Hedge funds fare well in a tough July

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%