Cadiz Absolute Yield Fund
MANAGEMENT Fund Manager's Comment
Alastair Sellick
FUND OBJECTIVES AND FOCUS

The fund aims to provide investors with a return of 2% in excess cash over a rolling 3 years and a positive return over any rolling 12 month period. The fund is expected to deliver more consistent returns than an income fund and reduce the volatility inherent in the bond market. Great care is applied to protect the fund against incurring losses. Investement process. The fund is actively managed by an experienced team who are able to change the fund's duration depending on our view of the interest rate cycle and the valuation of fixed rate bonds. Derivatives are deployed to switch between fixed and floating rate exposure, which also mitigates the risk of volatility associated within the bond market. There are no guarantees that the fund will always outperform cash over short periods of time and therefore capital losses are possible, especially in the case of negative credit events which may affect the underlying holdings. The fund's investments are subject to a stringent risk management process


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WEBGRAPH
RANKING
SectorSouth African-Multi Asset-Income
SizeR440,342,201
Sector Rank: 28 out of 49
(lump sum over 3 years to 31 July 2017)
Overall Rank: 331 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 1217 at 31 July 2017
( 6.76% annual compound return)
R100 per month since 31 July 2014 was worth R 4074 at 31 July 2017
( 7.90% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 MAR 2006 Holdings:16
Original Price:0 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
FUTURES M (Derivatives)01,342,530 0.30 %
USA C (For Currency)013,130,945 2.98 %
CLN379 (Bond)39,464,00039,885,145 9.06 %
CASH (Cash on call)020,949,527 4.76 %
TOTAL R75,308,14717.1%

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