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CADIZ BCI MONEY MARKET FUND
The Cadiz BCI Money Market Fund continued to produce cash-beating returns during the month of July. This was once again achieved with minimal volatility of returns. Trading activity was restricted to the deployment of cash, managing maturities, and taking exposures in selective positions in money market instruments and corporate issuers. The team continues to manage the fund within the mandate constraints and aims to provide benchmark-beating returns, while ensuring high liquidity and low variation of return. The fund’s performance is currently aided by historically high cash rates, which provide strong returns with very limited downside risk.
CADIZ BCI ENHANCED INCOME FUND
The Cadiz BCI Enhanced Income Fund once again delivered performance in excess of its designated benchmark during the month of July. Nominal bonds continued their positive run, providing strong support to the overall performance achieved over the period. The fund remains highly diversified across exposures to floating rate notes, nominal bonds, and money market instruments. The fund also remained consistent with its track-record of delivering low volatility returns aimed at growing wealth while limiting downside risk. Trading implemented during the month was largely prompted by cash flows and selective positioning in specific issuers and instruments.
CADIZ BCI ABSOLUTE YIELD FUND
The extended rally in nominal bonds served the Cadiz BCI Absolute Yield Fund well, propelling its performance to exceed that of the designated benchmark for the month of July. The returns were boosted by the fund’s exposure to Inflation Linked Bonds, corporate bonds, and various credit instruments. Trading in the fund was limited to positions taken on the yield curve and the deployment of cash. The fund remains actively managed by the team to take opportunities as they present themselves and to manage prevailing risks.