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 12/31/20
124 Ranked Funds in Category
Category: Options-based
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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VRLIX
CATEGORY AVERAGE
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Category Average represents average of returns for funds in the MorningstarTM Options-Based Category.1 Inception to Date represents returns from inception of VRLIX (5/1/2013).

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=1.04%. Total Annual Fund Operating Expenses after fee waiver and/or expense reimbursement for VRLIX=0.50%. Through February 28, 2021, 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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CATEGORY AVERAGE
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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-Based Category.1 Inception to Date represents returns from inception of VRLMX (5/1/2013).

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 (5/1/2013-12/31/2020)

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

Past performance is not indicative of future results. Data as of 12/31/2020. Category return represents average of returns for funds in the Morningstar™ Options-Based Category. Rank for total returns since VRLIX inception (5/1/13-12/31/20): 6/32 vs. Category. Source: Morningstar.

Net Expense Ratio 60% 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 217 funds in the MorningstarTM Options-Based Category1 as of 12/31/2020.

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 12/31/2020. 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.

03

Who We Are

We innovate to prepare for an uncertain future.

Stone Ridge is a financial services firm based in New York with over 150 employees and approximately $10 billion of assets under management.2 We focus on innovative thinking and original products. Our singular purpose is financial security for all.

  • Nathaniel Conrad
    Portfolio Manager

    Nathaniel Conrad joined Stone Ridge in 2016. Prior to Stone Ridge, Mr. Conrad worked at Goldman Sachs, where he began his career, as the senior trader in Interest Rates Electronic Trading. Mr. Conrad received his BSE in Computer Information Science from the University of Pennsylvania’s Engineering school.

  • Allen Steere, CFA
    Portfolio Manager

    Allen Steere joined Stone Ridge in 2015. Prior to joining Stone Ridge, Mr. Steere was a single stock equity derivatives trader at BNP Paribas from 2009 to 2015. He began his career in the airline industry, piloting multiple aircraft types as a Captain at Continental Express and then JetBlue Airways. Mr. Steere received his BS in Psychology from Ohio Wesleyan University.

  • 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.

  • Investment Committee

    Daniel Fleder

    Daniel Fleder joined Stone Ridge in 2016. Mr. Fleder is the Chair of the Committee and serves as Head of Risk at Stone Ridge. Mr. Fleder was previously Head of Markets and Head of Variance Risk Premium at Stone Ridge. Mr. Fleder received his PhD in Operations Research and MS in Statistics from the University of Pennsylvania (Wharton) and BSE in Engineering from the University of Pennsylvania (Engineering School).


    Robert Gutmann

    Robert Gutmann is a co-founder of Stone Ridge. Mr. Gutmann has held a variety of leadership roles at Stone Ridge, including Head of Product Development and Execution and his current role as Head of Digital Asset Strategies. Mr. Gutmann received his B.A. in Mathematics and Music from Columbia University.


    Ross Stevens

    Ross Stevens founded Stone Ridge in 2012 and serves as Chief Executive Officer. Mr. Stevens received his PhD in Finance and Statistics from the University of Chicago (Booth) and his BSE in Finance from the University of Pennsylvania (Wharton).


    Yan Zhao

    Yan Zhao is a co-founder of Stone Ridge. Ms. Zhao has held a variety of leadership roles at Stone Ridge, including Head of Reinsurance and her current role as Head of Flourish. Ms. Zhao holds an MBA from Harvard Business School and a BA in Economics from Harvard University.

04

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