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Komfie Manalo, Opalesque Asia:

Hedge funds serviced by Peregrine performed relatively well for the month of May, a third consecutive positive return in as many months and, given flat to weak markets, particularly pleasing.

In its monthly report to investors, Peregrine said that the domestic political developments remained influential, with the release of a trove of state capture emails just before (and then again after) an important meeting of the ANC national exec.

"However there was little actual change and given the favorable global conditions the rand strengthened over the month, although with some volatility. The All Share Index began the month on the back foot again, and after some intra-month variability it ended marginally down at -0.4%" Peregrine said.

Looking at the sectoral indices, the best performer remains unchanged in the form of a strong Industrial sector, posting +1.9% for the month leading to an impressive YTD of +15.6% as we approach the midway point of the year. Financials were next up in terms of relative performance; having just recently come back into the black for a YTD figure following the previous months' good returns, the sector remained marginally in the black at +0.4% YTD despite a -1.6% loss for the month. Resources were the unfortunate recipients of the biggest loss shedding -3.5%. This pushed the sector into the red at -1.3% YTD.

It added, "Focusing on our primary hedge fu......................

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