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-4.59  /  -0.25%


NAV on 2021/09/17
NAV on 2021/09/16 1841.18
52 week high on 2021/08/17 1913.63
52 week low on 2020/10/30 1630.77
Total Expense Ratio on 2021/06/30 1.71
Total Expense Ratio (performance fee) on 2021/06/30 -0.01
Incl Dividends
1 month change -2.98% -2.98%
3 month change 1.61% 1.61%
6 month change 1.13% 2.06%
1 year change 7.57% 9.35%
5 year change 2.8% 5.43%
10 year change 6.49% 8.99%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 149.07 7.35%
Consumer Discretionary 93.72 4.62%
Energy 7.02 0.35%
Financials 59.67 2.94%
Fixed Interest 47.31 2.33%
General Equity 212.53 10.48%
Industrials 18.17 0.90%
Liquid Assets 21.10 1.04%
Managed 515.50 25.41%
Specialist Securities 101.07 4.98%
Technology 63.53 3.13%
Telecommunications 20.60 1.02%
Offshore 719.35 35.46%
  • Top five holdings
U-CAMUINT 334.64 16.5%
O-NIBABSG 261.54 12.89%
U-CITMULF 212.53 10.48%
U-CSPREQU 180.75 8.91%
O-ORBGLEQ 116.53 5.74%
  • Performance against peers
  • Fund data  
Management company:
H4 Collective Investments (RF) Pty Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
45% FTSE/JSE Capped All Share Index; 30% ALBI; 20% MSCI All Country World Index; 5% ICE BofAML US Treasury 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 Balanced H4 Comment - Dec 19

2020/02/19 00:00:00
The Citadel Balanced H4 Fund (‘the fund’) was up 2.2% in Q4-2019, just behind its composite benchmark which posted 2.4%. Global equity markets (MSCI All Country World Index) were up 9% in US dollars (0.5% in rand terms) in the quarter. In terms of the fund’s underlying global active equity managers, both the Nedgroup Global Equity Fund and Peregrine Global Greats Fund delivered solid positive returns for the quarter; but lagged global equities slightly. In contrast, the Orbis Global Equity Fund provided strong outperformance. Local equities delivered positive performance over the quarter, with the FTSE/JSE Capped All Share Index up 4.9%. The fund’s underlying local active equity managers underperformed the market; while the Citadel SA Protected Equity H4 Fund ended the quarter ahead of its composite benchmark. The fund’s local fixed income manager outperformed local bonds (BEASSA All Bond Index) which delivered 1.7%. The local listed property sector (FTSE/JSE All Property Index) was up 1.2%; with the underlying manager slightly behind this. The fund continues to adhere to its policy.
  • Fund focus and objective  
The Citadel Balanced H4 Fund is a portfolio with moderate risk qualities. Its primary objective is to deliver capital growth over the medium to long term and to ensure an optimum mix of security, return and growth. The portfolio may invest in a combination of local and offshore: equities, government- and corporate bonds, money market instruments, listed real estate and interest-bearing instruments. The portfolio is broadly diversified across different asset classes. Active asset allocation and securities selection
strategies are followed. The portfolio is managed in accordance with prudential guidelines governing pension funds. The portfolio is permitted to invest in offshore investments as legislation permits.

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