The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 29, 2026
The Steyn Capital FR QI Hedge Fund declined 1.84% in Q2 2026, bringing YTD returns to -0.35%, while maintaining an average beta-adjusted net exposure of 56%. The quarter was dominated by the Iran conflict and closure of the Strait of Hormuz, which created significant market volatility before a ceasefire was reached. Top contributors included Grindrod and Sun International, both reporting strong results, with Grindrod benefiting from port volume demand and Transnet reform prospects, while Sun International gains online gaming share. AECI contributed as its transformation programme gains traction. Detractors included Pan African Resources as gold corrected after a strong rally, though the manager added on weakness given strong fundamentals. PGM producers declined on softer prices. Emerging markets exposure detracted as technology and industrial shorts moved against the fund. The manager reduced exposure during peak uncertainty then gradually re-deployed as risks receded, exiting lower-conviction retail positions while adding idiosyncratic special situations. The positive South African outlook has been deferred by higher fuel costs pressuring consumers, but not cancelled.
The fund pursues a value-oriented long/short strategy in South African equities with emerging markets exposure, seeking to maximize investor capital by buying securities trading materially below intrinsic value and shorting those trading materially above intrinsic value, while maintaining disciplined risk management through defined exposure limits.
The manager believes the positive near-term outlook for South Africa has been deferred rather than cancelled, with higher fuel costs pressuring consumers and pushing out rate cuts. While the worst-case energy shock scenario appears to have been avoided with the Strait of Hormuz reopening, ongoing negotiations between the US and Iran remain inconclusive. Financial market risk appetite has returned forcefully, with global equities rallying. The manager continues to monitor geopolitical risks while selectively positioning in idiosyncratic and special-situation opportunities.
Moderate Conviction Bullish
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