Stenham Launches Credit, Healthcares Funds Of Funds

Apr 19 2013 | 12:19pm ET

Stenham Asset Management has launched a pair of funds of hedge funds, focused on credit and healthcare.

The two vehicles debuted on Jan. 1 and have produced positive returns on the year, Stenham said. The Credit Opportunities Fund is up 3.44% and the Healthcare Fund 7.48%.

The former debuted with $21 million in initial assets and the latter with $15 million.

Tim Beck is the manager of the Credit Opportunities Fund, which will invest in between six and 10 underlying managers. It targets annualized returns of between 8% and 12%.

"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," Beck said.

Like the credit fund, the Healthcare Fund, managed by Dominique Montier, will invest in up to 10 managers and target double-digit returns.

"From a valuation perspective, valuations are still at historically low levels," Montier said. "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."


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