Opalesque Industry Update: Stenham Asset Management, the multi-award winning investment management firm, has recently launched a new Global Macro fund of hedge funds – Stenham Helix. |
Stenham Asset Management, the multi-award winning investment management firm, has recently 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 US$ 25,000 with no lock up period. The Stenham Helix fund has launched with US$ 36 million and is available in USD, GBP and EUR share classes.
Javier Uribarren, Investment Director at Stenham Advisors Plc said: ‘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’.
He added: ‘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.’
Global Macro funds have a unique set of characteristics that favour their ability in this environment:
Ability to access all markets and asset classes globally
Highly liquid portfolios in which exposures can be quickly changed
Risk management and superior trade construction to limit the downside when shorter term moves are not consistent with long-term views
Substantial organisations with outstanding talent pools and operational controls.
Stenham has over US$ 1.1 billion invested in Global Macro hedge funds and has US$ 2.7 billion invested in hedge fund strategies overall.