) 2,461,277
Atlantic House Dynamic Duration Fund Class A (Hedged) Accumulation EUR Shares 54,337 – (24,207) 30,130 Class A (Hedged) Accumulation USD Shares 649,493 5,000 (106,393) 548,100 Class A Accumulation GBP Shares 15,454,635 3,226,870 (2,088,742) 16,592,763 Class D Distribution GBP Shares 5,972,709 1,133,840 (1,075,780) 6,030,769
Atlantic House Global Defined Returns Fund Class A (Hedged) Accumulation GBP Shares 68,189,287 72,798,676 (4,360,573) 136,627,390 Class A Accumulation USD Shares 505,034 834,056 (106,438) 1,232,652 Class I (Hedged) Distribution 5% GBP Shares 1,961,680 818,791 (72,568) 2,707,903 Class I Distribution 5% USD Shares 319,000 17,000 – 336,000
Atlantic House Uncorrelated Strategies Fund Class A (Hedged) Accumulation EUR Shares 4,322 – (4,322) Class A (Hedged) Accumulation GBP Shares 70,456,328 1,095,884 (65,771,824) 5,780,388 Class A Accumulation USD Shares 286,707 8,429 (68,498) 226,638 Class C Accumulation USD Shares 1,000 – – 1,000 Class I (Hedged) Distribution AUD Shares 1,305,881 13,373 (1,319,254) Class I Hedged Distribution GBP Shares 12,646,725 83,845 (10,819,786) 1,910,784 Class X (Hedged) Accumulation GBP Shares 587,300 212,013 (247,795) 551,518 Class X Accumulation USD Shares 8,483,765 238,129 (810,632) 7,911,262 Class Z (Hedged) Distribution EUR Shares 278,559 – (57,551) 221,008 Class Z (Hedged) Distribution GBP Shares 31,618,662 8,574,985 (2,943,626) 37,250,021 Class Z Distribution USD Shares 330,000 – – 330,000
The following table shows the number of shares in issue at the reporting date together with the movements during the financial year ended 31 December 2025:
Balance at the beginning of the period
Issued during the period
Redeemed during the period
Balance at the end of the period Atlantic House Defensive Defined Returns Fund 1 Class A Accumulation GBP Shares – 37,152,325 (5,194,835) 31,957,490
Atlantic House Defined Returns Fund Class B (Hedged) Accumulation AUD Shares – 750,000 – 750,000 Class B (Hedged) Accumulation EUR Shares – 13,666,319 (489,179) 13,177,140 Class B (Hedged) Accumulation USD Shares – 14,905,685 (1,446,852) 13,458,833 Class B Accumulation GBP Shares – 1,005,927,292 (66,327,831) 939,599,461 Class I Distribution 4% GBP Shares – 249,984,397 (13,510,081) 236,474,316 Class I Distribution 5% GBP Shares – 26,847,549 (633,989) 26,213,560 Class I Distribution 7% GBP Shares – 1,335,716 (8,330) 1,327,386
7. Share capital (continued)
Atlantic House Global Defined Returns Fund Total USD' 000 Opening balance Purchases 2,015 Sales Net transfers Net realised and unrealised gains recognised in profit and loss 4,369 Closing balance 6,384 Total change in unrealised gains for the financial period included in the Statement of Comprehensive Income for assets held at the end of the financial period 4,369
1 Atlantic House Balanced Return Fund was renamed as Atlantic House Defensive Defined Returns Fund on 18 December 2025.
6. Cash and cash equivalents
Cash and cash equivalents, were held with J.P. Morgan SE - Dublin Branch (the “Depositary”) at the financial period end. The Depositary does not have a credit rating, however, its parent company J.P. Morgan SE has a long-term credit rating from Standard & Poor’s of AA- (31 December 2025: AA-), Bank overdrafts are disclosed separately in the Condensed Statement of Financial Position under current liabilities, where applicable.
Cash pledged as collateral are disclosed separately in the Condensed Statement of Financial Position under current assets, where applicable.
7. Share capital
The ICAV is an open-ended umbrella-type Irish Collective Asset-management Vehicle with segregated liability between Sub Funds authorised in Ireland by the Central Bank as a UCITS pursuant to the ICAV Act and the Regulations.
The authorised share capital of the ICAV is 2 subscriber shares of €1 each and 1,000,000,000,000 shares of no par value initially designated as unclassified participating shares.
The Instrument of Incorporation provides un-issued Shares are at the disposal of the Directors who may offer, allot, issue, grant options over or otherwise dispose of them to such persons, at such times, for such consideration and on such terms and conditions as the Directors see fit.
The ICAV may by ordinary resolution increase its share capital, consolidate its shares or subdivide any of them into shares of a smaller amount or cancel authorised but unissued shares.
The holders of shares shall:
i) have the right to vote at a general meeting. On a show of hands, be entitled to one vote per holder and, on a poll, be entitled to one vote per share;
ii) be entitled to such dividends as the Directors may from time to time declare; and
iii) in the event of a winding up or dissolution of the ICAV, have the entitlements referred to under the prospectus.
Page 32
30
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
Balance at the beginning of the period
Issued during the period
Redeemed during the period
Balance at the end of the period Atlantic House Dynamic Duration Fund Class A (Hedged) Accumulation EUR Shares – 65,016 (10,679) 54,337 Class A (Hedged) Accumulation USD Shares – 748,686 (99,193) 649,493 Class A Accumulation GBP Shares – 17,928,611 (2,473,976) 15,454,635 Class D Distribution GBP Shares – 6,286,962 (314,253) 5,972,709
Atlantic House Global Defined Returns Fund Class A (Hedged) Accumulation GBP Shares – 70,713,134 (2,523,847) 68,189,287 Class A Accumulation USD Shares – 510,034 (5,000) 505,034 Class I (Hedged) Distribution 5% GBP Shares – 1,961,686 (6) 1,961,680 Class I Distribution 5% USD Shares – 319,000 – 319,000
Atlantic House Uncorrelated Strategies Fund Class A (Hedged) Accumulation EUR Shares – 61,926 (57,604) 4,322 Class A (Hedged) Accumulation GBP Shares – 140,005,153 (69,548,825) 70,456,328 Class A Accumulation USD Shares – 641,611 (354,904) 286,707 Class C Accumulation USD Shares – 1,000 – 1,000 Class I (Hedged) Distribution AUD Shares – 1,305,881 – 1,305,881 Class I Hedged Distribution GBP Shares – 28,523,149 (15,876,424) 12,646,725 Class X (Hedged) Accumulation GBP Shares – 727,158 (139,858) 587,300 Class X Accumulation USD Shares – 8,725,753 (241,988) 8,483,765 Class Z (Hedged) Distribution EUR Shares – 299,559 (21,000) 278,559 Class Z (Hedged) Distribution GBP Shares – 34,951,800 (3,333,138) 31,618,662 Class Z Distribution USD Shares – 430,752 (100,752) 330,000
1 Atlantic House Balanced Return Fund was renamed as Atlantic House Defensive Defined Returns Fund on 18 December 2025.
8. Net asset value per share
The NAV per share is calculated by dividing the NAV of the Sub-Fund by the shares in issue at the Condensed Statement of Financial Position date, as detailed in the table below:
30 June 2026
31 December 2025
Atlantic House Defensive Defined Returns Fund 1 Class A Accumulation GBP Shares Net asset value GBP '000 43,123 42,540 Shares in issue 31,327,188 31,957,490 Net asset value per share GBP 1.38 1.33
Atlantic House Defined Returns Fund 1 Class B (Hedged) Accumulation AUD Shares Net asset value AUD '000 – 900 Shares in issue – 750,000 Net asset value per share AUD – 1.20 Class B (Hedged) Accumulation EUR Shares Net asset value EUR '000 22,466 19,999 Shares in issue 14,304,663 13,177,140 Net asset value per share EUR 1.57 1.52 Class B (Hedged) Accumulation USD Shares Net asset value USD '000 31,074 24,333 Shares in issue 16,463,046 13,458,833 Net asset value per share USD 1.89 1.81 Class B Accumulation GBP Shares Net asset value GBP '000 2,369,998 2,138,869 Shares in issue 997,352,713 939,599,461 Net asset value per share GBP 2.38 2.28
7. Share capital (continued)
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31
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
30 June 2026
31 December 2025 Atlantic House Defined Returns Fund 1 (continued) Class I Distribution 4% GBP Shares Net asset value GBP '000 312,747 300,634 Shares in issue 240,420,391 236,474,316 Net asset value per share GBP 1.30 1.27 Class I Distribution 5% GBP Shares Net asset value GBP '000 34,709 31,585 Shares in issue 28,297,477 26,213,560 Net asset value per share GBP 1.23 1.20 Class I Distribution 7% GBP Shares Net asset value GBP '000 2,508 1,342 Shares in issue 2,461,277 1,327,386 Net asset value per share GBP 1.02 1.01
Atlantic House Dynamic Duration Fund 1 Class A (Hedged) Accumulation EUR Shares Net asset value EUR '000 30 54 Shares in issue 30,130 54,337 Net asset value per share EUR 1.00 1.00 Class A (Hedged) Accumulation USD Shares Net asset value USD '000 1,272 1,495 Shares in issue 548,100 649,493 Net asset value per share USD 2.32 2.30 Class A Accumulation GBP Shares Net asset value GBP '000 17,963 16,587 Shares in issue 16,592,763 15,454,635 Net asset value per share GBP 1.08 1.07 Class D Distribution GBP Shares Net asset value GBP '000 5,856 5,865 Shares in issue 6,030,769 5,972,709 Net asset value per share GBP 0.97 0.98
Atlantic House Global Defined Returns Fund 1 Class A (Hedged) Accumulation GBP Shares Net asset value GBP '000 173,120 83,200 Shares in issue 136,627,390 68,189,287 Net asset value per share GBP 1.27 1.22 Class A Accumulation USD Shares Net asset value USD '000 1,502 592 Shares in issue 1,232,652 505,034 Net asset value per share USD 1.22 1.17 Class I (Hedged) Distribution 5% GBP Shares Net asset value GBP '000 2,953 2,112 Shares in issue 2,707,903 1,961,680 Net asset value per share GBP 1.09 1.08 Class I Distribution 5% USD Shares Net asset value USD '000 357 335 Shares in issue 336,000 319,000 Net asset value per share USD 1.06 1.05
Atlantic House Uncorrelated Strategies Fund 1 Class A (Hedged) Accumulation EUR Shares Net asset value EUR '000 – 5 Shares in issue – 4,322 Net asset value per share EUR – 1.07 Class A (Hedged) Accumulation GBP Shares Net asset value GBP '000 7,014 83,614
8. Net asset value per share (continued)
Balance at the beginning of the period
Issued during the period
Redeemed during the period
Balance at the end of the period Atlantic House Dynamic Duration Fund Class A (Hedged) Accumulation EUR Shares – 65,016 (10,679) 54,337 Class A (Hedged) Accumulation USD Shares – 748,686 (99,193) 649,493 Class A Accumulation GBP Shares – 17,928,611 (2,473,976) 15,454,635 Class D Distribution GBP Shares – 6,286,962 (314,253) 5,972,709
Atlantic House Global Defined Returns Fund Class A (Hedged) Accumulation GBP Shares – 70,713,134 (2,523,847) 68,189,287 Class A Accumulation USD Shares – 510,034 (5,000) 505,034 Class I (Hedged) Distribution 5% GBP Shares – 1,961,686 (6) 1,961,680 Class I Distribution 5% USD Shares – 319,000 – 319,000
Atlantic House Uncorrelated Strategies Fund Class A (Hedged) Accumulation EUR Shares – 61,926 (57,604) 4,322 Class A (Hedged) Accumulation GBP Shares – 140,005,153 (69,548,825) 70,456,328 Class A Accumulation USD Shares – 641,611 (354,904) 286,707 Class C Accumulation USD Shares – 1,000 – 1,000 Class I (Hedged) Distribution AUD Shares – 1,305,881 – 1,305,881 Class I Hedged Distribution GBP Shares – 28,523,149 (15,876,424) 12,646,725 Class X (Hedged) Accumulation GBP Shares – 727,158 (139,858) 587,300 Class X Accumulation USD Shares – 8,725,753 (241,988) 8,483,765 Class Z (Hedged) Distribution EUR Shares – 299,559 (21,000) 278,559 Class Z (Hedged) Distribution GBP Shares – 34,951,800 (3,333,138) 31,618,662 Class Z Distribution USD Shares – 430,752 (100,752) 330,000
1 Atlantic House Balanced Return Fund was renamed as Atlantic House Defensive Defined Returns Fund on 18 December 2025.
8. Net asset value per share
The NAV per share is calculated by dividing the NAV of the Sub-Fund by the shares in issue at the Condensed Statement of Financial Position date, as detailed in the table below:
30 June 2026
31 December 2025
Atlantic House Defensive Defined Returns Fund 1 Class A Accumulation GBP Shares Net asset value GBP '000 43,123 42,540 Shares in issue 31,327,188 31,957,490 Net asset value per share GBP 1.38 1.33
Atlantic House Defined Returns Fund 1 Class B (Hedged) Accumulation AUD Shares Net asset value AUD '000 – 900 Shares in issue – 750,000 Net asset value per share AUD – 1.20 Class B (Hedged) Accumulation EUR Shares Net asset value EUR '000 22,466 19,999 Shares in issue 14,304,663 13,177,140 Net asset value per share EUR 1.57 1.52 Class B (Hedged) Accumulation USD Shares Net asset value USD '000 31,074 24,333 Shares in issue 16,463,046 13,458,833 Net asset value per share USD 1.89 1.81 Class B Accumulation GBP Shares Net asset value GBP '000 2,369,998 2,138,869 Shares in issue 997,352,713 939,599,461 Net asset value per share GBP 2.38 2.28
Page 34
32
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
30 June 2026
31 December 2025 Atlantic House Uncorrelated Strategies Fund 1 (continued) Class A (Hedged) Accumulation GBP Shares (continued) Shares in issue 5,780,388 70,456,328 Net asset value per share GBP 1.21 1.19 Class A Accumulation USD Shares Net asset value USD '000 278 343 Shares in issue 226,638 286,707 Net asset value per share USD 1.23 1.20 Class C Accumulation USD Shares Net asset value USD '000 1 1 Shares in issue 1,000 1,000 Net asset value per share USD 1.06 1.04 Class I (Hedged) Distribution AUD Shares Net asset value AUD '000 – 1,366 Shares in issue – 1,305,881 Net asset value per share AUD – 1.05 Class I Hedged Distribution GBP Shares Net asset value GBP '000 1,944 12,838 Shares in issue 1,910,784 12,646,725 Net asset value per share GBP 1.02 1.02 Class X (Hedged) Accumulation GBP Shares Net asset value GBP '000 662 689 Shares in issue 551,518 587,300 Net asset value per share GBP 1.20 1.17 Class X Accumulation USD Shares Net asset value USD '000 9,585 10,025 Shares in issue 7,911,262 8,483,765 Net asset value per share USD 1.21 1.18 Class Z (Hedged) Distribution EUR Shares Net asset value EUR '000 209 265 Shares in issue 221,008 278,559 Net asset value per share EUR 0.95 0.95 Class Z (Hedged) Distribution GBP Shares Net asset value GBP '000 37,797 31,949 Shares in issue 37,250,021 31,618,662 Net asset value per share GBP 1.01 1.01 Class Z Distribution USD Shares Net asset value USD '000 340 338 Shares in issue 330,000 330,000 Net asset value per share USD 1.03 1.03
1 The Sub-Fund launched on 19 September 2025, hence no comparative data is available prior to launch date.
9. Fees and expenses
(a) Management fees
The Manager shall be entitled to receive from the ICAV a fee in relation to each Sub-Funds.
In respect of the Atlantic House Dynamic Duration Fund, the Manager shall be entitled to receive out of the assets of the Fund an annual fee of (i) up to EUR 15,000 plus (ii) a variable annual management fee of up to 0.10% of the Net Asset Value of the Fund accrued daily and payable monthly in arrears, subject to a minimum annual fee of EUR 75,000 (plus VAT if any). In respect of the remaining Sub-Funds, the Manager shall be entitled to receive out of the assets of each Sub-Funds a fee of up to 0.10% per annum of the NAV of the Sub-Fund payable monthly in arrears subject to a minimum annual fee of up to EUR 75,000 except for Atlantic House Uncorrelated Strategies Sub-Fund with a minimum annual fee of up to EUR 45,000. The Manager will also be entitled to be reimbursed out of the assets of each Sub-Funds for all reasonable, vouched out-of-pocket expenses incurred by it on behalf of each Sub-Funds.
8. Net asset value per share (continued)
Page 35
33
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
(b) Administrators fees The Administrator is entitled to receive out of the assets of each Sub-Funds (with VAT thereon, if any) an annual fee of up to 0.0225% on a tiered basis of the NAV of each Sub-Funds which will be accrued and payable monthly in arrears, subject to a minimum annual fee for each Sub-Funds of up to USD 35,000.
The Administrator is also entitled to receive out of the assets of each Sub-Funds (with VAT thereon, if any) a complex asset servicing fee of up to 0.01% of the NAV of each Sub-Funds which will be accrued and payable monthly in arrears, subject to an aggregate minimum annual fee for the ICAV of up to USD 50,000 per Sub-Fund of the ICAV, which will be attributable proportionately to the Sub-Fund based on the Sub-Fund’s overall share of the ICAV’s assets.
The Administrator is also entitled to receive out of the assets of each Sub-Funds (with VAT thereon, if any) fees for the various activities performed including maintenance fees, transaction fees, and servicing fees which in all cases shall be charged at normal commercial rates. The Administrator shall be reimbursed out of the assets of each Sub-Funds for all reasonable and vouched out-of-pocket expenses incurred by it.
(c) Depositary’s fees The Depositary is entitled to receive out of the assets of each Sub-Funds an annual oversight fee, accrued on each Dealing Day and calculated and payable monthly in arrears, at an annual rate of up to 0.01% of the NAV per Sub-Fund (plus VAT thereon, if any), subject to an annual minimum oversight fee of up to USD 15,000 (plus VAT thereon, if any) for each Sub-Fund.
The Depositary is also entitled to receive out of the assets of each Sub-Funds, an annual transaction and safekeeping fee accrued daily and payable monthly in arrears at a rate, depending on the custody markets, ranging from 0.002% up to 1.00% of the NAV per Sub-Fund, subject to an annual minimum transaction and safekeeping fee in aggregate across all Sub-Funds of up to USD 200,000 (plus VAT thereon, if any).
The Depositary is also entitled to be reimbursed out of the assets of each Sub-Fund for the fees paid by the Depositary to any sub-custodian and agreed upon transactions and asset verification charges (which in all cases shall be charged at normal commercial rates) and other out-of-pocket expenses (plus VAT thereon, if any).
(d) Investment Management fees The Investment Manager will be paid a fee from the ICAV monthly in arrears at the rate of 0.60% per annum of the NAV of Class A shares of Atlantic House Defensive Defined Returns Fund.
The Investment Manager will be paid a fee from the ICAV monthly in arrears at the rate of 0.55% per annum of the NAV of Class B shares, Class B (Hedged) shares, Class I shares and Class I (Hedged) shares of Atlantic House Defined Returns Fund.
The Investment Manager will be paid a fee from the ICAV monthly in arrears at the rate of up to 0.40% per annum of the NAV of Class A shares and Class D shares of Atlantic House Dynamic Duration Fund.
The Investment Manager will be paid a fee from the ICAV monthly in arrears at the rate of 0.55% per annum of the NAV of Class A shares, Class A (Hedged) shares, Class I 5% shares and Class I (Hedged) 5% shares of Atlantic House Global Defined Returns Fund.
The Investment Manager will be paid a fee from the ICAV monthly in arrears at the rate of 0.75% per annum of the NAV of Class A shares and Class I shares, 0.35% per annum of the NAV of Class X shares and Class Z shares, and up to 1.60% per annum of the NAV of Class C shares of Atlantic House Uncorrelated Strategies Fund.
Reasonable out-of-pocket expenses incurred by the Investment Manager in the performance of its duties will be reimbursed by the ICAV as may be approved from time to time by the Directors.
The Investment Manager may, from time to time at its sole discretion and out of its own resources, decide to rebate to some or all shareholders, part or all of the investment management fee owing to the Investment Manager.
9. Fees and expenses (continued)
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Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
(e) Performance fees
The Investment Manager will where applicable be entitled to charge a performance fee related to the performance of shares in the Atlantic House Uncorrelated Strategies Fund at the rate and calculated in accordance with the descriptions and definitions set out below.
Definitions: High Water Mark The High Water Mark (HWM) is the NAV per share of the Share Class as at the end of the last performance period in respect of which a performance fee was paid (or if no performance fee has yet been paid, the initial subscription price in the Share Class at the end of the initial offer period). Where relevant, following the proposed merger between the Sub-Fund and the Atlantic House Uncorrelated Strategies Fund (the “Merging Fund”), a sub-fund of GemCap Investment Funds (Ireland) plc, the current High Water Mark in respect of the corresponding share class of the Merging Fund will continue to apply in respect of the relevant Share Class of the Sub-Fund.
Crystallise / Crystallisation The point at which any performance fee becomes payable to the Investment Manager, even if it is paid out at a later date. Crystallisation will occur either at the end of a Financial Year or on the Dealing Day when a Shareholder redeems or switches all or part of his Shareholding.
Financial Year This is the annual accounting period of the ICAV in relation to the Sub-Fund.
Net Asset Value The NAV of a particular Share Class in the Sub-Fund after all regularly accruing charges and expenses (including for the avoidance of doubt, the performance fee) have been accrued to the Share Class.
Hurdle This is the higher of (i) zero and (ii) the sum of the interest rate and a spread of 4% per annum, against which the performanc e of the relevant Share Class is measured for the purpose of calculating the performance fee. The interest rates referred to above are set out in the table below (which are adjusted at the end of each day to reflect any changes in the rate on that day) and are solely used for performance fee calculation purposes and should therefore under no circumstances be considered as indicative of a specific investment style but is consistent with the Sub-Fund’s Investment Policy. Where relevant, following the proposed merger between the Sub-Fund and the Merging Fund, the current hurdle in respect of the corresponding share class of the Merging Fund will continue to apply to the relevant Share Class of the Sub-Fund.
Classes Reference Rate US Dollar Unhedged Share Classes Overnight Federal Funds Rate Great Britain Pounds Overnight SONIA Interest Rate Benchmark Euro ECB Euro Short Term Rate Swiss Francs Swiss Average Rate Overnight Index Australian Dollars Reserve Bank of Australia (RBA) Cash Rate New Zealand Dollars Reserve Bank of New Zealand (RBNZ) Cash Rate Danish Krone Denmark Short-Term Rate (DESTR) Norwegian Krone Norwegian Overnight Weighted Average (NOWA) Swedish Krona Swedish Krona Short Term Rate (SWESTR) a Net Asset Value per Share Class Return This is calculated on each Valuation Day as the difference between the NAV per share and that of the NAV per share on the previous Valuation Day for the particular shares. Dividend distributions paid out shall not be deemed to impact the performance of the particular shares.
Performance The growth of both income and capital for a particular Share Class.
9. Fees and expenses (continued)
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35
Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
Performance Fee Percentage Rate
The performance fee percentage rate is 20% for the Class A and Class I Shares, 15% for the Class X and Class Z Shares, and 20% for Class C Shares.
Accrual basis The performance fee is calculated and shall accrue in the NAV on each Dealing Day. The entitlement to a performance fee accrues when the NAV per Share outperforms the hurdle, subject to the NAV per Share being greater than the HWM and the HWM adjusted to ensure new subscriptions do not artificially inflate the performance fee payable and to take account of the hurdle on the relevant Dealing Day (“Outperformance”).
Where the NAV per Share decreases below the hurdle, no performance fee will be accrued until such a decrease or underperformance has been made good in the course of any performance period, for the avoidance of doubt, no performance fee will be accrued if the NAV is not above the HWM (and the HWM as adjusted). Regarding the first performance period, the NAV per Share used for calculating any Outperformance is the initial subscription price per Share. Where relevant, following the proposed merger between the Sub-Fund and the Merging Fund, in circumstances where the first performance period of the relevant Share Class is the continued performance period of the corresponding share class of the Merging Fund, the relevant NAV to be used as the basis for calculating any Outperformance for the relevant Share Class will be the relevant NAV per share used for calculating any outperformance for the corresponding share class of the Merging Fund. If a performance fee is payable at the end of a performance period in relation to a Class of Shares then the NAV per Share on that date shall be the basis for calculating the Outperformance for the following performance period.
The cumulative performance fee accruals from the beginning of the performance period will be included in the ongoing calculation of the NAV.
Calculation Method The performance fee that accrues is calculated by applying the performance fee percentage rate to the Outperformance per Share and multiplied by the number of Shares on the Dealing Day.
The performance fee will be deducted from income (which may include net realised and net unrealised gains and losses). The Investment Manager also reserves the right to deduct from capital and any such deduction would be notified to Shareholders in the next published report and accounts of the Fund.
Performance Period Where relevant, following the proposed merger between the Sub-Fund and the Merging Fund, the performance period of the Merging Fund will continue to apply in respect of the relevant Share Classes of the Sub-Fund, and so the first performance period of the relevant Share Class will be the continued performance period of the corresponding share class of the Merging Fund, which will end on 31 December 2025. For any new Share Classes or any Share Classes which remain unseeded following the merger, the first performance period will be the period commencing on the Business Day immediately following the close of the Initial Offer Period and ending on 31 December in the following year in which the Share Class launched (e.g. if a share class has an Initial Offer Period closing on 1 October 2022, the first performance period would run until 31 December 2023). Subsequent performance periods shall be calculated in respect of each period of twelve months ending on the 31 December.
10. Related parties
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. Atlantic House Investments Limited is considered a related party to the ICAV as it is considered to have significant influence over the ICAV in its role as the Investment Manager.
Investment Management fees charged by the ICAV for the financial period ended 30 June 2026 amounted to USD 10,503,037. Investment Management fees outstanding at the financial period ended 30 June 2026 amounted to USD 3,546,928 (31 December 2025: USD 1,763,785). Expense reimbursement from Investment Manager for the financial period ended 30 June 2026 amounted to USD 45,283 and the outstanding balance as at financial period ended 30 June 2026 amounted to USD (25,553) (31 December 2025: USD 102,951).
9. Fees and expenses (continued)
(e) Performance fees (continued)
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Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
Ascender Fund Partners (Ireland) Limited is considered a related party to the ICAV as it is considered to have significant influence over the ICAV in its role as Manager. The Management fees charged for the financial period ended 30 June 2026 amounted to USD 936,247 and the outstanding balance as at financial period ended 30 June 2026 amounted to USD (88,047) (31 December 2025: USD (96,585)).
Conor Hoey, a Director of the ICAV, is an executive Director and CEO of Ascender Fund Partners (Ireland) Limited, the Manager of the ICAV. Tom May, a Director of the ICAV, is a Global CIO, Outcome and Derivative Strategies of the Investment Manager of the ICAV effective 1 May 2026.
As at 30 June 2026, Tom May and certain close family members held beneficial interests in shares of Atlantic House Defined Returns Fund, Atlantic House Dynamic Duration Fund, Atlantic House Global Defined Returns Fund, Atlantic House Defensive Defined Returns Fund and Atlantic House Uncorrelated Strategies Fund. The holdings owned in the funds do not exceed more than 5% respectively of the net assets attributable to holders of redeemable participating shares of the relevant Funds. The Directors do not consider these holdings to confer control, joint control or significant influence over any of the Funds. All investments were made on normal commercial terms and under the same conditions applicable to other shareholders.
Transactions with Connected Persons The UCITS Regulations require that any transaction carried out with the ICAV by a manager or depositary to a UCITS, the delegates or sub-delegates of the manager or depositary, and any associated or group companies of such manager, depositary, delegate or sub-delegate (“Connected Persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders.
The Directors of the ICAV are satisfied that there are written arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons and are satisfied that transactions with connected parties entered into during the financial period have been conducted at arm’s length and in the best interests of shareholders.
11. Transaction costs
There were no separately identifiable transaction costs incurred by the Sub-Funds for the financial period ended 30 June 2026 and 31 December 2025.
12. Exchange rates
The following exchange rates were used at the financial period ended 30 June 2026 and 31 December 2025: 30 June 2026 31 December 2025 Currency Rate Rate GBP = 1 AUD 1.9159 2.0199 EUR 1.1609 1.1470 USD 1.3265 1.3480 30 June 2026 31 December 2025 Currency Rate Rate USD = 1 AUD 1.4444 1.4985 EUR 0.8752 0.8509 GBP 0.7539 0.7419 JPY 162.5950 156.6400
13. Commitments and contingent liabilities
There were no significant commitments or contingent liabilities for the financial period ended 30 June 2026 and 31 December 2025.
10. Related parties (continued)
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Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
14. Efficient portfolio management
The Investment Manager may, on behalf of a Sub-Fund, engage in techniques and instruments relating to transferable securities and money market instruments for efficient portfolio management purposes within the conditions and limits laid down in the Central Bank requirements.
Efficient portfolio management transactions relating to the assets of the Sub-Funds may be entered into by the Investment Manager with one or more of the following aims:
• a reduction of risk;
• a reduction of cost; or
• the generation of additional capital or income for a Sub-Fund with an appropriate level of risk, taking into account the risk profile of a Sub-Fund and the risk diversification requirements i n accordance with Central Bank requirements.
The Manager will look to ensure that the techniques and instruments used for efficient portfolio management purposes are economically appropriate in that they will be realised in a cost effective way and that the risks associated with such instruments are adequately covered by the risk management process of the relevant Sub-Fund.
Such transactions may include securities financing transactions and financial derivative instruments as described in greater detail in the prospectus and in the relevant supplement.
15. Significant events during the financial period end
On 9 February 2026, Gemini Capital Management (Ireland) Limited rebranded to Ascender Fund Partners (Ireland) Limited. Gemini Capital Management (Ireland) Limited ceased to exist as at this date. The CRO name change effective date was 23 January 2026 for the rebranding.
On 28 February 2026, military conflict involving Iran significantly escalated, leading to increased volatility of global financial and commodity markets, with potential to impact the valuation of portfolio holdings.
On 16 March 2026, a revised supplement for the Atlantic House Defined Returns Fund was noted by the Central Bank, with the update being the introduction of the Class B (Hedged) Shares in Swiss Francs and Class B (Hedged) Shares in Swedish Krona share classes.
On 16 April 2026, a revised supplement for the Atlantic House Defensive Strategies Fund was noted by the Central Bank, with the update being the change of name of the Fund to Atlantic House Tail Risk Fund, and changes to the investment strategy, costs and fees, and related characteristics of the Fund.
On 1 May 2026, the Investment Manager, Atlantic House Holdings Limited (which included Atlantic House Investment Limited) were acquired by WisdomTree, Inc. The legal name of the Investment Manager remains unchanged.
Adherence to sanctions With the assistance of the ICAV's third-party reporting provider “RiskSystem”, the ICAV was able to identify if any of the Sub Funds have business exposure to ongoing conflicts across the globe through the investments of the Sub-Funds. RiskSystem had also been compiling and integrating on a daily basis the updated lists of sanctions applied by the global regulatory authorities, and running them against the ICAV's portfolios to ascertain if any of the Sub-Funds are in scope. In conjunction to the work with RiskSystem, the ICAV has additional controls in place with the ICAV’s Administrator to ensure the sanctions in place are adhered to across the breadth of our Sub-Funds. At the date of the approval of the financial statements, the ICAV is aware of no exposure with regards to applicable sanctions.
There were no other significant events during the financial perio d end.
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Notes to the Condensed Financial Statement (continued)
For the financial period ended 30 June 2026
Atlantic House UCITS ICAV
16. Significant events after the financial period end
On 1 July 2026, a revised supplement for all Sub-Funds except for Atlantic House Defined Returns Fund were noted by the Central Bank, reflecting an update to the Dealing Days definition and other minor updates.
A shareholder notice was issued in August 2026 to notify the proposed change in ICAV and Sub-Fund name pending for Central Bank approval. The proposed change which will be effective 1 September 2026 is as follows:
Current ICAV/Sub-Fund name Proposed ICAV/Sub-Fund name Atlantic House UCITS ICAV WisdomTree UCITS Funds ICAV Atlantic House Defensive Defined Returns Fund WisdomTree Defensive Defined Returns Fund Atlantic House Defined Returns Fund WisdomTree Defined Returns Fund Atlantic House Dynamic Duration Fund WisdomTree Dynamic Duration Fund Atlantic House Global Defined Returns Fund WisdomTree Global Defined Returns Fund Atlantic House Uncorrelated Strategies Fund WisdomTree Uncorrelated Strategies Fund Atlantic House Tail Risk Fund WisdomTree Tail Risk Fund
There were no other significant events after the financial period end.
17. Approval of the financial statements
The Directors approved the financial statements on 24 August 2026.
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Atlantic House Defensive Defined Returns Fund Schedule of Investments As at 30 June 2026
Atlantic House UCITS ICAV
Coupon Maturity Fair Value
% of N et Asset Investments Rate Date Currency Holding GBP ‘000 Value
Transferable Securities
Bonds ( 2025 : 97 .12 % )
Government Bonds ( 2025 : 97 .12 % )
Belize ( 2025 : 2 .12 % ) Platinum for Belize Blue Investment Co. LLC, FRN 4.47% 20/10/2040 USD 1,350,000 900 2.09 Belize total 900 2.09
United Kingdom ( 2025 : 95 .00 % ) UK Treasury Inflation Linked 1.25% 22/11/2027 GBP 519,000 1,120 2.60 UK Treasury Inflation Linked 0.13% 10/08/2028 GBP 5,237,000 7,728 17.92 UK Treasury Inflation Linked 0.13% 22/03/2029 GBP 1,962,000 3,368 7.81 UK Treasury Inflation Linked 4.13% 22/07/2030 GBP 2,765,000 9,459 21.93 UK Treasury Inflation Linked 0.13% 10/08/2031 GBP 7,441,000 10,075 23.37 UK Treasury Inflation Linked 1.25% 22/11/2032 GBP 4,937,000 9,450 21.91 United Kingdom total 41,200 95.54
Total investments in Government Bonds 42,100 97.63
Total Bonds 42,100 97.63
Total Transferable Securities 42,100 97.63
Financial Derivative Instruments
Notional Underlying Index M aturity
Underlying Exposure Fair Value
% of Net Asset Amount Currency Counterparty Basket Date GBP ‘000 GBP ‘000 Value
Autocallable Swaps
2,000,000 GBP Barclays NKY,SPX 1 29/08/2031 2,000 159 0.37 2,000,000 GBP Barclays NKY,SPX 1 13/11/2031 2,000 118 0.27 2,000,000 GBP Barclays NKY,SX5E 1 09/12/2031 2,000 97 0.23 2,000,000 GBP Barclays RTY,UKX 1 18/06/2032 2,000 3 0.01 2,000,000 GBP Barclays SMI,SX5E 1 30/10/2031 2,000 109 0.25 2,000,000 GBP Barclays SMI,UKX 1 24/11/2031 2,000 105 0.24 2,000,000 GBP Citigroup RTY,UKX 1 10/12/2031 2,000 94 0.22 2,000,000 GBP Citigroup SMI,SX5E 1 22/01/2032 2,000 74 0.17 2,000,000 GBP Citigroup SPX,UKX 1 27/11/2031 2,000 89 0.21 2,000,000 GBP Citigroup SX5E,UKX 1 25/03/2032 2,000 66 0.15 2,000,000 GBP Merrill Lynch SX5E,UKX 1 15/10/2031 2,000 96 0.22 2,000,000 GBP Morgan Stanley
SPX,SX5E 1 13/01/2032 2,000 57 0.13
2,000,000 GBP Nomura NKY,SPX 1 24/02/2032 2,000 57 0.13 2,000,000 GBP Nomura NKY,SPX 1 14/04/2032 2,000 56 0.13 2,000,000 GBP Nomura RTY,SX5E 1 10/11/2031 2,000 116 0.27 2,000,000 GBP Nomura RTY,UKX 1 09/02/2032 2,000 61 0.14 2,000,000 GBP Nomura SMI,UKX 1 09/03/2032 2,000 33 0.08 2,000,000 GBP Nomura SPX,SX5E 1 10/09/2031 2,000 146 0.34 2,000,000 GBP Nomura SPX,UKX 1 03/07/2031 2,000 143 0.33 2,000,000 GBP Nomura SPX,UKX 1 02/10/2031 2,000 111 0.26 2,000,000 GBP Nomura SPX,UKX 1 16/03/2032 2,000 56 0.13
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Atlantic House Defensive Defined Returns Fund Schedule of Investments (continued) As at 30 June 2026
Atlantic House UCITS ICAV
Financial Derivative Instruments (continued)
Notional Underlying Index Maturity
Underlying Exposure Fair Value
% of Net Asset Amount Currency Counterparty Basket Date GBP ‘000 GBP ‘000 Value
Autocallable Swaps (continued)
2,000,000 GBP UBS SPX,UKX 1 03/12/2031 2,000 78 0.18 Total unrealised gain on Autocallable Swaps (2025: 3.78%) 1,924 4.46
Total unrealised loss on Autocallable Swaps ( 2025 : ( 0 .21 ) % ) – –
Notional Underlying Index M aturity
Underlying Exposure Fair Value
% of Net Asset Amount Currency Counterparty Basket Date GBP ‘000 GBP ‘000 Value
Index Swaps
8,026,975 USD Goldman Sachs
Goldman Sachs Weekly Long Gamma US Series 1 Excess Return Strategy Index
23/11/2026 6,051 86 0.20
2,254,797 USD Morgan Stanley
MSCBLMS3 Index 2 19/05/2027 1,700 – –
Total unrealised gain on Index Swaps (2025: 0.03%) 86 0.20
10,050,000 GBP Natixis NXSHAHAT Index 17/12/2026 10,050 (8) (0.02) 3,147,310 USD Barclays Barclays DCIC index 22/02/2027 2,373 (1) 2,985,156 USD Merrill Lynch BofA Delta-Hedged Put Index US Series 85LE index
07/12/2026 2,250 (7) (0.02)
24,951,468 USD Natixis NXSHVTS3 Index 17/11/2026 18,811 (70) (0.16) Total unrealised loss on Index Swaps ( 2025 : ( 0 .57 ) % ) (86) (0.20)
Notional M aturity
Underlying Exposure Fair Value
% of Net Asset Amount Currency Counterparty D e scription Date GBP ‘000 GBP ‘000 Value
Inflation Rate Swaps
1,300,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/07/2030 1,300 81 0.19
2,005,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2032 2,005 46 0.11
875,000 GBP Merrill Lynch Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/07/2030 875 16 0.04
1,864,000 GBP RBC Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2032 1,864 10 0.02
1,350,000 USD RBC Pay fixed 0.04% Receive floating SONIA
20/10/2040 1,018 101 0.23
Total unrealised gain on Inflation Rate Swaps (2025: 0.57%) 254 0.59
519,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2027 519 (117) (0.27)
2,900,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
10/08/2028 2,900 (121) (0.28)
980,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/03/2029 980 (179) (0.41)
982,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/03/2029 982 (180) (0.42)
2,337,000 GBP Merrill Lynch Pay floating UKRPI 1 month Receive floating SONIA 1 day
10/08/2028 2,337 (429) (1.00)
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Atlantic House Defensive Defined Returns Fund Schedule of Investments (continued) As at 30 June 2026
Atlantic House UCITS ICAV
Financial Derivative Instruments (continued)
Notional Maturity
Underlying Exposure Fair Value
% of Net Asset Amount Currency Counterparty Description Date GBP ‘000 GBP ‘000 Value
Inflation Rate Swaps (continued)
590,000 GBP RBC Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/07/2030 590 (29) (0.07)
2,362,000 GBP RBC Pay floating UKRPI 1 month Receive floating SONIA 1 day
10/08/2031 2,362 (183) (0.42)
4,290,000 GBP RBC Pay floating UKRPI 1 month Receive floating SONIA 1 day
10/08/2031 4,290 (258) (0.60)
1,068,000 GBP RBC Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2032 1,068 (28) (0.07)
789,000 GBP RBC Pay floating UKRPI 1 month Receive floating SONIA 1 day
10/08/2031 789 (62) (0.14)
Total unrealised loss on Inflation Rate Swaps ( 2025 : ( 2 .83 ) % ) (1,586) (3.68)
Total Financial Derivative Instruments 592 1.37
Fair Value
% of Net Asset GBP ‘000 Value Total financial assets at fair value through profit or loss 44,364 102.88 Total financial liabilities at fair value through profit or loss (1,672) (3.88) Cash and cash equivalents 466 1.08 Other assets and liabilities (35) (0.08) Net asset value attributable to shareholders 43,123 100.00
Analysis of total assets
% of Total Assets Transferable securities admitted to an official stock exchange listing 91.72 Transferable securities dealt in on another regulated market 2.00 OTC financial derivative instruments 5.04 Other assets 1.24 Total assets 100.00
1 Security has been classified as Level 3. 2 Investments which are less than GBP 500 have been rounded down to zero.
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Atlantic House Defined Returns Fund Schedule of Investments As at 30 June 2026
Atlantic House UCITS ICAV
Coupon Maturity Fair Value
% of Net Asset Investments Rate Date Holding GBP ‘000 Value
Transferable Securities
Commercial Papers (2025: 0.83%)
United States ( 2025 : 0 .83 % ) CRF Yosemite LLC 4.12% 04/12/2026 28,000,000 21,109 0.76 United States total 21,109 0.76
Total investments in Commercial Papers 21,109 0.76
Coupon Maturity Fair Value
% of N et Asset Investments Rate Date Currency Holding GBP ‘000 Value
Bonds ( 2025 : 94 .49 % )
Government Bonds ( 2025 : 88 .40 % )
United Kingdom ( 2025 : 88 .40 % ) UK Treasury Inflation Linked 1.25% 22/11/2027 GBP 120,604,863 260,339 9.42 UK Treasury Inflation Linked 0.13% 10/08/2028 GBP 309,590,895 456,805 16.53 UK Treasury Inflation Linked 0.13% 22/03/2029 GBP 211,133,000 362,466 13.12 UK Treasury Inflation Linked 4.13% 22/07/2030 GBP 95,598,240 327,025 11.84 UK Treasury Inflation Linked 0.13% 10/08/2031 GBP 237,078,000 321,008 11.62 UK Treasury Inflation Linked 1.25% 22/11/2032 GBP 185,330,977 354,754 12.84 UK Treasury Inflation Linked 0.75% 22/11/2033 GBP 305,269,000 324,807 11.76 United Kingdom total 2,407,204 87.13
Total investments in Government Bonds 2,407,204 87.13
Corporate Bonds ( 2025 : 6 .09 % )
France ( 2025 : 1 .23 % ) Credit Agricole Corporate & Investment Bank SA, FRN 5.59% 22/05/2029 GBP 30,000,000 30,874 1.12 France total 30,874 1.12
Luxembourg ( 2025 : 1 .59 % ) Banque Internationale a Luxembourg SA, FRN 3.95% 07/05/2027 GBP 20,000,000 19,854 0.72 Credit Agricole CIB Finance Luxembourg SA, FRN 1 0.00% 03/07/2027 GBP 18,000,000 18,000 0.65 Credit Agricole CIB Finance Luxembourg SA, FRN 1 4.61% 24/01/2028 GBP 20,000,000 20,000 0.72 Luxembourg total 57,854 2.09
United States ( 2025 : 3 .27 % ) JPMorgan Chase Financial Co. LLC, FRN 5.08% 11/07/2030 GBP 31,000,000 31,583 1.14
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Atlantic House Defined Returns Fund Schedule of Investments (continued) As at 30 June 2026
Atlantic House UCITS ICAV
Coupon Maturity Fair Value
% of Net Asset Investments Rate Date Currency Holding GBP ‘000 Value
Transferable Securities (continued)
Bonds (continued)
United States (continued) Merrill Lynch BV, FRN 4.55% 03/12/2026 GBP 50,000,000 50,080 1.82 United States total 81,663 2.96
Total investments in Corporate Bonds 170,391 6.17
Total Bonds 2,577,595 93.30
Total Transferable Securities 2,598,704 94.06
Financial Derivative Instruments
Notional Underlying Index M aturity
Underlying Exposure Fair Value
% of Net Asset Amount Currency Counterparty Basket Date GBP ‘000 GBP ‘000 Value
Autocallable Swaps
50,000,000 GBP Barclays RTY,UKX 1 18/06/2032 50,000 70 40,000,000 GBP Barclays SMI,UKX 1 30/07/2031 40,000 2,923 0.11 45,000,000 GBP Barclays SX5E,UKX 1 30/03/2032 45,000 1,808 0.07 61,000,000 GBP Citigroup RTY,UKX 1 11/02/2032 61,000 1,800 0.07 56,000,000 GBP Citigroup SPX,SX5E 1 18/03/2032 56,000 2,061 0.07 50,000,000 GBP Citigroup SX5E,UKX 1 24/05/2032 50,000 363 0.01 55,000,000 GBP Deutsche Bank SX5E,UKX 1 16/03/2032 55,000 1,777 0.06 51,600,000 GBP J.P. Morgan SPX,SX5E 1 13/08/2031 51,600 3,974 0.14 51,600,000 GBP J.P. Morgan SPX,SX5E 1 04/09/2031 51,600 3,874 0.14 55,800,000 GBP J.P. Morgan SPX,SX5E 1 11/12/2031 55,800 2,596 0.09 41,600,000 GBP J.P. Morgan SPX,UKX 1 08/10/2031 41,600 2,128 0.08 45,000,000 GBP J.P. Morgan SX5E,UKX 1 22/04/2032 45,000 386 0.01 55,000,000 GBP J.P. Morgan SX5E,UKX 1 11/05/2032 55,000 799 0.03 40,000,000 GBP Merrill Lynch RTY,UKX 1 16/09/2031 40,000 2,772 0.10 40,000,000 GBP Merrill Lynch SPX,UKX 1 22/09/2031 40,000 2,519 0.09 40,000,000 GBP Merrill Lynch SPX,UKX 1 10/11/2031 40,000 1,787 0.08 60,000,000 GBP Merrill Lynch SPX,UKX 1 02/02/2032 60,000 1,412 0.05 50,000,000 GBP Merrill Lynch SX5E,UKX 1 08/12/2031 50,000 2,329 0.08 54,200,000 GBP Merrill Lynch SX5E,UKX 1 22/12/2031 54,200 2,226 0.08 57,000,000 GBP Merrill Lynch SX5E,UKX 1 12/01/2032 57,000 1,292 0.05 57,000,000 GBP Merrill Lynch SX5E,UKX 1 09/02/2032 57,000 1,119 0.04 44,200,000 GBP Nomura NKY,SPX 1 14/04/2032 44,200 1,247 0.05 61,000,000 GBP Nomura SMI,SPX 1 24/12/2031 61,000 3,018 0.11 52,600,000 GBP Nomura SPX,SX5E 1 07/07/2031 52,600 4,196 0.15 53,100,000 GBP Nomura SPX,SX5E 1 28/07/2031 53,100 4,200 0.15 45,050,000 GBP Nomura SPX,SX5E 1 21/10/2031 45,050 2,763 0.10 58,050,000 GBP Nomura SPX,SX5E 1 24/11/2031 58,050 3,240 0.12 57,000,000 GBP Nomura SPX,SX5E 1 24/02/2032 57,000 1,631 0.06 59,200,000 GBP Nomura SPX,SX5E 1 10/03/2032 59,200 2,155 0.08 49,200,000 GBP Nomura SPX,SX5E 1 20/04/2032 49,200 1,027 0.04 55,000,000 GBP Nomura SPX,SX5E 1 18/05/2032 55,000 595 0.02 50,000,000 GBP Nomura SPX,SX5E 1 15/06/2032 50,000 331 0.01 50,000,000 GBP Nomura SPX,UKX 1 11/08/2031 50,000 3,501 0.13 53,100,000 GBP Nomura SPX,UKX 1 27/08/2031 53,100 3,547 0.13 48,050,000 GBP Nomura SPX,UKX 1 03/11/2031 48,050 2,148 0.08 54,050,000 GBP Nomura SPX,UKX 1 01/12/2031 54,050 2,701 0.10 64,200,000 GBP Nomura SPX,UKX 1 19/01/2032 64,200 1,346 0.05
Page 46
44
Atlantic House Defined Returns Fund Schedule of Investments (continued) As at 30 June 2026
Atlantic House UCITS ICAV
Financial Derivative Instruments (continued)
Notional Underlying Index Maturity
Underlying Exposure Fair Value
% of Net Asset Amount Currency Counterparty Basket Date GBP ‘000 GBP ‘000 Value
Autocallable Swaps (continued)
59,200,000 GBP Nomura SPX,UKX 1 01/03/2032 59,200 1,111 0.04 55,000,000 GBP Nomura SPX,UKX 1 05/05/2032 55,000 649 0.02 51,000,000 GBP Nomura SX5E,UKX 1 02/09/2031 51,000 3,408 0.12 51,050,000 GBP Nomura SX5E,UKX 1 28/10/2031 51,050 2,535 0.09 57,100,000 GBP Nomura SX5E,UKX 1 17/11/2031 57,100 2,551 0.09 59,200,000 GBP UBS NKY,UKX 1 21/01/2032 59,200 1,613 0.06 40,000,000 GBP UBS SMI,SPX 1 07/10/2030 40,000 5,936 0.22 45,000,000 GBP UBS SPX,UKX 1 06/04/2032 45,000 1,201 0.04 50,000,000 GBP UBS SX5E,UKX 1 09/07/2031 50,000 3,558 0.13 50,000,000 GBP UBS SX5E,UKX 1 16/07/2031 50,000 3,607 0.13 40,000,000 GBP UBS SX5E,UKX 1 26/09/2031 40,000 2,575 0.09 Total unrealised gain on Autocallable Swaps (2025: 4.61%) 106,405 3.86
55,000,000 GBP Barclays SPX,SX5E 1 02/07/2032 55,000 (425) (0.02) 50,000,000 GBP Barclays SX5E,UKX 1 25/06/2032 50,000 (337) (0.01) 50,000,000 GBP Nomura SPX,UKX 1 03/06/2032 50,000 (67) 50,000,000 GBP UBS NKY,UKX 1 03/06/2032 50,000 (497) (0.02) Total unrealised loss on Autocallable Swaps ( 2025 : ( 0 .06 ) % ) (1,326) (0.05)
Notional M aturity
Underlying Exposure Fair Value
% of Net Asset Amount Currency Counterparty D e scription Date GBP ‘000 GBP ‘000 Value
Inflation Rate Swaps
65,488,000 GBP Barclays Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2033 65,488 1,204 0.04
61,550,000 GBP Barclays Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2033 61,550 619 0.02
23,209,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/07/2030 23,209 2,902 0.11
20,300,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/07/2030 20,300 427 0.02
14,480,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/07/2030 14,480 268 0.01
53,126,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
10/08/2031 53,126 557 0.02
36,740,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2032 36,740 1,098 0.04
42,665,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2032 42,665 990 0.04
20,325,240 GBP Merrill Lynch Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/07/2030 20,325 2,561 0.09
17,284,000 GBP Merrill Lynch Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/07/2030 17,284 680 0.02
31,880,977 GBP Merrill Lynch Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2032 31,881 118 –
37,200,000 GBP Morgan Stanley
Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2032 37,200 891 0.03
37,312,000 GBP Morgan Stanley
Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2033 37,312 224 0.01
36,845,000 GBP RBC Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2032 36,845 996 0.04
66,188,000 GBP RBC Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2033 66,188 937 0.03
Page 47
45
Atlantic House Defined Returns Fund Schedule of Investments (continued) As at 30 June 2026
Atlantic House UCITS ICAV
Financial Derivative Instruments (continued)
Notional Maturity
Underlying Exposure Fair Value
% of Net Asset Amount Currency Counterparty Description Date GBP ‘000 GBP ‘000 Value
Inflation Rate Swaps (continued)
74,731,000 GBP RBC Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2033 74,731 539 0.02
Total unrealised gain on Inflation Rate Swaps (2025: 0.26%) 15,011 0.54
42,450,000 GBP Citigroup Pay floating UKRPI 1 month Receive floating SONIA 1 day
10/08/2031 42,450 (341) (0.01)
19,034,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2027 19,034 (887) (0.03)
24,150,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2027 24,150 (930) (0.03)
15,100,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive floating SONIA 1 day
22/11/2027 15,100 (2,390) (0.10)
19,950,000 GBP J.P. Morgan Pay floating UKRPI 1 month
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