Stone Ridge U.S. Hedged Equity Fund

Markets can be volatile.  Your investments don’t have to be.

Class I


NAV

Daily Change

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Class M


NAV

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Overall Morningstar RatingTM

As of 6/30/21
124 Ranked Funds in Category
Category: Options Trading
Read Morningstar Criteria

Overall Morningstar rating 4 stars, 124 funds.
Three-year rating 3 stars, 124 funds. Five-year rating 4 stars, 81 funds.
Ratings reflect risk-adjusted performance.

CUSIP: 861728 707
Inception date: 5/1/2013
 
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VRLIX
CATEGORY AVERAGE
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Category Average represents average of returns for funds in the MorningstarTM Options Trading Category.1

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-609-3680.

Results reflect the reinvestment of dividends and other earnings and are net of fees and expenses. Total Annual Fund Operating Expenses before fee waiver and/or expense reimbursement for VRLIX = 0.95%. Total Annual Fund Operating Expenses after fee waiver and/or expense reimbursement for VRLIX = 0.50%. Through February 28, 2022, Stone Ridge has contractually agreed to pay or otherwise bear operating and other eligible expenses of VRLIX solely to the extent necessary to limit the Total Annual Fund Operating Expenses to 0.50% of average daily net assets.

CUSIP: 861728 806
Inception date: 5/1/2013
 
Year to Date
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Inception to Date
VRLMX
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Average
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VRLMX
CATEGORY AVERAGE
Year to Date
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1 Year
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3 Year
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Inception to Date
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VRLMX
CATEGORY AVERAGE
Year to Date
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-14.10%
1 Year
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-8.18%
3 Year
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-0.24%
5 Year
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0.30%
Inception to Date
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1.97%

Category Average represents average of returns for funds in the MorningstarTM Options Trading Category.1

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-609-3680.

Results reflect the reinvestment of dividends and other earnings and are net of fees and expenses. Total Annual Fund Operating Expenses before fee waiver and/or expense reimbursement for VRLMX = 1.20%. Total Annual Fund Operating Expenses after fee waiver and/or expense reimbursement for VRLMX = 0.65%. Through February 28, 2021, Stone Ridge has contractually agreed to pay or otherwise bear operating and other eligible expenses of VRLMX solely to the extent necessary to limit the Total Annual Fund Operating Expenses to 0.50% of average daily net assets.

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Fund Highlights

Outperformed in MorningstarTM Category

Returns Outpaced Category Since VRLIX Inception

Cumulative Returns (5/1/2013-9/30/2021)

Line chart representing how VRLIX returns have outpaced U.S. Fund Options Trading Category (average). Line chart representing how VRLIX returns have outpaced U.S. Fund Options Trading Category (average).

Past performance is not indicative of future results. Data as of 9/30/2021. Category return represents average of returns for funds in the Morningstar™ Options Trading Category. Rank for total returns since VRLIX inception (5/1/2013-9/30/2021): 1/23 vs. Category. Source: Morningstar.

Net Expense Ratio >50% Lower than MorningstarTM Category Average1

Bar chart comparing the Net Expense Ratio of VRLIX versus the Category Average. VRLIX's Net Expense Ratio is about three times lower Bar chart comparing the Net Expense Ratio of VRLIX versus the Category Average. VRLIX's Net Expense Ratio is about three times lower

Category Average represents average net expense ratio for the 235 funds in the MorningstarTM Options Trading Category1 as of 9/30/2021.

A Single Strategy for Different Needs

Can’t afford to sit in cash but don’t want the volatility of the equity market?

Need to reduce equity risk without adding interest rate risk?

Want to participate in equity markets but are concerned about market cycle risk?

Arrows connecting the three previous questions to the Stone Ridge solution. Arrows connecting the three previous questions to the Stone Ridge solution.

Stone Ridge U.S. Hedged Equity

Seeks to deliver equity exposure with lower volatility

Annualized Volatility (%)

The Stone Ridge U.S. Hedged Equity Fund has historically experienced less severe drawdowns and lower volatility than the S&P 500.

Bar chart representing Annualized Volatility. This bar chart compares VRLIX (10.38%) to the S&P 500 (17.36%) showing that VRLIX has experienced less volatility. Bar chart representing Annualized Volatility. This bar chart compares VRLIX (10.38%) to the S&P 500 (17.36%) showing that VRLIX has experienced less volatility.

Source: Bloomberg. As of 9/30/2021. Annualized Volatility refers to the annualized standard deviation of daily returns. Standard deviation is a measure of how dispersed or how spread out a data series is. The Standard & Poors 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. It is not possible to invest directly in an index.

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Who We Are

We innovate to prepare for an uncertain future.

Stone Ridge Asset Management is a financial services firm based in New York with approximately 95 employees and $12 billion of assets under management.2 We focus on innovative thinking and original products. Our singular purpose is financial security for all.

  • Paul Germain
    Portfolio Manager

    Paul Germain is the President of Stone Ridge. Prior to joining Stone Ridge in 2015, Paul served as the Global Head of Prime Services at Credit Suisse. Paul was previously a Partner at Goldman Sachs and Co-Head of the US Client Franchise in Prime Brokerage. Paul earned an MBA from Harvard Business School and BSE in Management from University of Pennsylvania (Wharton).

  • Li Song
    Portfolio Manager

    Li Song joined Stone Ridge in 2018. Prior to that, 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.

  • Allen Steere
    Portfolio Manager

    Allen Steere joined Stone Ridge in 2015. Prior to that, 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.

  • Ross Stevens
    Portfolio Manager

    Ross Stevens founded Stone Ridge in 2012, and serves as Chief Executive Officer. Ross founded the New York Digital Investment Group (NYDIG) in 2017, and serves as its Executive Chairman. Ross started his career at Goldman Sachs after receiving his PhD in Finance and Statistics from the University of Chicago (Booth) and his BSE in Finance from the University of Pennsylvania (Wharton). Ross founded and serves as the Advisory Board Chairman of the Stevens Center for Innovation in Finance at the University of Pennsylvania (Wharton).

04

Contact Us

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