Since its launch 17 years ago, the Steyn Capital FR QI Hedge Fund has displayed a distinct character. “People speak about return-enhancing versus return-diversifying hedge funds. We try to do a bit of both,” says Steyn Capital CIO André Steyn. “The fund is trying to beat the market over long periods of time, and it has delivered alpha of 3% per year. But it’s trying to do that while at the same time taking on a lot less market exposure.” Since inception, the fund has averaged net exposure of 70%.