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This website is intended to provide general information about Causeway Securities’ products and services. It may be accessed by: 

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Investing involves risks, including but not limited to: 

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  • Early redemption risk 

You should read and understand all Key Risks and General Risk Factors related to our structured products before making an investment decision. 

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Causeway Securities Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom (FRN 749440) and is an authorised financial services provider regulated by the Financial Sector Conduct Authority (FSCA) in South Africa (FSP No. 52397). Causeway Securities Ltd is incorporated in England and Wales (Company No. 0102661) with its registered office at 60 Cannon Street, London, England, EC4N 6NP.

Causeway Securities LLC is a wholly owned subsidiary of Causeway Securities Ltd. It is a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).
You can review the background of Causeway Securities LLC on the FINRA BrokerCheck website at https://brokercheck.finra.org.

Causeway Securities LLC acts solely as a distributor/selling agent of structured note products. It is not the issuer, underwriter, or guarantor of any investment products and does not provide investment advice or personal recommendations.

Important Legal Information

This website is operated by Causeway Securities Limited (UK FCA-authorised, FRN749440). By accessing or using this website, you agree to the following terms.

General Use and Audience

This website is intended to provide general information about Causeway Securities’ products and services. It may be accessed by:

  • Retail clients
  • Professional advisers
  • Institutional investors

Content is not tailored to your specific circumstances and should not be relied upon as financial advice. You should consult a licensed financial professional before making investment decisions.

No Advice or Offer

Nothing on this website constitutes:

  • Investment advice
  • A personal recommendation
  • An offer or solicitation to buy or sell any security

All content is provided for informational purposes only. You alone are responsible for any investment decisions made based on this information.

Investment Risks

Investing in financial instruments, including structured products, involves risks such as:

  • Loss of some or all of your principal
  • Counterparty/credit risk
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Before investing, carefully review and understand all Key Risks and General Risk Factors [link] associated with our structured products.

Data Protection and Privacy

We respect your privacy. Causeway Securities Ltd complies with UK GDPR, the UK Data Protection Act 2018, and other applicable privacy laws. Causeway Securities LLC complies with relevant U.S. federal and state privacy laws, including Regulation S-P.
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Terms of Access

By using this site, you confirm that you:

  • Accept the Terms of Use
  • Understand the risks involved in investment products
  • Will seek independent advice if uncertain about suitability
I agree

Important Legal Information 

This website is operated by Causeway Securities Limited, which is authorised and regulated by the Financial Conduct Authority (FCA), Firm Reference Number: 749440. 

By accessing or using this website, you agree to the following terms and conditions. 

General Use and Audience 

This website is intended to provide general information about Causeway Securities’ products and services. It may be accessed by: 

  • Retail clients 
  • Professional advisers 
  • Institutional investors 

However, the content is not tailored to any specific client type and must not be relied upon as financial advice. Users should consult a qualified financial adviser before making investment decisions. 

No Advice or Offer 

Nothing on this website constitutes: 

  • Investment advice 
  • A personal recommendation 
  • A solicitation or offer to buy or sell any financial instrument 

Content is provided for general information purposes only. Decisions made based on this information are solely the responsibility of the user. 

Investment Risks 

Investing involves risks, including but not limited to: 

  • Loss of capital (you may not get back the amount originally invested) 
  • Counterparty risk (especially for structured products) 
  • Market risk 
  • Liquidity constraints 
  • Early redemption risk 

You should read and understand all Key Risks and General Risk Factors related to our structured products before making an investment decision. 

Data Protection and Privacy 

We are committed to protecting your privacy and complying with the UK GDPR and Data Protection Act 2018. For more details, see our: 

We do not sell your data to third parties. By continuing to use this website, you consent to the use of cookies in accordance with our Cookie Policy. 

Terms of Access 

By using this site, you confirm that you: 

  • Accept the Terms of Use 
  • Understand the risks involved in investment products 
  • Will seek independent advice if uncertain about suitability 

You must submit your agreement before access to the site can be granted

I agree

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Investment fund

Levendi Thornbridge Defined Return Fund

An actively managed portfolio of defined return investments.

Overview
Cumulative performance
Potential performance
Why invest
How to invest
Fund documentation
Key risks

Overview

The Levendi Thornbridge Defined Return Fund aims to generate positive returns of Sterling Overnight Index Average (SONIA) + 6.00% in all but significant and sustained market falls with less volatility and market beta than major global equity markets.

The Fund has a focus on providing a significant degree of capital protection, designed to enhance wealth preservation for our investors.

The Fund is used by managed portfolio services and discretionary portfolio clients, Wealth Managers, Family Offices and Pension Funds. It is designed to be held as part of a diversified portfolio to provide consistent and predictable upside exposure with daily liquidity, whilst exhibiting limited volatility.

The Fund's investment process combines a top-down consensus-based macro estimate of the returns of major capital markets with a robust quantitative framework which facilitates the ability to develop and value individual investments.

Cumulative performance

This section shows the cumulative fund performance over given time periods. Returns are presented as percentage gains or losses and reflect the impact of market performance and reinvestments, net of fees.

Share class 1 month 3 months 6 months 1 year 3 years 5 years Since inception
B Institutional GBP -3.11% -1.99% -0.51% 6.00% 20.40% 33.74% 51.07%

Past performance is no guarantee of future results. Inception date 31 January 2018.

Source: Bloomberg, Levendi Investment Management. NAV performance, net of fees, 31 March 2026.

Potential performance

The table below summarises the potential performance of the Fund across a range of market conditions. For each metric, the figure is weighted by the expected term to the maturity for each position within the Fund. Where applicable, figures are gross of fees.

In the table below*, figures are calculated as an instantaneous fall. It is only an estimate of performance in different market scenarios, taking into account current parameters which can be subject to change. The below should not be taken as exact performances.

Market move -40% -30% -20% -10% 0% +10% +20% +30% +40%
IRR 0.2% 6.5% 6.5% 6.5% 6.9% 15.4% 15.4% 15.4% 15.4%
Duration 9.5 years 9.5 years 9.5 years 9.4 years 6 years 0.5 years 0.5 years 0.5 years 0.5 years

*Figures accurate as of time of publishing/distribution.

Source: Levendi Investment Management as at 31 March 2026

Why invest in this Fund?

Performance target
Aims to generate positive returns of SONIA + 6.00% in all but significant and sustained market falls.

Capital protection
Focuses on wealth preservation with less volatility and market beta than major global equity markets.

Moderate Risk Profile
Balanced approach that, where possible, prioritises taking risk off the table rather than taking on excess risk.

Proven track record
The Fund has performed in the UK top decile of Citywire's Absolute Return Funds category.

Income option
The Fund is currently available in GBP, with both an accumulation and a distributing share class for investors requiring regular income. Quarterly payments of 1.25% of the value of the Fund are paid from capital.

How to invest

The Fund can be purchased as a direct investment or as part of a Self-Invested Personal Pension (SIPP), Individual Savings Account (ISA) or Offshore Life Bond.

Available through all major International Platforms and Life Companies:

The minimum initial investment sum for new investors into the Fund are:

Retail Share Class: £1,000

Institutional Share Class: £5,000,000

Beyond the initial sum there is no minimum investment size.

Can I redeem my investment at any time?

Yes, given the UCITS V structure the Levendi Thornbridge Defined Return Fund provides daily liquidity to investors, regardless of share class.

Fund documentation

Factsheets
KIIDs
Legal documents

Potential risks to consider

Equity market risk
The Fund's positions are linked to equity markets and subject to their fluctuations.

Short-term volatility
May experience short-term volatility despite long-term stability goals.

Extreme market conditions
Capital loss possible if markets sustain a prolonged drastic fall (circa >35%).

Capped upside
Limited ability to benefit from sustained significant market upswings.

Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Overseas investment will be affected by movements in currency exchange rates. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. The Fund uses derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company.

Alternative fund options

Causeway Dynamic Growth Fund

Targeting 8-9% annualised returns with reduced market sensitivity.

Learn more View fund factsheet

Fund enquiry

Complete the form below to request a member of our fund team to contact you and answer any queries you may have about our Defined Growth Funds