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-2.59  /  -1.16%

222.66

NAV on 2021/02/26
NAV on 2021/02/25 225.25
52 week high on 2021/02/22 227.69
52 week low on 2020/03/23 170.78
Total Expense Ratio on 2020/09/30 1.49
Total Expense Ratio (performance fee) on 2020/09/30 0
NAV
Incl Dividends
1 month change -0.51% -0.51%
3 month change 6.58% 6.58%
6 month change 5.03% 5.24%
1 year change -2.7% -1.5%
5 year change 3.32% 4.27%
10 year change 3.27% 4.66%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 43.53 24.89%
Consumer Goods 8.41 4.81%
Consumer Services 10.02 5.73%
Derivatives 0.70 0.40%
Financials 19.79 11.32%
Fixed Interest 8.33 4.77%
Health Care 7.22 4.13%
Industrials 9.52 5.44%
Liquid Assets 6.54 3.74%
Real Estate 4.19 2.40%
Technology 14.11 8.07%
Telecommunications 3.33 1.90%
Offshore 39.18 22.40%
  • Top five holdings
 NASPERS-N 11.40 6.52%
 AMPLATS 6.20 3.55%
 FIRSTRAND 6.18 3.54%
 KUMBA 6.12 3.5%
 BHP 5.62 3.21%
  • Performance against peers
  • Fund data  
Management company:
Boutique Collective Investments (RF) (Pty) Ltd.
Formation date:
2006/03/01
ISIN code:
ZAE000078358
Short name:
U-AHMASTM
Risk:
Unknown
Sector:
South African--Equity--General
Benchmark:
FTSE JSE Capped Shareholders Weighted Index
Email
clientservices@bcis.co.za

Website
http://www.bcis.co.za

Telephone
021-007-1500

  • 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 Equity comment - Dec 19

2020/02/14 00:00:00
PORTFOLIO COMMENTARY
The Cadiz Equity fund gained 5.6% this quarter. The rolling 1 year return was a gain of 8.5% which outperformed the benchmark return of 7.1%. The Fund delivered 6.6% p.a. for the rolling 3-year period which outperformed the benchmark Capped Swix return of 4.7% p.a. 2019 was plagued with a lot of macro uncertainty throughout the year. Despite this, MSCI World equities delivered 28% (in dollars). The US S&P 500 led the way returning 31% while Emerging markets returned 19%. The two main events that supported global equities were, the US Federal Reserve changing from interest rate hikes to cutting interest rates. Other central banks followed suit providing a healthy underpin to global markets. The other event that boosted equity markets towards the end of the year was a phase one trade agreement between the US and China.
For 2020, analysts are expecting the US equity market to return between 7% and 11%, which is made up of between 5% and 9% earnings growth and 2% dividends. However, the equity bull market that started in 2009 is aging and there are several fundamental headwinds and macro risks to this view that could alter the performance for 2020. Risks that need to be monitored include: •
Declining profit margins because of rising wages and input costs greater than revenue growth. •
High debt levels. •
Equity markets are not cheap, trading on valuations above their long-term averages. If earnings were to disappoint analyst expectations, equity markets could fall significantly. • Political and geopolitical risks.
The best way to invest in this environment is to hold a diversified portfolio of both global and local stocks. Our bottom-up stock selection enables us to find attractively priced businesses even when the overall market valuation is high. Our approach is to invest in predominantly good quality businesses with strong balance sheets and capable management that can compound their earnings over time.
PERFORMANCE REVIEW
The main contributors to performance for the year came from the exceptional return of the platinum and gold counters we hold in the fund. Solid returns were also generated from our multi-nationals; Facebook, Naspers, Alphabet (Google) and British American Tobacco along with positive contributions from Mediclinic, Metair and Booking Holdings.
Stocks that continue to detract from performance were the UK property counters and the offshore drilling companies. Local general retailers also underperformed this quarter as companies faced margin pressure, due to their operating costs growing more than revenue. FUND POSITIONING
Equity exposure has increased to 93% from 86%, including 2.2% in property, due to increased offshore equity exposure and good returns over the quarter. Our offshore equity exposure has increased to 29.9% from 26%. The cash holding in the fund is 7%. We incrementally increased our position to multi-nationals Naspers and British American Tobacco. We increased our position in local retailers Shoprite, Truworths and Massmart as the share prices declined. We believe these businesses are attractively priced and offer investors good long-term returns.
The fund incrementally added to US Retailers, which had a better quarter after a disappointing third quarter. No new stocks were added to the fund. The fund sold out of Sasol and Brait as their investment cases no longer stacked up. •
Sasol was a small position in the fund and was sold due to the increased financial risk. The balance sheet is under strain due to the large amount of debt incurred for the Lake Charles Chemical Project (LCCP). Sasol is close to breaching its debt covenants and has already stopped paying a dividend. Operational uncertainty at LCCP continues with continual capital cost overruns and management revising their earnings expectations downward. Sasol also needs to invest further capital in its operations to reduce its carbon emissions. All of this points to sub-par returns on capital.
We have lowered our assessment of the business and have exited this investment as the risk/reward is no longer attractive. We remain disciplined in sticking to our investment philosophy and process and focus intently on limiting permanent capital loss in order to grow your capital over the long term. This is achieved by investing in predominantly good businesses at attractive prices with capable management and low financial risk.
Thank you for your continued support.
  • Fund focus and objective  
The Cadiz BCI Equity Fund aims to provide investors with high long-term capital growth with a relative low risk of long-term capital loss by investing in a diversified portfolio of local and offshore equity securities. The portfolio's equity exposure will always exceed 80% of its asset value. The portfolio's investment universe consists of equity securities, preference shares, property shares and property related securities listed on exchanges, interest bearing instruments as well as assets in liquid form.
The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes or 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 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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