Cadiz Balanced Fund
MANAGEMENT Fund Manager's Comment
Matt Brenzel, Master of Commerce
Matt joined African Harvest in December 1997. Prior to that he worked for 4.5 years with Coronation Asset Management, 7 years with SMA as Portfolio Manager. He has 9 years experience in money and capital market investment research.
Brian Munro
FUND OBJECTIVES AND FOCUS

FUND OBJECTIVE The fund aims to provide investors with a balance between capital growth and income over the medium to long term. It offers medium-risk, diversified exposure to equities and fixed interest instruments, managed in line with Regulation 28 of the Pension Funds Act. The fund places an emphasis on active stock selection, as well as sector and asset allocation. At this stage, the fund has no international exposure. INVESTMENT PROCESS On the equity side, the investment approach focuses on identifying companies, which are priced below estimated intrinsic value. On the fixed interest side, the fund invests in SA interest-bearing securities, including bonds, loan stock, debentures, fixed deposits, money market instruments and cash. INVESTOR PROFILE The fund is suitable for investors seeking medium-risk, well-diversified exposure to the equity and fixed interest markets. As the fund complies with Regulation 28, it is also suitable for pension and provident funds and other institutional investors. It is a one-stop investment solution for investors looking for a long-term investment strategy.


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WEBGRAPH
RANKING
SectorSouth African-Multi Asset-High Equity
SizeR439,992,426
Sector Rank: 82 out of 95
(lump sum over 3 years to 31 July 2017)
Overall Rank: 666 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 1105 at 31 July 2017
( 3.40% annual compound return)
R100 per month since 31 July 2014 was worth R 3959 at 31 July 2017
( 6.10% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 MAR 2006 Holdings:58
Original Price:100 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
SASOL (Chemicals)56,30024,106,534 5.48 %
BATS (Tobacco)21,00017,584,679 4.00 %
NASPERS-N (Media)10,70036,925,700 8.39 %
FUTURES M (Derivatives)04 0.00 %
OLDMUTUAL (Life Insurance)211,1708,024,460 1.82 %
U-AHABSYD (Income)13,215,02714,289,409 3.25 %
BERKSHIREHATH (Insurance)5,50113,557,353 3.08 %
ABKI04 (Bond)5,816,0006,500,508 1.48 %
MEDICLINIC (Health Care Equipment - Services)126,00013,403,880 3.05 %
GRINDROD (Industrial Transportation)824,00011,247,600 2.56 %
CASH (Cash on call)014,942,032 3.40 %
MM-06MONTH (Money Market)013,055,301 2.97 %
PHOENIX-P (Preference Shares)237,4936,887,297 1.57 %
MTN GROUP (Mobile Telecommunications)178,00024,314,800 5.53 %
TOTAL R204,839,55746.58%

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