Stenham product exploits volatility

Stenham Advisors this month launches a fund of global macro funds targeting returns of Libor plus 10%-12%pa. The group, which has just passed the $1bn asset mark, said volatility on the product is likely to be "relatively high". Harry Wulfsohn, a director at Stenham Advisors, said the firm expected global uncertainty and downside risk to favour global macro managers who trade liquid instruments and can reposition their portfolios quickly to exploit market opportunities. According to the group, the seven underlying managers it intends to use have produced a combined annualised net return ...