The South African hedge fund industry can compete very well internationally. When overseas investors take a deeper look at the returns,
there is almost every time this element of surprise when they see the extent and the persistence of alpha generation in the South African market
vis-à-vis global hedge fund managers.
The South African equity market as a percentage of GDP is running at about 250%. This is unique across the globe — in emerging as well
as developed markets there are very few markets that look like that. Because this very deep, very liquid equity market is dominated by longonly
fund managers, that on its own creates opportunity for hedge fund managers at the periphery extracting alpha from the opportunity set.
Local South African institutions and high net worth investors have constantly increased their investments in local hedge funds over the past
two years.
The development and growth of the South African Unit Trust industry, operating within a well regulated environment has been significant. The
CISCA regulations offered collective investment schemes significant opportunities to distribute, solicit, and develop new funds for the public.
Industry insiders therefore see substantial similar growth opportunities for South African hedge fund managers once they operate under
CISCA and have similar opportunities to solicit and distribute their funds.
The Opalesque 2015 South Africa Roundtable was sponsored by IDS Fund Services and took place end of 2014 at IDS’ Cape Town office
with:
- Andy Pfaff, Commodities Fund Manager, MitonOptimal Group
- Bradley Anthony, Head of Distribution & Product Strategy, Fairtree Capital
- Genene Carse, Business Implementation Manager, IDS Fund Services
- Pieter Viljoen, Chief Investment Officer, Edge Capital
- Simone Blanckenberg, Head of Strategy and Product Development at Tantalum Capital
- Tony Christien, Deputy CEO, IDS Fund Services
The group also discussed:
- Why there is still some upside in equity markets with long-only beta opportunities
- Bumper harvests provide opportunities in soft commodities, as does the collapse of oil prices in certain sectors in Africa
- QE has so far been sufficient to support equities, but insufficient to create inflation and turn the metals bullish nor the bond markets bearish. How far will QE continue?
- What’s the best way to tax derivatives? And in general, does turnover in a portfolio represent the justification for different tax treatment, or is it the behavior and the intent of the unit holder, the investor?
- Why the high net worth market will be a key driver going forward, especially to fund smaller and new managers
- What are the best vehicles and strategies to participate in the Africa story?
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