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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Steyn Capital FR QI Hedge Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Steyn Capital's long/short South African equity fund declined 1.84% in Q2 2026 as Middle East conflict created volatility. Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness."
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.
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