Stenham Asset Management is launching sterling, euro and Swiss franc share classes in its trading fund, Stenham Trading, to complement the existing US dollar share class.

The fund was launched in 1993. It is a diversified global macro fund of hedge funds which uses approximately 12 underlying managers. The fund has outperformed its objective of 6 per cent above Libor with an annual volatility of 6 per cent over the last 10 years. The minimum investment is $100,000, or currency equivalent, with monthly liquidity and no lock-up period.

“Our experience over the last 20 years has shown that in the immediate period after a crisis, good hedge funds have delivered exceptional returns.  Given the extent of this crisis we believe that certain more liquid strategies will deliver excellent returns and because of the size of the opportunities, deliver these returns with less risk.  We are confident that global macro managers of the calibre included in Stenham Trading are best positioned to capitalise on this environment,” said chief investment officer Kevin Arenson.  

“The significant withdrawal of capital from the industry has left a sector with fewer participants and a much higher concentration of the brightest investment talent looking to capitalise on market dislocations which are easier to identify and less crowded to trade. Many of the world’s best global macro managers with outstanding and long track records have been closed for years,” said Harry Wulfsohn, director and head of institutional business development.  

This has now changed and we are able to open Stenham Trading for the first time in over five years. The launch of these share classes is in response to demand from our institutional clients, giving investors an opportunity to diversify their currency exposure and gain access to a Stenham strategy that has a long track record,” he added.

Stenham focuses on investment management for high net worth private clients and institutions and currently has approximately $49 billion under management, split between its property and asset management businesses. The group operates from a network of global offices including the Channel Islands and the UK with offices in five other countries around the world.