Stenham Asset Management has launched Stenham Helix, a global macro fund of hedge funds which offers monthly liquidity with a 35-day notification period. 

The fund’s portfolio will consist of approximately 15 managers, with a target return of 5-6 per cent and low volatility. It launched with a $36 million cashpile and is available in dollar, sterling and euro share classes, with a minimum investment of $25,000.

“We have never gated or restricted redemptions from any of our funds because our fundamental philosophy is to ensure that there is a comfortable match between the liquidity terms offered to investors and those available from the underlying hedge funds that form the investment portfolio,” said Javier Uribarren, investment director at Stenham Advisors.

“In the latter half of 2011, countries in the eurozone came under growing pressure to show monetary and fiscal restraint. Investable trends developed and the fundamental outlook became more accurately reflected in the pricing of financial assets. This environment is ideal for global macro strategies,” he added.

Stenham has invested in global macro hedge funds since the 1980s. Its flagship macro fund of hedge funds, Stenham Trading, has achieved an annualised return of 9.7 per cent since it was founded, compared to the HFRX Macro Index's return of 6.5 per cent, and the MSCI World Equity Index's return of 4.13 per cent over the same period.

Stenham has invested $2.7 billion in hedge fund strategies overall, $1.1 billion of which is within global macro hedge funds.