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

FUND OBJECTIVE The fund seeks long-term capital growth with a low risk of permanent capital loss by investing in a diversified portfolio of domestic and foreign shares, which are undervalued relative to their replacement cost or sustainable earnings power. FUND INVESTS IN: The fund invests in equities that trade significantly below their intrinsic market value. The fund can hold up to 25% in foreign assets and 5% in Africa (excl. SA), with the highest balance in domestic equities listed in South Africa. The fund is sits at the top end of the risk/return spectrum and can also invest in property related securities. The portfolio's minimum exposure to equities will be 80% of its net asset value at all times. INVESTOR PROFILE *Investors who wish to maximise potential returns. *Those who are in their wealth accumulation phase seeing exposure to equity markets. *Investors who have at least a 5 year or longer investment horizon.

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SectorSouth African-Equity-General
Sector Rank: 6 out of 137
(lump sum over 3 years to 31 July 2017)
Overall Rank: 235 out of 1038
(lump sum over 3 years to 31 July 2019)
R1000 invested on 31 July 2016 was worth R 1242 at 31 July 2019
( 7.50% annual compound return)
R100 per month since 31 July 2016 was worth R 3851 at 31 July 2019
( 4.33% annual return compounded monthly)
Formation Date:01 MAR 2006 Holdings:36
Original Price:100 Pricing:Forward
Top Holdings on 31 July 2019
Share (Sector)No.Value% of Fund
ANGLD (Mining)14,0003,548,580 2.64 %
BATS (Tobacco)16,7008,461,519 6.29 %
MC GROUP (Media)28,0003,767,960 2.80 %
FUTURES M (Derivatives)01,324,728 0.98 %
ABSA (Banks)21,5003,791,740 2.82 %
FACEBOOKINC (Technology)1,3353,577,931 2.66 %
MEDICLINIC (Health Care Equipment - Services)71,0003,904,917 2.90 %
GRINDROD (Industrial Transportation)231,5191,396,060 1.04 %
CASH (Cash on call)025,001,690 18.58 %
NASPERS-N (Software - Computer Services)2,0506,980,845 5.19 %
MTN GROUP (Mobile Telecommunications)41,5004,460,835 3.32 %
TOTAL R66,216,80549.22%

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