London-based alternative asset management firm, Fortune, is making the South African-based Mayibentsha Opportunities Fund available next mon...

London-based alternative asset management firm, Fortune, is making the South African-based Mayibentsha Opportunities Fund available next month to overseas investors through its Cayman Islands-registered, Fortune Funds. Mayibentsha is the largest multi-strategy portfolio of hedge funds investing exclusively in South Africa, with £138 million ($240.8 million) under management. The hedge fund of funds, which was launched in April 2003 for South African investors only, offers three different classes – US dollar series, euro series and sterling series. Exposure to the Rand is either hedged out on a monthly basis or retained in each of the currency classes. The initial minimum subscription is £50,000. The move is a result of Fortune’s collaboration with South African investment advisor and investment manager Novare Investments, which is part owned by South Africa's largest black-owned Johannesburg Stock Exchange-quoted company, Mvelaphanda Holdings, and manages around £1 billion of assets. Since its launch, the Mayibentsha Fund sterling series has returned 15.24 per cent a year with volatility of 3.77 per cent a year and with maximum drawdown of 1.15 per cent.