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Stone Ridge Asset Management
Stone Ridge Asset Management was founded in 2012 by Ross Stevens, who shaped the firm around a principle of identifying valuable risks with clear...
Stone Ridge Asset Management
Stone Ridge Asset Management was founded in 2012 by Ross Stevens, who shaped the firm around a principle of identifying valuable risks with clear information asymmetries — what it calls True Alternatives. The firm designs products it wants for itself, then invests its own balance sheet in each strategy before opening access to institutional and wealth-channel investors. The firm deploys capital across four core strategies: reinsurance, direct lending, single-family rental housing, and a recently added energy platform that offers monthly cash flow through novel hedging and structuring. Several vehicles are optimized for different client pools — institutional investors access capital-efficient, leverage-aware funds; wealth professionals receive companion funds with tailored education; and insurance companies get bespoke structures designed for regulatory and accounting needs. Specific portfolio holdings are not publicly itemized, but the firm states that its $35B in assets spans exposures consistently uncorrelated to stocks and bonds, reporting a correlation coefficient below 0.1 versus traditional markets. Stone Ridge discloses roughly $8B of firm capital invested alongside clients — one of the highest co-investment commitments in the alternative asset management industry. Headquartered in New York, the firm has not disclosed total headcount or additional office locations. In early 2025, Stevens released the annual Stone Ridge 2025 Investor Letter, reiterating the firm's first-principles approach and its conviction in proprietary data as the ultimate decision-making authority. The letter did not disclose new fund closes or performance figures but served as the primary public update on the firm's strategic direction. Unlike most $35B managers, Stone Ridge does not market itself as a multi-strategy platform chasing every alternative risk premium. Its structural differentiator is a singular, data-centric operating model that requires each investment strategy to generate proprietary data assets the firm expects to compound in value over time. The firm's insistence on being "principals, not agents" — reinforced by the $8B balance-sheet commitment — shapes its governance and product design, aligning fee structures and risk-taking far more tightly than the typical commingled-fund model.
General information
Firm type
Generalist
Year founded
2012
AUM
$35B (per the firm)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Ross Stevens
Founder and CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Stone Ridge Asset Management?
Ross Stevens, the firm's Founder and CEO, is the central investment decision-maker. The firm's philosophy treats data, not committee votes, as the ultimate authority, with Stevens setting the strategic direction and the firm's proprietary data engine underwriting each position. Stone Ridge does not publicly name a separate CIO or investment committee.
How does Stone Ridge source its investment opportunities?
Stone Ridge builds each strategy around a data asymmetry it identifies through first-principles research. Rather than relying on broker-dealer flow or auction processes, the firm seeks to originate or structure risks where it believes proprietary data can produce a persistent underwriting edge — for example, in reinsurance contracts or single-family rental portfolios. The firm does not disclose the specifics of its sourcing pipelines but characterizes them as proprietary and data-driven.
Is Stone Ridge structured as a hedge fund or a traditional asset manager?
Stone Ridge is regulated as an alternative asset manager and offers commingled funds alongside customized accounts for institutions, wealth professionals, and insurance companies. While its strategies target absolute returns and report extremely low correlation to public markets, the firm does not describe itself as a hedge fund and operates with a product-engineering mindset more common to durable asset management platforms.
Does Stone Ridge participate in fund commitments or only direct deals?
The firm structures its own products rather than committing to external funds. Its strategies — reinsurance, lending, single-family rentals, and energy — each sit inside purpose-built funds or managed accounts. Stone Ridge does not present itself as an allocator to third-party managers; it acts as the principal investor and product designer in every exposure it offers.
What does Stone Ridge mean by 'True Alternatives'?
Stone Ridge defines True Alternatives as risks that are both uncorrelated to traditional stocks and bonds and associated with clear information asymmetries the firm can exploit through proprietary data. The concept excludes long-only commodities, REITs, and other beta-like exposures the firm views as disguised market risk. The label is an internal filter, not a regulatory category.
How much of its own capital does Stone Ridge have invested alongside clients?
The firm discloses approximately $8 billion of its own capital invested across its strategies, reflecting its stated principle of being 'principals, not agents.' This balance-sheet commitment places Stone Ridge in a small class of managers with double-digit percentage co-investment relative to total AUM, which it presents as a structural alignment advantage.
Does Stone Ridge disclose performance or sector-level track records?
Stone Ridge publishes an annual investor letter authored by Ross Stevens, but it does not publicly disseminate fund-level performance or strategy-level track records. The firm's website highlights a 13-plus-year history of 'consistently profitable investments' and a sub-0.1 correlation to traditional markets, though these claims are not accompanied by audited return streams in its public materials.
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