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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Stenham Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.
"Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns."
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.
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