10/01/2012 Author: Will Wainewright

Stenham AM launches new global macro fund

Stenham Asset Management, the $2.7bn fund of hedge funds manager, has launched Stenham Helix, a new global macro FoHF.

The Helix fund aims to invest in similar managers to those used by Stenham’s flagship macro fund, Stenham Trading, which has made annualised returns of 9.07% since its inception in the 1980s.

However, Helix will focus on funds which offer better liquidity, thus allowing Stenham to offer monthly liquidity with 35 days’ notice. 

The fund will target annual returns of around 5% above Libor and low volatility, using a concentrated portfolio of 15 managers.

Stenham’s investment director, Javier Uribarren, said it was a good time to launch a global macro strategy.

“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,” he said. “This environment is ideal for global macro strategies.”