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5 April 2017

Dear Client


5 April 2017


Our early estimate growth nett of all fees for Kanaan Hedge FoF for March 2017, is 0.64%.


The Rand weakened late on Monday immediately after rating agencies SMP Global ratings cut South Africa’s credit rating to sub-investment grade, or junk status to BB+ from BBB-.  The currency reached 13.74 / USD as the news broke, 2.85% lower on the day.


Despite the shock on Thursday night, the Rand has done well to pull back from 13.60 /USD to trade at 13.50 / USD on Monday.


Analysts say markets are looking for more clarity on ANC policy and leadership issues.  If Zuma survive the onslaught, it would probably be seen as a triumph for state capture, but if he is ousted it would be interpreted as a victory for the sanctity of the constitution.


I think the managers of the underlying hedge funds of Kanaan Hedge FoF will follow an approach of wait and see, where they do have already a lot of hedging in place against the devaluation of the Rand.


Friendly greetings


Andre Delport


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