The fund has a conservative pension fund mandate requiring low risk and consistent absolute returns. The Hollard Stable Fund has grown its assets under management from R30 million in 2003 to over R850 million by the end of October 2007 through a combination of new investor inflows and investment growth. Investors in the fund include many of the pre-eminent fund of fund groups in South Africa, one of the biggest domestic banking groups, a major insurer and a number of high net worth individuals.

Capricorn Fund Managers (Pty) Ltd is registered with the Financial Services Board in South Africa as a Financial Services Provider.

The fund launched in March 2008 approximately US$17m committed seed money from partners and managers. The fund aims to leverage the teams’ 5-year track record in the Hollard Stable Fund while building on the deep understanding of selected international counters. Implicit in the success of the Hollard Stable Fund has been our ability to conduct peer analysis among emerging market companies. These skills are now being applied to the expanded investment universe for the CapGEM fund. Despite launching in a tumultuous period in global markets, the fund put in a positive performance for 2008.