VISIO FR RETAIL HEDGE FUND

The Visio FR Retail Hedge Fund is a variable net absolute return focused equity long/short hedge fund, targeting a low correlated source of returns to equity markets. The fund invests in JSE‐listed stocks, as well as offshore listed equities. Investment decisions are based on in-depth research of company and sector fundamentals. The strategy has limited derivative positions and net equity exposure of 40%-80%. The fund has annualised 13.3% versus the ALSI’s 11.9% since inception in 2006.

Investment strategy

Our investment process is firmly rooted in fundamental analysis. Our value‐driven approach is predominantly bottom-up and sector‐ or theme‐specific. We spend considerable time “on the road”, meeting management teams and visiting operations, to build conviction in each investment. Our research is not limited to only listed companies. We continuously expand our knowledge and contact base with many unlisted companies, who are either trading partners or competitors with our listed counterparts.

Strategies employed:

• Individual long and individual short positions
• Particular sector exposures
• Event-driven positions – takeovers, mergers and LBOs
• Arbitrage – long term (correlated and uncorrelated)
• Listed debt instruments

Investment team

The fund is co-managed by Patrice Moyal, Co-CIO Global, and Ofri Kahlon, Co-CIO Local Equity and Hedge Funds, working closely with the broader investment team. Patrice and Ofri bring over 27 years of combined investment experience, supported by a 12-member investment team with an aggregate 174 years of investment experience. The team brings a broad and complementary range of expertise across accounting, corporate finance, equity research and private equity, with professional qualifications including Chartered Accountants, CFA, charter holders and mathematicians.
The diversity of backgrounds and areas of expertise enhances the depth of the investment process by bringing multiple perspectives to the analysis of companies, industries and investment opportunities. The combination of experienced leadership, deep institutional investment expertise and complementary analytical capabilities provides a strong foundation for the
fund’s fundamental, research-driven investment approach.