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Alternative Market Briefing

Peregrine’s South African hedge funds closed 2013 on high note

Thursday, January 23, 2014

Komfie Manalo, Opalesque Asia:

Hedge funds serviced by Peregrine Holdings’ unit Peregrine Capital ended 2013 on a positive note, adding further gains consistent with strong market performance on all fronts.

Industrials were ahead of the pack at +4.3% in December (+38.1% YTD) followed by Financials at +2.9% during the same month (+19.8% YTD). These sectors thus continue a remarkable period where, spanning 24 months, returns of +98.1% and +64% respectively have been achieved.

Resources ended a turbulent year weakly positive, adding +1.8% for the month leaving its YTD figure at +2.8%. In aggregate, the Johannesburg All Share’s strong return of 3.0% for the month sees its YTD figure cross the 20% mark, sitting at 21.4%.

Warren Chapman of Peregrine Capital said, "We show an equally-weighted average in addition to our standard asset-weighted average returns, in order to display a number less influenced by the performance of the largest funds. As a preliminary screening, we only include funds with an NAV greater than R10m ($1m)."

In the South African hedge fund space, equity long-short funds added +1.18% in December (following a fair +1.05% return in November) while market neutral funds continued to do well, adding +0.77% for December (from +0.49% in November). All delivered excellent YTD numbers, with equity long-short (at 30.2%) remaining well ahead and Market Neutral (at 15.6%) also finishing well," Chapm......................

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