CAPITA ASSET MANAGEMENT
Capita is a multi-asset and long-only equity fund manager, following a meticulous top-down and 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. However, the effective duration of the funds was shortened relative to the JSE All Bond Index (ALBI) due to increased volatility and risk. The fund continues to benefit from the attractive real yields available.
During the quarter, we reduced our foreign equity exposure in both funds from positive to neutral, and increasing our exposure to SA shares as they looked more attractive on a relative basis.
During the quarter we took profits and reduced our weight to listed property for both the Cautious (down to 3.0%) and Balanced Funds (down to 6.0%).
| MULTI-ASSET STRATEGIC ASSET ALLOCATION | CAUTIOUS FUND | BALANCED FUND |
|---|---|---|
| Cash | Underweight | Underweight |
| Bonds | Neutral | Neutral |
| Property | Positive | Positive |
| Local Equity | Positive | Positive |
| Foreign Equity | Neutral | Neutral |
The Capita BCI Equity Fund followed its top-down and bottom-up investment process and reduced foreign equity allocation to 28%, while increasing our exposure to SA Inc shares to benefit from the relative attractiveness of the local market.
The local equity allocation was overweight industrials, and underweight financials and resources.
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.
