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South African hedge funds contended with volatile and largely upward trending broader markets in 2024, with a shifting picture that included the start of a global rate-cutting cycle, elections in SA and the US, and ongoing geopolitical concerns.
The HedgeNews Africa Composite added 14.73% in the first 11 months of the year, while the FTSE/JSE All Share Index gained 13.76% and South Africa’s All Bond Index was 13.94% higher.
By comparison, the MSCI World Index was ahead by 20.29% and the MSCI Emerging Markets Index added 5.36% to the end of November, while Aurum’s global hedge fund composite was 11.09% higher.
With the first 11 months of returns already in the bag, competition is heating up to determine the ultimate contenders for the HedgeNews Africa Awards 2024.
As always, volatile markets bring a wide dispersion of returns amongst managers, and this year’s top-ranked hedge funds have produced market-beating returns, many with far lower volatility than the markets and their peers.
Now in their 16th year, the Awards, which are highly regarded in the industry, are based on calendar-year returns in various categories.
Using an established quantitative methodology based on risk-adjusted return, the award in each category goes to the fund with the highest return amongst the nominees, provided its Sharpe ratio is within 25% of the top Sharpe amongst the nominees.
To be nominated, funds must have a minimum of R80 million under management (averaged over the period, or $10 million in the case of dollar-based funds) or R160 million in the longer-term awards.
Second provisional nominations are announced below, based on 11 months of data. Final nominations across all categories, based on 12 months of data, will be announced in early February.
First provisional nominations (data to end-November)
South African Long Short Equities
AG Capital Rainbow FR Retail Hedge Fund
Bateleur Special Opportunities Prescient RI Hedge Fund
Visio Occasio FR QI Hedge Fund
South African Market Neutral
All Weather H4 Market Neutral Retail Hedge Fund
Oyster Catcher RCIS Smart Alpha Retail Hedge Fund
Laurium Market Neutral Prescient RI Hedge Fund
South African Multi Strategy
Differential Gradient Prescient QI Hedge Fund
Fairtree Wild Fig Multi Strategy FR QI Hedge Fund
SouthernCross Multi Strategy Prescient RI Hedge Fund
South African Fixed Income
Acumen AcuityFour FR QI Hedge Fund
Fairtree Fixed Income FR Retail Hedge Fund
Matrix SCI Fixed Income Retail Hedge Fund
Terebinth FI Macro Retail Hedge Fund
Worldwide
Senqu Worldwide Flexible Long Short Prescient RI Hedge Fund
Cuthman SDR Prescient QI Hedge Fund Class A
Global
Visio Salveo Global Long/Short Fund
Steyn Capital Frontier Fund
Pan Africa
Old Mutual African Frontiers Fund
Laurium Africa Limpopo Fund
Enko Africa Debt Fund
South African Fund of Hedge Funds
Citadel Multi-Strategy H4 QI Hedge Fund
Corion Multi-Strategy FR Retail Hedge Fund
Edge RCIS Portable Alpha 1 QI Hedge Fund
Old Mutual Multi Managers Long Short Equity FOHF
Awards categories include:
- Long/short equity
- Market neutral and quantitative
- Multi-strategy
- Fixed income
- Fund of funds
- Pan-Africa
- Five-year performance
- Ten-year performance
- Best new fund
- Fund of the year
The 2024 HedgeNews Africa Awards will be presented at a gala dinner at the Vineyard Hotel in Cape Town on March 6, 2025.
To be considered for the Awards, which are based on calendar-year returns, funds must submit their data to our database. Contact data@hedgenewsafrica.com
Awards Methodology
Awards are based on risk-adjusted return. The award in each category goes to the fund with the highest return amongst the nominees, provided its Sharpe ratio is within 25% of the top Sharpe ratio amongst the nominees in each category.
To be nominated, funds must have a minimum of R80 million under management (averaged over the period, or $10 million in the case of dollar-based funds) or R160 million in the longer-term awards.