Laurium Capital launches Africa USD Bond Fund on the Prescient Global Funds ICAV UCITS Platform
LONDON, DUBLIN and CAPE TOWN, 1 April 2021: Laurium Capital (Pty) Ltd (Laurium), one of South Africa’s leading hedge fund and long only fund managers has launched its first Irish-domiciled UCITS fund, the Laurium Africa USD Bond Fund, on the Prescient Global Funds ICAV platform.
The fund seeks to generate long term capital growth with low volatility and low correlation to equity markets by primarily investing in African (ex-South Africa) sovereign USD debt. The fund’s reference benchmark is The Standard Bank Africa Sovereign Eurobond (excl. South Africa) Total Return Index. The fund can also invest in sovereign local currency debt as well as corporate credit in order to take advantage of the full opportunity set of debt securities across Africa (ex-South Africa).
“With global investors on the hunt for yield, African Eurobonds currently provide access to a liquid asset class which is offering some of the most attractive USD yields globally. The asset class has grown immensely over the past decade with over USD 100 billion in outstanding issuance across 20 countries in Africa excluding South Africa. COVID-19 has provided an opportunity that has not happened since the Global Financial Crisis; spreads have widened providing an attractive entry point, similar to what investors are seeing in the global high yield space but at half the volatility and risk.” said Paul Robinson, Portfolio Manager.
Laurium has been investing across the African markets since the company was founded in 2008. The team’s deep understanding and research across the African region, where data is scarce, provides a competitive edge by producing insights into the health of the underlying regional economies and their ability to pay back debt. Laurium has a strong network of contacts ranging from underlying corporates to African sovereign policy makers. The firm maintains a flexible investment approach which has proven to be successful when investing in African markets.
“Laurium has an entrenched partnership with the team at Prescient, one that has led to much growth and success in South Africa. We are now looking forward to achieving our international ambitions with them, starting with our Africa USD Bond Fund which we’re very excited about.” said Mark Preston, Director.
“Having worked with the Laurium team since 2013, Prescient is proud to now support their international growth plans with this first Irish UCITS fund,” said Rob Childs, Head of Business Development at Prescient Fund Services Ireland.
Laurium Capital is an employee-owned boutique asset manager with offices in Johannesburg, Cape Town and London. Founded in 2008, by Murray Winckler and Gavin Vorwerg, Laurium has grown to R35bn (US$2.4bn) in assets under management and provides a suite of long-only and hedge fund strategies which invest in South Africa as well the as the rest of the African continent. The team combines on-the-ground research with extensive local market knowledge to seek investment opportunities. The team’s skills in stock selection, combined with disciplined portfolio construction and risk management processes deliver superior risk adjusted returns over time.
Collective Investment Schemes in Securities (CIS) should be considered as medium to long-term investments. The value may go up as well as down and past performance is not necessarily a guide to future performance. CIS’s are traded at the ruling price and can engage in scrip lending and borrowing. A schedule of fees, charges and maximum commissions is available on request from the Manager. A CIS may be closed to new investors in order for it to be managed more efficiently in accordance with its mandate. Performance has been calculated using net NAV to NAV numbers with income reinvested. There is no guarantee in respect of capital or returns in a portfolio.
The Laurium Africa USD Bond Fund is registered and approved for marketing in South Africa under section 65 of the Collective Investment Schemes Control Act (CISCA). The Laurium Africa USD Bond Fund is a sub-fund of the Prescient Global Funds ICAV.
Prescient Fund Services (Ireland) Limited is a limited liability company incorporated under the laws of Ireland having its registered office at 35 Merrion Square East, Dublin 2, D02 KH30, Ireland and is authorised by the Central Bank of Ireland as a UCITS management company pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. 352 of 2011) as amended and as an AIFM pursuant to the European Union (Alternative Investment Fund Managers) Regulations 2013 (as amended). As of January 31, 2021, Prescient Fund Services had assets under administration or management of over USD 30 billion globally, of which Prescient Fund Services (Ireland) Limited had over USD 4 billion. Prescient Fund Services has over 120 employees globally.
Prescient Management Company (RF) (Pty) Ltd is registered and approved under the Collective Investment Schemes Control Act (No.45 of 2002). For any additional information such as fund prices, fees, brochures, minimum disclosure documents and application forms please go to www.prescient.ie.
Media contacts
Stuart Fieldhouse, Hawksmoor Partners
E: stuart@hawksmoorpartners.com / T: +44 (0) 7793 882230
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