The Citadel SA 20/20 Equity H4 Fund (‘the fund’) was down 7% in Q3-2019, just behind its benchmark which fell 6.1%. At sector level, the fund benefitted from overweight allocations to consumer goods and technology. Detractors were underweight allocations to consumer services and telecommunications; along with overweight allocations to healthcare, basic materials and financials. At stock level, the fund benefitted from overweight exposures to NEPI Rockcastle, BHP Group, British American Tobacco, Sanlam, Prosus and Anglo American. Detractors included overweight positions in Shoprite, Remgro and Standard Bank; along with underweight positions in AngloGold Ashanti, Sasol and MTN. The fund continues to adhere to its policy.

The Citadel SA 20/20 Equity Fund (‘the fund’) rose 3.8% in Q2-2019, as the FTSE/JSE Capped Top 40 benchmark delivered 4.9%. At sector level, the portfolio benefitted from underweight allocations to consumer staples, industrials and energy; along with an overweight allocation to financials. Detractors were the overweight allocations to materials, healthcare, real estate; along with an underweight allocation to communication services. At stock level, the fund benefitted from overweight exposures to RMB Holdings, Aspen, NEPI Rockcastle, Richemont, Standard Bank along with an underweight position in MTN. Detractors included overweight positions in British American Tobacco, PSG Group, Sasol, Naspers, Remgro; and an overweight position in AngloGold Ashanti.