South African hedge funds did well to protect capital in a tough July, with the HedgeNews Africa South African Single-Manager Composite adding a median 0.22% to sit 4.96% higher year to date.
The broader HedgeNews Africa Single-Manager Composite, which includes Africa and global funds, notched up a median gain of 0.04% to sit 4.68% in the green year to date.
By comparison, the FTSE/JSE All Share Index declined 2.37% (up 9.55% year to date) and the South African All Bond Index dipped 0.74% (up 6.76% year to date).
Fixed income funds continued to make solid gains, gaining a median 0.59% in July to sit 5.57% higher year to date.
Multi-strategy funds delivered a broad range of returns for the month, adding a median 0.49% to sit 6.26% higher year to date, while market neutral and quantitative funds added 0.04% to sit 4.25% in the green year to date.
Long/short equity funds were split in July with half making gains, seeing the category dip a median 0.13% to sit 7.19% higher on the year.
Africa-focused funds had a difficult month as indices dropped, declining a median 2.78% to sit 0.68% under water year to date. Copyright. HedgeNews Africa – August 2019.
| Median | Mean | |||
| South African Medians | Jul-19 | YTD | Jul-19 | YTD |
| Long/Short Equity | -0.13% | 7.19% | 0.05% | 7.31% |
| Market Neutral & Quantitative Strategies | 0.04% | 4.25% | 0.01% | 4.09% |
| Single Manager Multi-Strategy | 0.49% | 6.26% | 0.03% | 6.21% |
| Fixed Income | 0.59% | 5.57% | 0.47% | 5.19% |
| Event Driven (credit) | 0.89% | 5.59% | 0.89% | 5.59% |
| African Medians | ||||
| Pan-Africa / AME | -2.78% | -0.68% | -2.80% | -0.66% |
| SA Single-Manager Composite | 0.22% | 4.96% | 0.06% | 6.03% |
| HedgeNews Africa Single-Manager Composite | 0.04% | 4.68% | -0.24% | 5.12% |