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Alternative Market Briefing

Fund of hedge funds manager Stenham divulges one new credit fund and one new healthcare fund

Monday, April 22, 2013

Benedicte Gravrand, Opalesque Geneva: - Stenham Asset Management, a fund manager headquarted in London, has just unveiled two new funds of hedge funds: Stenham Credit Opportunities and Stenham Healthcare, both launched on 1st January, 2013.

The firm has invested in credit and healthcare strategies for more than 20 years in its other portfolios, and these two stand-alone funds were launched "in response to increasing investor demand for niche, focused funds of hedge funds."

The credit fund was launched with $21m and has returned 3.44% since inception. The portfolio is concentrated (6-10 high conviction managers) and targets annualised returns of 8 to 12%. Allocations are dynamic and are made to a wide range of credit strategies, such as credit long/short, structured credit and distressed debt strategies. Liquidity is quarterly with 95 days’ notice (and a 25% gate).

There are compelling opportunities in the market for the credit fund, says Tim Beck, senior analyst at Stenham. "Credit markets tend to be structurally inefficient with many investors prohibited from holding certain assets e.g. defaulted debt… The fund is focused on managers who can actively short and benefit from the asymmetry in credit; the fund will take more directional exposure in structured credit and selected distressed investments, including liquidations as well as opportunities from bank deleveraging."

The healthcare fun......................

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