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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 29, 2026
The Steyn Capital FR Retail Hedge Fund protected investor capital during a weak quarter for South African equities, gaining 0.02% net versus a 2.36% decline in the ALSI. The quarter was dominated by the Iran conflict and closure of the Strait of Hormuz, which created significant uncertainty before a ceasefire was reached. Top contributors included Grindrod and Sun International, both reporting strong results in March, with Grindrod benefiting from strong port volumes and positioning for Transnet reform, while Sun International gains online market share. AECI contributed through successful transformation and cost actions. Detractors included gold and PGM producers as precious metals corrected after a strong rally. The manager actively managed exposure during the conflict, reducing positions during peak uncertainty then gradually redeploying as risks receded. Higher fuel costs have pressured South African consumer inflation and pushed out rate cut expectations, deferring but not cancelling the positive domestic outlook. The portfolio ended the quarter with 84% long exposure, 22% short exposure, and 62% net exposure across 33 long and 21 short positions.
The fund seeks high absolute returns through value-oriented long/short equity investing in South African listed equities, buying securities trading materially below intrinsic value and shorting those trading materially above intrinsic value, while actively managing net exposure based on market conditions and geopolitical risks.
The positive near-term outlook for South Africa has been deferred rather than cancelled due to higher fuel costs and inflation pressures. The manager remains cognisant of ongoing geopolitical risks as US-Iran negotiations remain inconclusive. Financial-market risk appetite has returned forcefully with global equities rallying. The manager has repositioned the portfolio toward more idiosyncratic and special-situation opportunities while maintaining selective exposure to the South African market.
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