The firm was founded with the objective of generating superior risk-adjusted returns for investors over the medium to long term, by combining a disciplined research process with a flat operating structure.
Peregrine Capital is an authorised Financial Services Provider regulated by the FSCA. Its mission is to create wealth for its clients and this has remained its guiding North Star since inception.
The team
The Peregrine Capital team is led by a highly experienced group of portfolio managers and investment professionals. Jacques Conradie (CEO and Portfolio Manager) holds a BCom cum laude, BCom (Hons) (Actuarial) cum laude, is a Fellow of the Actuarial Society of South Africa (FASSA) and a CFA charterholder. David Fraser (Executive Chairman and Portfolio Manager) is a CA(SA) with a BCom and BAcc. Justin Cousins (Executive Director and Portfolio Manager) holds a BAcc Sci cum laude, H Dip Acc and is a CA(SA). Simon Steyn (Portfolio Manager) holds a BCom (Hons) and is a CFA charterholder.
The firm recruits highly qualified, passionate and market-savvy individuals. Beyond strong academic and professional credentials, Peregrine values intellectual curiosity, honesty and a willingness to engage in robust debate. A deliberately flat organisational structure fosters open communication and collaborative decision-making at all levels.
Investment philosophy
Peregrine Capital’s investment philosophy is grounded in a bottom-up, fundamental approach. The team analyses businesses in depth to determine intrinsic value, building portfolios of shares they believe are undervalued while selling those considered overvalued.
The firm’s ethos is that consistent outperformance can only be achieved through superior knowledge of individual companies and their securities, not through macro-economic prediction of interest rates, currencies or market levels.
Peregrine deliberately embraces complex and difficult-to-analyse situations, viewing these as a source of competitive advantage. The investment process is characterised by intellectual honesty, diverse opinions and the courage to hold contrarian positions.
For financial planners and their clients, this approach translates into funds offering genuine diversification, meaningful downside protection and a proven track record of delivering inflation-beating long-term returns. The firm continually refines its process, acknowledging that the learning journey never ends.
Product
Peregrine Capital offers five funds spanning the full risk spectrum, from capital-stable to high-growth and from rand-denominated to USD-denominated offshore solutions. All South African hedge funds are FSCA-regulated unit trusts structured as either Qualifying Investor (QI) Hedge Funds or Retail Hedge Funds under the Collective Investment Schemes Control Act.
Investment ideas are expressed uniformly across all funds in varying proportions according to each fund’s risk profile. Portfolio managers invest significant portions of their personal savings in these funds, ensuring full alignment of interests with clients.
High Growth Fund (inception February 2000): A medium- to high-risk QI Hedge Fund. South Africa’s first fund to deliver 100 times investors’ initial investment: R1 invested at inception has grown to R198 (as at March 2026).*
Pure Hedge Fund (inception July 1998): A low- to medium-risk QI Hedge Fund. The fund has never recorded a negative calendar year in its 27-year history, with R1 invested at inception growing to R109 (as at March 2026).**
Dynamic Alpha Fund (inception December 2014): A medium-risk QI Hedge Fund. The fund invests across a broad range of asset classes, listed shares, bonds, property and cash, both locally and offshore.
High Growth USD Fund (inception October 2003): The offshore, USD-denominated equivalent of the flagship High Growth Fund, giving international investors direct access to Peregrine Capital’s highest-conviction investment ideas.
Vision Fund (inception 1 April 2024): A high-conviction, USD-denominated fund designed for investors seeking concentrated exposure to Peregrine Capital’s best global ideas. The fund accepts higher volatility in pursuit of strong long-term return potential, with a focus on global technology and innovation-driven opportunities.
Performance
As at 31 March 2026, Peregrine Capital’s funds have delivered compelling long-term results. All returns are quoted net of fees.
The High Growth Fund, South Africa’s first fund to deliver 100 times investors’ initial investment and the Pure Hedge Fund, which has never recorded a negative calendar year in its 27-year history, exemplify the firm’s commitment to long-term wealth creation and capital preservation.
Across all funds, Peregrine Capital’s disciplined research process and alignment of interests, with portfolio managers investing significant portions of their personal savings alongside clients, have been central to sustaining performance over time.
Contact information:
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- Telephone: 086 000 7252
- Email: ask@peregrine.co.za
- Website: https://www.peregrine.co.za.
This document has been compiled for information purposes only and does not take into account the needs or circumstances of any person or constitute advice of any kind. Peregrine Capital Proprietary Limited is an authorised financial services provider. Past performance is not indicative of future performance. Peregrine Capital Collective Investments (RF) Proprietary Limited is an approved manager of collective investment schemes in terms of the Collective Investment Schemes Control Act, 2002.
*Refers to the Peregrine Capital High Growth QI Fund. R1m invested at inception is worth more than R197.9m today, High Growth Fund annualised return: 22.39% Data to 31 March 2026 | all since inception (February 2000).
** Refers to the Peregrine Capital Pure Hedge QI Fund. Pure Hedge Fund annualised return: 18.41% R1m invested at inception is worth more than R108.7m today, Data to 31 March 2026 | all since inception (July 1998).
