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Argonaut Flexible Fund
Flexible Fund - intro
YFS Argonaut Flexible Fund
Long-only total return strategy; typically, 50-80% equities + discretionary non-equity exposure designed to reduce volatility
Overview
Overview - Content
Fund Manager
Barry Norris graduated from Cambridge University in 1996 with an MA in History, and in 1997 with an MPhil in International Relations (with distinction). He also holds the CFA charter.
Following graduation, Barry joined Baillie Gifford as an equity analyst before moving to Neptune Investment Management in June 2002 as Head of European Equities where he managed the Neptune European Opportunities Fund from its launch in November 2002.
Barry left Neptune in 2005 to found Argonaut Capital Partners, initially establishing Argonaut’s long-only strategy via the European Alpha and Income Opportunity Funds and then, in 2009, launching the long/short Absolute Return strategy (YFS Argonaut Absolute Return Fund).
The YFS Argonaut Flexible Fund launched on 11-Oct-24 following the merger of the European Alpha and Equity Income Funds, with Barry remaining the fund manager and key-decision maker on this strategy.
Fund Information
Overview
A long-only strategy combining a high conviction equity portfolio with our perceived optimal asset allocation to fixed income, currencies, cash and commodities. The objective of the Fund is to deliver capital appreciation over the long term via an active, fundamental investment approach and a concentrated portfolio of equity investments whilst lowering the equity risk and enhancing return through a selection of non-equity investments.
Investment Objective
The YFS Argonaut Flexible Fund (‘The Fund’) aims to provide capital appreciation over the long term by holding a concentrated portfolio of equities whilst lowering the overall risk of the portfolio and enhancing returns through a selection of non-equity investments. The fund is not managed against any formal benchmark. Capital is at risk and there is no guarantee that a positive return will be delivered over any given time period.
Accounts date
Financial year end: Last day of December
Base Currency
GBP
Dividends
Income distribution dates: last day of Feb, May, Aug & Nov.
Benchmark
The Fund is not managed against any formal benchmark.
Anti-dilution levy
Argonaut funds may apply a dilution levy, if collective inflows/outflows are 2.5% or over on one day then this will trigger a swing. For further details please refer to the prospectus.
Authorised Corporate Director (ACD)
Yealand Fund Services
Investment Advisor
Argonaut Capital Partners LLP (Authorised and Regulated by the Financial Conduct Authority)
Auditor
Moore Kingston Smith LLP
Custodian
Caceis
Depositary
Natwest
PEPs/ISAs
Accepted - excluding Mini ISAs.
Price Reporting
Prices published daily
Strategy
Long only total return
Objective
Positive absolute returns (a combination of capital and income) over a 5-year period
Approach
Active, fundamental approach and a concentrated portfolio of investments – typically 30-50 equity positions alongside a mix of non-equity investments.
Scope
Mainly developed market equities*
Inception
October 2024
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£74m
Base Currency
GBP
Share Classes
GBP, EUR, USD
Dealing Frequency
Daily, before 12pm
*50-80% of assets in equities incorporated in countries in Pan-Europe and US.
Rolling Performance (Flexible)
Rolling Performance (%)
| As at 12-Oct-26 | MTD | 3M | 1YR | 3YR | 5YR | YTD | ITD | ITD CAGR |
|---|---|---|---|---|---|---|---|---|
| Argonaut Flexible Fund | 2.2 | 11.1 | 13.8 | n/a | n/a | 10.4 | 62.6 | 27.5 |
| IA Flexible Investment | 0.4 | 1.9 | 11.4 | n/a | n/a | 9.4 | 23.9 | 11.3 |
Source: Bloomberg. Using GBP I Acc share class. All performance data is net of fees and other charges.
Monthly & Calendar Year Performance - Flexible
Monthly & Calendar Year Performance (%)
| As at 12-Oct-26 | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | IA Flexible Inv |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -1.8 | 8.0 | 1.4 | 7.5 | 1.0 | |||||||||
| 2025 | 6.6 | -0.7 | -0.9 | 0.1 | 5.3 | 1.0 | 4.9 | 5.0 | 6.1 | 2.7 | 1.3 | 1.0 | 36.9 | 12.1 |
| 2026 | 7.5 | 4.8 | -6.6 | -1.6 | -0.1 | -4.3 | 3.8 | 1.1 | 4.1 | 2.2 | 10.4 | 9.4 | ||
| CAGR Since Inception | 27.5 | 11.3 | ||||||||||||
Source: Bloomberg. Using GBP I Acc share class. All performance data is net of fees and other charges.
Performance Since Inception
Performance Since Inception (11-Oct-24)
Past Performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase.
Source: Morningstar as at 12-Oct-26. Fund performance is based on the YFS Argonaut Flexible Fund and uses the GBP I Acc share class. All performance is net of fees and other charges and includes the reinvestment of dividends. Investments that have an exposure to currencies other than the base currency of the fund may be subject to exchange rate fluctuations.
Latest Prices - Flexible
Latest Prices
| GBP A Acc | GBP A Inc | GBP I Acc | GBP I Inc | EUR I Acc | GBP LI Acc | EUR LI Acc | USD LI Acc | |
|---|---|---|---|---|---|---|---|---|
| 12-Oct-2026 | 1.63 | 1.53 | 1.63 | 1.53 | 1.62 | 1.13 | 1.34 | 1.50 |
| 9-Oct-2026 | 1.62 | 1.52 | 1.62 | 1.53 | 1.61 | 1.12 | 1.33 | 1.49 |
| 8-Oct-2026 | 1.60 | 1.50 | 1.60 | 1.51 | 1.59 | 1.11 | 1.31 | 1.47 |
| 7-Oct-2026 | 1.61 | 1.51 | 1.61 | 1.52 | 1.60 | 1.11 | 1.32 | 1.48 |
| 6-Oct-2026 | 1.62 | 1.52 | 1.62 | 1.53 | 1.61 | 1.12 | 1.33 | 1.50 |
| 5-Oct-2026 | 1.60 | 1.50 | 1.60 | 1.51 | 1.59 | 1.11 | 1.31 | 1.47 |
| 2-Oct-2026 | 1.58 | 1.49 | 1.58 | 1.49 | 1.57 | 1.10 | 1.29 | 1.46 |
| 1-Oct-2026 | 1.59 | 1.49 | 1.59 | 1.49 | 1.56 | 1.10 | 1.29 | 1.46 |
Important Information - Flexible (Performance)
This website is for UK professional investors only. It is not intended for any person who would qualify as a Retail investor. Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase.
The material on this website is not intended to be substitute to the full legal documentation of the products mentioned and to any information which investors must obtain from their financial intermediaries acting in relation to their investment in the products mentioned on this website. To ensure you understand whether a fund is suitable for you, please refer to the relevant fund’s prospectus and KIID in your local language depending on local country registration, available in Fund Documents.
© 2025 Argonaut Capital Partners LLP, 20 North Audley St, W1K 6LX, London.
Authorised and regulated by the Financial Conduct Authority (FCA). FCA Reg. No. 433809. Established in 2005. All rights reserved.
Use of this website is governed by Terms & Conditions. Please refer to our Privacy Policy for information on how we may collect and use your personal data. Please also see Regulatory Disclosures for other key information.
Background
Background
The YFS Argonaut Flexible Fund (‘Flexible Fund’) launched on 11-Oct-24 following the merger of the YFS Argonaut European Alpha Fund (‘Alpha Fund’) and the YFS Argonaut Equity Income Fund (‘Income Fund’) via a “Scheme of Arrangement” following approval from unitholders.
The Flexible Fund is a long-only strategy combining Argonaut’s high conviction global equity portfolio with greater flexibility for tactical allocations to government bonds, cash, and precious metals as diversification tools to mitigate volatility and/or enhance returns. The Fund’s equity exposure will vary according to market conditions but is expected to be 50-80%. Its geographic scope is global, with a focus on developed Pan-European and North American assets.
The reason for the merger of the European Alpha and Equity Income Funds into the Flexible Fund was investment related. We believe a global mandate (rather than one restricted to Europe-ex-UK) and the discretion to be able to invest in non-equity instruments will enhance the overall investment proposition for unit holders, producing superior absolute and risk-adjusted returns over the long term.
Strategy Summary
- A different approach to ‘multi asset’ investing
- Absolute return approach rather than relative return – looking to make positive returns each year.
- Hedge fund culture - best ideas, opportunistic with dynamic asset allocation.
- Return-seeking rather than volatility-dampening.
- High alpha strategy.
- Thematically the same exposure as flagship Absolute Return Fund.
- Flexible asset allocation.
- Turnover agnostic.
- No leverage.
- No shorting.
- No performance fee.
Argonaut Flexible Fund – Performance Since Inception
Headline performance
AFF performance vs. Global and European equities since inception (14-Oct-24)
Source: Argonaut, Morningstar. All performance data above refers to YFS Argonaut Flexible Fund, uses the GBP I Acc share class and is net of fees. Data as at 30-Sep-26.
Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase.
Strong returns driven by alpha
Strong returns driven by alpha
Low correlation returns driven by alpha
Source: Argonaut Capital Partners, Morningstar as at 30-Sep-26. All performance data above refers to YFS Argonaut Flexible Fund and uses the GBP I share class and is net of fees.
Correlation and Alpha calculated in GBP on a weekly basis. Peer Group is IA Flexible Investment sector (1-100%).
Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase
Performance in context
Performance in context
Significant outperformance of leading multi-asset peers with higher Sharpe ratio, more alpha and less technology exposure and low correlation.
All data in GBP
*All As at 30-Sep-26
Source: Argonaut Capital Partners, Morningstar as at 30-Sep-26. All performance data above refers to YFS Argonaut Flexible Fund and uses the GBP A share class and is net of fees. Volatility, Correlation, Sharpe, Alpha and Max
Drawdown figures calculated in GBP using weekly data. Alpha is calculated by taking the excess average return of the investment over the risk free rate and subtracting beta times the excess average return of the benchmark over the risk
free rate. Average Tech Exposure calculated on a monthly basis.
Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase.
AFF exposures by quarter – Inception to 30-Sep-26
AFF exposures by quarter – Inception to 30-Sep-26
Significantly ahead of global equities since inception despite an average technology exposure of only 0.3%.
Source: Argonaut Capital Partners, Bloomberg & Morningstar as at 30-Sep-26. All data above refers to YFS Argonaut Flexible Fund and uses the GBP I share class.
Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase.
AFF P&L by quarter – Inception to 30-Sep-26
AFF P&L by quarter – Inception to 30-Sep-26
Net returns driven by equities and broad based across multiple sectors – primarily Energy, Financials, Industrials and Materials.
Source: Argonaut Capital Partners, Bloomberg & Morningstar as at 30-Sep-26. All performance data above refers to YFS Argonaut Flexible Fund, uses the GBP I Acc share class and is net of fees.
Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase.
AFF top 10 winners & losers by calendar year
AFF top 10 winners & losers by calendar year
Single stock attribution highlights strong risk management – largest winners made significantly more than largest losers lost.
Source: Argonaut Capital Partners, Bloomberg & Morningstar as at 30-Sep-25. All performance data above refers to YFS Argonaut Flexible Fund, uses the GBP I share class and is net of fees.
Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase
Key Takeaways
AFF performance analysis
Key takeaways
Source: Argonaut Capital Partners, Morningstar as at 30 September 2026. All performance figures are net of fees and shown in GBP. Alpha, Sharpe and Correlation figures calculated in GBP using weekly data. Alpha is calculated by taking
the excess average return of the investment over the risk free rate and subtracting beta times the excess average return of the benchmark over the risk free rate. Down Capture is calculated in GBP using daily returns. Comparisons are for
illustrative purposes only and do not constitute investment advice or a recommendation. Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as
well as increase.
Important Information - Historical Performance
This website is for UK professional investors only. It is not intended for any person who would qualify as a Retail investor. Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase.
The material on this website is not intended to be substitute to the full legal documentation of the products mentioned and to any information which investors must obtain from their financial intermediaries acting in relation to their investment in the products mentioned on this website. To ensure you understand whether a fund is suitable for you, please refer to the relevant fund’s prospectus and KIID in your local language depending on local country registration, available in Fund Documents.
© 2025 Argonaut Capital Partners LLP, 20 North Audley St, W1K 6LX, London.
Authorised and regulated by the Financial Conduct Authority (FCA). FCA Reg. No. 433809. Established in 2005. All rights reserved.
Use of this website is governed by Terms & Conditions. Please refer to our Privacy Policy for information on how we may collect and use your personal data. Please also see Regulatory Disclosures for other key information.
Strategy
Long only total return
Objective
Positive absolute returns (a combination of capital and income) over a 5-year period
Approach
Active, fundamental approach and a concentrated portfolio of investments – typically 30-50 equity positions alongside a mix of non-equity investments.
Scope
Mainly developed market equities*
Inception
October 2024
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£74m
Base Currency
GBP
Share Classes
GBP, EUR, USD
Dealing Frequency
Daily, before 12pm
*50-80% of assets in equities incorporated in countries in Pan-Europe and US.
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Please log in or register below to see the content of this section.
Codes & Fees
Codes & Fees - content
Codes
| Share Class | ISIN | SEDOL | Bloomberg | LEI |
|---|---|---|---|---|
| GBP A Acc | GB00BTCLCP27 | BTCLCP2 | VTARFAG LN | 2138001FANTH7HMDHF19 |
| GBP A Inc | GB00BTCLCQ34 | BTCLCQ3 | VTARFAI LN | 2138001FANTH7HMDHF19 |
| GBP I Acc | GB00BTCLCR41 | BTCLCR4 | VTARFII LN | 2138001FANTH7HMDHF19 |
| GBP I Inc | GB00BTCLCS57 | BTCLCS5 | VTARFLI LN | 2138001FANTH7HMDHF19 |
| EUR I Acc | GB00BTCLCT64 | BTCLCT6 | VTARFIE LN | 2138001FANTH7HMDHF19 |
| GBP LI Acc | GB00BN6RZX39 | BN6RZX3 | YFAFNLG LN | 2138001FANTH7HMDHF19 |
| EUR LI Acc | GB00BN6S0194 | BN6S019 | YFAFNLE LN | 2138001FANTH7HMDHF19 |
| USD LI Acc | GB00BN6S0202 | BN6S020 | YFAFNLU LN | 2138001FANTH7HMDHF19 |
Fees
| Share Class | Management Fee | Ongoing Charge | Performance Fee | High Water Mark | Minimum Investment |
|---|---|---|---|---|---|
| GBP A Acc | 0.75% | 0.91% | No | N/A | £500 |
| GBP A Inc | 0.75% | 0.91% | No | N/A | £500 |
| GBP I Acc | 0.75% | 0.91% | No | N/A | £3mn |
| GBP I Inc | 0.75% | 0.91% | No | N/A | £3mn |
| EUR I Acc | 0.75% | 0.91% | No | N/A | £3mn |
| GBP LI Acc | 0.60% | 0.86% | No | N/A | £25mn* |
| EUR LI Acc | 0.60% | 0.86% | No | N/A | £25mn* |
| USD LI Acc | 0.60% | 0.86% | No | N/A | £25mn* |
* Within 6 months of initial purchase
Strategy
Long only total return
Objective
Positive absolute returns (a combination of capital and income) over a 5-year period
Approach
Active, fundamental approach and a concentrated portfolio of investments – typically 30-50 equity positions alongside a mix of non-equity investments.
Scope
Mainly developed market equities*
Inception
October 2024
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£74m
Base Currency
GBP
Share Classes
GBP, EUR, USD
Dealing Frequency
Daily, before 12pm
*50-80% of assets in equities incorporated in countries in Pan-Europe and US.
How to Invest
How to invest- content
Subscriptions
Instructions must be received by Yealand Fund Services no later than 11.59am on the relevant Dealing Day. A Dealing Day is every day the London Stock Exchange is open.
Dealing Form (via Argonaut website)
Applications can be made using our fund Dealing Form which can be downloaded from the fund documents page. Once completed, it should be sent to the Administrator, Yealand Fund Services, Fountain Suite B, Lynch Wood Park, Lynch Wood, Peterborough, Cambridgeshire, PE2 6FZ. Email: [email protected]
Directly via ACD
Applications can be placed by contacting Yealand Fund Services directly on +44 (0)1733 316 112 and +44 (0)7768 047 268 or by email on [email protected]. Yealand Fund Services are available to receive requests for the sale or redemption of shares at any time between 09:00 and 17:00 on any Business Day.
Via Investment Platforms
The Fund is available via the following investment platforms. Please note that the below list is not exhaustive. The fund is available on several other platforms also. Further details available on request.
Dealing Information
Dealing
Deals may be placed daily forward to 11.59am.
Valuation
12pm daily
Payment
All subscription monies must be received in the subscription account of Yealand Fund Services, no later than 5.00pm on the fourth Business Day following the relevant Dealing Day. A completed Application Form should be received by 11.59am on the relevant Dealing Day. If subscription monies have not been received by Yealand Fund Services within the time period specified above, the directors of the company may cancel any allotment of shares made and charge the applicant for any loss, cost, expense or fees suffered by the company as a result of such cancellation of Shares.
Allocation of Shares
The shares are held on a separate Yealand Fund Services account until they have received your full registration details, at which time they will be transferred into your name.
Registration
All shares will be registered and issued in inscribed form, i.e. no certificate will be issued but ownership will be evidenced by entry on the Fund's register of shareholders.
Redemptions
Redemption instructions must be received by the Administrator no later than 12pm on the relevant Dealing Day. A Dealing Day is every day the London Stock Exchange is open. Redemption proceeds will usually be returned by the fourth Business Day following the relevant Dealing Day.
Strategy
Long only total return
Objective
Positive absolute returns (a combination of capital and income) over a 5-year period
Approach
Active, fundamental approach and a concentrated portfolio of investments – typically 30-50 equity positions alongside a mix of non-equity investments.
Scope
Mainly developed market equities*
Inception
October 2024
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£74m
Base Currency
GBP
Share Classes
GBP, EUR, USD
Dealing Frequency
Daily, before 12pm
*50-80% of assets in equities incorporated in countries in Pan-Europe and US.
Fund Documents
Prospectus
Application Forms
KIIDS
-
- Sep-26 – YFS Argonaut Flexible Fund KIID Class O Accumulation (USD)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class O Accumulation (GBP)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class O Accumulation (EUR)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class OP Accumulation (USD)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class OP Accumulation (GBP)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class LI Accumulation (USD)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class LI Accumulation (GBP)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class LI Accumulation (EUR)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class I Income (GBP)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class I Accumulation (GBP)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class I Accumulation (EUR)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class A Income (GBP)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class A Accumulation (GBP)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class AP Accumulation (USD)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class AP Accumulation (GBP)
- Sep-26 – YFS Argonaut Flexible Fund KIID Class AP Accumulation (EUR)
Financial Statements
Assessment of Value
Strategy
Long only total return
Objective
Positive absolute returns (a combination of capital and income) over a 5-year period
Approach
Active, fundamental approach and a concentrated portfolio of investments – typically 30-50 equity positions alongside a mix of non-equity investments.
Scope
Mainly developed market equities*
Inception
October 2024
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£74m
Base Currency
GBP
Share Classes
GBP, EUR, USD
Dealing Frequency
Daily, before 12pm
*50-80% of assets in equities incorporated in countries in Pan-Europe and US.
KEY DETAILS
Strategy
Long only total return
Objective
Positive absolute returns (a combination of capital and income) over a 5-year period
Approach
Active, fundamental approach and a concentrated portfolio of investments – typically 30-50 equity positions alongside a mix of non-equity investments.
Scope
Mainly developed market equities*
Inception
October 2024
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£74m
Base Currency
GBP
Share Classes
GBP, EUR, USD
Dealing Frequency
Daily, before 12pm
*50-80% of assets in equities incorporated in countries in Pan-Europe and US.
