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Komfie Manalo, Opalesque Asia: South African prime brokerage firm Peregrine said it would focus now to its two primary hedge fund strategies, equity long-short and market neutrals after an "almost flat" September.
In its monthly report, Peregrine said that hedge funds serviced by the firm saw a small negative performance last month following an impressive August as its Total Equity Hedge Funds fell - 0.53% on asset weighted basis in September (+0.53% YTD).
Peregrine said, "We turn our focus now to our two primary hedge fund styles, equity long-short, which lost -0.47% (post a very good +2.40% in August) and market neutrals, who also succumbed to the negative sentiment in losing -0.90% (following on from a solid +2.40% in August). This translates into YTD figures for equity long-short and market neutral of +0.3% and +2.02%, respectively."
It added that the funds were very much in line with market sentiment, although generally with slight outperformance of the broad index. The All Share Index, which began the month flat, did well to end the month only -0.9% worse considering the depths of the declines reached mid-month.
It added, "A closer look at sectoral indices shows that it was the resources sector which underpinned All Share returns for the month, and provided the impetus for the late-month recovery. The sector struggled throughout the month but, following a sharp depreciation by the local currency against the greenback, surged upward to end the month +4...................... To view our full article Click here
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