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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Constructive on multi-strategy diversification, capturing uncorrelated alpha across market-neutral equities, energy, and agricultural commodity supply disruptions while managing interest rate volatility."
Fairtree Wild Fig Multi Strategy FR Retail Hedge Fund delivered a net return of 7.0% in Q3 2026, substantially outperforming the benchmark JSE All Share Index return of -0.3%. Performance was primarily propelled by equity strategies, which contributed 5.8% to net fund return, followed by soft commodities strategies contributing 1.2%, while fixed income generated a slightly positive 0.1% return. Within equities, the local and global market-neutral strategies were the strongest contributors, capitalizing on materials subsectors including energy, diversified miners, and precious metals. The global macroeconomic environment proved bifurcated and volatile throughout the third quarter. While persistent artificial intelligence spending and resilient corporate earnings supported US large-cap equities, broader participation deteriorated as equal-weighted and small-cap indices declined. Heightened geopolitical conflict in the Middle East and shipping constraints in the Strait of Hormuz drove Brent crude above US$100 per barrel, reigniting energy-led headline inflation and spurring monetary tightening by the Federal Reserve, the European Central Bank, and the South African Reserve Bank. Portfolio execution remained anchored in multi-strategy diversification, capturing alpha across protein and grains within the soft commodities strategy alongside market-neutral equity positioning. Fixed income fundamental positioning remained flat as sovereign bond markets aggressively repriced for higher-for-longer policy rates, offset by quantitative yield curve strategies. The strategy maintained disciplined risk mitigation against elevated borrowing costs and emerging-market currency fluctuations, deploying capital across uncorrelated directional and relative-value opportunities.
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