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CADIZ BCI MONEY MARKET FUND
The Cadiz Money Market Fund once again performed well during the month of December, delivering on its mandate to provide consistent, cash-beating returns with minimal volatility over time. The fund was well positioned to take advantage of elevated yields by reinvesting the proceeds of maturing investments and positive cash flow at favourable rates. The fund continues to be managed within the prescribed mandate constraints, with the objective of outperforming the benchmark, while ensuring substantial liquidity and low variation of return. The persistence of the current high interest rate environment allows the fund to exploit lucrative opportunities to invest with minimal downside risk.
CADIZ BCI ENHANCED INCOME FUND
The fund’s exposure to nominal and inflation-linked bonds served the fund well during the month of December as these asset classes delivered positive returns for the period. The fund remains well diversified across a variety of floating rate notes, upholding the long-standing track-record of delivering low volatility returns and focusing on growing wealth, while limiting downside risks. Besides increasing exposure to nominal bonds, trading activities implemented during the month were driven by cash flows and reinvestment strategies, aligning with the fund’s objective of prudent portfolio management.
CADIZ BCI ABSOLUTE YIELD FUND
The Cadiz BCI Absolute Yield Fund once again benefitted from its exposure to nominal and inflation-linked bonds, as the positive return generated by these asset classes contributed to the overall performance of the fund. The exposure to corporate credit also supported the fund as spreads on these instruments continued to tighten. Trading activities during the month included the deployment of cash, re-investment of maturing instruments and active duration management to match the investment strategy and investment view. The fund remains actively managed by the team to take opportunities as they present themselves and to manage prevailing risks.