Best Thematic African Fund

Tower Capital

Tower Capital (est. 2009) manages a concentrated / high conviction portfolio, actively trading around core positions. As a differentiator, Tower is a thematic, mid-cap specialist, liquid, African fund. Given the team size (10), we pride ourselves in being nimble and disciplined, with no style drift. The fund has proven to be uncorrelated with downside protection, with the long and short books being a source of double alpha. As a further point of differentiation, the PM's started their careers together in Private Equity 15 years ago and have invested across various asset classes and structures.

Our flagship Fund is an Equity Long Short strategy comprising of 2 funds run pari-passu: The Tower (ZAR) Fund and the USD Cayman Master Feeder Fund. Our Long Short UCITS structure will go live in Q1 2015. We are consistently in the top quartile in the South African fund space with an annualized return (ZAR) of c.20% since inception and c.25% over 3 years, with c.8% volatility.

Tower works with best of breed service providers: Morgan Stanley, Goldman Sachs & Barclays Capital (as Prime Brokers); IDS, Citco (Administrators), KPMG (Auditors); Norton Rose Fulbright (RSA Council), Walkers (Cayman Council) and Shartsis Friese LLP (US Council).

The fund consists of 4 core sub-strategies:

1. Long Value Investing

2. Short Value Investing

3. Opportunistic trading

4. Hedging

The above strategies are focussed on companies listed on the Johannesburg Stock Exchange (JSE) who are operating increasingly in sub-Saharan Africa (SSA), which offers sophisticated and promising emerging & growth markets (6% GDP forecast for the next 10 years). The JSE offers: a well regulated and sophisticated market with world-class reporting standards and disclosures; the best liquidity on the continent and a world class trading system with market depth; significant investment opportunities long and short and the only market with no restrictions on short-selling.


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