Cadiz BCI Enhanced Income FundPRESENTED BY: Sidney McKinnon

Date 12 May 2021

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Cadiz, a proud 25-year historyAbout Cadiz

Cadiz is a long-term asset manager whose skill and expertise incorporate both quantitative and fundamental analysis in our investment process.

We provide investment solutions to both retail and institutional clients.

Staff: 8 Investment specialists, with over 100 years of combined industry experience.

AUM: R12.7bn as at end 2020

Investment Process: Our equity funds follow a systematic multi-factor based approach together with active asset allocation.

Our fixed income and multi asset funds are managed using a top-down, bottom up process.

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Fixed Income Investment TeamName Role Years in industry

(at Cadiz)

Adrian Meager CIO & MD 26 Years (15)

Sidney McKinnonSenior Fixed Income

Portfolio Manager26 years (8)

Hope Sono Junior Portfolio Manager 5 years (0.5)

Shwebi Gqosha Fixed Income Analyst 9 years (4)

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South African Macro Drivers for 20211. Growth

• Gradual recovery is expected.

• Global recovery and speed of vaccine rollout.

• Mining and Finance sectors still struggling.

• Numbers may be deceiving due to base effects.

• Event risks to the economy include:• Electricity constraints• Struggling SOE’s• High unemployment• COVID-19

Source: Stats SA, Investec

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South African Macro Drivers for 20212. Short Term Interest Rates

• Inflation expectations have increased but not enough to drive near term rate changes.

• The SARB’s Quarterly Projection Model (QPM) now indicates two increases of 25 basis points each in the second and fourth quarters of 2021 but remains a broad policy guide.

• Demand remains weak.

• Real growth still subdued.

Source: Bloomberg

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South African Macro Drivers for 20213. Inflation

Source: Bloomberg, Investec

• Administered prices continue to rise.

• Higher fuel prices driving up transport costs.

• Food prices however have declined.

• Base effects once again provide the rise in inflation in the coming months.

• Demand remains weak.

• Demand not driving up rates substantially.

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South African Macro Drivers for 2021The Credit Environment

Source: JSE, RMB Markets (data as at 31 March 2021)

• Macro drivers such as Growth, Inflation and Interest Rates currently mixed.

• Spreads yet to return to pre-Covid levels.

• Reduced issuance hampering liquidity.

• Default risk remains under scrutiny.

• Search for yield driving demand.

• Substantial variation between industries.

• Diversification is key.

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Cadiz BCI Enhanced Income Fund

ASISA Category : SA Multi Asset Income

Benchmark: STeFI Call Deposit + 1% p.a.

Regulation 28: Compliant

Fund Size: R1.2bn

Retail Class Service Fee: 0.58% (Inc VAT) p.a.

Portfolio Managers: Sidney McKinnon and Hope Sono

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Cadiz BCI Enhanced Income Fund THE GOAL OF THE FUND

• Deliver returns in excess of cash with low variability.

• Incremental outperformance over time.

HOW DOES THE FUND ACHIEVE THIS GOAL?

• Focused approach aimed at Credit to enhance returns

A Floating Rate Note bias which offers lower sensitivity to interest rates moves

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Cadiz BCI Enhanced Income FundAnnualised Fund Performance

Size (R, mn) 1 Year 2 Years (Annualised)

3 Years (Annualised)

5 Years (Annualised)

Since Inception (Annualised)

Cadiz BCI Enhanced Income Fund

1 264

5.36% 6.54% 7.38% 7.83% 7.55%

Benchmark: SteFi Call Deposit +1% 4.84% 6.23% 6.70% 7.20% 7.14%

Morningstar performance reported for C Class net of fees in ZAR as at 31/03/2021 (ASISA) South African MA Income, Inception: 01/10/2014Annualised return is the weighted compound growth rate over the period measured

Benchmark: STeFI Call Deposit +1% pa ZAR

Highest Annual Return 9.00%; Lowest Annual Return 5.25%

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Cadiz BCI Enhanced Income FundYield Target = 4.98%, Effective Yield = 5.65%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

2021/03/26

2022/01/20

2022/11/16

2023/09/12

2024/07/08

2025/05/04

2026/02/28

2026/12/25

2027/10/21

2028/08/16

2029/06/12

2030/04/08

2031/02/02

2031/11/29

2032/09/24

2033/07/21

2034/05/17

2035/03/13

Source: CAM SA

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Cadiz BCI Enhanced Income FundDiversifying Risk

Source: CAM SA

Bonds, 1.36% Corporate Bond, 1.69%Call Deposit, 5.72%

Credit linked Note, 0.24%

Floating Rate Note, 70.06%

Inflation Linked Bonds, 1.53%

NCD, 0.42%

Participatory Interest - Money Market, 3.42%

Preference Shares, 1.10%

Promissory Note, 3.05%

Step Rate Note, 3.97%

SARB Treasury Bill, 7.44%Asset Type

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Cadiz BCI Enhanced Income FundIssuer Spread

Source: CAM SA

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%38.85%

0.32% 1.35%2.61%

0.79%2.16% 1.12%

5.05%

1.04% 0.80%3.42%

13.09%10.45%

14.20%

4.73%

Sector Weight

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Cadiz BCI Enhanced Income FundDuration Risk and Tenor - Effective Weighted Average Duration = 0.49 Years

Source: CAM SA

17.91%

6.89%

3.32%

6.69%

22.73%

12.90%

14.76%

6.69%8.11%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

0 to 3mths 3 to 6mths 6 to 9mths 9 to 12mths 1 to 2yrs 2 to 3yrs 3 to 4yrs 4 to 5yrs 5yrs+

Maturity Profile

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Cadiz BCI Enhanced Income FundLow Variability of Returns – 5 Year Returns (Ann) vs Standard Deviation

Source: Morningstar 31/03/2021

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00

5 Ye

ar (A

nn) S

tand

ard

Devi

atio

n

5 Year (Ann) Return

(ASISA) South African MA Income

Cadiz BCI Enhanced Income Fund (7.83; 0.84)

Peer Group Average (7.31; 2.07)

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Cadiz BCI Enhanced Income FundReduced Drawdown – 5 Year Returns (Ann) vs Average Drawdown

Source: Morningstar 31/03/2021

-4.50

-4.00

-3.50

-3.00

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

2.50 3.50 4.50 5.50 6.50 7.50 8.50 9.50 10.50 11.50

5 Ye

ar A

vera

ge D

raw

dow

n

5 Year (Ann) Return

(ASISA) South African MA Income

Cadiz BCI Enhanced Income Fund (7.83; -0.15)

Peer Group Average (7.31; -0.70)

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Cadiz BCI Enhanced Income FundIn Summary:

• Credit Focused Fund

• Delivering returns in excess of cash with low variability.

• Consistent outperformance of its benchmark

• Only two negative months since inception

• Competitive Fee Structure

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Important InformationPhysical Address:Alphen EstateAlphen Drive Constantia, 7848Cape Townwww.cadiz.co.za

This document is confidential and issued for the information of the addressee and clients of Cadiz only. It is subject to copyright and may not be reproduced in whole or in part without the written permission of Cadiz. The information, opinions and recommendations contained herein are andmust be construed solely as statements of opinion and not statements of fact. No warranty, expressed or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such recommendation or information is given or made by Cadiz in any formor manner whatsoever. Each recommendation or opinion must be weighed solely as one factor in any investment or other decision made by or on behalf of any user of the information contained herein and such user must accordingly make its own study and evaluation of each strategy/securitythat it may consider purchasing, holding or selling and should appoint its own investment or financial or other advisers to assist the user in reaching any decision. Cadiz will accept no responsibility of whatsoever nature in respect of the use of any statement, opinion, recommendation orinformation contained in this document.

This document is for information only and do not constitute advice or a solicitation for funds. Investors should note that the value of an investment is dependent on numerous factors including, but not limited to, share price fluctuations, interest and exchange rates and other economic factors.Performance is further affected by uncertainties such as changes in government policy, taxation and other legal or regulatory developments. Past performance provides no guarantee of future performance.

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