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February 24, 2006
Mayibentsha Fund now available for international investors
The international market for hedge funds is growing and investors world over are looking at the emerging opportunities. Keeping this in view, a hedge fund of funds that was initially launched only for South African investors, would soon be available for international investors.
Fortune Funds Ltd, a Cayman Islands-registered entity, introduced the fund, Mayibentsha Opportunities Fund. This fund was launched in April 2003 and will be available internationally from March 2006. It would offer three different classes, that would be USD Series, Euro Series and GBP Series.
Mayibentsha Fund GBP series, in the period beginning 1 April 2003 and ending on 31 December 2005, would have returned 15.24 per cent per annum. This would be with a volatility of 3.77 per cent per annum. It has also been reported that over this period the maximum drawdown was 1.15 per cent.
The decision to make the fund available internationally also stems from the on-going joint-venture between Fortune and Novare Investments. Novare is a leading investment advisor and investment manager. The group is part owned by Mvelaphanda Holdings.
The joint venture is aimed at creating a proper base for the development of investment solutions. So far, the joint venture has led to required and beneficial personnel exchanges and cross marketing initiatives, that work to the advantage of both the groups.
At the moment, Novare manages approximately USD 1 billion of assets including the Mayibentsha Fund.
The South African economy has developed over the years and offers a lot of scope for further growth. This acts as a great incentive for investors looking at expanding their portfolios in the right markets.
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