Stenham Preps Two New Funds Of Hedge Funds

Jun 29 2007 | 11:18am ET

Stenham Asset Management is readying two funds of funds to be launched within the next few months. The $3.7 billion firm will launch a global resources fund of funds on Sept. 1, as well as a “best ideas” fund of funds product, slated for launch next quarter. The latter will invest in the firm’s own funds of funds.

The F3 offering will use the firm’s range of 10 funds of funds, with strategies including global macro, equity long/short and commodities. “We thought we could set up a fund of our funds of funds for people who didn’t want to go into our multi-strategy funds of funds, but weren’t quite large enough to go into discretionary accounts,” said Harry Wulfsohn, director.

Specifics about the vehicle’s name, initial capital and minimum investment requirement were still being ironed out at press time, according to Wulfsohn, who added that there will not be a third layer of fees charged to investors. 

Stenham’s global resources fund of funds is a mixture of directional indices, long-only and long/short managers, with a focus on managers trading soft commodities. “It won’t be 100% softs just because it is hard to find pure soft managers but it will definitely have a large weighting in that space,” Wulfsohn said. “It will have some industrial and oil exposure, and we’ll be mixing styles and territories to reduce volatility.”

Stenham launched a similar fund in 2003 dubbed the Gold Fund, which invests in long-only and long/short managers within the gold sector. The firm’s new resources offering has been running with proprietary capital of some $13 million for eight months and is currently invested in a $1.5 billion global long/short manager and a $800 million futures manage. It will invest in a mix of no more than eight emerging and established managers, according to Wulfsohn.

Stenham manages some $2.1 billion in hedge fund assets.

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