Oct
22
Tower Hedge Fund’s Currency-Based Bets Return 36% This Year
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South African manager plots strategies to win on rand weakness
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Expects approval for three more funds by early December
Tower Capital Management Pty Ltd., a South African hedge fund manager, said it’s investing in mid-sized companies with the potential to gain from the rand’s weakness against the dollar.
The firm’s Tower Aggressive Hedge Fund has posted year-to-date returns of 36 percent as of Oct. 21, compared with 27 percent a month earlier, portfolio manager James Faircliff said Wednesday in an interview. The manager is chasing a return of more than 50 percent per year, he said. The Tower Hedge Fund’s return has accelerated to 11 percent from 5 percent. Johannesburg’s benchmark FTSE/JSE Africa All-Share Index has gained 6.5 percent…
Tower Hedge Fund’s Currency-Based Bets Return 36% This Year
