Both funds were soft launched in January; Stenham Credit Opportunites was seeded with $21m and Stenham Healthcare with $15m.
The former targets 8% to 12% annualised returns. It is a concentrated portfolio of six to 10 high-conviction credit managers, allocated across best-in-class managers in three key areas: long/short, structured credit and distressed debt strategies, which are often unavailable to traditional investors.
Managed by Tim Beck, the fund offers quarterly liquidity with 95 days’ notice, and it has a 25% gate.
“The fund is focused on managers who can actively short and benefit from the asymmetry in credit; the fund will take more directional exposure in structured credit and selected distressed investments, including liquidations as well as opportunities from bank deleveraging,” he said.
Stenham Healthcare targets double-digit annualised returns by investing in six to 10 equity based specialist strategies with proven track records. It offers monthly liquidity with 35 days’ notice.
The fund’s manager, Dominique Montier, said: “The healthcare sector provides a compelling story offering both growth and defensive characteristics. Both demographic changes such as an aging population and the emerging middle class in developing markets are contributing to long-term structural growth for the sector.
“Valuations are still at historically low levels. Our portfolio attempts to combine specialist healthcare managers with complementary skills in a way that should provide outsized returns and reduced volatility relative to the overall healthcare indices”.
Stenham has 13 funds in total variously focused on multi-strategy, global macro, equity biased, credit and commodity strategies.
