Steben Select is a multi-manager fund of hedge funds comprised of an actively managed allocation to a diverse portfolio of select hedge funds. The Fund seeks to provide the diversification benefits of a hedge fund portfolio through a single investment with convenient 1099 tax reporting.
The 2016 HFMWeek US Hedge Fund Performance Awards celebrated hedge funds and fund of hedge funds, rewarding those funds that have outperformed their peers. A panel of independent judges selected the winners and short list nominees. The judges are carefully selected for their experience and expertise, as well as their absence of conflicts of interest.
About Steben & Company
Steben & Company is a leading alternative asset manager. We specialize in multi-manager products including fund of hedge funds and managed futures strategies. Our investment philosophy is defined by high conviction, actively managed exposures with a focus on more liquid, lower beta strategies. Our funds are designed to provide investors with the potential benefits of diversification and absolute returns regardless of market direction.
Steben is an alternative investments innovator with more than 25 years of continuous operating experience.
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Head of Investor Relations & Marketing
Steben & Company, Inc.
Steben Select Multi-Strategy Fund (the Fund) is part of a master-feeder structure and invests in a closed-end, non-diversified investment company with the same objectives and strategies (Master Fund), which in turn invests in hedge funds (Portfolio Funds). Fund investors will bear asset-based fees and expenses of the Fund, which includes the Fund's pro rata portion of the fees and expenses of the Master Fund and, indirectly, of the Portfolio Funds. Those fees may include performance-based compensation of the underlying managers. An investment in the Fund is speculative and there is no guarantee that the Fund will achieve its investment objectives. An investment in the Fund should be viewed as part of an overall investment program and should only be made by investors willing to undertake the risks involved.
Investments in securities involve risk of the loss of capital. An investment in the Fund includes the risks inherent in an investment in securities, as well as specific risks associated with limited liquidity, restricted liquidity of certain investments, distressed securities and other high risk investments, foreign currency translation, long-biased strategies, sector specific risks, counterparty risk, convertibles, use of derivatives for hedging and non-hedging purposes, leverage/borrowing, purchases of initial public offerings, valuation, master-feeder structure, use of short selling, investment in "junk bonds", high portfolio turnover rate, conflicts of interest, options, futures, commodities, real assets and investment in non-US securities.
Both the Fund and the Master Fund are registered as investment companies with the Securities and Exchange Commission (SEC). However, the Portfolio Funds are not registered with the SEC. Although registered as investment companies, both the Fund and Master Fund have limited liquidity and do not provide daily net asset values.
The Portfolio Funds may be highly leveraged. A portfolio of hedge funds may increase the potential for losses and gains. One or more underlying managers may, from time to time, invest a substantial portion of the assets managed in a particular market or sector. As a result, the Portfolio Funds (as well as the Fund) may be subject to greater risk and volatility than if investments had been made in the securities or derivatives of a broader range of issuers. There can be no assurance that an underlying manager's strategy will be successful or that it will employ such strategies with respect to its entire portfolio.
The Portfolio Funds in which the Fund invests can be highly illiquid and may not be required to provide periodic pricing or valuation to investors. The overall performance of the Fund is dependent not only on the investment performance of individual managers, but also on the ability of the Fund's Investment Manager to effectively select and allocate the Fund's assets among such managers on an ongoing basis. The Fund may be less diversified and more subject to concentration risk than other funds of hedge funds. The value of the Fund's portfolio investments should be expected to fluctuate. The Fund's shares are not listed on any securities exchange, and it is not anticipated that a secondary market for shares will develop. The Fund cannot guarantee that investors will be able to effect repurchases of as many shares as they request. Steben & Company and the underlying portfolio fund managers may face conflicts of interest. Shares are offered pursuant to the terms of the prospectus and (i) are not FDIC-insured, (ii) are not deposits or other obligations of, or guaranteed by, any bank and (iii) involve investment risks, including possible loss of principal. Diversification among multiple hedge funds does not assure profit or guarantee against losses.
Select Fund is part of a master-feeder structure and invests all of its investable assets in the Master Fund. By investing all of its investable assets in the Master Fund, Select Fund participates in the substantially similar investment management that Steben & Company, Inc., the Adviser, renders to the Master Fund.
INVESTOR CONCERNS AND SUITABILITY
The Fund is available for investment only by accredited investors and is appropriate only for investors who can bear risks associated with limited liquidity and should be considered a long-term investment. Investors may lose some or all of their investment and should carefully consider their investment objectives, personal situation, and other factors such as net worth, income, age, risk tolerance and liquidity needs before investing in the Fund. Investors should carefully consider the Fund's investment objectives, risks, conflicts, tax considerations, charges, and expenses before investing.
Before investing, you should carefully consider the Fund's investment objectives, risks, charges and expenses. For a prospectus that contains this and other information about the Fund, please contact Steben & Company at 800.726.3400 or firstname.lastname@example.org. Please read the prospectus carefully before you invest.
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SOURCE Steben & Company, Inc.