Stone Ridge U.S. Hedged Equity Fund Class M
VRLMX
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- Stone Ridge U.S. Hedged Equity Fund Class M (VRLMX) is a mutual fund that seeks long-term capital appreciation primarily through selling fully collateralized put options on equity indices, such as at-the-money or slightly out-of-the-money options; purchasing protective put options on the same indices with lower strike prices to limit downside participation; and investing option collateral in short-term U.S. Treasury securities of varying maturities, typically one year or less, to generate additional returns while meeting asset coverage requirements. The fund operates within the alternative investment segment, targeting institutional and retail investors seeking equity-like returns with reduced market decline exposure and low correlation to traditional stocks and bonds; it may employ leverage through derivatives or borrowing, enter futures for hedging, and hold significant cash equivalents during market stress. Launched on May 1, 2013, as part of Stone Ridge Trust, the fund is managed by Stone Ridge Asset Management LLC, founded in 2012 and headquartered at 510 Madison Avenue, 21st Floor, New York, New York. In recent developments, Stone Ridge Asset Management, the fund's adviser, has expanded its broader platform significantly, with mutual insurance-linked securities (ILS) funds surpassing $5.8 billion in assets under management as of September 2025, the highest since mid-2019, driven by catastrophe bond inflows and new allocations to private reinsurance quota shares and sidecars. The firm acquired Wincoram Asset Management in April 2025 to accelerate energy asset acquisitions, building on a five-year partnership that deployed over $7 billion in 10 GW of natural gas assets. Additionally, Stone Ridge liquidated its Post-Event Reinsurance Fund structure in May 2025 amid growth in other reinsurance and ILS strategies, while launching new LifeX ETFs for predictable cash flow and growing total firm assets under management to $29 billion.