Stone Ridge High Yield Reinsurance Risk Premium Fund
Stone Ridge Trust · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio | As of |
|---|---|---|
| SHRIX | 1.76% | 2025 Q1 |
| SHRMX | 1.91% | 2025 Q1 |
Portfolio turnover 2472.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 87.29% |
| Stocks | 12.21% |
| Cash & short-term | 0.07% |
Latest quarter
What changed since the fund's previous filing
Largest new: RR-JP US 050126, Purple Re Ltd., Sanders Re III Ltd. ×2, Sanders Re IV Ltd. ×2, Cape Lookout Re Ltd., Golden Bear Re Ltd.
Largest exited: Lightning Re Ltd., Cape Lookout Re Ltd., IBRD, Sanders Re III Ltd., FloodSmart Re Ltd., Gateway Re Ltd., Locke Tavern Re Ltd., Purple Re Ltd.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +14.61% | +53.20% | +60.34% | 2.21% | -0.56% | |
| +14.55% | +52.79% | +59.41% | 2.16% | -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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Rondout (Artex Segregated Account Company) | 4.15% | $1,226.18 | $184.04M | 150.1K |
| — | Hudson Charles (Mt. Logan Re) | 1.59% | $1,475.49 | $70.41M | 47.7K |
| — | Alamo Re Ltd.12.77% floating · due 2026-06-07 | 1.50% | — | $66.56M | — |
| — | Long Point Re IV Ltd7.94% 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% | $343.04 | $57.41M | 167.4K |
| — | 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.
Top 10 positions are 16.32% of net assets, top 25 29.21%, across 155 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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