Domiciled in Dublin, the Stenham UCITS Macro Fund is the group’s second UCITS vehicle, following the 2013 launch of its Equity UCITS Fund.
Managed by Akshay Krishnan and Kevin Arenson, the new fund will hold a high conviction portfolio of up to 10 funds and is distributed throughout Europe.
“Launching a UCITS strategy is a natural progression for Stenham,” said Krishnan. “Up until about 18 months ago we felt the macro UCITS universe did not offer enough depth for a fund of funds product, but we are now increasingly seeing top quality managers making the move into UCITS.
“There is no doubt the pool of investment talent on offer has developed substantially in the few years.”
He said there have been signs of an improving opportunity for discretionary macro trading as foreign exchange and interest market volatility has picked up in the last few months, thus forming “an opportune time” in the market to launch this latest strategy.
The fund has a minimum investment of £25,000 and a subsequent investment of £5,000.
Its clean share class fee is 75bp, and there is a 5% performance fee if the fund outperforms the Libor index over three months. Stenham trading has delivered annualised returns of 8% since its inception in December 1993, with correlations to the MSCI World of 0.21.
Stenham said it currently has a bias towards discretionary global macro managers, many of which have successful long-term offshore track records but are new to the UCITS space.
The group, which has businesses in the Channel Islands, the Caribbean, Europe, South Africa, Latin America, Japan, Asia-Pacific and the Middle East, launched its first strategy in 1993.
