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Opalesque presents Novare Investments’ comprehensive annual survey on the South African hedge fund industry. The survey takes a snapshot of the industry as at 30 June 2007 and comments on changes over the past 12 months as well as longer term trends.

Contact: Marina van Til, Head of Business Development, Novare Investments (Pty) Ltd (marina@novare.co.za)

KEY FINDINGS

• The total amount of assets under management in the South African hedge fund industry continued to show astonishing growth over the past 12 months. The total assets under management in the industry have increased to R25.9bn as at 30 June 2007. This figure excludes assets in unit trusts that employ leverage, which would increase the assets under management to R29.6bn.
• The total size of the local hedge fund industry is still less than one percentage point of the local equity market - as a percentage of the market capitalisation of the FTSE/JSE All Share Index, total hedge fund assets have increased from 0.5% to 0.6% in the 12 months ending 30 June 2007.
• The estimated capacity left in open funds has escalated to more than R30bn. Current managers thus estimate that there is scope to at least double the size of the industry, given current market conditions and strategies employed.
• The majority of hedge fund assets are still managed in equity long/short and equity market neutral strategies. A total of 72% of all hedge fund assets a......................

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