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Komfie Manalo, Opalesque Asia:

South African equity-centric hedge funds post double-digit returns in the first 11 months of this year, with Peregrine's Total Equity Hedge Funds up 10.77% year-to-date despite a flight fall of -0.98% during November after their good performance in October.

Long-short equity hedge funds gained 12.17% YTD on asset weighted basis (-0.70% November). The Market Neutral Equity Hedge Funds were the biggest losers in November and were down -2.71% (+3.31% YTD) on asset weighted.

Peregrine said in its monthly report to investors, "Focusing on our primary hedge fund styles, equity long short was down slightly for November (following October's very good return of +5.06%) whilst market neutrals underperformed (while up 2.57% in October)."

It added that the Rand weakened up until around mid-November and this was largely due to concerns over how rating agencies would react following October's disappointing medium-term budget speech which saw the deficit widen to 4.3% of GDP. The mid-month reprieve on the Rand came on the back of dollar weakness following news that several of Trump's election officials were to be questioned as part of the investigation into Russia's interference in the U.S. Presidential election.

In the end, Peregrine said that the Rand was able to recover most of its losses as the rating agencies' decisions turned out to be not as bad as the market had expected, in particular Moody's retained its investment grade on local......................

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