South African hedge funds had a tough October, with the HedgeNews Africa Single Manager Composite dipping -0.23% for the month as the JSE All Share Index (total return) dropped 4.73% and the All Bond Index added 0.89%.
The HNA Single-Manager Composite, which includes global and pan-African mandates, was flat with a 0.08% return, while the MSCI World Index fell 3.14% and the MSCI Frontiers Markets Africa Index added 5.31%.
Year to date, long/short equity funds are a median -3.49% lower, with a wide-ranging set of returns from individual funds, yet the category has limited losses compared with the equity market.
South African market neutral & quantitative strategies added a median 0.28% for October, while South African single-manager multi-strategy funds fell by a median -1.6%.
In South African fixed income, funds rose a median 0.37% for October, maintaining their year-to-date lead with a category gain of 8.7% for the first 10 months. Copyright. HedgeNews Africa – November 2020.
| Median | Mean | |||
| South African Medians | Oct-20 | YTD | Oct-20 | YTD |
| Long/Short Equity | -0.69% | -3.49% | -0.13% | -0.62% |
| Market Neutral & Quantitative Strategies | 0.28% | 6.99% | 0.67% | 6.09% |
| Single Manager Multi-Strategy | -1.60% | -5.20% | -1.53% | -3.97% |
| Fixed Income | 0.37% | 8.70% | 0.54% | 8.63% |
| Event Driven (credit) | 0.63% | 6.25% | 0.63% | 6.25% |
| African Medians | ||||
| Pan-Africa / AME | 0.64% | -17.04% | 1.11% | -12.57% |
| SA Single-Manager Composite | -0.23% | 1.77% | -0.24% | 0.94% |
| HedgeNews Africa Single-Manager Composite | 0.08% | -1.81% | -0.03% | 0.27% |