Most of the 38 local hedge funds participating in the Nedgroup Hedge Fund Review delivered positive returns in August and they gained, on average, 1.4% after fees for the month.
Lizelle Steyn, manager alternative investments at Nedgroup Investments, and compiler of the Review, says the FTSE/JSE All Share Index gained 5.4% during August, mainly supported by the effect of a weakening rand on rand-hedge stocks. â€œThe release of high producer price index inflation and higher than expected trade deficit figures caused the bond market to price in the risk of higher inflation, with the BESA All Bond Index ending the month flat,â€ she says.
The best performing hedge fund category for the month was the long/short category, delivering 2.3% on average. Within this category the BlueBay Mayflower Fund delivered the highest return for the month: 4.8%. However, this was not the highest return achieved during August; the Vega Centauri Fund Composite in the trading category returned 6.4% for the month. The funds in the trading, market neutral and fixed interest categories, on average, achieved returns of 1.3%, 0.7% and 0.7% respectively.
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The percentage of a portfolio's total net assets or equity holdings in its ten largest securities positions. As this percentage rises, a portfolio's returns are likely to be more volatile because they are more dependent on the fortunes of fewer companies.