2018 has been one of Peregrine Capital’s more challenging years, with our flagship High Growth Fund down 4.1% for the year, while our Pure Hedge Fund performed better, ending up 5.1% for the year. These returns should be seen in the context of a very difficult market environment, with the JSE Capped Swix All Share Index down 10.9% and the MSCI World Index down 8.9% (in USD), the worst year for markets since the Global Financial Crisis in 2008. All of our funds have outperformed the market for the year, which is little consolation in a year when absolute returns are down.
Investor Communications
2026 Semi-Annual Investor Letter
From the US-Iran conflict to the AI capex cycle, our semi-annual letter sets out how the funds were positioned through a demanding first half, and why the market is underestimating the returns on AI investment, and where we see opportunity from here.
- brochure
- 5 min read
- 22 July 2026
Investor Communications
2025 Annual Investor Letter
In this Annual Investor Letter, we reflect on the market forces that shaped performance, the opportunities we captured, and how we are positioning portfolios to continue delivering consistent, resilient returns in an increasingly complex global environment.
- brochure
- 5 min read
- 27 January 2026
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