Steben Noncorrelated Approach Looks At Volatility As Opportunity

Odd moons are aligning as “For the first time since 1987, we have seen an interest rate hike in the US coincide with negative S&P 500 earnings growth,” a recent investor letter from Steben & Company noted. As the Gaithersburg, MD fund manager looks at relatively strong 2016 performance for its Steben Select diversified hedge fund offering, up 6.28% in 2015, the fund’s chief investment officer sees problems ahead for the market for which the noncorrelated fund is designed to handle.   Steben’s CIO: Fed no longer has investors back, as valuations historically high and global growth challenged Investors accustomed…