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South African hedge funds enjoyed their best year on record in 2024, with the HedgeNews Africa South Africa Single-Manager Composite delivering a median gain of 15.56%, while the FTSE/JSE All Share Index and South Africa’s All Bond Index both added more than 13%.
In a year of volatility and uncertain outcomes, hedge funds generally did well to capture alpha while protecting against downside risks.
Long/short equity funds were the strongest category, adding a median 20.05% for the year, followed by market-neutral and fixed income strategies.
At individual fund level, returns vary widely, depending on strategy, objectives and, of course, skill at navigating the changing market conditions.
The final line-up for the 16th annual HedgeNews Africa Awards is an impressive list of managers who outperformed the markets they trade and their peer groups in the calendar year 2024.
The Awards were presented at a gala dinner on March 6 in Cape Town.
The Awards are based on an established quantitative methodology, measuring risk-adjusted returns. In the one-year rankings, the fund with the highest 12-month return amongst the nominees in each category is judged the winner, as long as their Sharpe ratio is within 25% of the top Sharpe on the shortlist.
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.
FINAL NOMINATIONS
Long/Short
AG Capital Rainbow FR Retail Hedge Fund
All Weather H4 Performance Retail Hedge Fund
Bateleur Special Opportunities Prescient RI Hedge Fund
Steyn Capital FR QI Hedge Fund
winner: Visio Occasio FR QI Hedge Fund
Market Neutral
winner: Abax Bao NCIS Market Neutral RIF
All Weather H4 Market Neutral Retail Hedge Fund
Laurium Market Neutral Prescient RI Hedge Fund
Oyster Catcher RCIS Smart Alpha Retail Hedge Fund
Multi Strategy
Coronation Multi-Strategy Arbitrage Hedge Fund
winner: Differential Gradient Prescient QI Hedge Fund
Fairtree Wild Fig Multi Strategy FR QI Hedge Fund
SouthernCross Multi Strategy Prescient RI Hedge Fund
Fixed Income
Acumen AcuityFour FR QI Hedge Fund
Fairtree Fixed Income FR Retail Hedge Fund
Matrix SCI Fixed Income Retail Hedge Fund
winner: Southchester Smart Escalator Prescient QI Hedge Fund
Terebinth FI Macro FR Retail Hedge Fund
Global
Independent Alternatives Global Equity Fund
winner: Steyn Capital Frontier Fund
Visio Salveo Global Long/Short Fund
Worldwide
Cuthman SDR Prescient QI Hedge Fund Class A
Protea Worldwide Flexible FR QI Hedge Fund
winner: Senqu Worldwide Flexible Long Short Prescient RI Hedge Fund
Specialist
Greenpoint Specialised Lending Private Credit Fund
Meago Real Estate Prescient RI Hedge Fund
winner: Polar Star FR QI Hedge Fund
Pan-Africa
Coronation Africa Frontiers Fund
Enko Africa Debt Fund
Laurium Africa Limpopo Fund
winner: Old Mutual African Frontiers Fund
Fund of Hedge Funds
AF Investments Focus QI Hedge Fund of Funds
AF Investments Performance QI Hedge Fund of Funds
winner: Citadel Multi-Strategy H4 QI Hedge Fund
Corion Multi-Strategy FR Retail Hedge Fund
Old Mutual Multi-Managers Long Short Equity FoHF
New Fund
AIP RCIS Long Short QI Hedge Fund
Independent Alternatives Global Equity Fund
Mazi NextGen Long Short Prescient RI Hedge Fund
winner: Steen Partners High Equity Prescient QI Hedge Fund
Five-year Single Manager
Blue Quadrant Capital Growth Prescient RI Hedge Fund
winner: Fairtree Wild Fig Multi Strategy FR QI Hedge Fund
Meago Real Estate Prescient RI Hedge Fund
Polar Star FR QI Hedge Fund
Steyn Capital FR QI Hedge Fund
Ten-year Single Manager
Blue Quadrant Capital Growth Prescient RI Hedge Fund
Fairtree Assegai Equity Long Short FR QI Hedge Fund
winner: Fairtree Wild Fig Multi Strategy FR QI Hedge Fund
Polar Star FR QI Hedge Fund
Steyn Capital FR QI Hedge Fund
Five-year Fund of Hedge Funds
AF Investments Focus QI Hedge Fund of Funds
AF Investments Performance QI Hedge Fund of Funds
Corion Multi-Strategy FR Retail Hedge Fund
winner: Old Mutual Multi-Managers Long Short Equity FoHF
RCIS THINK Growth QI Hedge Fund
Ten-year Fund of Hedge Funds
AF Investments Moderate QI Hedge Fund of Funds
AF Investments Performance QI Hedge Fund of Funds
Corion Absolute FR Retail Hedge Fund
Old Mutual Multi-Managers Long Short Equity FoHF
winner: RCIS THINK Growth QI Hedge Fund
The 2024 HedgeNews Africa Awards were 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.