Stone Ridge mutual cat bond and ILS fund assets hit all-time high at approx $7bn

Stone Ridge Asset Management has grown assets under management across its mutual catastrophe bond, insurance-linked securities and reinsurance fund strategies by more than 8% in the last quarter of record, with additional AUM growth in the following weeks taking them to around $7 billion, a new all-time high.

The New York based alternative risk premia focused investment manager has now expanded its insurance-linked securities (ILS) assets under management across its two main dedicated mutual cat bond and ILS fund strategies, as well as its diversified alternatives fund, by an impressive almost 29% in the last year of record, adding $1.5 billion in AUM between April 30th 2025 and 2026.

As of the April 30th 2026 official reporting date, the total AUM across the mutual 40’s Act cat bond and ILS funds stood at just over $6.8 billion, up from $6.3 billion at January 31st and $5.3 billion a year earlier.

Asset under management growth across the Stone Ridge mutual cat bond and ILS funds has continued and as of June 30th 2026 we believe the total has reached around the $7 billion mark, up from $6.5 billion as of our March 31st analysis.

We believe the $7 billion of assets as of June 30th 2026 is a new all-time high for Stone Ridge Asset Management’s AUM across these mutual cat bond and ILS fund strategies.

You have to go all the way back to Q2 or early Q3 of 2018 to find the mutual 40’s Act ILS fund strategies under its management having just shy of that level of combined AUM.

The steady growth trend of these funds persists and catastrophe bond investments continue to be the main driver for Stone Ridge’s increasing AUM across these mutual ILS fund strategies.

As of the last reporting date of April 30th 2026, the Stone Ridge High Yield Reinsurance Risk Premium Fund (the investment manager’s most catastrophe bond focused strategy) had reached just over $4.44 billion of assets, up from $4.14 billion at January 31st.

This more cat bond focused mutual fund strategy from Stone Ridge has continued to grow and reached roughly $4.6 billion in AUM by June 30th, setting another record high for the size of this fund.

The Stone Ridge Reinsurance Risk Premium Interval Fund, that invests across the spectrum of ILS and reinsurance-linked assets including sidecars and private quota shares, other collateralized reinsurance arrangements and to a lesser degree catastrophe bonds, has now grown slightly to $1.52 billion at April 30th and to $1.53 billion by June 30th, up from $1.41 billion at January 31st this year.

Notably, this fund has grown by around $360 million over the 12-months to April 3oth 2026, which is its strongest annual growth for the more reinsurance focused Interval ILS fund strategy managed by Stone Ridge in some time.

That bodes well for future expansion of this Interval ILS strategy, which given its focus on private reinsurance sidecar style quota share opportunities has the potential to deliver higher returns to investors than the more catastrophe bond focused fund.

The other mutual fund Stone Ridge offers to clients that includes a relatively significant proportion of ILS assets is the Stone Ridge Diversified Alternatives Fund, a multi-strategy fund that began incorporating cat bond and ILS investments to its portfolio in 2023.

As of April 30th 2026, total cat bond and ILS investments under this multi-strategy mutual fund had reached almost $886 million, up from $790 million a quarter earlier.

Recall that this strategy has a cross investment into Stone Ridge’s cat bond focused mutual fund, which amounted to $44 million as of April 30th.

As a result, the direct holdings of cat bond and ILS instruments by this Diversified fund had grown by over $40 million in the quarter, to almost $842 million (up from $746m at Jan 31st) which remains flat at around 39% of the overall multi-strategy fund’s assets.

The above moves in the Stone Ridge Asset Management cat bond, ILS and reinsurance focused mutual investment funds has lifted assets under management across these mutual fund strategies by around $500 million in the last quarter of record, to $6.8 billion at April 30th, but as we said this now stands at or over $7 billion by June 30th, the latest fund NAV data suggests.

Stone Ridge is achieving steady expansion for these mutual ILS fund strategies, with catastrophe bonds the main driver. The investment manager remains a major force in the market, especially given its private ILS fund strategies, managed accounts and its Longtail Re casualty focused structure, continuing to build on its important role as a long-term capital partner to the re/insurance industry.

At now assumed to be well over $10 billion, Stone Ridge remains one of the largest investment managers of ILS and reinsurance assets, in AUM terms, featured in Artemis’ directory of insurance-linked securities (ILS) fund managers.