[Updated at 6:59 PM EST] – The Fund has updated their press release:
We have received a press release from Steven A. Michaels of Stonehenge
Capital Management announcing the start of a new fund by the group. The press release describes the fund as an extension of the already successful Stonehenge Diversified I Fund. This would make it the company’s third multi-strategy fund demonstrating the direction Michaels sees as the safest and most profitable in the future. In accordance with the company’s naming conventions the new fund will be called Stonhenge diversified fund III. The company had aimed to raise $500 million $250 million in order to start the fund. The subscription value for the fund was actually raised by current investors before the company made the release. The fund will start trading today and should be one to watch. The full press release is below containing the detail of the fund’s aims and strategy from the desk of Steven S. Michaels.
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Updated Press Release:
Stonehenge Asset Management to Launch $250m Multi-Strategy Hedge Fund April 1
Delray Beach, Florida-based multi-strategy alternative investment manager, Stonehenge Asset Management, LLC is set to launch its third multi-strategy hedge fund, Stonehenge Diversified III, on May 1 this year, 2012. The new fund will be domiciled in the U.S. and has appointed NAV Consulting Inc., as administrator.
(PRWEB) April 02, 2012
Stonehenge Founder, Principal & Chief Investment Officer Steven A. Michael said that the new fund is an extension of the firm’s Stonehenge Diversified 1 hedge fund, although Stonehenge Diversified III may accept non Qualified Eligible Person (QEP) investors in the future. As a multi-strategy hedge fund, Stonehenge Diversified III will trade on a short tem approach to a statistically volatility breakout on a 24 hour basis.
Michael said the fund would also trade a medium strategy approach using a statistical volatility algorithm along with capital flow data to trade a broad base of commodities.
Michael commented, “We limit our trade horizon to one week. These two strategies target a fixed profit and stop loss level. Our third approach is the Forward Curve Realignment Strategy which seeks to capitalize on the reversion to equilibrium of the forward curve following the distortions brought about by the rolling of established positions, primarily by long-index investors and speculators. This strategy goes long and short all markets to minimize market impacts. We allocate to each strategy based on a proprietary volatility allocation system. We trade 25 different markets in the US derivatives. We are shortly adding European and Asian markets.”
According to Michael, the subscription value set by Stonehenge has been reached and will commence trading on May 1, 2012. Stonehenge Diversified III will be offered continuously moving forward beginning June 1, 2012. Subscriptions for June will begin on May 1, 2012. The fund will have an extremely large capacity and the manager is looking to achieve its $250 million target “by years end.”
Stonehenge’s existing clients and relationships provided the seed capital for the fund after the initial offering was announced.
Stonehenge Asset Management manages two other funds, Stonehenge Diversified I and Stonehenge diversified II.
Michael also announced that its SCM Trading Program, which is the program utilized by the Stonehenge Diversified I and II finished up over 5% last year. Stone Diversified I, which began trading in February of 2011, finished the year up 1.66%.
“Although not outstanding performance, we are very happy to have beaten our benchmark Newedge and Barclays Indexes which were all down last year. Stonehenge Diversified II, which began trading in mid October of last year and is a principal protected fund, is up 1.24% over the last four months. All of the Stonehenge track record numbers are prepared by our third party administrator,” Michael added.
To speak to Steven Michael, please e-mail him at smichael(at)stonehengeam(dot)com or you can call him 561-952-1655 or visit http://www.stonehengeam.com.
About Stonehenge Asset Management
Stonehenge Asset Management is a multi-strategy alternative investment manager based in Delray Beach, Florida. Founded in 2009, the firm allocates capital to multiple strategies across the global futures and FOREX markets. The firm is registered with the Commodity Futures Trading Commission (CFTC) as a Commodity Pool Operator (CPO), and a Commodity Trading Advisor (CTA), is a member of the National Futures Association (NFA) and an approved FOREX Firm. http://www.stonehenegam.com
Steven A. Michael
Founder, Principal & Chief Investment Officer
310 SE 1st. Street
Delray Beach, FL 33483