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Jacques Conradie Benedicte Gravrand, Opalesque Geneva:

A South African hedge fund manager describes his take on stock picking.

Peregrine Capital runs a South African-focused equity long/short hedge fund, the Peregrine High Growth Fund, which has compounded 30% annually since its mid-2000 inception – outperforming the Johannesburg All Share Index which annualised 15% during that period.

Founded in 1998, it is the oldest hedge fund firm in the country. It started with seed capital of R30m from Peregrine Holdings (a listed company which owns 50% of Peregrine Capital), and it now manages R6.3bn (around US$470m). The fund is run by three managers; David Fraser, the co-founder, Tobie Lochner, and Jacques Conradie, who recently spoke to Matthias Knab on Opalesque TV. Conradie joined Peregrine in 2007 from the insurance industry.

"We are very much bottom-up stock pickers that do spend a lot of time researching the companies we cover," he says during the video interview. While there are many stock-picking funds around, where Peregrine differentiates is in their ability to outthink the consensus in the market.

"We think that investment is a zero-sum game, that all asset managers compete for the same returns, and in the en......................

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