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Komfie Manalo, Opalesque Asia:

Hedge funds serviced by Peregrine Holdings’ unit Peregrine Capital ended March on a positive note, adding further gains consistent with strong market performance on all fronts. "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," Peregrine said in its monthly report.

Peregrine added that the South African hedge funds are making good inroads towards turning around the substantial cumulative net losses incurred in the first two months of the calendar year. Market sentiment was very positive, with the All Share Index starting the month strongly and holding the gains to finish a healthy +6.4% on the month. The positivity extended to all major sectors, with all ending the month over 4% into the black.

A closer look at the sectoral indices reveals financials outperforming the pack with a convincing +12.4% gained, pushing its YTD figure well over the line to +5.4%. Industrials and Resources came in neck and neck for next best sector, returning an identical +4.7% for the month, resulting in a YTD for the former of -0.7% while resources, the only sector to start the month in positive terrain, saw its own YTD rise to +12.4%, an impressive result especially given the strengthening of the rand against the dollar which began at the midway point ......................

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