HedgeNews Africa Awards recognise best risk-adjusted returns in 2024
Cape Town: The 16th annual HedgeNews Africa Awards recognised the outstanding performance of a strong line-up of 44 funds across 15 categories based on their 2024 calendar-year returns.
The Polar Star FR QI Hedge Fund was named Fund of the Year, delivering a net return of 35.09% in 2024 on a Sharpe ratio of 3.15. It was the second trophy for the commodities-focused Polar Star, which also won in the Specialist category.
The Awards measure the best risk-adjusted returns of funds across 15 different categories. They are based on monthly data submitted to the HedgeNews Africa database, which includes South African hedge funds as well as other pioneering strategies applied across the broader markets.
The awards ultimately go to those funds with the top return in their category provided their Sharpe ratio is within 25% of the top Sharpe amongst the nominees – a method to judge consistency of returns.
Amongst long/short equity funds, the industry’s biggest category, the Visio Occasio FR QI Hedge Fund was the top performer, with a return of 29.5% on a Sharpe ratio of 2.8.
In the market neutral and quantitative category, the Abax Bao NCIS Market Neutral RIF took the trophy, returning 16.26% during the calendar year, on a Sharpe ratio of 3.05.
Amongst fixed income funds, the Southchester Smart Escalator Prescient QI Hedge Fund was the winner for the third year in a row, with a net return of 15.99% on an exceptional Sharpe ratio of 10.92.
The Differential Gradient Prescient QI Hedge Fund took the title for best multi-strategy fund in 2024, with a net gain of 25.39% and a Sharpe ratio of 1.5.
Amongst pan-African mandates, the winner was the Old Mutual African Frontiers Fund, with a return of 32.43% and a Sharpe of 1.55.
The Steyn Capital Frontier Fund took the title for best global fund for the second consecutive year, gaining a net 30.17% on a Sharpe of 3.07.
Amongst worldwide mandates, Senqu Worldwide Flexible Long Short Prescient RI Hedge Fund was another back-to-back winner, with a net return of 32.26% (Sharpe ratio of 2.14).
The Steen Partners High Equity Prescient QI Hedge Fund won for best new fund, based on funds that have launched over the past 12-23 months, with a net return of 29.04% for the calendar year on a Sharpe ratio of 2.43.
The Citadel Multi-Strategy H4 QI Hedge Fund took the title of best fund of hedge funds in 2024, with a net return of 19.31% on a Sharpe of 2.99.
In the long-term categories, the Fairtree Wild Fig Multi Strategy FR QI Hedge Fund received double honours on the night, winning for best single manager over five and 10 years – with a return of 23.5% over five years (Sharpe 1.12) and a net annualised 17.07% (Sharpe 0.78) over 10 years.
Old Mutual Multi-Managers Long Short Equity FoHF was named the best fund of hedge funds over five years, with a net return of 14.81% on a Sharpe ratio of 1.38.
The RCIS THINK Growth QI Hedge Fund claimed the title for best fund of hedge funds over 10 years, returning a net annualised 10.14% on a Sharpe ratio of 0.74.
The Awards use an established methodology and independently verified data submitted to HedgeNews Africa, the region’s leading independent publisher focused on the hedge fund and alternative asset management industries.
“The strong line-up for this year’s Awards reflects a diverse and skilled group of managers, offering an array of strategies focused on delivering alpha to investors,” notes Gwyneth Roberts, the publisher of HedgeNews Africa. “After delivering its best year on record in 2024, the South African hedge fund industry continues to extend its track record of excellence.”
The annual awards were hosted in partnership with top industry service providers, namely Investec, RMB, Absa, Peresec and ScopePrime, and presented at a gala dinner in Cape Town.