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-14.12  /  -0.36%


NAV on 2021/09/17
NAV on 2021/09/16 3892.74
52 week high on 2021/08/17 4095.91
52 week low on 2020/10/30 3269.92
Total Expense Ratio on 2021/06/30 1.6
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -4.07% -4.07%
3 month change 2.5% 2.5%
6 month change 1.51% 1.51%
1 year change 11.89% 11.89%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 54.53 16.24%
Consumer Discretionary 33.02 9.83%
Consumer Services 0.00 0.00%
Energy 2.47 0.74%
Financials 21.37 6.36%
Industrials 6.18 1.84%
Liquid Assets 4.72 1.41%
Technology 21.73 6.47%
Telecommunications 7.72 2.30%
Offshore 184.05 54.81%
  • Top five holdings
O-COREMSW 63.51 18.92%
VANALLWORLD 19.62 5.84%
 ANGLO 18.44 5.49%
 RICHEMONT 17.93 5.34%
 NASPERS-N 16.96 5.05%
  • Performance against peers
  • Fund data  
Management company:
H4 Collective Investments (RF) Pty Ltd.
Formation date:
ISIN code:
Short name:
50% FTSE/JSE Capped All Share Index (Total Return); 50% MSCI World Index



  • Fund management  
George Herman
In 2010, George joined the CAM team as Head of South African Portfolios. He started his financial market career in the capital market in 1988, specialising in derivatives. This led him into the world of structured products. After visiting various trading floors in the United States George became a member of the JSE and launched his career as a proprietary trader. He then went back into banking as an arbitrageur and risk manager. In 2003, George joined the Eskom Pension Fund, where as Chief Dealer and Investment Manager he handled asset allocation, manager selection, tactical overlays and index tracking. George has experience as a banker, stock broker and fund manager. He represents Citadel on the Association for Savings and Investment South Africa (ASISA) Investment Board and Fixed Income Standing Committees.

  • Fund manager's comment

Citadel SA Equity H4 Comment - Sep 19

2019/10/31 00:00:00
The Citadel SA Equity H4 Fund (‘the fund’) was down 6.2% during Q3-2019, lagging its benchmark which fell 5.1% in the quarter. At sector level, security selection within technology, and an underweight position in telecommunications were the main contributors to portfolio performance. Security selection within industrials and consumer goods detracted. At stock level, overweight positions in Clientele, Northam Platinum and Mustek contributed positively. Conversely overweight positions in Grindrod, Novus Holdings and Libstar Holdings were the main detractors during the quarter.
The fund continues to adhere to its policy.
  • Fund focus and objective  
The Citadel Worldwide Equity H4 Fund is a specialist equity portfolio, with the aim of maximising total return by predominantly investing in listed equity securities. The manager shall have the maximum flexibility to vary allocations between the local and international equity markets and between sectors, to reflect the changing economic and market conditions. The portfolio is described as high risk and investments should be long term in nature.
The portfolio's investment universe will comprise primarily of listed equity securities but may also include interest-bearing securities, non-equity securities and assets in liquid form. The portfolio will have a minimum equity exposure of 80%.
The portfolio is also allowed to invest in listed and unlisted financial instruments for the purpose of efficient portfolio management only.
Apart from above, the portfolio may also invest in participatory interests of portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee/custodian of a sufficient standard to provide for investor protection which is at least equivalent to that in South Africa.
The portfolio is permitted to invest in offshore investments as legislation permits.
Nothing contained in this clause shall preclude the Manager from varying the proportions of securities in the portfolio due to the changing of economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit.
The trustee/custodian shall ensure that the investment policy set out in the preceding clauses is adhered to by the Manager.
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, re-open that portfolio again to new investors on a date determined by the Manager.

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