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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.

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.

APRIL 2 16 STENHAM TARGETED SKILLS

FOR PRO FESSION AL CLIENT USE ON LY M ULTI STR ATEGY FUN D O F HEDGE FUNDS

FACTSHEET

FUND OBJECTIVE AND PHILOSOPHY 

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 andreviewing managers to ascertain their suitability for blending together to achieve consistent superior returns with low

volatility.

PERFORMANCE USD

Cumulative (%) Annualised (%)

Apr

16

ear To

Date

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

STRATEGY SPECIALIST

DOMINIQUE MONTIER

Senior Executive

AKSHAY KRISHNANHead of Macro Strategies

CONTACT DETAILS

180 Great Portland Street, London, W1W 5QZ

T: +44 20 7079 6616

E: client@stenhamassetmanagement.com

W: www.stenhamassetmanagement.com

Twitter: @StenhamAM

CUMULATIVE PERFORMANCE USD: SINCE INCEPTION ANNUALISED RISK vs. RETURN USD: SINCE INCEPTION

KEY INFORMATION

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

BlankBlank

MONTHLY PERFORMANCE USD: SINCE INCEPTION

% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2016 -2.82 0.01 0.56 0.29 -1.97

2015 1.22 0.26 0.76 -0.15 1.61 -1.24 1.09 -1.38 -2.97 1.18 1.29 1.04 2.64

2014 0.65 3.26 -2.12 -1.57 1.91 2.12 -0.64 0.81 -0.18 0.75 0.97 2.79 8.932013 1.40 0.40 2.52 1.79 1.56 -1.24 -0.79 -1.19 1.04 1.41 1.46 1.47 10.19

2012 -0.46 -0.21 1.15 -1.30 0.00 3.44 2.58

ll 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.

8/16/2019 STENHAM Targeted ALL Factsheet

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GEOGRAPHICAL NET EQUITY EXPOSURE STRATEGY ALLOCATION

GROSS SUB STRATEGY ATTRIBUTIONFUND STATISTICS *

PERFORMANCE (%) USD EUR

One Month 0.29 0.17

Three Month 0.87 0.60

ear to Date -1.97 -2.31

One Year -1.46 0.00

Three Year 4.36 N/A

Five Year N/A N/A

Ten Year N/A N/A

Since Inception 5.75 0.00

Cumulative Since Inception 23.88 -1.62

RISK & RETURN CHARACTERISTICS: SINCE INCEPTION

Standard Deviation (%) 5.08 0.00

Sharpe Ratio 1.09

Sortino Ratio 1.10

Profitable Months (%) 65.22 57.14

Correlation

MSCI World 0.47

JPMorgan Global Govt Bond -0.17

Beta

MSCI World 0.22

JPMorgan Global Govt Bond -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

ear End 31st December

Domiciled Guernsey

Share Class USD EUR

Listing Unlisted Unlisted

ISIN Code GG00B59V1D87 GG00B73JYL15

Bloomberg Code N/A N/A

* Returns over one year are annualised.

TOP HOLDINGS

FUND NAME

Complus Asia Macro

Field Street Offshore

Glazer Enhanced

Wellington Hawkes Bay

ZP Offshore Utility

ll 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.