{"id":22443,"date":"2026-02-16T23:11:26","date_gmt":"2026-02-16T23:11:26","guid":{"rendered":"https:\/\/microvibenews.com\/?p=22443"},"modified":"2026-02-16T23:11:26","modified_gmt":"2026-02-16T23:11:26","slug":"peregrine-capital-navigates-a-volatile-new-world-order","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=22443","title":{"rendered":"Peregrine Capital navigates a volatile new world order"},"content":{"rendered":"<p><\/p>\n<div>\n<p>As South Africa\u2019s longest-running hedge fund manager, Peregrine Capital has been safeguarding and growing client wealth since 1998.<\/p>\n<p>In 2025, the investment team drew fully on this experience to navigate an exceptionally volatile global environment shaped by profound geopolitical shifts and rapid technological change.<\/p>\n<p>The year marked a decisive turning point in global geopolitics, likely signalling the formal end of the post-Cold War era that has shaped markets and international relations for more than three decades.<\/p>\n<p>Under President Donald Trump, the US shifted away from its traditional role as a defender of the existing global order towards a more unilateral, America-first stance.<\/p>\n<p>This transition was reflected in a more adversarial approach to global trade, withdrawals from international institutions, increased geopolitical assertiveness, rising defence spending, and tighter immigration policies.<\/p>\n<blockquote>\n<p>These developments unsettled markets and contributed to a more fragmented global landscape.<\/p>\n<\/blockquote>\n<p>Global markets came under pressure early in the year after the US introduced punitive tariffs, triggering sharp volatility across risk assets. As markets rapidly repriced risk, investor sentiment deteriorated sharply.<\/p>\n<p><iframe loading=\"lazy\" title=\"Investing in the New World Order\" width=\"1110\" height=\"624\" src=\"https:\/\/www.youtube.com\/embed\/TLqLSwKCOM0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><strong>Protecting client capital<\/strong><\/p>\n<p>\u201cPeriods of market stress are precisely when disciplined risk management matters most,\u201d says Peregrine Capital CEO Jacques Conradie.<\/p>\n<p>\u201cOur tried-and-tested approach once again proved its value.<\/p>\n<p>\u201cFollowing in-depth analysis, the investment team implemented downside protection through short-term put options on the US market, effectively insuring portfolios against declines.<\/p>\n<p>\u201cThis strategy helped limit drawdowns during the sharp sell-off that followed the so-called \u2018Liberation Day\u2019 tariff announcements.\u201d<\/p>\n<p><strong>Opportunities in volatility<\/strong><\/p>\n<p>While volatility posed risks, it also created opportunities.<\/p>\n<p>Peregrine Capital selectively increased exposure to high-quality companies \u2013 particularly in the US, where the sell-off was most pronounced.<\/p>\n<blockquote>\n<p>Artificial intelligence (AI) remained a core investment theme for its funds.<\/p>\n<\/blockquote>\n<p>\u201cWe remain very optimistic about the long-term impact of AI,\u201d says Conradie. \u201cHowever, we remain mindful that capital expenditure across the sector has accelerated rapidly, and revenues and earnings will need to catch up over time. We continue to assess carefully where spending may be running ahead of near-term returns.\u201d<\/p>\n<p><strong>Delivering on the mandate<\/strong><\/p>\n<p>Against this backdrop, Peregrine Capital\u2019s flagship funds once again delivered on their mandates.<\/p>\n<p>The High Growth Fund and Pure Hedge Fund delivered net returns of 14.67% and 10.6% respectively.<\/p>\n<p>During the year, the former crossed the 200-times money threshold since inception, and the latter the 100-times money threshold, underscoring the power of long-term compounding (see table below.)<\/p>\n<blockquote>\n<p>\u201cOur mandate is clear \u2013 to compound capital consistently over time while avoiding major drawdowns,\u201d says Conradie. \u201cThe performance delivered in 2025 reflects this.\u201d<\/p>\n<\/blockquote>\n<p>Peregrine Capital also launched the Peregrine Capital Vision Fund, a US dollar-denominated fund designed for investors seeking exposure to the firm\u2019s highest-conviction global ideas.<\/p>\n<p>\u201cThe Vision Fund allows us to take more concentrated positions, accepting higher volatility in pursuit of long-term return potential,\u201d says Conradie.<\/p>\n<p>It delivered a 28.96% net return in 2025, benefitting from exposure to select global technology and innovation-driven investments.<\/p>\n<p><strong>Outlook for the year ahead<\/strong><\/p>\n<p>Peregrine Capital expects global volatility to persist as geopolitical tensions, fiscal imbalances, and structural economic changes continue to unfold.<\/p>\n<p>\u201cIn this environment, assets that can act as \u2018stores of value\u2019 are becoming increasingly important and are another investment theme we are taking seriously,\u201d says Conradie.<\/p>\n<blockquote>\n<p>Strong performance in gold and platinum group metals has supported South Africa\u2019s economy. The firm sees scope to increase exposure selectively, particularly in mining and resource companies where fundamentals remain attractive.<\/p>\n<\/blockquote>\n<p>\u201cThese tailwinds in commodity prices should support fiscal revenues and create policy flexibility, potentially allowing for further interest rate cuts into 2026, which we believe will add growth locally.<\/p>\n<p>\u201cThe positive outlook for South Africa\u2019s economy is our final investment theme we cover,\u201d Conradie adds.<\/p>\n<p>Globally, Peregrine Capital continues to own a portfolio of growing businesses at reasonable valuations, while maintaining a cautious stance towards the US amid expanding fiscal deficits.<\/p>\n<p>\u201cOur team remains invested alongside our clients and is collectively the largest investor in our funds,\u201d says Conradie.<\/p>\n<p>\u201cThis alignment of interests is central to how we manage capital and remains a defining feature of Peregrine Capital.\u201d<\/p>\n<table style=\"width: 604px;\" width=\"623\">\n<tbody>\n<tr>\n<td style=\"width: 154px;\" width=\"188\"><strong>\u00a0<\/strong><\/p>\n<p><strong>Fund Name<\/strong><\/p>\n<\/td>\n<td style=\"width: 82px;\" width=\"66\"><strong>Inception date<\/strong><\/td>\n<td style=\"width: 75px;\" width=\"75\"><strong>Highest annual return<\/strong><\/td>\n<td style=\"width: 81px;\" width=\"85\"><strong>Lowest annual return<\/strong><\/td>\n<td style=\"width: 71px;\" width=\"75\"><strong>Latest 1 year<\/strong><\/td>\n<td style=\"width: 71px;\" width=\"75\"><strong>Latest 5 years<\/strong><\/td>\n<td style=\"width: 70px;\" width=\"59\"><strong>Latest 15 years<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 154px;\" width=\"188\"><strong>High Growth Fund<\/strong><\/td>\n<td style=\"width: 82px;\" width=\"66\">Feb 2000<\/td>\n<td style=\"width: 75px;\" width=\"75\">53.01% (2004)<\/td>\n<td style=\"width: 81px;\" width=\"85\">-11.98% (2008)<\/td>\n<td style=\"width: 71px;\" width=\"75\">14.67%<\/td>\n<td style=\"width: 71px;\" width=\"75\">15.03%<\/td>\n<td style=\"width: 70px;\" width=\"59\">17.07%<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 154px;\" width=\"186\"><strong>Pure Hedge Fund<\/strong><\/td>\n<td style=\"width: 82px;\" width=\"65\">Jul 1998<\/td>\n<td style=\"width: 75px;\" width=\"74\">67.9% (1999)<\/td>\n<td style=\"width: 81px;\" width=\"84\">1.61% (2008)<\/td>\n<td style=\"width: 71px;\" width=\"74\">10.64%<\/td>\n<td style=\"width: 71px;\" width=\"74\">11.64%<\/td>\n<td style=\"width: 70px;\" width=\"74\">12.48%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<table width=\"632\">\n<tbody>\n<tr>\n<td width=\"243\"><strong>Fund Name<\/strong><\/td>\n<td width=\"85\"><strong>Inception date<\/strong><\/td>\n<td width=\"97\"><strong>Highest annual return<\/strong><\/td>\n<td width=\"110\"><strong>Lowest rolling annual return<\/strong><\/td>\n<td width=\"97\"><strong>Latest 1 year<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"243\"><strong>Vision Fund<\/strong><\/td>\n<td width=\"85\">Apr 2024<\/td>\n<td width=\"97\">28.96%<\/td>\n<td width=\"110\">9.57%<\/td>\n<td width=\"97\">28.96%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Source: Peregrine Capital, Morningstar, Bloomberg \u2013\u00a0data to 31 December 2025 <\/em><\/p>\n<p><em>* 200x refers to the Peregrine Capital High Growth QI Hedge Fund. R1m invested at inception is worth more than R200m today, since inception (February 2000).<\/em><\/p>\n<p><em>* 100x refers to the Peregrine Capital Pure Hedge QI Hedge Fund. R1m invested at inception is worth more than R100m today, since inception (July 1998).<\/em><\/p>\n<p><em>The calculation of all net returns from 1 February 2000 until 30 November 2016 relates to the Peregrine High Growth Fund, prior to its inclusion under the Collective Investment Schemes Control Act (Cisca). Thereafter, the data relates to the Peregrine Capital High Growth QI Hedge Fund (\u201cHigh Growth Fund\u201d). The calculation of all net returns from 1 July 1998 until 30 November 2016 relates to the Peregrine Pure Hedge Fund, prior to its inclusion under Cisca. Thereafter, the data relates to the Peregrine Capital Pure Hedge QI Hedge Fund (\u201cPure Hedge Fund\u201d).<\/em><\/p>\n<p><em>Brought to you by Peregrine Capital.<\/em><\/p>\n<p><em>Moneyweb does not endorse any product or services being advertised in sponsored article on our platform.<\/em><\/p>\n<\/p><\/div>\n<p><script data-cfasync=\"false\">\n            !function(f,b,e,v,n,t,s)\n            {if(f.fbq)return;n=f.fbq=function(){n.callMethod?\n                n.callMethod.apply(n,arguments):n.queue.push(arguments)};\n                if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\n                n.queue=[];t=b.createElement(e);t.async=!0;\n                t.src=v;s=b.getElementsByTagName(e)[0];\n                s.parentNode.insertBefore(t,s)}(window, document,'script',\n                'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n            fbq('init', '779812924991616');\n            fbq('track', 'PageView');\n        <\/script>#Peregrine #Capital #navigates #volatile #world #order<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As South Africa\u2019s longest-runn&hellip; <\/p>\n","protected":false},"author":1,"featured_media":22444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[2128,13339,3698,13338,3416,51],"_links":{"self":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/22443"}],"collection":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22443"}],"version-history":[{"count":0,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/22443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/media\/22444"}],"wp:attachment":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}