Stenham Asset Management has launched an emerging-markets fund with seed capital of $14 million. Stenham Emerging Markets is a high-conviction portfolio of equity managers, targeting 12% to 15% annualised returns.
The fund invests in primarily long-only liquid equity strategies with around eight to 10 local managers with proven track records. Offering monthly liquidity with 35 days’ notice, it is trying to capture the long-term growth story linked to the rising middle classes in emerging markets.
The investment case for this fund is based on the solid growth drivers, positive structural changes, improving macro fundamentals and lower