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Komfie Manalo, Opalesque Asia:

South African equity-centric hedge funds reported strong gains in August and surged ahead with a solid set of returns, ahead of market indices following a moderately weak July, South African prime broker Peregrine reported.

The report said, "Hedge Funds serviced by Peregrine performed very well in August. Following a moderately weak July, funds surged ahead with a solid set of returns, ahead of market indices. The All Share Index, which initially began the month choppily, pushed ahead around mid-month but a decision late in the month by the U.S. Fed that it would be raising interest rates, saw those gains sharply curtailed and the index ending flat at +0.3% (+5.8% YTD)."

Looking closer at sectoral indices, Peregrine sees a reversal of fortunes for industrials, who this month led the performers with a +2.0% gain, bringing its YTD figure marginally back into the black at +0.9%, while financials on the other hand lost some ground in shedding -2.9% for the same period, enough so that the sector’s YTD now stands in the red at -1.2%. Resources had a more muted performance, helped somewhat by the local currency losing way to the greenback, but a marginal -0.3% lost for the month meant little if no overall impact on the sectors with a still remarkable YTD figure of +24.3%.

Peregrine added, "Finally, we turn our focus to our primary hedge fund styles where equity long-short were very im......................

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