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| SEGMENTAL
REVIEW |
| SPECIALISED
FUNDS (CONTINUED) |
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| Operational
review |
Over the last five years, Specialised Funds has
single-mindedly focused on building performance consistency
and infrastructure capability within our fund of hedge funds,
to offer institutional investors a cash plus product that is
complementary to traditional equity exposure. We have therefore
been fortunately positioned to benefit from an increased focus
on portfolio re-balancing within risk management by our target
client base, and have emerged as a leader in our particular
space.
Assets under management (AUM) grew significantly, increasing
by 691% since
31 March 2005 to US$512 million, spread across 19 hedge funds,
chosen by our multi-management team for their ability to balance
risk against investment opportunity.
Despite the considerable growth in AUM, we are fortunate to
have secured an additional R3,1 billion of single strategy capacity
with our existing managers, and plan to add to this during the
year as we search for new sources of alpha. |
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| Funds under management |
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| The underlying fund managers within the Brait
Funds of Funds include: |
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| Fund |
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Investment
strategy |
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Fund
manager |
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| Polaris Hedge Fund |
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Long/short equity,
relative value, liquid, low turnover |
|
Marius van Rooyen |
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| Lauriston Absolute
Fund |
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Relative value multi-class,
neutral, liquid, low turnover |
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Kevin Cousins |
| Brait Ruby Fund |
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Short-bias ,directional,
liquid, low turnover |
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Craig Butters |
| Frater Absolute Fund |
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Long-bias equity, directional,
liquid, low turnover |
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Terrance Craig |
| Re:CM Alpha Fund |
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Long-bias equity, directional,
liquid, low turnover |
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Piet Viljoen |
| PSG Quant Fund |
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Managed futures multi-
class,long-short, directional, highly liquid, high turnover
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Derick Burger |
| GyroTerm Fund |
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Fixed-income relative
value, highly liquid, high turnover |
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Lourens Pretorius |
| Investec SA FI Hedge
Fund |
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Fixed-income relative
value, highly liquid, high turnover |
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Malcolm Charles |
| Spyglass Focused Fund |
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Long-bias equity, directional,
liquid, low turnover |
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Sean Katz |
| Osborne Flexible Fund |
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Multi-class,long-bias,
directional,liquid, low turnover |
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Niall Brown |
| Tantalum MNC Fund |
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Multi-class,long-bias,
directional,liquid, low turnover |
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Morne Marais |
| Spyglass General Equity |
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Equity,long/short,
directional, liquid, moderate turnover |
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Gary Abrahams |
| Aeon Multi Strategy
Fund |
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Multi-class, long/short,
directional, liquid, moderate turnover |
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Asief Mohamed |
| Tantalum Fusion Fund |
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Fixed interest,long/
short,directional – relative value, liquid, moderate
turnover |
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Melanie Stockigt |
| Empire Growth Fund |
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Equity,long/short,
directional, liquid, low turnover |
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Roger Williams |
| Fairtree Fund |
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Equity, long/short,
directional, liquid, low turnover |
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Andre Malan |
| Spyglass Opportunities
Fund |
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Equity, long/short,
directional, liquid, moderate turnover |
|
Sean Katz |
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| Comparative returns since
inception – November 2001 |
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Bond comparison: Volatility
2,6% versus 4,9%,
Correlation 0,3, Beta 0,14 |
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