Stone Ridge Art Risk Premium Fund
Data through 2026-04-30 · latest filing N-23C3A filed 2026-07-01
Sponsored by Stone Ridge. Interval Fund structure focused on Art.
Interval FundSpecialty: Art
- Net assets
- $111.1M
source
Monthly portfolio report (Form N-PORT) · filed 2026-06-23 · period 2026-04-30
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-04-30 - NAV / share
- Not yet compiled Not yet compiled
- Net flows, last qtr
- -0.0% qtr ended 2026-03-31
- Distribution coverage
- Not reported Distributions in this asset class are episodic and realization-driven.
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- Not yet compiled Not yet compiled
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
New share sales were 0.0% of net assets in the latest month, and down 78% over the trailing year.
New share sales were 0.0% of net assets in the latest month, and down 78% over the trailing year.
Why it matters and what changed
New share sales down 50% or more over the trailing year, as a share of the fund: the fund is raising half the money it did, and redemptions now lean on the portfolio.
0.0% of net assets in the period, from 0.2% the period before.
Source: NPORT-P mon3Flow.sales | https://www.sec.gov/Archives/edgar/data/1939052/000119312526279273/xslFormNPORT-P_X01/primary_doc.xml
A fee waiver; it expires November 30, 2026.
A fee waiver; it expires November 30, 2026.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/1939052/000119312525299247/d82502d486bpos.htm | Fund Expenses p1 fee table line (Fee Waiver and/or Expense Reimbursement); the waiver is the contractual expense limitation running through November 30, 2026
Masterworks 192., LLC was marked down 35% between the October 31, 2025 and January 31, 2026 reports ($422,687 to $273,731) with par unchanged: a valuation mark, not a sale. (2026-01-31)
Masterworks 192., LLC was marked down 35% between the October 31, 2025 and January 31, 2026 reports ($422,687 to $273,731) with par unchanged: a valuation mark, not a sale.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2026-01-31:mark:masterworks 192., llc
Historical findings (6)
Masterworks 160., LLC was marked down 30% between the January 31, 2025 and April 30, 2025 reports ($291,980 to $203,642) with par unchanged: a valuation mark, not a sale. (2025-04-30)
Masterworks 142, LLC was marked down 35% between the April 30, 2024 and July 31, 2024 reports ($414,868 to $268,655) with par unchanged: a valuation mark, not a sale. (2024-07-31)
Masterworks 279, LLC was marked down 33% between the January 31, 2024 and April 30, 2024 reports ($552,666 to $372,975) with par unchanged: a valuation mark, not a sale. (2024-04-30)
Masterworks 193, LLC was marked down 26% between the October 31, 2023 and January 31, 2024 reports ($228,313 to $168,700) with par unchanged: a valuation mark, not a sale. (2024-01-31)
New share sales fell 63% from the prior period ($279,943 -> $104,073, period ended 2023-11-30).
Masterworks 164, LLC was marked down 27% between the July 31, 2023 and October 31, 2023 reports ($711,312 to $516,829) with par unchanged: a valuation mark, not a sale. (2023-10-31)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
Not yet compiled. no cached SEC filing yielded a return with an exact window, basis label, and the audited class scope
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-01-31 | Masterworks 192., LLC was marked down 35% between the October 31, 2025 and January 31, 2026 reports ($422,687 to $273,731) with par unchanged: a valuation mark, not a sale. |
| 2026-01-31 | Masterworks 091., LLC was marked up 81% between the October 31, 2025 and January 31, 2026 reports ($983,411 to $1,782,465) with par unchanged: a valuation mark, not a sale. |
| 2026-01-31 | Masterworks 236., LLC was marked up 27% between the October 31, 2025 and January 31, 2026 reports ($621,626 to $789,772) with par unchanged: a valuation mark, not a sale. |
| 2026-01-31 | Masterworks 341., LLC was marked up 40% between the October 31, 2025 and January 31, 2026 reports ($1,219,327 to $1,711,120) with par unchanged: a valuation mark, not a sale. |
| 2025-10-31 | Masterworks 044., LLC was marked up 26% between the July 31, 2025 and October 31, 2025 reports ($610,729 to $769,464) with par unchanged: a valuation mark, not a sale. |
| 2025-10-31 | New position Stone Ridge 5: 1.7% of portfolio value ($1,846,219) as of 2025-10-31; absent from the 2025-07-31 report. |
| 2025-07-31 | Masterworks 311., LLC was marked up 40% between the April 30, 2025 and July 31, 2025 reports ($975,344 to $1,368,715) with par unchanged: a valuation mark, not a sale. |
| 2025-04-30 | Masterworks 063., LLC was marked down 26% between the January 31, 2025 and April 30, 2025 reports ($404,200 to $300,861) with par unchanged: a valuation mark, not a sale. |
| 2025-04-30 | Masterworks 105., LLC was marked down 34% between the January 31, 2025 and April 30, 2025 reports ($354,197 to $235,272) with par unchanged: a valuation mark, not a sale. |
| 2025-04-30 | Masterworks 160., LLC was marked down 30% between the January 31, 2025 and April 30, 2025 reports ($291,980 to $203,642) with par unchanged: a valuation mark, not a sale. |
| 2025-01-31 | New position Stone Ridge 4: 2.6% of portfolio value ($2,898,849) as of 2025-01-31; absent from the 2024-10-31 report. |
| 2024-10-31 | Masterworks 049, LLC (1.1% of portfolio value in the 2024-07-31 report, $1,188,999) is absent from the 2024-10-31 report -- realized, sold, or restructured under a different name. |
Where exit demand met the cap.
The Fund does not currently intend to charge a repurchase fee.
Not yet compiled
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2025-11-26.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Shares | Servicing-fee class for brokerage or platform distribution. | 0.00% | 10 bps | $15,000,000 | - |
Management fee: 1.50% of average daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-25-299247.
Filed fee conditions
As compensation for its services, the Fund pays the Adviser a fee, computed daily and paid monthly in arrears, at the annual rate of 1.50% of the average daily net assets of the Fund. The Fund has agreed to pay Stone Ridge as compensation under the Management Agreement a fee in the amount of 1.50% of the average daily net assets of the Fund. Separately from the contractual expense limitation referenced under "Fund Expenses" above, Stone Ridge may voluntarily reimburse any fees and expenses of the Fund but is under no obligation to do so. Any such voluntary reimbursements may be terminated at any time.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| The registrant offers a single class of shares, so the site's headline class is the only class there is. | 1.50% | None
*
None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001193125-25-299247 |
0.00% | 10 bps | - | - |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (7)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | As compensation for its services, the Fund pays the Adviser a fee, computed daily and paid monthly in arrears, at the annual rate of 1.50% of the average daily net assets of the Fund. The Fund has agreed to pay Stone Ridge as compensation under the Management Agreement a fee in the amount of 1.50% of the average daily net assets of the Fund. Separately from the contractual expense limitation referenced under "Fund Expenses" above, Stone Ridge may voluntarily reimburse any fees and expenses of the Fund but is under no obligation to do so. Any such voluntary reimbursements may be terminated at any time. | 1.5 pct annual of average daily net assets | - |
| expense_limitation | Notwithstanding the foregoing, through November 30, 2026, the Adviser has contractually agreed to waive its management fee and/or pay or otherwise bear operating and other expenses of the Fund (including organizational and offering expenses, but excluding brokerage and transactional expenses; borrowing and other investment-related costs and fees including interest payments on borrowed funds, sourcing, administrative or other transactional fees charged by Masterworks or Masterworks AS, commissions, expenses, and fees paid in connection with the purchase, insurance, storage, maintenance and sale of Whole Artwork, interest and commitment fees; short dividend expense; acquired fund fees and expenses; taxes; litigation and indemnification expenses; judgments; and extraordinary expenses not incurred in the ordinary course of the Fund's business (collectively, the "Excluded Expenses")) solely to the extent necessary to limit the Total Annual Fund Operating Expenses, other than Excluded Expenses, to 2.00% of the average daily net assets of the Fund. The Adviser shall be entitled to recoup in later periods expenses that the Adviser has paid or otherwise borne (whether through reduction of its management fee or otherwise) to the extent that the expenses for the Fund (including offering expenses, but excluding Excluded Expenses) after such recoupment do not exceed the lower of (i) the annual expense limitation rate in effect at the time of the actual waiver/reimbursement and (ii) the annual expense limitation rate in effect at the time of the recoupment; provided, that the Adviser shall not be permitted to recoup any such fees or expenses beyond three years from the end of the month in which such fee was reduced or such expense was reimbursed. The expense limitation agreement may only be modified by a majority vote of the trustees who are not "interested persons" of the Fund (as defined by 1940 Act) and the consent of the Adviser. | 2.0 pct annual of average daily net assets excluding excluded expenses | - |
| fee_waiver | Annual Fund Operating Expenses ( expenses you pay each year as a percentage of the value of your investment ) Management Fees | 1.50 % Distribution and/or Service Fees (1) | 0.10 % Other Expenses | 1.17 % Total Annual Fund Operating Expenses (2) | 2.77 % (Fee Waiver and/or Expense Reimbursement) | ( 0.77 )% Total Annual Fund Operating Expenses After (Fee Waiver/Expense Reimbursement) | 2.00 % | 0.77 pct of average net assets printed fee waiver line | - |
| fund_inception_date | 2023-03-28 | Text disclosure | 2023-03-28 |
| leverage_ceiling | The Investment Company Act of 1940, as amended (the "1940 Act"), requires a closed-end fund to have asset coverage of not less than 300% of the value of the outstanding amount of senior securities representing indebtedness (as defined in the 1940 Act) at the time that it issues senior securities. This means that the value of the Fund's senior securities representing indebtedness may not exceed one-third of the value of its total assets (including such senior securities), measured at the time the Fund issues the senior securities. The 1940 Act also requires the Fund to provide for a prohibition on the declaration of cash distributions or repurchases of Shares unless any senior securities representing indebtedness have an asset coverage of not less than 300% after giving effect to such distribution or repurchase. The Fund also may borrow money from banks or other lenders for temporary purposes in an amount not to exceed 5% of the Fund's assets. Such temporary borrowings are not subject to the asset coverage requirements discussed above. | 33.333333333333336 of total assets | - |
| lockup_or_early_repurchase_fee | The Fund does not currently intend to charge a repurchase fee. | 0.0 pct repurchase fee not currently charged | - |
| repurchase_program_terms | The Fund is an "interval fund," a type of fund that, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV. Although the policy permits repurchase of between 5% and 25% of the Fund's outstanding Shares, for each quarterly repurchase offer, the Fund expects to offer to repurchase 5% of the Fund's outstanding Shares at NAV, subject to approval of the Board. The Fund makes quarterly repurchase offers in the months of January, April, July and October. | 5.0 pct of outstanding shares per quarter expected | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-07-01 | N-23C3A | 0001193125-26-291827 |
| 2026-06-23 | NPORT-P | 0001193125-26-279273 |
| 2026-04-02 | N-CSRS | 0001133228-26-004540 |
| 2026-04-02 | N-23C3A | 0001193125-26-139336 |
| 2026-03-31 | NPORT-P | 0001193125-26-134326 |
| 2026-01-02 | N-23C3A | 0001193125-26-000559 |
| 2025-12-29 | NPORT-P | 0001193125-25-335169 |
| 2025-11-26 | 486BPOS | 0001193125-25-299247 |
| 2025-10-09 | N-CSR | 0001133228-25-010802 |
| 2025-10-03 | N-23C3A | 0001193125-25-229358 |
| 2025-09-26 | NPORT-P | 0001193125-25-220121 |
| 2025-07-03 | N-23C3A | 0001193125-25-155341 |
| 2025-06-26 | NPORT-P | 0001145549-25-042801 |
| 2025-04-04 | N-CSRS | 0001133228-25-003462 |
| 2025-04-04 | N-23C3A | 0001193125-25-073023 |