Cadiz Equity Fund
MANAGEMENT Fund Manager's Comment
Razeen Dinath, BCom PGDA CA (SA)
Qualifications: BCom PGDA CA (SA) Razeen joined Momentum Asset Management s unconstrained team in September 2012 as an analyst for local and global equities. He has more than 12 years experience in the asset management industry. Before joining Momentum Asset Management, Razeen was an investment analyst at Regarding Capital Management and Allan Gray.
Graeme Ronne
FUND OBJECTIVES AND FOCUS

FUND OBJECTIVE The fund aims to provide investors with a high level of dividend income over the short term and maximum capital growth over the medium to long term. It seeks out companies that trade significantly below their intrinsic market value ( deep value' opportunities). The fund's objectives are long term in nature, with bottom-up stock selection driving performance and income levels. INVESTMENT PROCESS The investment team uses a rigorous bottom-up approach to value investing. Regular and systematic screening of the investment universe is vital in our investment process as it feeds idea generation. We actively search for opportunities trading at deep discounts to intrinsic value, coupled with high dividend yields and strong balance sheets. Such opportunities typically emerge when share prices overreact to negative news-flow about a company's near term prospects. A thorough fundamental evaluation is performed on each opportunity. This helps to filter the value investments' from the value traps'. The fund aims to be positioned in the best of these value opportunities and will typically display a high degree of concentration in the top 10 holdings.


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WEBGRAPH
RANKING
SectorSouth African-Equity-General
SizeR27,954,777
Sector Rank: 96 out of 121
(lump sum over 3 years to 31 July 2017)
Overall Rank: 761 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 1019 at 31 July 2017
( 0.64% annual compound return)
R100 per month since 31 July 2014 was worth R 4053 at 31 July 2017
( 7.57% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 MAR 2006 Holdings:36
Original Price:100 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
SASOL (Chemicals)4,6411,987,183 7.11 %
BATS (Tobacco)2,2701,898,799 6.79 %
NASPERS-N (Media)6652,294,915 8.21 %
B-AFRICA (Banks)3,836698,114 2.50 %
INPEXCORP (Energy)6,7001,035,916 3.71 %
MEDICLINIC (Health Care Equipment - Services)11,9601,272,305 4.55 %
HOWDEN (Industrial Engineering)31,6921,085,451 3.88 %
CASH (Cash on call)02,080,613 7.44 %
PHOENIX-P (Preference Shares)20,000580,000 2.07 %
MTN GROUP (Mobile Telecommunications)13,5911,856,531 6.64 %
TOTAL R14,789,82752.9%

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