Professional Documents
Culture Documents
FACTSHEET
STRATEGY SPECIALIST
DOMINIQUE MONTIER
Senior Executive
To provide capital appreciation over the medium to long-term while maintaining a controlled level of risk and volatility.
The Fund will invest in a select number of specialist hedge fund managers globally who have expertise in specific
strategies, assets, capital instruments, markets or sectors. Emphasis is placed on researching, monitoring and
reviewing managers to ascertain their suitability for blending together to achieve consistent superior returns with low
volatility.
AKSHAY KRISHNAN
Head of Macro Strategies
KEY INFORMATION
PERFORMANCE USD
FIRM AUM
USD 3.4 billion
STRATEGY / FUND AUM
USD 939.5 million / USD 15.1 million
LAUNCH DATE BY CLASS
USD: Jul-12
EUR: Mar-15
NET ASSET VALUE PER SHARE
USD: 136.2669
EUR: 108.2149
SUBSCRIPTION TERMS
Monthly, 3 clear business days prior to month
end
REDEMPTION TERMS
Monthly, 35 days notice period
MANAGEMENT / INCENTIVE FEE
0.75% per annum
No incentive fee
MINIMUM INITIAL SUBSCRIPTION
USD: 100,000
EUR: 100,000
ADDITIONAL SUBSCRIPTIONS
USD: 25,000
EUR: 25,000
Blank
Blank
Blank
Blank
Blank
Cumulative (%)
Apr
16
Year To
Date
Annualised (%)
Since
Inception
Since
Inception
Standard
Deviation
Sharpe
Ratio
0.29
-1.97
23.88
5.75
5.08
1.09
0.42
-2.64
13.48
3.35
3.55
N/A
LIBOR
0.04
0.14
0.83
0.22
0.02
N/A
FUND COMMENTARY
April was largely a positive month for risk assets, led by a continued rally in oil and a recovery in the price of lower
rated credit. Equity markets were overall positive as the MSCI World rose 1.4%. Europe outperformed the US
(Eurostoxx 600 +1.2%, S&P500 +0.3%). Credit performed well, with the JPM Global High Yield Index returning 3.6%
and CCCs and energy significantly outperformed. Economic data was mixed, though some improvement in data from
China, coupled with a continuing robust US jobs market, supported markets. As expected, the ECB kept its historic low
interest rate. By contrast, the BoJ disappointed investors by unexpectedly not expanding its program of monetary
stimulus, resulting in significant appreciation of the JPY to an 18 month high against the USD.
Performance was driven by gains from equity long/short managers offset by losses from event driven managers whilst
global macro was largely flat.
The equity long/short allocation benefited from its exposure to healthcare as the sector outperformed for the month,
recovering some of its prior YTD underperformance despite the Pfizer Allergan deal being shut down early in the
month by newly drafted US tax inversion legislation. The S&P Healthcare Index was up 2.9% and our two healthcare
managers returned over 5% and close to 3%. Strong contribution also came from the energy and utilities focused
manager who returned over 3%.
Our event allocation had a difficult month. Our more aggressive merger arbitrage manager suffered losses from the
break in the Allergan and Pfizer transaction. These losses offset moderate gains from our more defensive merger
arbitrage manager.
CONTACT DETAILS
180 Great Portland Street, London, W1W 5QZ
T: +44 20 7079 6616
E: client@stenhamassetmanagement.com
W: www.stenhamassetmanagement.com
Twitter: @StenhamAM
Global macro was very marginally negative. Gains were led by a multi-strategy manager which benefited from select
position in energy equities, shorts in European rates and tactical long positions in Brazilian fixed income. These were
offset by losses from our commodity focused manager, who suffered from short positions in French power and coal.
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Year
2016
2015
2014
2013
2012
-2.82
1.22
0.65
1.40
0.01
0.26
3.26
0.40
0.56
0.76
-2.12
2.52
0.29
-0.15
-1.57
1.79
1.61
1.91
1.56
-1.24
2.12
-1.24
1.09
-0.64
-0.79
-0.46
-1.38
0.81
-1.19
-0.21
-2.97
-0.18
1.04
1.15
1.18
0.75
1.41
-1.30
1.29
0.97
1.46
0.00
1.04
2.79
1.47
3.44
-1.97
2.64
8.93
10.19
2.58
All performances are net of fees. Past performances are not necessarily indicative of future results. Any investment is speculative in nature and involves the risk of capital loss. Index performance is shown for illustrative and comparative purposes only. Data sourced via
the Manager/Bloomberg. This document is for professional clients and eligible counterparties only, and is not suitable for retail investors; data is provided strictly for information only and this is not an offer to sell shares in any collective investment scheme.
Approved by Stenham Advisors Plc, authorised and regulated by the FCA (561672), 180 Great Portland Street, London, W1W 5QZ.
Approved by Stenham Management Services (CI) Limited, licensed by the GFSC (1030351), Kingsway House, Havilland Street, St Peter Port Guernsey GY1 2QE.
STRATEGY ALLOCATION
FUND STATISTICS *
PERFORMANCE (%)
One Month
Three Month
Year to Date
One Year
Three Year
Five Year
Ten Year
Since Inception
Cumulative Since Inception
USD
EUR
0.29
0.87
-1.97
-1.46
4.36
N/A
N/A
5.75
23.88
0.17
0.60
-2.31
0.00
N/A
N/A
N/A
0.00
-1.62
5.08
1.09
1.10
65.22
0.00
57.14
TOP HOLDINGS
FUND NAME
Complus Asia Macro
Field Street Offshore
0.47
-0.17
Glazer Enhanced
Wellington Hawkes Bay
ZP Offshore Utility
0.22
-0.19
Administrator / Custodian
Northern Trust International Fund Administation (Guernsey) Ltd / Northern Trust (Guernsey) Limited
Auditor
Deloitte LLP
Year End
31st December
Domiciled
Guernsey
Share Class
USD
Listing
Unlisted
Unlisted
ISIN Code
GG00B59V1D87
GG00B73JYL15
Bloomberg Code
N/A
N/A
EUR
All performances are net of fees. Past performances are not necessarily indicative of future results. Any investment is speculative in nature and involves the risk of capital loss. Index performance is shown for illustrative and comparative purposes only. Data sourced via
the Manager/Bloomberg. This document is for professional clients and eligible counterparties only, and is not suitable for retail investors; data is provided strictly for information only and this is not an offer to sell shares in any collective investment scheme.
Approved by Stenham Advisors Plc, authorised and regulated by the FCA (561672), 180 Great Portland Street, London, W1W 5QZ.
Approved by Stenham Management Services (CI) Limited, licensed by the GFSC (1030351), Kingsway House, Havilland Street, St Peter Port Guernsey GY1 2QE.