Founder Rupert Carlyon said that reflected growing investor confidence in the cryptocurrency, and the fact that digital assets were becoming more mainstream.
The fund has at times been a top performer but slumped to the bottom of the table last year. It lost 9.7% over the 12 months to December 2025, according to Mornigstar. It lost 22.8% in the three months to December but is up 75.7% a year over three years.
Carlyon said when the fund launched in May 2022, bitcoin was still seen as a highly speculative asset. A conservative investment limit was implemented to protect people from extreme volatility.
But he said the market and investors’ understanding had since involved.
“We still believe bitcoin is a high-risk investment and it won’t be right for everyone. But increasingly, investors are viewing it as a legitimate alternative asset class rather than a fringe speculative investment.”
He said it was noticeable that investors tended to buy in when prices rose, but did not switch away when it fell.
“The fund has been a net winner in the switches for us over the past six months. Our rebalancing mechanic materially helps this as well - it keeps on getting people to buy when the price is low and sells when the price is really high.”
Portfolios will now be rebalanced when the bitcoin allocation reaches 30%, compared to 15% previously.
Carlyon said one of the biggest shifts since the fund launched was the growth of institutional investment in bitcoin, particularly after the launch of spot bitcoin ETFs in the US in early 2024.
He said the change aimed to better meet investor demand while balancing long-term retirement outcomes and responsible portfolio management. “We’ve seen growing demand from members wanting greater flexibility and higher bitcoin allocation options within their portfolios.”
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