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Matthias Knab, Opalesque:

The Steyn Capital Frontier Fund continues to post standout results among frontier and smaller emerging-market equity strategies, advancing 1.08% in September and 39.93% year to date. The value-oriented long-only fund, managed by Andre Steyn and Bernard Griesel of Steyn Capital Management, focuses on deep fundamental research in under-researched and inefficient markets across Latin America, Eastern Europe, and Africa.

The fund benefited from gains in its Chilean pension fund manager, which reported strong results with earnings more than doubling, supported by the robust performance of the local equity market that lifted its investment holdings. Eastern European holdings also contributed positively, as both banks and investment companies traded higher during the month.

The largest detractor was a West African brewer, which declined despite no negative fundamental developments. "In fact, shortly after month-end, the company reported excellent results - revenue advanced 52% and operating earnings surged 448% - driven by a market recovery and continued share gains," the managers noted. The fund held 97% of its capital across 29 positions at the end of September.

The Cayman-domiciled vehicle is regulated by the Cayman Islands Monetary Authority (CIMA) and managed by South Africa-based Steyn Capital Management, which operates under the Financial Sector Conduct Authority (FSCA) license number 37550. The fund has approximately USD 33 million......................

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