APRIL 2016

STENHAM TARGETED SKILLS

FOR PROFESSIONAL CLIENT USE ONLY

MULTI STRATEGY FUND OF HEDGE FUNDS

FACTSHEET
STRATEGY SPECIALIST

FUND OBJECTIVE AND PHILOSOPHY

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

Stenham Targeted Skills

0.29

-1.97

23.88

5.75

5.08

1.09

HFRI Fund of Funds Composite

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.

MONTHLY PERFORMANCE USD: SINCE INCEPTION

%

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

CUMULATIVE PERFORMANCE USD: SINCE INCEPTION

ANNUALISED RISK vs. RETURN USD: SINCE INCEPTION

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.

GEOGRAPHICAL NET EQUITY EXPOSURE

STRATEGY ALLOCATION

FUND STATISTICS *

GROSS SUB STRATEGY ATTRIBUTION

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

RISK & RETURN CHARACTERISTICS: SINCE INCEPTION

Standard Deviation (%)
Sharpe Ratio
Sortino Ratio
Profitable Months (%)
Correlation
MSCI World
JPMorgan Global Govt Bond
Beta
MSCI World
JPMorgan Global Govt Bond

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

KEY FACTS SUMMARY

Investment Manager

Stenham Management Services (C.I.) Ltd

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

* Returns over one year are annualised.

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.