Imara and Investec both scooped two prizes at the inaugural Africa Fund Manager Performance Awards 2011, which took place on 11 October at the Mount Nelson Hotel in Cape Town.

Around 140 industry professionals attended the event, which rewarded funds primarily for 12 month returns to 30 June 2011, with risk control (standard deviation) also taken into consideration. The awards were judged by a panel of independent judges and Africa FM staff.

The full list of winners along with the judges' comments are listed below:

Africa Equity Fund of the Year over $50m  - Imara African Opportunities Fund Limited - “The Imara fund’s strong 12 month return of 25.87% with average volatility versus its peers made it the clear winner in this category, with the next best fund returning 12.23%”

Africa Equity Fund of the Year under $50m - Imara African Resources Fund - “Imara’s African Resources Fund achieved a 41.94% return to make it the stand-out pan-African strategy in this category”

Africa ex South Africa Fund of the Year - Africa Opportunities Fund - “This fund more than doubled the return of the next best competitor, gaining 31% in the 12 months to 30 June with commendable standard deviation of 17.4%”

Equity Hedge Fund of the Year - Archipelago Opportunities SPC Ltd  (Highly commended: Steyn Capital SA Fund) - “The Archipelago Opportunities Fund returned 25% with a superior risk/return profile as standard deviation was just 11%, pipping the Steyn fund, despite its excellent return of 36.6%”

Newcomer fund of the year - Prime General Equity Fund - “This South African value fund strongly outperformed the market and its peers in the judging period, returning 37.47% to 30 June”

South Africa Balanced Fund of the Year - Cadiz Managed Flexible Fund (Highly commended: Investec Balanced Strategy) - “The Cadiz fund wins this very tight category with a return of 36.61% and standard deviation of 22.45%, pipping Investec’s fund which returned 33.33% with standard deviation of 20.45%”

South Africa Equity Fund of the Year - Coronation Top 20 South Africa Fund (Cayman Islands) (Highly commended: SIM Aggressive Equity Fund) - “Just 1% separated Coronation and SIM’s returns in this extremely close category, but the larger fund takes the prize with a return of 44.15% in spite of a marginally inferior standard deviation.”

South Africa Fixed Income Fund of the Year - Investec Flexible Bond Strategy - “Investec’s flexible bond strategy returned a commendable 26.89% in the judging period while growing assets past 16 billion rand.”

South Africa Money Market Fund of the Year - Investec Money Market Strategy (Highly commended: Cadiz Money Market Fund) - “Just a fraction of a percent split returns and volatility of the top two funds in this category, with Investec’s money market fund the victor with a 20.67% 12-month return.”

Africa Fund of the Year ex-Equity - Barak Structured Trade Finance Fund - “The Barak fund achieved a 15.9% return in the judging period with an outstanding standard deviation of less than 0.4%.”

Fund of Funds of the Year - Foord Flexible Fund of Funds - “The Foord Flexible fund of funds was the clear winner in this category after racking up a sensational return of 31.04% in the judging period, clearly outperforming its peer group.”

Fund of Hedge Funds of the Year Over $50m - ICONIC MATADOR FUND (Highly commended: Mayibenthsa Moderate Fund of Hedge Funds) - “This fund managed by Edge returned 15.1% in the judging period while limiting volatility to just over 3%, making it a deserving winner despite the Novare fund’s volatility management”

Fund of Hedge Funds of the Year Under $50m - ICONIC MATADOR FUND 2 - “With a 12-month return of 13.3% with 2.2% standard deviation, this Edge fund boasted the best returns and risk/return profile in the category.”

Multi-Strategy Hedge Fund of the Year - Nubuke Africa Multi Strategy Fund - “The Nubuke fund won this tightly contested category with a 12 month return of 13.85% and a commendable standard deviation of 7.19%.”

Fixed Income Hedge Fund of the Year - Brait Matrix Fixed Income Fund - “Another close category but Brait comes out on top for its return of more than 18% in the judging period.”

South Africa ETF of the Year - Property Index Tracker SAPY Fund - “This fund returned 20.2% in the judging period as well as offering investors flexibility, accessibility and cost efficiency.”

Outstanding achievement - Fatima Vawda, founder and managing director of 27Four Investment Managers - “Fatima’s story is one of both personal triumph and advocacy for minorities within the South African fund space. Having co-founded the country’s first black-owned and managed fund of hedge funds firm, Legae Capital, South Africa’s first and only women-controlled investment manager, the award-winning multi-manager business 27Four, and the Black Fund Manager Incubation Programme, as well as serving on numerous high level industry boards, Fatima has made a vital contribution to the evolution of the South African fund industry.”