THE FIRM
Steyn Capital Management is a value-oriented investment management firm investing in publicly traded equities in South Africa, Africa ex-SA, and other frontier and emerging markets, both long/short and long only. Steyn Capital manages in excess of R13.5 billion for blue-chip local and international investors, including pension funds, multi-managers, insurance companies, US endowments, European family offices, HNWIs and the team. Steyn Capital utilises unique investment research techniques in order to generate superior risk-adjusted returns. The four most important differentiating factors are their proprietary data-screening methods, high margin of safety discipline, primary research and forensic accounting skills, and modest portfolio sizes.
Steyn Capital has won HedgeNews Africa awards in 2010, 2012, 2014, 2017, 2021 and 2023, and was nominated in 2011, 2015 and 2022.
Steyn Capital launched a Section 65 approved long-only Global EM UCITS fund in January 2024, to leverage off its successful Global EM Hedge Strategy.
Investment team
The investment team is led by Andre Steyn for the Africa ex-SA strategy and South Africa hedge and long only strategies, James Corkin for the Global EM hedge and long only strategies, and Bernard Griesel for the Frontier strategy. Our three portfolio managers are supported by six analysts and an execution trader. Team credentials include two CFA's, seven CA(SA)s, a CGMA, a Masters degree in Economics, and two Honours degrees in financial analysis & portfolio management, providing strong financial analysis and forensic accounting skills.
Fund: Steyn Capital FR QI Hedge Fund
Retail or qualified product: Qualified
High water mark: Yes
Fund open: Yes
Minimum investment: R1 million
Management fee: 0% p.a.
Performance fee: 15% (excl. VAT)
Subscription: Monthly
Redemption: Two calendar months
Fund: Steyn Capital Daily-Liquidity FR Retail Hedge Fund
Retail or qualified product: Retail
High water mark: Yes
Fund open: Yes
Minimum investment: R10,000
Management fee: 0.5% p.a. (excl. VAT)
Performance fee: 15% (excl. VAT)
Subscription: Daily
Redemption: Daily
Our investment process ensures that our portfolio is constructed on a bottom-up basis with only the best ideas generated through our research-intensive process included in the portfolio. Ideas are generated both via a proprietary quantitative screen, which is populated with clean accounting data by our analysts, as well as applying rigorous forensic accounting research to all earnings reports to detect obscured fundamental strength or weakness. We believe that our long book also benefits from our experience as fundamental short sellers, by avoiding “short sale” stocks on the long side. Our SA long/short equity strategy has produced annualised returns of 17.0% net of fees since inception (May 2009 – August 2024), outperforming the JSE ALSI TRI by 4.4% per annum, with 23% average beta-adjusted net exposure and 130% average gross exposure.
Firm AUM: R13.6 billion (31/8/24)
SA hedge fund strategy AUM: R3.4 billion
Domicile: South Africa
Inception date: May 2009
Steyn Capital Management
Verdi House, Klein D’Aria Estate
97 Jip de Jager Drive,
Bellville, South Africa, 7530
Contact: Sibo Khumalo
Phone: +27 21 001 4682
Email: sibo@steyncapitalmanagement.com
Website: www.steyncapitalmanagement.com