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NAV on 2021/03/02
NAV on 2021/03/01 100
52 week high on 2020/03/03 100
52 week low on 2020/03/03 100
Total Expense Ratio on 2020/12/31 0.3
Total Expense Ratio (performance fee) on 2020/12/31 0
Incl Dividends
1 month change 0% 0.39%
3 month change 0% 1.14%
6 month change 0% 2.52%
1 year change 0% 5.6%
5 year change 0% 7.4%
10 year change 0% 6.71%
Price data is updated once a day.
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  • Sectoral allocations
Liquid Assets 30.40 4.74%
Money Market 487.83 76.09%
SA Bonds 122.87 19.17%
  • Top five holdings
MM-01MONTH 210.66 32.86%
MM-02MONTH 142.07 22.16%
MM-03MONTH 124.72 19.45%
MM-04MONTH 10.38 1.62%
  • Performance against peers
  • Fund data  
Management company:
Boutique Collective Investments (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Money Market
SteFI Composite index



  • 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 Money Market 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.
After some initial strength, early in the quarter, money market yields retraced to end the year largely unchanged. No rate changes were applied by the SARB over the period. Our view is that of a rate cut in January but the risk of maintaining the current levels has increased.
Factors that will influence the direction of rates in the coming months include currency volatility and event driven risk such as the nature of the budget to be delivered in February and the probability of a ratings downgrade.
The Fund continues to invest strategically across the money market yield curve to maximise yield while remaining within the risk parameters defined for money market funds. The Fund’s retail asset class delivered 1.88% for the quarter while the STeFI composite index was up 1.74%.
  • Fund focus and objective  
The Cadiz BCI Money Market Fund is a local money market portfolio. The investment objective is to provide a medium whereby investors can obtain undivided participation in a diversified portfolio of money market instruments and assets in liquid form. The primary performance objective of the portfolio is to obtain as high a level of current income as is consistent with preservation and liquidity. Capital gains will be of an incidental nature.
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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