Stone Ridge U.S. Hedged Equity Fund Class I
VRLIX
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- Stone Ridge U.S. Hedged Equity Fund Class I (VRLIX) is a mutual fund managed by Stone Ridge Asset Management LLC that seeks long-term capital appreciation primarily through a hedged equity strategy involving the sale of fully collateralized put options on U.S. equity indices and the purchase of protective put options with lower strike prices on the same indices; the fund collateralizes its short put positions with short-term U.S. Treasury securities of varying maturities, typically one year or less, to generate returns from option premiums and Treasury yields while limiting downside exposure relative to direct equity index holdings. The fund offers Class I shares under the ticker VRLIX, targeting institutional and qualified investors with a focus on options trading within the broader alternatives sector. Launched publicly around June 2016 as part of Stone Ridge Trust, the fund operates from Stone Ridge Asset Management's headquarters at One Vanderbilt Avenue, 65th Floor, New York, New York, where the firm—founded in 2012—manages approximately $28 billion in assets across reinsurance risk premium, alternative lending, diversified alternatives, fine art, and LifeX strategies. In recent years, the fund ceased new share purchases effective March 9, 2023, ahead of its full liquidation on or about March 27, 2023, marking a significant wind-down of operations as part of Stone Ridge Asset Management's portfolio optimization. Concurrently, Stone Ridge has pursued major expansions, including the April 2025 acquisition of Wincoram Asset Management to bolster energy asset capabilities, having jointly invested $7 billion in over 10 GW of energy assets during a five-year venture; in September 2025, the firm launched two new LifeX ETFs—LIFT (3-year horizon through 2028) and BCKT (5-year horizon through 2030)—to complement its income bucket strategies alongside the existing LDDR 10-year ETF. Additionally, Stone Ridge's insurance-linked securities and catastrophe bond funds surpassed $5.8 billion in assets by late September 2025, reflecting robust growth in its reinsurance segment. These developments underscore Stone Ridge's strategic shift toward scaling alternative risk premia platforms while phasing out select legacy funds like VRLIX.