Fund Evaluator:

Stone Ridge Hi Yld Reinsurance Risk PrmI Overview

Stone Ridge Hi Yld Reinsurance Risk PrmI (SHRIX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. STONE RIDGE launched the fund in 2013.

The investment seeks a high level of total return consisting of income and preservation of capital. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in reinsurance-related securities. In addition, it will also invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in high yield, high risk debt securities (commonly referred to as "junk bonds").

About Stone Ridge Hi Yld Reinsurance Risk PrmI (SHRIX)

There are 5 members of the management team with an average tenure of 7.97 years: Ross Stevens (2021), Alexander Nyren (2014), Benjamin Robbins (2015), Paul Germain (2021), Igor Zhitnitsky (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Stone Ridge Hi Yld Reinsurance Risk PrmI has 303 securities in its portfolio. The top 10 holdings constitute 18.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Stone Ridge Hi Yld Reinsurance Risk PrmI is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Stone Ridge Hi Yld Reinsurance Risk PrmI has 57.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 7.5%. There is 0.0% allocated to foreign stock, and 0.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 82.7% (24.7% domestic bond, 57.9% foreign bond and 0.1% convertible bond). Stone Ridge Hi Yld Reinsurance Risk PrmI has 7.7% of the portfolio in cash.

Assets Under Management

The fund has $4 billion in total assets, which is above the $734 million average for the Miscellaneous Fixed Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

SHRIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Stone Ridge Hi Yld Reinsurance Risk PrmI expense ratio is high compared to funds in the Miscellaneous Fixed Income category. Stone Ridge Hi Yld Reinsurance Risk PrmI has an expense ratio of 1.73%, which is 501% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Stone Ridge Hi Yld Reinsurance Risk PrmI has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 115% for the Miscellaneous Fixed Income category.

Recently, in the month of July 2026, Stone Ridge Hi Yld Reinsurance Risk PrmI returned 1.0%, which earned it a grade of A, as the Miscellaneous Fixed Income category had an average return of -0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Stone Ridge Hi Yld Reinsurance Risk PrmI has a trailing yield of 12.99%, which is above the 5.98% category average. The fund normally distributes its income quarterly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Stone Ridge Hi Yld Reinsurance Risk PrmI Grades

Year to date, the fund has returned 5.3%, 3.7 percentage points better than the category, which translates into a grade of A. The fund has returned 13.7% over the past year (grade of A), 14.4% over the past three years (grade of A) and 10.1% per year over the past five years (grade of A) and 6.7% per year over the past 10 years (grade of A).

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