Stenham launches global macro FoHF
From Products Jan 6 2012 BY: Esther Armstrong
, Senior Reporter
, Portfolio Adviser
Stenham Asset Management has launched a global macro fund of hedge funds, Stenham Helix, which joins its flagship macro fund, Stenham Trading.
The group has invested in global macro hedge funds since the 1980s. Stenham Trading has achieved an annualised return of 9.07% since inception in 1993, according to the company's own data, compared with a return of 6.51% from the HFRX Macro Index.
Stenham said the Guernsey-domiciled Helix fund aims to invest in similar types of macro managers, but within a portfolio that allows a greater amount of liquidity.
This will allow Stenham to offer monthly liquidity with 35 days' notice, as opposed to 95 days' notice for Stenham Trading.
The fund is a concentrated portfolio of around 15 managers, with a target of the London Interbank Offered Rate plus 5% to 6% and low volatility.
Minimum investment in the fund is $25,000, with no lock-up period. It was launched with $36m seed money and is available to investors globally, in dollar, sterling and euro share classes.
Stenham, which had total assets of $2.7bn in November, has clients in the UK, the Channel Islands, the Caribbean, Europe, South Africa, Latin America, Japan, Asia Pacific and the Middle East.