CAPITA ASSET MANAGEMENT
Capita is a multi-asset and long-only equity fund manager, following a quality biased bottom-up investment process that ensures a diversified selection of investments.
The Capita BCI Cautious and Capita BCI Balanced Funds maintained their exposure to South African nominal bonds over the quarter, although the effective duration of the funds was shortened relative to the JSE All Bond Index (ALBI) due to the ongoing tensions in the Middle East.
During the quarter, we retained our neutral view on foreign equity exposure in both funds while increasing our US Dollar cash to derisk the funds. Our exposure to SA shares was trimmed by ~5% although we still believe SA shares remain attractive on a relative basis.
Both funds ended the quarter overweight industrials, neutral financials and underweight resources relative to their FTSE/JSE Capped All Share Index weights. We maintained our weight to the listed property sector for both the Cautious Fund at 2%, and the Balanced Fund at 4%.
| MULTI-ASSET STRATEGIC ASSET ALLOCATION | CAUTIOUS FUND | BALANCED FUND |
|---|---|---|
| Cash | Underweight | Underweight |
| Bonds | Neutral | Neutral |
| Property | Neutral | Neutral |
| Local Equity | Positive | Positive |
| Foreign Equity | Neutral | Neutral |
The Capita BCI Equity Fund following its bottom-up investment process increased exposure to foreign equity and US dollar cash (~32%), we also decreased our exposure to SA Inc shares to derisk the fund but maintain our view that in a more normalised market local shares remain relatively attractive.
The local equity allocation was overweight industrials, marginally underweight financials and maintained an underweight to resources relative to the FTSE/JSE Capped All Share Index.
To find out more about Capita, please click on the logo for a link to its website where you will find more information on the company and funds managed.
The below FSCA regulated companies, who conduct asset management and investment services, are owned by Orion Investment Managers (OIM). These subsidiary companies operate in a number of different jurisdictions, and each provides investment management and products to their clients. Orion Investment Managers, is, in turn, owned by Spirit Invest International, which owns a portfolio of companies in the investment sector...
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