Stenham Asset Management has launched a new Global Macro fund of hedge funds – Stenham Helix. Stenham has been invested in Global Macro hedge funds since the 1980s and its flagship macro fund of hedge funds, Stenham Trading, has achieved an annualised return of +9.07% since inception compared to the HFRX Macro Index which has posted a return of 6.51% and the MSCI World Equity Index which was 4.13% over the same period.
The Stenham Helix fund aims to invest in similar types of macro managers but to assemble a portfolio where the liquidity provided by the underlying managers allows Stenham to offer monthly liquidity with 35 days’ notice. The fund will consist of a concentrated portfolio of around 15 managers with a target return of Libor +5% to 6% and low volatility. The minimum investment is USS25,000 with no lock up period. The Stenham Helix fund has launched with USS36 million and is available in USD, GBP and EUR share classes.
Javier Uribarren, Investment Director at Stenham Advisors, says: ‘We are very excited to be launching this new fund in response to both a continued interest in Global Macro strategies and the need for liquidity. We have never gated or restricted redemptions from any of our funds because our fundamental philosophy is to ensure that there is a comfortable match between the liquidity terms offered to investors and those available from the underlying hedge funds that form the investment portfolio.
‘In the latter half of 2011, countries in the Eurozone came under growing pressure to show monetary and fiscal restraint, investable trends developed and the fundamental outlook became more accurately reflected in the pricing of financial assets. This environment is ideal for Global Macro strategies.’