CADIZ BCI MONEY MARKET FUND
The Fund continued to fulfil its mandate and delivered competitive returns during February. Despite the low-interest rate environment, the Fund remains strategically positioned within the short-term investment universe. Its approach includes a targeted allocation to high-quality corporate credit to enhance yield, while remaining fully compliant with 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 benefited mainly from its exposure to nominal bonds, inflation-linked bonds and corporate credit. Government bond yields declined amid strong demand post the national budget speech, while sustained investor appetite for corporate debt contributed to added gains over the month. Trading activity was largely influenced by cash flows, portfolio positioning and the reinvestment of maturing instruments. The Fund remains well positioned to take advantage of opportunities across both the corporate and government bond markets.
CADIZ BCI ABSOLUTE YIELD FUND
The Cadiz BCI Absolute Yield Fund’s performance in February was underpinned by allocations to nominal bonds, inflation-linked bonds and corporate credit. A long bond position contributed positively as yields declined, thereby increasing the value of bonds. Trading activity focused on deploying available cash, rebalancing the portfolio and reinvesting proceeds from maturing instruments. The fund remains actively managed, aiming to capture opportunities across markets while maintaining disciplined risk management.
CADIZ BCI BOND FUND
The Cadiz BCI Bond Fund delivered another positive return in February, supported by declining yields benefitting from its long-duration positioning. Performance was led by the long-term segment of the yield curve, which contributed strongly to results. The FTSE/JSE All Bond Index (ALBI) returned 1.74% for the month and 28.19% over the past 12 months. The fund continues to generate returns in line with its mandate and remains strategically positioned to capture opportunities across the yield curve.
