Cadiz Balanced 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.
Brian Munro, BCom Hons, BSc Post Grad, Head of Multi Assets
Over 16 years experience. Worked at Cadiz Securities from January 2000 and joined Cadiz Asset Management in June 2012.

FUND OBJECTIVE The fund aims to provide investors with a balance between capital growth and income over the medium to long term. It offers a diversified exposure to equities and fixed interest instruments managed in line with Regulation 28 of the Pension Funds Act (Act 24 of 1956). FUND INVESTS IN: The fund invests in equities, fixed interest instruments, listed property and cash. The intended maximum limits are: up to 75% in equities, 25% in listed property, 25% in offshore assets plus an additional 5% in Africa (excl. South Africa). Derivative strategies may also be used to mitigate the risk of capital loss. The fund is managed to comply with regulations governing retirement investments (Regulation 28) and is suitable for use in pension and provident funds. 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-High Equity
Sector Rank: 27 out of 148
(lump sum over 3 years to 31 July 2019)
Overall Rank: 499 out of 1038
(lump sum over 3 years to 31 July 2019)
R1000 invested on 31 July 2016 was worth R 1144 at 31 July 2019
( 4.59% annual compound return)
R100 per month since 31 July 2016 was worth R 3801 at 31 July 2019
( 3.50% annual return compounded monthly)
Formation Date:01 MAR 2006 Holdings:58
Original Price:100 Pricing:Forward
Top Holdings on 31 July 2019
Share (Sector)No.Value% of Fund
SASOL (Chemicals)18,6006,507,210 1.80 %
BATS (Tobacco)32,10016,264,356 4.49 %
WOOLIES (General Retailers)115,3525,651,094 1.56 %
FUTURES M (Derivatives)03,446,232 0.95 %
STANBANK (Banks)27,2485,375,758 1.48 %
U-AHMM (Money Market)31,064,14331,314,185 8.64 %
USA C (For Currency)019,403,412 5.36 %
I2050 (Bond)5,450,0006,398,505 1.77 %
MEDICLINIC (Health Care Equipment - Services)145,3007,998,233 2.21 %
GRINDROD (Industrial Transportation)419,6292,530,363 0.70 %
CASH (Cash on call)036,061,305 9.96 %
MM-06MONTH (Money Market)07,120,124 1.97 %
NASPERS-N (Software - Computer Services)4,50015,323,805 4.23 %
MTN GROUP (Mobile Telecommunications)121,25613,033,807 3.60 %
TOTAL R176,428,38948.72%

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