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0.03  /  0.03%


NAV on 2021/09/23
NAV on 2021/09/22 105.42
52 week high on 2021/09/16 105.54
52 week low on 2020/10/06 102.28
Total Expense Ratio on 2021/06/30 0.96
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change 0.25% 0.25%
3 month change 0.08% 1.44%
6 month change 1.31% 4.13%
1 year change 2.76% 7.39%
5 year change -0.1% 7.95%
10 year change -0.3% 7.65%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Derivatives -0.65 -0.08%
Fixed Interest 20.68 2.62%
Liquid Assets 49.82 6.30%
Money Market 22.30 2.82%
SA Bonds 673.53 85.17%
Offshore 25.12 3.18%
  • Top five holdings
MM-08MONTH 14.58 1.84%
U-WARENHI 10.40 1.32%
U-AHMM 10.28 1.3%
MM-05MONTH 7.72 0.98%
DERIVATIVB -0.65 -0.08%
  • Performance against peers
  • Fund data  
Management company:
Boutique Collective Investments (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
STeFI + 2%



  • Fund management  
Adrian Meager
Meager graduated from the Cape Town University of Technology with a BTech Marketing degree in 1992 and has been involved in the financial services industry ever since. He started his career at Guardbank Unit Trusts, he then moved to Lloyds of London, and Momentum, before joining Warwick Wealth in June 2006. He has passed the Post Graduate Diploma in Financial Planning through the University of the Free State and is a CFP® charter holder. He is one of the FSB approved Category II key individuals at Warwick and has managed private client funds on the JSE since 2006. He is a member of the South African Investment Analysts Society and is an approved Category II investment advisor. Meager is on the committee that co-ordinates the Warwick model portfolios for private clients at Warwick. He is the manager of the Warwick Managed Fund and the Warwick Managed Fund of Funds. Born in Cape Town, in 1971, he is married and has two children.

  • Fund manager's comment

Cadiz Absolute Yield comment - Dec 19

2020/02/14 00:00:00
Global markets ended largely in the black for the quarter as hopes for a phased-in US-China trade deal eventually started taking shape. Agreement was reportedly reached to partially roll back tariffs, to increase agricultural purchases and to ensure the protection of intellectual property. After further delays, the UK’s elections delivered some stability, clearing the way for progress on Brexit. The positive sentiment was supported by a third consecutive rate cut by the FED early in the quarter. The trend held firm despite the ongoing protests in Hong Kong. The positive sentiment spilled over into emerging markets including our equity markets which saw significant gains in the gold and platinum sectors as we moved towards the close of the year.
Global bond yields edged higher over the quarter. US bond yields drifted higher prompted largely by the Fed’s signal to pause in further policy easing after the rate cut at the beginning of the period. The US 10-year generic bond yield rose more than 25 basis points to end the quarter at 1.92%. European yields continued to move higher while the German 10-year generic yield became less negative to end the year at -0.19%. The French 10-year generic yield rose in tandem crossing over into positive territory to close at 0.12%.
Our local markets were largely driven by event risks. The first being a disappointing Medium- Term Budget Policy Statement (MTBPS) which initially prompted a sharp negative reaction in the local bond market. The minister of Finance, Tito Mboweni, provided a stark adjustment to current reality. Growth rates and tax revenues were revised lower while expenditure was revised higher. Debt to GDP levels are expected to increase with increased levels of short term debt issuance on the horizon. On the positive side, there were strong indications for support to state owned enterprises, the NPA and SARS with renewed support for infrastructure projects.
A further blow to economic stability was dealt in the middle of the quarter by ratings agencies, Moody’s and S&P putting our sovereign rating on negative outlook. They argued that the deterioration of our government finances was the main factor that motivated the move. The persistently high country risk premium was one of the major reasons why the SARB kept rates on hold despite declining growth and inflation that continued to surprise on the downside. Some solace can be taken from the fact that we have been placed on negative outlook as opposed to negative watch which spells a faster route to an inevitable ratings downgrade.
No help was forthcoming from our beleaguered state owned enterprises. Eskom’s generation fleet experienced an unprecedented level of breakdowns disrupting economic activity and forcing emergency reactions from government.
Despite all the negativity, the local currency edged firmer to end the year at about 13.99 to the USD, testimony to our attractiveness on a relative basis to other emerging markets.
The bond market (All Bond Index) returned +1.73% for Q4 2019. Equity markets (represented by the JSE ALSI) were up 4.64% and Inflation Linked Bonds (ILBs) were down +0.91% for the quarter. Cash returned +1.74% for the quarter. Rolling 12 month returns for bonds were +10.32%, equities have returned +12.05%, and ILBs +2.59% with cash returning +7.29% over the last 12 months.
In anticipation of interest rate cuts, we increased the funds modified duration this quarter closer to 2 to benefit from nominal yields strength. With the negative outcome in the October 2019 Medium Term Budget Policy Statement (MTBPS), the weakness in bond yields had an ephemeral drag in the fund. We continue to seek margin of safety in the nominal yield curve, bearing in mind duration risk. The risk-on move in emerging market benefited South African Government Bonds (SAGB’s), with the currency appreciating to 13.99 by year end. This was beneficial to the fund with its exposure to US Dollar instruments. We continued to be cognizant of the fund’s credit asset allocation, increasing duration and using inflation linked bonds. We remain cautious and look for opportunities in the upcoming National Budget.
  • Fund focus and objective  
The Cadiz BCI Absolute Yield Fund is an income portfolio that seeks to provide investors with a diversified exposure to the South African bond market and aims to offer a balance between capital growth and income for a maximum overall return. The portfolio uses aggressive duration positioning, active credit and other yield enhancement strategies to maximize returns. The portfolio invests across the full spectrum of the yield curve.
The composition of the underlying investments is actively managed and will change over time to reflect the current assessment of interest rate trends. The portfolio focuses on yield enhancement by investing in sector bonds, as well as non-government bonds. The portfolio will be managed in compliance with prudential investment guidelines for retirement funds in South Africa to the extent allowed for by the Act, subject to no equity exposure. Investments to be acquired for the portfolio may include property securities, property related securities, interest bearing securities and instruments, non-equity securities, money market instruments, preference shares, derivatives and assets in liquid form.
The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa and other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective. The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.
The manager may only include the following unlisted financial instruments for efficient portfolio management purposes: forward currency, interest rate and exchange rate swap transactions. The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.

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