•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

Opalesque Geneva:

A hedge fund in Johannesburg that focuses on South African equities benefited from its long book in February and remains buoyant about the country's economic prospects.

The 36ONE Offshore Portfolio, a Caymans-domiciled feeder fund that feeds into an equity long/short hedge fund with a low net equity bias, invests predominantly in South African listed equities and other financial instruments. The $63m fund is up 2% YTD after returning 1.1% in February, annualising 10.3% since its May 2008 inception, with an annualised volatility of 5.8%.

The hedge fund's performance was positive for the month with the long book posting significant gains while the short book was slightly positive too. The largest contributors for the long book were Goldfields, Sibanye Stillwater, Glencore, and Impala, while Naspers, Facebook, and Fairvest detracted from performance. The short book's gains were once again driven by overvalued and overhyped US companies which saw their multiples significantly contract as it became apparent that their growth during Covid was unsustainable.

South Africa

The JSE All Share Index was the best performing asset class in February, delivering a return of 2.9%. Bonds were slightly positive while property struggled.

Russia's invasion of Ukraine significantly impacted markets during the month as concerns rose about supply disruptions in oil, gas, and industrial metals, report 36ONE's managers. As a r......................

To view our full article Click here