Investment Review – June 2023

Market Indicators

  • JSE All Share (ALSI) 76,027.83
  • Rand/Euro R 20.56
  • Rand/Pound R 23.94
  • Rand/US Dollar R 18.83
  • Rand/Aus Dollar R 12.54

Heads I win, Tails you lose

For most investors, hedge funds have historically been opaque products where ‘magic’ happens. The domain of the wealthy, with limited access, high hurdles for entry and outsized returns.

In South Africa, the industry has struggled to gain traction, although for a niche of investors, around R100bn worth[1], they have found a compelling proposition in which to invest. Hedge funds offer the ultimate outcome: upside growth with limited downside, and this appeals to investors widely, particularly those who have made their wealth and where loss aversion is a key factor in their decision making

In this month’s comment, we explore the hedge fund proposition in more detail and how investors can consider them as options within their financial plan.

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The Allan Gray-Orbis Global Equity Feeder Fund remains fully invested in global equities. The objective of the Fund is to outperform the FTSE World Index at no greater-than average risk of loss in its sector.