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 Cautious and Balanced Funds maintained their exposure to South African nominal bonds over the quarter. However, the effective modified duration of the funds was lengthened relative to the ALBI to take advantage of strengthening bond yields, while still benefiting from the attractive real yields available.
During the quarter, we maintained our foreign equity exposure in both funds at positive, while increasing our exposure to SA Inc shares to capture the ongoing positive market sentiment after the SA elections and the formation of the Government of National Unity.
During the quarter we took profits and reduced our exposure to listed property for both the Cautious and Balanced Funds.
| Asset Class | Cautious Fund Allocation | Balanced Fund Allocation |
|---|---|---|
| Cash | Underweight | Underweight |
| Bonds | Neutral | Neutral |
| Property | Positive | Positive |
| Local Equity | Positive | Positive |
| Foreign Equity | Positive | Positive |
The Capita Equity Fund following its top-down and bottom-up investment process maintained foreign equity allocation at approximately 32%, while we increased our exposure to SA Inc shares, capturing the positive market sentiment after the SA elections and the formation of the Government of National Unity.
The local equity allocation was overweight industrials, neutral resources and underweight financials.
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