General disclosures

Citadel Investment Services (Pty) Ltd (“CIS” or the “Investment Manager”) (registration number: 1996/006847/07), address: Kaaimans Building, Lynnwood Bridge Office Park, 14 Hilden Road (off Daventry Road), Lynnwood Manor, Pretoria, 0081 is licensed as a financial services provider in terms of the Financial Advisory and Intermediary Services Act, No. 37 of 2002.
CAM Manco (RF) (Pty) Ltd (“CAM Manco”) (registration number: 2000/027580/07), Registered address: Kaaimans Building, Lynnwood Bridge Office Park, 14 Hilden Road (off Daventry Road), Lynnwood Manor, Pretoria, 0081 is registered as a collective investment schemes manager under the Collective Investment Schemes Control Act, 2002 (“CISCA”) and is the manager of the CAM Manco Collective Investments Scheme and the CAM Manco Retail and Qualified Hedge Fund Schemes.

Portfolios

Where CAM Manco appoints an investment manager, each manager, where applicable, retains full legal responsibility for the portfolios. CIS has been appointed as the Investment Manager of the portfolios.

General

Collective Investment Schemes in Hedge Funds and Securities (CIS) should be regarded as medium to long-term investments. The value of participatory interests or investments may rise as well as fall. No guarantee is provided in respect of capital invested or the performance of any portfolio. CIS portfolios are priced at ruling prices and may engage in securities lending and borrowing. Portfolios may make use of leverage, derivatives, and other complex financial instruments, which can increase volatility and the risk of capital loss. They may also follow specific strategies or hold concentrated positions, which could lead to higher risk than more diversified investment vehicles.

Liquidity is not always guaranteed. Portfolios may impose notice periods, redemption gates, suspensions, or other restrictions on withdrawals, and redemption proceeds may be delayed. Investors should be aware that the ability to access invested capital is subject to such terms and conditions. Investments carry counterparty and credit risk, particularly in relation to over-the-counter derivatives, securities lending, or similar transactions. The failure of a counterparty to meet its obligations may result in financial loss to the portfolio.

The Manager reserves the right to close a portfolio to new investors, suspend or limit new investments, restrict participation to certain categories of investors, or otherwise limit or suspend the creation and issue of participatory interests where such action is considered in the best interests of the portfolio or its effective management. All investments are subject to the rules and limitations of the applicable Collective Investment Schemes legislation and any regulatory authority. Regulatory changes may impact the operation, investment strategy, or risk profile of a portfolio. Investors should consider the potential tax consequences of an investment, which will depend on their individual circumstances. Independent professional advice should be obtained where necessary.

The information provided is furnished in good faith and is derived from sources believed to be reliable and accurate. No representation or warranty is made as to its accuracy, adequacy, or completeness, and no responsibility or liability is accepted for any loss or damage arising from reliance on this information. Where any forecasts, commentary, or forward-looking statements are provided, there is no assurance that such views will materialise.

A schedule of fees, charges, and maximum commissions is available on request from the relevant Manager. Full documentation, including the prospectus, minimum disclosure document, and audited financial statements, is available on request and should be reviewed carefully before making an investment decision.

Performance disclosures

The website has various factsheets and performance disclosures. Past performance is not necessarily a reliable indicator of future results. The performance figures shown are those of the relevant portfolios and reflect net returns for investors who have been fully invested over the stated periods. Individual investor outcomes may differ due to factors such as initial fees (where applicable), the timing of investments and withdrawals, reinvestment of distributions, dividend withholding tax, and the impact of different distribution dates.

Where performance is shown for periods longer than one-year, certain figures may be annualised. Annualisation converts a return over a given period into an annualised rate for comparability. Actual annual returns are available on request.

Performance is calculated on a total return basis, using net asset value (NAV) to NAV with income reinvested. NAV represents the total value of portfolio assets, including accruals, less permissible deductions such as brokerage, audit costs, bank charges, and taxes. The price of participatory interests is derived by dividing the NAV of a class by the number of participatory interests in issue.

Returns may be affected by a range of factors, including movements in interest rates, inflation or deflation, economic or political events, changes in policy, and general market conditions.

Performance fees may apply, typically charged on positive returns using a stated participation rate and subject to a high-water mark mechanism. This ensures that performance fees are only levied on new gains. Performance statistics are generally calculated on lump sum investments and assume reinvestment of distributions. Supporting data and methodologies are available on request from the Manager.

Risk warning

Investments in hedge funds carry specific risks that may result in substantial losses. These include the potential use of leverage and derivatives, which can magnify gains and losses; exposure to counterparty default; and liquidity constraints that may limit the ability to exit positions at desired times or prices. Portfolios may hold concentrated exposures, increasing the impact of adverse market movements. Where offshore investments are made, additional risks may arise from foreign exchange fluctuations, political or economic instability, taxation, and restrictions on capital flows.

Additional information

Qualified Investor Hedge Funds are available only to qualified investors as defined under applicable regulation. This page provides general information only and does not constitute advice or an offer in any jurisdiction. In the event of any inconsistency, the applicable trust deed, fund rules, prospectus or supplement prevails over website summaries. Find all fund fact sheets and Minimum Disclosure Documents on this website; dealing cut-off times, valuation points and fee details are disclosed per portfolio.