(Bloomberg) South Africa hedge fund managers betting on equities posted returns more than three times higher than the nation’s benchmark stock index in the year to the end of June, according to an annual survey by Novare Investments Pty Ltd.
The so-called long/short equity funds, which bet some stocks will rise and others will fall, returned an average of 14.7 percent in the year while the FTSE/JSE All Share Index gained 3.7 percent, the survey showed. Managers placed 37.8 billion rand ($2.75 billion), or 61 percent of hedge fund assets, into such accounts. Assets under management increased to 62 billion rand from 53.6 billion rand in the previous period, according to the survey.
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