CADIZ BCI MONEY MARKET FUND
The Cadiz BCI Money Market Fund continued to fulfil its mandate and delivered competitive returns for November. Despite a further decline in interest rates during the month, the Fund remains strategically positioned within the short-term investment environment. Its approach includes a focused allocation to high-quality corporate credit to enhance yield, while fully adhering to mandate guidelines and avoiding unnecessary risk. As a result, the Fund has continued to outperform its benchmark, the Alexander Forbes Short Term Fixed Interest (STeFI) Composite.
CADIZ BCI ENHANCED INCOME FUND
The Cadiz BCI Enhanced Income Fund’s performance for November was largely supported by its exposure to nominal bonds and corporate credit. Bond yields declined amid strong demand for government securities, while persistent appetite for corporate paper contributed to additional gains over the month. Trading activity was mainly influenced by cash flows, portfolio positioning, and the reinvestment of maturing assets. The fund remains strategically positioned to take advantage of opportunities in the corporate and government sectors.
CADIZ BCI ABSOLUTE YIELD FUND
The Cadiz BCI Absolute Yield Fund’s November performance was primarily supported by its allocations to nominal and inflation-linked bonds, with additional contribution from corporate credit exposure. A long bond position added value as yields continued to decline throughout the month. Trading activity centred on deploying available cash, adjusting portfolio positioning, and reinvesting proceeds from maturing instruments. Duration was tactically increased to reflect evolving market conditions and remained consistent with the Fund’s strategic outlook. The Fund continues to be actively managed, seeking to capture opportunities while maintaining disciplined risk management.
CADIZ BCI BOND FUND
The Cadiz BCI Bond Fund delivered another positive return in November, supported by improving economic fundamentals that contributed to a further decline in yields. The medium- and long-term segments of the yield curve once again provided the strongest performance. The FTSE/JSE All Bond Index (ALBI) returned 3.4% for the month, bringing its year-to-date gain to 20.91%. The Fund continues to generate returns in line with its mandate and remains strategically positioned to take advantage of opportunities across the yield curve.
