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From Benedicte Gravrand, Opalesque London:

Heiko van Wyngaarden, head of South African hedge fund house Oryx Investment Management, told investors of his renewed conviction about pan-Africa in a recent communication received by Opalesque.

Until a few months ago, the managers at Oryx were skeptical that the African domestic exchanges offered compelling value. The significant bear market and a number of key developments have resulted in their having strong conviction that now is the time to invest in Africa.

In line with this, their funds are now fully invested, mostly in the various African domestic exchanges. Nigeria, in particular, now forms 40-45% of their two pan-African funds.

Optis, in conjunction with Oryx, manage three African funds:

- Optis Africa fund: US$24.4m. Plain vanilla long/short hedge fund, using individual stocks and index futures. It was up 3.7% in Sept-09, and has annualized 13.46% since inception in August-07.

- Optis African Frontier fund: US$36m. Long only fund with ability to go to 80% cash. Excludes South Africa's JSE. Since inception on 22 August-09, the fund has returned 5.26% net of fees (see last week’s Opalesque Exclusive Source).

- Optis Southern Africa fund: Long/short equity hedge fund with currency ......................

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