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Stone Ridge Diversified Alternatives Fund
SRDBX (Mutual Fund)
Stone Ridge Diversified Alternatives Fund
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
7.3%
1 yr return
7.7%
3 Yr Avg Return
9.2%
5 Yr Avg Return
N/A
Net Assets
$1.02 B
Holdings in Top 10
46.8%
52 WEEK LOW AND HIGH
$10.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.50%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$500,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
SRDBX - Profile
Distributions
- YTD Total Return 7.3%
- 3 Yr Annualized Total Return 9.2%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.70%
- Dividend Yield 8.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameStone Ridge Diversified Alternatives Fund
-
Fund Family NameStone Ridge Funds
-
Inception DateApr 30, 2020
-
Shares OutstandingN/A
-
Share ClassJ
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerLi Song
Fund Description
The Stone Ridge Diversified Alternatives Fund seeks to generate total returns from diverse investment strategies that we believe have the potential for attractive returns and are diversifying from stocks and bonds. These strategies include Reinsurance, Market Risk Transfer, Style Premium Investing, Alternative Lending and Single Family Real Estate, which can generally be described as follows:
| 1. | Reinsurance seeks to generate returns by investing in insurance-linked securities that provide counterparties protection against catastrophic events, such as hurricanes or other natural disasters. |
| 2. | Market Risk Transfer seeks to generate returns by selling call and put options that provide counterparties with protection against changes in the market prices of various assets, such as oil or wheat. |
| 3. | Style Premium Investing seeks to generate returns by investing in assets with certain well-known risk characteristics, such as value, momentum, and carry, that have historically been rewarded with higher returns. This strategy will generally hold both long and short positions to gain exposure to the desired risk characteristics while reducing correlation to traditional investments. |
| 4. | Alternative Lending seeks to generate returns by buying and selling consumer, student and small-business loans originated through or sourced by non‑traditional lending marketplaces, lenders or intermediaries (collectively, “alternative lending platforms”). |
| 5. | Single Family Real Estate seeks to generate returns by investing in securities related to single family rental homes, including debt instruments secured by such homes. |
The strategies above have historically been both diversified and diversifying. They have been diversified from each other, in that each has generated returns based on different asset classes and economic factors. They have been diversifying in that they offer a different source of return than more traditional stocks and bonds, which are ubiquitous in portfolios. As such, the Fund offers a potentially valuable return stream that can be complementary to investors’ traditional stock and bond portfolios.
Each of the strategies above is known as a risk premium strategy — a type of strategy that seeks to earn returns by being compensated for bearing risk. The Adviser believes that consistent exposure to diversifying risk premium strategies — not stock picking or market timing — is the most reliable way to build wealth in the long run. To this end, the Fund provides exposure to a number of historically diversifying risk strategies. The Adviser seeks to identify strategies that have the potential to provide attractive returns from sources other than traditional stocks and bonds. The Adviser has discretion to allocate the Fund’s assets to or away from each individual strategy, including by reducing the Fund’s allocation to one or more strategies to zero, based on market conditions, availability of investments, liquidity needs and any other factors that the Adviser considers relevant. As a result, the Fund’s allocations to each of the strategies will not be equal in size and will vary, potentially significantly, over time. From time to time, the Fund may invest in shares of the Stone Ridge Art Risk Premium Fund (the “Art Fund”), which is also managed by the Adviser. The Art Fund invests primarily in paintings, sculptures or other artistic objects (“Artwork”) from the Post‑War and Contemporary collecting periods (from
1945 to today) as well as other collecting periods, created by artists that have an established track record of public auction sales (typically at least three years of public auction results). The Art Fund may invest in Artwork indirectly by investing in special purpose companies that own Artwork (“Artwork Companies”). The Art Fund also may gain investment exposure to Artwork by purchasing whole Artwork (“Whole Artwork”) directly or through forwards or swaps, including prepaid forward contracts. The Adviser expects to invest no more than 5% of the fund’s net assets, as determined at the time of investment, in the Art Fund.
The Fund’s investment in each of the alternative lending and single family real estate strategies will generally be limited to 0‑20% of the Fund’s net assets individually and to 0‑25% of the Fund’s net assets in the aggregate, subject to applicable limits on illiquid investments described below. The Fund’s investment in each of the reinsurance, market risk transfer and style premium strategies will generally range from 0‑75% individually and from 50‑100% in the aggregate of the Fund’s net assets at the time of sale or purchase, as applicable.
When used in this prospectus, the term “invest” includes both direct investing and indirect investing and the term “investments” includes both direct investments and indirect investments. For example, the Fund may invest indirectly by investing in derivatives. The Fund may also, in the case of its market risk transfer and style premium strategies, invest through an investment in one or more wholly-owned and controlled subsidiaries organized in a non‑U.S. jurisdiction (the “Subsidiaries”) and advised by the Adviser, and/or, in the case of certain other strategies, including its reinsurance strategy, through investments in pooled investment vehicles.
Strategy Summaries
| 1. | Reinsurance |
Reinsurance can generally be described as “insurance for insurance companies.” Reinsurers indirectly protect homeowners and businesses against catastrophe risks, such as natural disasters and accidents, by providing insurance to the insurance companies that directly offer protection against these types of risks. In exchange, reinsurers charge premiums in excess of their expected cost for the insurance provided; this means that they believe the premiums they charge are over and above the claims they expect to pay out over time. The Fund seeks returns by investing primarily in instruments known as “event-linked bonds” or “catastrophe bonds,” which are debt securities, typically with a variable interest rate, for which the return of principal and payment of interest are contingent on the non‑occurrence of a specified trigger event or events, including hurricanes, earthquakes and weather-related phenomena, pandemics, epidemics, non‑natural catastrophes (such as plane crashes) and other events resulting in a specified level of physical or economic loss (such as mortality or longevity). If the catastrophic events do not occur or are less severe than the specified trigger in the securities purchased by the Fund, the Fund generates returns by capturing the difference between the premiums earned and the claims paid on such insurance-linked securities over time. The Fund may also seek to gain exposure to reinsurance contracts by holding shares or notes issued in connection with quota shares (“Quota Share Notes”), which are notes or preferred shares issued by a special purpose vehicle whose performance is tied to underlying reinsurance transaction(s).
Because most event-linked bonds and Quota Share Notes are unrated, a substantial portion of the Fund’s assets will typically be invested in unrated securities determined by the Adviser to be of comparable quality to below-investment-grade securities (commonly referred to as “junk bonds”).
The Fund may invest in insurance-linked securities directly, through the use of derivatives (including options, futures contracts and swaps) or by investing in Class I Shares of the Stone Ridge High Yield Reinsurance Risk Premium Fund (the “Reinsurance Fund”) or shares of the Stone Ridge Reinsurance Risk Premium Interval Fund (the “Reinsurance Interval Fund”), each of which is also managed by the Adviser. The Fund does not pay the Adviser a management fee on assets that are invested in the Reinsurance Fund or the Reinsurance Interval Fund. As a shareholder of the Reinsurance Fund or the Reinsurance Interval Fund, the Fund will be subject to its ratable share of such fund’s expenses, including its advisory and administration expenses.
| 2. | Market Risk Transfer |
Market risk transfer seeks to generate returns by selling options on asset prices. It can be thought of as selling “market insurance” to counterparties who need protection from changes in the market price of various assets. For instance, an airline may not be able to bear the risk of fuel prices rising and may pay to transfer that risk to a party who can; likewise, a farmer may not be able to bear the risk of crop prices falling and may pay to transfer that risk to a party who can. Options can provide the buyer with protection from these price movements.
For example, an option buyer typically pays a premium to an option seller, such as the Fund, that is priced based on the market’s collective expectation of the price risk of the underlying asset (i.e., how much the price of the underlying asset will move). By selling options, the Fund is generally paid an upfront premium to bear a risk that its counterparty seeks to transfer. The Fund seeks to benefit over the long term from the difference between the amount of premium received for selling options (i.e., taking on the risk of a larger-than-expected move in the price of the underlying asset) and the level of losses realized on those options as a result of asset price movements. In other words, the Fund generally acts as a provider of risk transfer services, taking in premiums in exchange for bearing losses when unexpectedly large events occur. There can be no assurance that the Fund’s returns from selling options will be positive.
The Fund generally pursues this strategy by entering into exchange-traded or over‑the‑counter (“OTC”) derivative contracts related to various asset classes, such as energy, agriculture, livestock or foreign currencies. The Fund may enter into a variety of derivative contracts, including put and call options, futures contracts and options on futures contracts. This universe of asset classes and instruments is subject to change under varying market conditions and as these asset classes and instruments evolve over time.
| 3. | Style Premium Investing |
Style premium investing involves identifying the characteristics, or “styles,” of assets historically associated with higher average returns. The strategy purchases assets with higher exposure to such characteristics and may short assets with lower exposure to such characteristics. (“Shorting” an asset means that the Fund sells an asset it does not own to a third party by paying a premium to borrow the asset with the intention of purchasing it later at a lower price.)
Within certain styles, the Fund may pursue this strategy by establishing only long exposure or only short exposure to a given asset class from time to time. In other styles, the Fund will establish both long and short positions, seeking to earn a return from the difference in performance between the long and short positions rather than from the directional price movement of the asset class.
The Fund may pursue this strategy across asset classes, including commodities, foreign currencies (including emerging markets foreign currencies), and global equities or debt securities (including emerging markets equities or debt securities) of any market capitalization, including small companies that are considered “mid‑cap,” “small‑cap” or “micro‑cap” companies. The styles the Fund pursues include:
| • | Value: The Value style prefers assets that are cheap relative to fundamentals over those that are expensive relative to fundamentals. In equities, for instance, stocks whose market value is low relative to their book value may be considered value stocks. |
| • | Momentum: TheMomentum styleprefers assets that have performed well recently over those that have performed poorly recently on an absolute or relative basis. |
| • | Carry: The Carry style prefers assets with higher yields over those with lower yields. In equities, for example, stocks with higher dividend yields may be considered to have higher carry. |
The Fund may implement this strategy by purchasing and shorting assets directly or through derivatives such as exchange-traded futures contracts or OTC forwards or swaps. The Fund may purchase and sell foreign currency
options and foreign currency futures contracts and related options and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through deliverable and non‑deliverable forward foreign currency exchange contracts (“currency forward contracts”).
| 4. | Alternative Lending |
Alternative lending, which is sometimes referred to as marketplace lending, is a method of financing in which an alternative lending platform facilitates the borrowing and lending of money while generally not relying on deposits for capital to fund loans. It is considered an alternative to more traditional loan financing done through a bank. There are several different models of alternative lending but, very generally, an “alternative lending platform” is a lending marketplace, lender or other intermediary that is not a traditional lender that typically matches consumers, small or medium‑sized businesses or other types of borrowers with investors that are interested in gaining investment exposure to the loans made to such borrowers.
The Adviser, as part of its portfolio construction process, performs diligence on the platforms from which the Fund purchases alternative lending-related securities in order to evaluate both the process by which each platform extends or sources loans and provides related services and the characteristics of the overall portfolio of loans made available through that platform. The Fund generally purchases a portfolio of loans from a particular platform that meet certain criteria (such as maturities and durations, borrower and loan types, borrower credit quality and geographic locations of borrower) and that provide broad exposure to the loan originations or sourcing of that particular platform.
The Fund seeks returns by buying and selling consumer, student and small-business loans originated through or sourced by alternative lending platforms. By investing in these loans and other investments, the Fund is accepting the risk that some borrowers will not repay their loans, in exchange for the returns associated with the receipt of interest payments and repayment of principal by those that do. For example, a consumer or small business borrower typically pays a premium (interest) to a lender in exchange for use of the lender’s capital (the amount of the borrowing) for a pre‑determined amount of time. The Fund seeks to benefit over the long term from the difference between the amount of interest and principal received and losses experienced, but there can be no assurance that the return on the Fund’s investments will be positive at any time or on average and over time.
Alternative lending-related securities typically provide the Fund with exposure to loans originated or sourced by alternative lending platforms. The Fund invests primarily in securities issued by special purpose entities that hold whole loans, fractional loans or loan participations (“asset-backed securities”), which provide the Fund with exposure to a pool of whole loans originated or sourced by one or more alternative lending platforms and represents the right of the holder to receive specified distributions in respect of such whole loans. The Fund also may buy and sell whole loans directly or invest in other types of alternative lending-related securities, which include:
| • | shares, certificates, notes or other securities representing the right to receive principal and interest payments due on fractions of whole loans or pools of whole loans (including “member-dependent payment notes” issued by some public U.S. platforms, which we refer to as “fractional loans” herein); |
| • | direct participations in whole loans originated by alternative lending platforms (which we refer to as “loan participations”), which are typically issued by a bank or other financial institution; |
| • | securities issued by special purpose entities that hold mortgages (“mortgage-backed securities”); and |
| • | derivative instruments (which may include options, swaps or other derivatives) that provide exposure to any of the investments the Fund may make directly. |
All or substantially all of the alternative lending-related securities in which the Fund invests are “restricted” securities, which means that they are subject to legal and/or contractual restrictions on transfer. Thus, there is generally a limited secondary market available for many of the alternative-lending related securities in which the Fund invests.
In implementing the Fund’s investment strategy, the Adviser has broad discretion to invest in alternative lending-related securities of different types and relating to a variety of borrower types and geographic regions (including regions inside and outside the U.S.). The Adviser seeks to invest in alternative lending-related securities through platforms that operate in (and that originate or source loans to borrowers located in) the U.S., and may in the future seek to gain exposure to other geographic regions. Within each region and borrower type, the Adviser has broad discretion to make investments that provide the Fund with a variety of exposures, including to borrower creditworthiness, lines of business and loan purpose.
The Adviser does not purchase or sell alternative lending-related securities for the Fund’s portfolio based on an analysis of specific borrowers’ abilities to repay their loans or other criteria specific to individual investments. Instead, the Adviser seeks to identify alternative lending platforms that provide the Fund with broad exposure to the risk and return characteristics of loans from a variety of geographic regions and representing a variety of different borrower types for a variety of purposes.
The alternative lending-related securities in which the Fund invests (or, in the case of asset-backed securities, the loans that back them) typically are not rated by a nationally recognized statistical rating organization and may be determined by the Adviser to be of comparable quality to below-investment-grade securities (commonly referred to as “junk bonds”).
The Fund may invest in alternative lending-related securities directly or through the use of derivatives (including swaps that provide exposure to alternative lending-related securities).
| 5. | Single Family Real Estate |
Single family rental investments primarily take the form of debt instruments secured by single family rental properties, including:
First Mortgage Loans. First mortgage loans are loans that are generally made to the owner of a property or a pool of properties and have the highest priority to claims on the collateral securing the loans in foreclosure. First mortgage loans generally provide for a higher recovery rate and lower default rate than other debt positions due to the lender’s favorable control features and place in the capital structure, which control features at times may mean control of the entire capital structure.
Subordinate Mortgage Loans. Subordinate mortgage loans are loans that are generally made to the owner of a property or a pool of properties and have a lower priority to claims on the collateral. Investors in subordinate mortgages are compensated for the increased risk from a pricing perspective, typically through a higher interest rate (as compared to first mortgage loans), but still benefit from a direct lien on the related property. Investors typically receive principal and interest payments at the same time as senior debt unless a default occurs, in which case these payments are made only after any senior debt is repaid in full.
Mezzanine Loans. Mezzanine loans are a type of subordinate loan in which the loan is secured by one or more direct or indirect ownership interests in an entity that directly or indirectly owns real estate. Investors in mezzanine loans are compensated for the increased credit risk from a pricing perspective, typically through a higher interest rate (as compared with first mortgage loans), but still benefit from the right to foreclose on its collateral, in many instances more efficiently than first mortgage loans. Upon a default by the borrower under a mezzanine loan, the mezzanine lender generally can take control of the property-owning entity on an expedited basis, subject to the rights of the holders of debt senior in priority on the property.
These debt instruments typically are not rated by a nationally recognized statistical rating organization and may be determined by the Adviser to be of comparable quality to below-investment-grade securities (commonly referred to as “junk bonds”). The Fund will not invest in subprime mortgage loans or securities backed by subprime mortgage loans. The Fund may purchase such debt instruments individually or may invest in asset-backed securities issued by special purpose entities that hold any of the foregoing types of debt instruments secured by single family rental properties.
The Adviser, as part of its portfolio construction process, performs extensive due diligence on transactions that the Adviser proposes to enter into on behalf of the Fund. Although the Fund may pursue investments through a wide array of sources, a large proportion of the Fund’s single family real estate portfolio may consist of debt instruments obtained from or through a small number of real estate operators or lenders, potentially giving the Fund high exposure to the potential benefits and risks associated with those operators or lenders.
Borrowing and Leverage
The Fund may obtain leverage through borrowings in seeking to achieve its investment objective. The Fund’s borrowings, which would typically be in the form of loans from banks, may be on a secured or unsecured basis and at fixed or variable rates of interest.
The 1940 Act requires the Fund to maintain continuous asset coverage of not less than 300% with respect to all borrowings. This means that the value of the Fund’s total indebtedness may not exceed one‑third of the value of its total assets (including such indebtedness). The Fund also may borrow money from banks or other lenders for temporary purposes in an amount not to exceed 5% of the Fund’s assets. Such temporary borrowings are not subject to the asset coverage requirements discussed above. Under Rule 18f‑4 of the 1940 Act (“Rule 18f‑4”), most investments or trading practices that involve contractual obligations to pay in the future are considered to be derivatives, and are therefore subject to a value‑at‑risk (“VaR”) test and corresponding limits set forth in the rule.
Leverage can have the effect of magnifying the Fund’s exposure to changes in the value of its assets and may also result in increased volatility in the Fund’s net asset value (“NAV”). This means the Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund owned its assets on an unleveraged basis. The value of an investment in the Fund will be more volatile and other risks tend to be compounded if and to the extent that the Fund is exposed to leverage.
SRDBX - Performance
Return Ranking - Trailing
| Period | SRDBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.3% | N/A | N/A | N/A |
| 1 Yr | 7.7% | N/A | N/A | N/A |
| 3 Yr | 9.2%* | N/A | N/A | N/A |
| 5 Yr | N/A* | N/A | N/A | N/A |
| 10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
| Period | SRDBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.9% | N/A | N/A | N/A |
| 2022 | -1.2% | N/A | N/A | N/A |
| 2021 | 1.2% | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
| 2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
| Period | SRDBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.3% | N/A | N/A | N/A |
| 1 Yr | 7.7% | N/A | N/A | N/A |
| 3 Yr | 9.2%* | N/A | N/A | N/A |
| 5 Yr | N/A* | N/A | N/A | N/A |
| 10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | SRDBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 19.2% | N/A | N/A | N/A |
| 2022 | 1.8% | N/A | N/A | N/A |
| 2021 | 10.2% | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
| 2019 | N/A | N/A | N/A | N/A |
NAV & Total Return History
SRDBX - Holdings
Concentration Analysis
| SRDBX | Category Low | Category High | SRDBX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.02 B | N/A | N/A | N/A |
| Number of Holdings | 8192 | N/A | N/A | N/A |
| Net Assets in Top 10 | 585 M | N/A | N/A | N/A |
| Weighting of Top 10 | 46.80% | N/A | N/A | N/A |
Top 10 Holdings
- United States Treasury Bill 8.05%
- United States Treasury Bill 5.83%
- United States Treasury Bill 5.34%
- United States Treasury Bill 5.17%
- United States Treasury Bill 5.14%
- Stone Ridge High Yield Reinsurance Risk Premium Fund 4.27%
- Longleaf (Artex Segregated Account Company) 4.04%
- United States Treasury Bill 3.38%
- United States Treasury Bill 2.87%
- MSILF Government Portfolio 2.71%
Asset Allocation
| Weighting | Return Low | Return High | SRDBX % Rank | |
|---|---|---|---|---|
| Bonds | 77.38% | N/A | N/A | N/A |
| Other | 7.10% | N/A | N/A | N/A |
| Cash | 6.24% | N/A | N/A | N/A |
| Stocks | 5.08% | N/A | N/A | N/A |
| Preferred Stocks | 4.04% | N/A | N/A | N/A |
| Convertible Bonds | 0.00% | N/A | N/A | N/A |
Stock Sector Breakdown
| Weighting | Return Low | Return High | SRDBX % Rank | |
|---|---|---|---|---|
| Financial Services | 27.89% | N/A | N/A | N/A |
| Basic Materials | 14.19% | N/A | N/A | N/A |
| Energy | 10.43% | N/A | N/A | N/A |
| Consumer Defense | 9.03% | N/A | N/A | N/A |
| Industrials | 9.01% | N/A | N/A | N/A |
| Healthcare | 7.28% | N/A | N/A | N/A |
| Consumer Cyclical | 6.35% | N/A | N/A | N/A |
| Communication Services | 5.96% | N/A | N/A | N/A |
| Technology | 4.36% | N/A | N/A | N/A |
| Real Estate | 2.83% | N/A | N/A | N/A |
| Utilities | 2.66% | N/A | N/A | N/A |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | SRDBX % Rank | |
|---|---|---|---|---|
| US | 5.08% | N/A | N/A | N/A |
| Non US | 0.00% | N/A | N/A | N/A |
Bond Sector Breakdown
| Weighting | Return Low | Return High | SRDBX % Rank | |
|---|---|---|---|---|
| Corporate | 27.05% | N/A | N/A | N/A |
| Government | 12.53% | N/A | N/A | N/A |
| Cash & Equivalents | 5.43% | N/A | N/A | N/A |
| Securitized | 3.43% | N/A | N/A | N/A |
| Municipal | 0.00% | N/A | N/A | N/A |
| Derivative | -1.46% | N/A | N/A | N/A |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | SRDBX % Rank | |
|---|---|---|---|---|
| US | 76.61% | N/A | N/A | N/A |
| Non US | 0.77% | N/A | N/A | N/A |
SRDBX - Expenses
Operational Fees
| SRDBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.50% | N/A | N/A | N/A |
| Management Fee | 1.24% | N/A | N/A | N/A |
| 12b-1 Fee | N/A | N/A | N/A | N/A |
| Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
| SRDBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | N/A | N/A | N/A |
| Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
| SRDBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| SRDBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | N/A | N/A | N/A |
SRDBX - Distributions
Dividend Yield Analysis
| SRDBX | Category Low | Category High | SRDBX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 8.04% | N/A | N/A | N/A |
Dividend Distribution Analysis
| SRDBX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual |
Net Income Ratio Analysis
| SRDBX | Category Low | Category High | SRDBX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.70% | N/A | N/A | N/A |
Capital Gain Distribution Analysis
| SRDBX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 19, 2024 | $0.845 | OrdinaryDividend |
| Dec 20, 2023 | $1.332 | OrdinaryDividend |
| Dec 20, 2023 | $0.223 | CapitalGainShortTerm |
| Dec 22, 2022 | $0.086 | OrdinaryDividend |
| Dec 22, 2022 | $0.102 | CapitalGainShortTerm |
| Dec 22, 2022 | $0.114 | CapitalGainLongTerm |
| Dec 16, 2021 | $0.772 | OrdinaryDividend |
| Dec 16, 2021 | $0.150 | CapitalGainLongTerm |
| Dec 17, 2020 | $0.252 | OrdinaryDividend |
| Dec 17, 2020 | $0.057 | CapitalGainShortTerm |
SRDBX - Fund Manager Analysis
Managers
Li Song
Start Date
Tenure
Tenure Rank
Apr 30, 2020
2.08
2.1%
Li Song joined Stone Ridge in 2018, Mr. Song worked at Goldman Sachs as a senior strategist in Emerging Markets foreign exchange, interest rate, options, and credit products. Mr. Song received his PhD, M.Phil., and M.A. in Statistics from Columbia University and his B.S. in Mathematics at the University of Science and Technology of China.
Benjamin Robbins
Start Date
Tenure
Tenure Rank
Apr 30, 2020
2.08
2.1%
Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Nyren and Mr. Stevens. Prior to joining Stone Ridge in 2014, Mr. Robbins was a Director at Deutsche Bank, where he worked from 2006 to 2014 and managed a trading book of insurance-linked securities. Mr. Robbins holds a BA, magna cum laude, in Physics from Harvard University and is a CFA charterholder.
Paul Germain
Start Date
Tenure
Tenure Rank
Apr 30, 2020
2.08
2.1%
Paul Germain, Portfolio Manager of Stone Ridge. Prior to joining Stone Ridge in 2015, Mr. Germain was the Global Head of Prime Services at Credit Suisse, where he worked from 2010 to 2015. Mr. Germain received his MBA from Harvard Business School and his BSE in Management from University of Pennsylvania (Wharton).
Allen Steere
Start Date
Tenure
Tenure Rank
Jan 22, 2021
1.35
1.4%
Allen Steere, Portfolio Manager, is responsible for the day-to-day portfolio management and investments. Prior to joining Stone Ridge in 2015, Mr. Steere was a single stock equity derivatives trader at BNP Paribas from 2009 to 2015. Mr. Steere received his BS in Psychology from Ohio Wesleyan University.
Eric Hsu
Start Date
Tenure
Tenure Rank
Jan 22, 2021
1.35
1.4%
Eric Hsu, Portfolio Manager. Prior to joining Stone Ridge in 2017, Mr. Hsu worked at Goldman Sachs from 2013 to 2017. Mr. Hsu received his BSE degree, summa cum laude, in Operations Research and Financial Engineering from Princeton University.
Daniel Cook
Start Date
Tenure
Tenure Rank
Jan 22, 2021
1.35
1.4%
Daniel Cook, Portfolio Manage. Prior to joining Stone Ridge in 2016, Mr. Cook was the Head of Structuring for Prime Solutions and Financing at BNP Paribas, where he worked from 2008 to 2016. Mr. Cook received his MBA from MIT (Sloan) and his BBA from the University of Michigan (Ross School of Business).
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| N/A | N/A | N/A | N/A |
