The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Stenham Asset Management's multi-strategy hedge fund platform delivered positive returns across all strategies in Q2 2026, with net performance in the high single digits over multiple years and minimal beta to broader markets. The quarter was dominated by AI as the primary driver across equity and credit markets, catalyzing the largest private-sector infrastructure buildout since the early 20th century. Semiconductor stocks surged 88% in Q2 before selling off 24% in July amid questions about AI monetization. Credit markets showed extreme dispersion, with BB-rated debt at the 1st percentile of historic spreads while CCC leveraged loans reached the 98th percentile, raising concerns about potential defaults among smaller, levered AI ecosystem companies. Event-driven strategies benefited from robust M&A activity under favorable anti-trust conditions. Quantitative market neutral strategies performed well in the environment of high dispersion and reasonable volatility. Long volatility positions detracted as volatility compressed to multi-decade lows, creating increasingly asymmetric hedge opportunities. The firm grew AuM by 25% over the past year, reflecting strong institutional interest in hedge fund strategies.
Stenham Asset Management delivered strong Q2 performance across all strategies, benefiting from AI-driven market leadership, robust M&A activity, and favorable conditions for quantitative and macro strategies, while maintaining disciplined risk management amid growing concentration risk and credit dispersion.
Managers across strategies remain optimistic on the opportunity set, with macro and quantitative managers particularly constructive while relative value fixed income managers are more cautious. The environment of reasonable volatility, high dispersion, and active participation favors quantitative strategies. Event-driven outlook is positive given favorable anti-trust conditions and robust M&A pipeline. Credit presents strong volume of opportunities but not without risk given extreme spread dispersion and concentration in AI-related issuance. The firm has grown AuM by 25% over the last 12 months and is focused on securing capacity with highest-quality hedge funds with an exciting research pipeline ahead.
As of Aug 12, 2026
Stenham Asset Management is led by Chief Investment Officer Kevin Arenson, who joined the firm in 1997 and has responsibility for oversight of research and investment processes across Stenham Funds. Co-CIO Akshay Krishnan joined in June 2024, bringing responsibility for multiple Stenham funds and institutional client relationships with a background in global macro and hedge funds. The firm employs 11 people with 36% serving as investors, managing 204 accounts totaling $3.4 billion AUM. Michael Fienberg serves as Chairman of the Investment Committee with 45 years of investment experience and 24 years at Stenham. The investment team includes Timothy Kenneth Beck (27 years experience in credit and event-driven strategies), Bruce Harington (growth and healthcare strategies), and Rishi Rashmi Patel (operational due diligence and risk management).
Capital preservation is at the heart of Stenham's ethos. The firm's investment style is conservative with a focus on capital preservation and minimising downside risk. Stenham employs a multi-strategy approach investing in approximately 35 underlying hedge fund managers globally who are experts in particular strategies. The firm's investment philosophy emphasizes rigorous due diligence and diversified portfolios, ESG principles, active strategy allocation across arbitrage, equity hedged, and global macro strategies, risk mitigation through global diversification and hedging, and strong emphasis on researching, monitoring, and reviewing managers to avoid extreme losses while seeking alpha generation. Stenham's investment process is qualitative-driven, emphasizing risk management and combining top-down macroeconomic analysis with bottom-up research.
Lead Portfolio Manager
Kevin Arenson
Managing Partner
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
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Top Conviction Themes
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