Cadiz Absolute Yield Fund
MANAGEMENT Fund Manager's Comment
Alastair Sellick, BBusSci (Actuarial), Head of Fixed Interest
Over 15 years experience. Worked at Sanlam, Futuregrowth, Decillion, PSG Asset Management and South Easter Fund Management.

FUND OBJECTIVE 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. FUND INVESTS IN: The fund can invest in a combination of assets, such as government and corporate bonds, inflation linked bonds, listed property and cash both in South Africa and offshore. Derivative strategies such as swaps and futures may also be used for efficient portfolio management purposes and to mitigate downside risk. The fund does not invest in ordinary shares. The intended maximum limits, (see underlying instruments mentioned below), may not exceed 25% of the value of fund: *Listed property: up to 10% *Preference shares: up to 10% *International assets: up to 10% *Hybrid instruments: up to 5% The fund has a flexible mandate with no duration or maturity limits for its investments. INVESTOR PROFILE *Investors who wish to save for their retirement. *Those who wish to delegate the complex asset allocation decisions to an experienced investment team. *Those who have a moderate risk profile and are comfortable with taking market fluctuation to achieve long term capital growth. *Investors who have a 3 year or longer investment horizon.

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SectorSouth African-Multi Asset-Income
Sector Rank: 7 out of 64
(lump sum over 3 years to 31 July 2019)
Overall Rank: 97 out of 1038
(lump sum over 3 years to 31 July 2019)
R1000 invested on 31 July 2016 was worth R 1304 at 31 July 2019
( 9.25% annual compound return)
R100 per month since 31 July 2016 was worth R 4149 at 31 July 2019
( 9.04% annual return compounded monthly)
Formation Date:01 MAR 2006 Holdings:16
Original Price:0 Pricing:Forward
Top Holdings on 31 July 2019
Share (Sector)No.Value% of Fund
FUTURES M (Derivatives)0316,623 0.06 %
FOREIGNBO (Foreign Invest)014,796,506 2.62 %
CLN379 (Bond)33,164,00033,617,157 5.95 %
CASH (Cash on call)024,083,526 4.26 %
MM-02MONTH (Money Market)014,272,378 2.53 %
TOTAL R87,086,19015.42%

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