Stone Ridge High Yield Reinsurance Risk Premium Fund
Actively managed bond fund
As of its 2026 Q2 report, Stone Ridge High Yield Reinsurance Risk Premium Fund held 367 positions with $4.44B in net assets. Its ten largest holdings made up 16.3% of the fund. The SHRIX share class costs 1.76% a year. Over the 12 months to May 2026, SHRIX returned 14.6%, with dividends reinvested. In 2026 Q3 it added 60 new positions and exited 47.
The Stone Ridge High Yield Reinsurance Risk Premium Funds (the Fund) investment objective is to seek a high level of total return consisting of income and preservation of capital. There can be no assurance that the Fund will achieve its investment objective.
The fund invests at least 80% of its assets in reinsurance-related securities, primarily event-linked catastrophe bonds, quota share notes, and industry loss warranty notes, selecting across varied perils and geographic regions to gain exposure to insurance and reinsurance underwriting results and investment earnings. The fund also invests at least 80% in below-investment-grade debt securities. Because most reinsurance-related securities are unrated and their performance depends on the non-occurrence of specified trigger events such as earthquakes or hurricanes rather than issuer credit quality, the fund's returns are driven by catastrophic insurance risk rather than traditional credit risk. The fund may use leverage through borrowings and derivatives, which magnifies both potential gains and losses and increases volatility in net asset value.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Rondout (Artex Segregated Account Company) | 4.15% | $184.04M | 150.1K | $1,226.18 |
Hudson Charles (Mt. Logan Re) | 1.59% | $70.41M | 47.7K | $1,475.49 |
Alamo Re Ltd. 12.77% floating · due 2026-06-07 | 1.50% | $66.56M | — | — |
Long Point Re IV Ltd 7.94% floating · due 2026-06-01 | 1.48% | $65.82M | — | — |
Alamo Re Ltd. 11.63% floating · due 2027-06-07 | 1.43% | $63.67M | — | — |
Cape Lookout Re Ltd. 10.42% floating · due 2028-03-13 | 1.34% | $59.47M | — | — |
Arenal (Artex Segregated Account Company) | 1.29% | $57.41M | 167.4K | $343.04 |
Golden Bear Re Ltd. 13.30% floating · due 2029-01-08 | 1.23% | $54.79M | — | — |
Alamo Re Ltd. 10.23% floating · due 2027-06-07 | 1.22% | $54.12M | — | — |
Cape Lookout Re Ltd. 12.23% floating · due 2027-04-05 | 1.09% | $48.24M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 367 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 87.29% |
| Stocks | 12.21% |
| Cash & short-term | 0.07% |
How it has done
SHRIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.21%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.76% | +14.60% | +51.59% | +60.36% | -0.56% | |
| 1.91% | +14.41% | +51.02% | +59.42% | -0.56% |
These classes hold the same portfolio, so the 0.94pp spread over 5 years is the cost difference between them — roughly 0.19pp a year — not a difference in what they own.
Fees & fund details
Stone Ridge High Yield Reinsurance Risk Premium Fund is an actively managed bond fund.
- Asset class
- Bonds
- Management
- Actively managed
- Fund type
- Open-end fund
- Rate sensitivity
- Short duration
- Features
- Non-diversified
- Expense ratio, by class
- 1.76% – 1.91%· SHRIX 1.76%
- Portfolio turnover
- 2472.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
60 new· the largest 5
47 exited· the largest 4
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 98.9% |
| Fixed rate | 1.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 26.0% |
| 1-3y | 57.6% |
| 3-5y | 16.3% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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