Cape Town: The 15th annual HedgeNews Africa Awards held in Cape Town last night recognised the outstanding performance of 60 nominees across 15 categories based on their 2023 calendar-year returns.  

 The Matrix SCI Fixed Income Retail Hedge Fund was named Fund of the Year, delivering a net return of 20.86% in 2023 on a Sharpe ratio of 1.54%, outperforming its peers and the markets it trades.  

The Awards measure the best risk-adjusted returns of funds across 15 different categories. They are based on monthly data submitted to the HedgeNews Africa database, which includes South African hedge funds as well as other pioneering strategies applied across the broader markets.  

In total, 60 nominations were made across the categories, with the one-year awards ultimately going to those funds with the top return provided their Sharpe ratio was within 25% of the top Sharpe amongst the nominees – a method to judge consistency of returns. Amongst long/short equity funds, the industry’s biggest category, the Visio Golden Hind FR QI Hedge Fund was the standout performer, with a return of 16.97% on a Sharpe ratio of 1.16.  

In the market neutral and quantitative category, the Fairtree Equity Market Neutral FR QI Hedge Fund took the top honours, returning 18.68% during the calendar year, on a Sharpe ratio of 1.04.  

Amongst fixed income funds, the Southchester Smart Escalator Prescient QI Hedge Fund took the title with a net return of 14.8% on a Sharpe ratio of 8.27.  

The Fairtree Wild Fig Multi Strategy FR QI Hedge Fund earned the award for best multi-strategy fund in 2023, with a net gain of 25.25% and a Sharpe ratio of 0.88.  

Amongst specialist strategies, the Greenpoint Specialised Lending Private Credit Fund took the honours with a return of 16.42% on a Sharpe ratio of 30.11.  

Amongst pan-African mandates, the winner was the Enko Africa Debt Fund, with a return of 16.37% and a Sharpe of 0.7. 

The Steyn Capital Frontier Fund took the title for best global fund, gaining a net 30.88% on a Sharpe of 2.11. 

Amongst worldwide mandates, Senqu Worldwide Flexible Long Short Prescient RI Hedge Fund excelled with a net return of 29.13% on a Sharpe ratio of 0.99.  

In another win for Steyn Capital Management, the Steyn Capital Global Emerging Markets Hedge Fund took the trophy for the best new fund, based on funds that have launched over the past 12-23 months (net return 16.74%, Sharpe ratio 1.58).  

The Corion Prime Absolute Retail Hedge Fund took the title of best fund of hedge funds in 2023, with a net return of 14.08% on a Sharpe of 1.20.  

In the long-term categories, the Fairtree Wild Fig Multi Strategy FR QI Hedge Fund was the only fund to receive double honours on the night, also winning a coveted long-term award in the five-year (single-manager) category, with a net annualised return of 24.86% on a Sharpe ratio of 1.26.  

The Blue Quadrant Capital Growth Prescient RI Hedge Fund was also recognised in the category for its exceptional return over five years, adding a net annualised 31.14% on a Sharpe ratio of 0.76.  

Old Mutual Multi-Managers Long Short Equity FoHF took the title for best fund of hedge funds over five years, with a net return of 13.19% on a Sharpe ratio of 1.16. For outstanding single-manager performance over 10 years, Fairtree Assegai Equity Long Short FR QI Hedge Fund led the pack with a net annualised gain of 20.71% and a Sharpe of 0.60.  

The AF Investments Performance QI Hedge Fund of Funds claimed the honours for best fund of hedge funds over 10 years, returning a net annualised 9.39% on a Sharpe ratio of 0.65.  

The Awards use an established methodology and independently verified data submitted to HedgeNews Africa, the region’s leading independent publisher focused on the hedge fund and alternative asset management industries.  

“The South African hedge fund industry continues to build on its convincing track record and is worthy of increased investor attention,” notes Gwyneth Roberts, the publisher of HedgeNews Africa. “Our database reflects strong risk-adjusted returns from many funds in this high-quality industry – not just in 2023, but over the long term.”  

The annual awards were hosted in partnership with top industry service providers, namely Investec, RMB, Absa and Peresec, and presented at a gala dinner in Cape Town.  

For more on the HedgeNews Africa Awards go to www.hedgenewsafrica.com