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By Benedicte Gravrand, Opalesque London.

Visio Capital Management (Pty) Ltd is a hedge fund based in Johannesburg, South Africa, that works in partnership with another fund management company, Mazi Capital (Pty) Ltd, and which total AuM are in excess of R3.5bn ($420m) as at August 2009. Visio has a few hedge funds, with an investment process that is rooted in fundamental analysis, an approach that is predominantly bottom up and sector specific, which are net long and carry limited derivative positions.

The Mazi Visio Market Neutral Fund's offshore version was up 4.39% in the month of July (15.69% YTD, 11.25% since May-08 inception) against the JSE ALSI and FINDI, which were up 10.1% and 10.8%, respectively. According to South Africa Alpha Capital Management, which has the fund on its platform, it was underweight resources and financials and overweight industrials, pharmaceuticals, tobacco and retail that month. All of 7 hedge funds on this Bermuda-based platform had positive returns in July and all but one are positive since inception.

Another fund, the Caymans-domiciled Visio Capital Fund 4 fund, employs individual long and individual short positions, sector exposures, event driven positions, arbitrage, and is focused on South Africa. It is up 15.6% YTD (to July-09) and has returned 43.1% since its August-07 inception, compared to the MSCI ......................

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