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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Steyn Capital protected capital in a volatile quarter dominated by Middle East conflict, gaining 0.02% while the market fell 2.36%. Strong stock selection in Grindrod, Sun International, and AECI offset weakness in gold and PGM holdings."
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.
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