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. However, the effective duration of the funds was lengthened relative to the JSE All Bond Index (ALBI) due to the attractive real yields available.
During the quarter, we retained our positive view on foreign equity exposure in both funds, while maintaining our exposure to SA shares as they remain attractive on a relative basis.
The fund ended the quarter overweight industrials, neutral resources and remained underweight financials relative to their FTSE/JSE Capped SWIX weights. We increased our weight to the listed property sector for both the Cautious Fund, up to 3.5%, and the Balanced Fund up to 6.5%, on improving property metrics.
| MULTI-ASSET STRATEGIC ASSET ALLOCATION | CAUTIOUS FUND | BALANCED FUND |
|---|---|---|
| Cash | Underweight | Underweight |
| Bonds | Neutral | Neutral |
| Property | Positive | Positive |
| Local Equity | Neutral | Neutral |
| Foreign Equity | Positive | Positive |
The Capita BCI Equity Fund followed its bottom-up investment process, maintained its foreign equity allocation at 32% and we increased our resources exposure marginally while maintaining our exposure to SA Inc shares to benefit from the relative attractiveness of the local market.
The local equity allocation was overweight industrials, neutral resources while maintaining an underweight to financials relative to the FTSE/JSE Capped SWIX benchmark.
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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