cadiz bci equity fund, systematic, rules-based multi
TRANSCRIPT
Cadiz Collective Investments September 2018Cadiz BCI Equity Fund, Systematic, Rules-Based Multi Factor Investing PRESENTED BY: Johan Louwrens
Date: 29 September 2021
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Systematic, Rules-Based Multi Factor Investing
• The fund focuses on two long-term drivers of return – Value and Momentum.
• These drivers aim to deliver lower volatility and a diversified outcome that may complement traditional fundamental active fund managers.
Lower Volatility
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Cadiz BCI Equity Fund: Portfolio Managers • 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.
• We are a mid-sized boutique with R12.9bn as at end April 2021.
Name Role Years in industry (at Cadiz)
Adrian Meager CIO & MD 26 Years (15)
Johan Louwrens,
Cadiz BCI Equity Fund Benchmark: FTSE/JSE Capped Shareholders Weighted Index (J433T)
Asset Management Fee: 0.85% (Ex VAT) fund class B (clean class with no performance fees)
Local Equity:
Value Factor (select the top 20 ranked shares) Pricing Ratios, Liquidity Ratios, Solvency Ratios, Market Cap > R5bn Market Liquidity check Reviewed quarterly and rebalanced annually
Momentum Factor (select the top 20 ranked shares) 12 Months Price Momentum Rebalanced quarterly
Offshore Equity: Max 30% offshore equity Global CIS
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Systematic Factor Based = Unemotional Investing Why follow this investment style?
• Factor based investing does not only aim to reduce volatility and improve portfolio outcomes, it aims to reduce and avoid behavioural biases such as loss aversion, recency and confirmation biases.
• During March 2020, we didn’t have a kneejerk reaction to the market’s fall, instead, we followed our systematic and unemotional investment process and rebalanced the fund in April 2020.
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60.0 65.0 70.0 75.0 80.0 85.0 90.0 95.0
100.0 105.0 110.0 115.0 120.0 125.0 130.0
08/31/2018 11/19/2018 02/07/2019 04/28/2019 07/17/2019 10/05/2019 12/24/2019 03/13/2020 06/01/2020 08/20/2020 11/08/2020 01/27/2021 04/17/2021 07/06/2021
Warwick BCI Equity B FTSE/JSE Capped SWIX All Share TR ZAR (ASISA) South African EQ General
Source: Morningstar Direct, Cadiz Asset Management
Inception date: 04 May 2015 Annualised return is the weighted average compound growth rate over the period measured. Calendar year performance since inception: High 11.13% / Low -9.02% Performance is for illustrative purposes only.
Period (3 Years) Warwick BCI Equity B FTSE/JSE Capped SWIX All Share TR ZAR (ASISA) South African EQ General 09/01/2018 - 08/31/2021 Return (Annualised) 7.82% 5.47% 5.73%
Volatility (Annualised) 12.37% 18.68% 16.62% Maximum Drawdown -24.05% -38.91% -33.69% Max Drawdown Valley Date 03/16/2020 03/23/2020 03/19/2020 Max Drawdown Recovery Date 07/08/2020 01/07/2021 12/17/2020 Max Drawdown Recovery Days 114 290 273 Max Drawdown Recovery Months 3.73 9.47 8.93 Recovery Return (Cumulative) 31.66% 63.69% 50.81% Alpha (Annualised) 2.35%
Investment Growth
(ASISA) South African EQ General
Daily
08/31/2018
100.0
100.0
100.0
09/01/2018
100.0
100.0
100.0
09/02/2018
100.0
100.0
100.0
09/03/2018
100.5
100.2
100.4
09/04/2018
99.9
98.1
99.5
09/05/2018
99.3
97.3
98.6
09/06/2018
99.3
97.6
98.7
09/07/2018
98.6
97.6
98.1
09/08/2018
98.6
97.6
98.1
09/09/2018
98.6
97.6
98.1
09/10/2018
98.4
96.9
97.8
09/11/2018
97.3
96.2
96.5
09/12/2018
97.5
96.0
96.6
09/13/2018
97.3
96.2
96.6
09/14/2018
97.9
96.6
97.7
09/15/2018
97.9
96.6
97.7
09/16/2018
97.9
96.6
97.7
09/17/2018
97.2
95.7
96.8
09/18/2018
97.4
95.9
97.0
09/19/2018
97.0
96.6
97.0
09/20/2018
97.2
96.6
97.4
09/21/2018
97.8
97.6
98.3
09/22/2018
97.8
97.6
98.3
09/23/2018
97.8
97.6
98.3
09/24/2018
97.8
97.6
98.3
09/25/2018
97.7
97.1
97.9
09/26/2018
97.7
96.9
98.0
09/27/2018
97.3
96.5
97.2
09/28/2018
96.5
95.8
96.2
09/29/2018
96.5
95.8
96.2
09/30/2018
96.5
95.8
96.2
10/01/2018
97.3
95.9
96.8
10/02/2018
96.8
95.2
96.3
10/03/2018
96.8
94.8
96.2
10/04/2018
96.5
94.2
95.8
10/05/2018
95.9
93.3
95.1
10/06/2018
95.9
93.3
95.1
10/07/2018
95.9
93.3
95.1
10/08/2018
95.3
93.2
94.6
10/09/2018
95.2
93.3
94.4
10/10/2018
94.4
91.8
93.4
10/11/2018
92.8
90.5
91.5
10/12/2018
93.7
92.5
93.2
10/13/2018
93.7
92.5
93.2
10/14/2018
93.7
92.5
93.2
10/15/2018
92.3
90.9
92.1
10/16/2018
92.3
92.4
92.2
10/17/2018
92.6
91.1
92.3
10/18/2018
91.6
90.6
91.0
10/19/2018
92.1
90.6
91.4
10/20/2018
92.1
90.6
91.4
10/21/2018
92.1
90.6
91.4
10/22/2018
92.2
90.7
91.7
10/23/2018
91.1
89.1
90.2
10/24/2018
91.2
89.0
90.3
10/25/2018
91.6
90.3
90.7
10/26/2018
91.0
88.9
90.1
10/27/2018
91.0
88.9
90.1
10/28/2018
91.0
88.9
90.1
10/29/2018
92.1
90.1
90.9
10/30/2018
91.7
89.5
90.4
10/31/2018
92.6
91.4
91.9
11/01/2018
93.3
93.1
92.8
11/02/2018
95.1
94.4
94.7
11/03/2018
95.1
94.4
94.7
11/04/2018
95.1
94.4
94.7
11/05/2018
95.5
95.8
95.2
11/06/2018
94.4
95.0
94.1
11/07/2018
95.6
96.1
95.4
11/08/2018
95.3
94.9
94.8
11/09/2018
94.2
94.1
93.4
11/10/2018
94.2
94.1
93.4
11/11/2018
94.2
94.1
93.4
11/12/2018
93.6
91.8
92.1
11/13/2018
93.1
91.8
91.7
11/14/2018
92.1
91.2
91.0
11/15/2018
92.5
91.6
91.3
11/16/2018
92.4
91.4
91.3
11/17/2018
92.4
91.4
91.3
11/18/2018
92.4
91.4
91.3
11/19/2018
92.7
92.0
91.7
11/20/2018
91.9
90.1
90.5
11/21/2018
91.1
90.2
89.9
11/22/2018
91.0
90.1
90.0
11/23/2018
90.4
89.5
89.1
11/24/2018
90.4
89.5
89.1
11/25/2018
90.4
89.5
89.1
11/26/2018
91.5
91.3
90.5
11/27/2018
91.2
90.9
90.3
11/28/2018
92.1
91.6
91.2
11/29/2018
91.7
91.8
90.9
11/30/2018
91.2
89.8
89.9
12/01/2018
91.2
89.8
89.9
12/02/2018
91.2
89.8
89.9
12/03/2018
92.2
91.7
91.4
12/04/2018
92.1
92.1
91.4
12/05/2018
92.0
91.3
90.7
12/06/2018
91.3
89.7
89.5
12/07/2018
91.8
89.9
90.0
12/08/2018
91.8
89.9
90.0
12/09/2018
91.8
89.9
90.0
12/10/2018
90.7
88.6
88.8
12/11/2018
91.0
89.5
89.7
12/12/2018
91.5
90.4
90.4
12/13/2018
92.0
90.8
90.7
12/14/2018
91.5
90.2
89.9
12/15/2018
91.5
90.2
89.9
12/16/2018
91.5
90.2
89.9
12/17/2018
91.5
90.2
89.9
12/18/2018
91.0
89.3
89.2
12/19/2018
91.0
90.3
89.8
12/20/2018
91.0
90.0
89.8
12/21/2018
91.1
89.6
89.7
12/22/2018
91.1
89.6
89.7
12/23/2018
91.1
89.6
89.7
12/24/2018
91.4
90.5
90.2
12/25/2018
91.4
90.5
90.2
12/26/2018
91.4
90.5
90.2
12/27/2018
90.6
90.0
89.6
12/28/2018
91.2
91.6
90.9
12/29/2018
91.2
91.6
90.9
12/30/2018
91.2
91.6
90.9
12/31/2018
92.1
92.1
91.5
01/01/2019
92.1
92.1
91.5
01/02/2019
90.8
89.8
89.7
01/03/2019
91.3
90.8
90.3
01/04/2019
91.2
91.7
90.5
01/05/2019
91.2
91.7
90.5
01/06/2019
91.2
91.7
90.5
01/07/2019
90.8
91.2
90.8
01/08/2019
91.2
91.3
90.7
01/09/2019
91.9
93.0
91.9
01/10/2019
92.4
93.4
92.4
01/11/2019
92.8
94.0
93.0
01/12/2019
92.8
94.0
93.0
01/13/2019
92.8
94.0
93.0
01/14/2019
92.8
93.8
92.7
01/15/2019
92.5
93.9
92.6
01/16/2019
92.5
94.3
92.8
01/17/2019
92.3
93.4
92.3
01/18/2019
92.7
93.7
92.9
01/19/2019
92.7
93.7
92.9
01/20/2019
92.7
93.7
92.9
01/21/2019
93.0
94.1
93.3
01/22/2019
93.2
94.2
93.3
01/23/2019
93.4
94.2
93.2
01/24/2019
92.8
93.8
92.7
01/25/2019
93.1
94.5
93.2
01/26/2019
93.1
94.5
93.2
01/27/2019
93.1
94.5
93.2
01/28/2019
93.2
93.7
93.1
01/29/2019
93.3
94.8
93.5
01/30/2019
92.9
94.2
93.3
01/31/2019
93.1
94.7
93.6
02/01/2019
92.9
94.4
93.0
02/02/2019
92.9
94.4
93.0
02/03/2019
92.9
94.4
93.0
02/04/2019
92.5
93.1
92.5
02/05/2019
92.9
94.4
93.0
02/06/2019
93.7
94.9
94.0
02/07/2019
93.3
93.5
92.8
02/08/2019
93.2
92.5
92.3
02/09/2019
93.2
92.5
92.3
02/10/2019
93.2
92.5
92.3
02/11/2019
93.3
92.4
92.3
02/12/2019
93.6
93.3
92.8
02/13/2019
93.7
94.1
93.3
02/14/2019
95.0
93.6
94.1
02/15/2019
94.9
93.7
93.8
02/16/2019
94.9
93.7
93.8
02/17/2019
94.9
93.7
93.8
02/18/2019
95.2
94.7
94.5
02/19/2019
95.4
94.4
94.4
02/20/2019
96.3
95.2
95.3
02/21/2019
96.0
95.1
95.3
02/22/2019
96.4
95.9
95.8
02/23/2019
96.4
95.9
95.8
02/24/2019
96.4
95.9
95.8
02/25/2019
96.0
95.8
95.7
02/26/2019
96.3
96.3
96.1
02/27/2019
96.4
96.4
96.2
02/28/2019
96.4
95.9
96.0
03/01/2019
96.7
96.0
96.4
03/02/2019
96.7
96.0
96.4
03/03/2019
96.7
96.0
96.4
03/04/2019
96.6
95.7
96.4
03/05/2019
96.0
95.2
95.7
03/06/2019
96.3
95.6
96.3
03/07/2019
96.3
95.6
96.2
03/08/2019
96.5
95.1
95.7
03/09/2019
96.5
95.1
95.7
03/10/2019
96.5
95.1
95.7
03/11/2019
95.8
94.9
95.3
03/12/2019
95.9
95.3
95.7
03/13/2019
96.0
95.3
95.6
03/14/2019
96.5
95.2
96.2
03/15/2019
96.9
95.9
96.7
03/16/2019
96.9
95.9
96.7
03/17/2019
96.9
95.9
96.7
03/18/2019
97.5
96.9
97.4
03/19/2019
98.1
96.8
98.0
03/20/2019
97.3
95.6
97.1
03/21/2019
97.3
95.6
97.1
03/22/2019
97.0
95.3
96.6
03/23/2019
97.0
95.3
96.6
03/24/2019
97.0
95.3
96.6
03/25/2019
96.4
93.9
95.2
03/26/2019
96.3
94.3
95.4
03/27/2019
97.3
95.1
96.6
03/28/2019
97.4
94.8
96.4
03/29/2019
97.3
95.7
96.8
03/30/2019
97.3
95.7
96.8
03/31/2019
97.3
95.7
96.8
04/01/2019
97.9
97.0
97.8
04/02/2019
97.7
96.9
97.6
04/03/2019
98.6
98.4
99.0
04/04/2019
98.2
98.2
98.8
04/05/2019
98.4
98.3
99.0
04/06/2019
98.4
98.3
99.0
04/07/2019
98.4
98.3
99.0
04/08/2019
98.6
98.5
99.0
04/09/2019
98.8
98.5
99.2
04/10/2019
99.0
100.0
99.9
04/11/2019
98.5
99.6
99.6
04/12/2019
99.0
99.9
100.0
04/13/2019
99.0
99.9
100.0
04/14/2019
99.0
99.9
100.0
04/15/2019
98.8
100.0
100.0
04/16/2019
99.6
101.1
100.8
04/17/2019
99.5
101.3
100.8
04/18/2019
100.0
101.8
101.4
04/19/2019
100.0
101.8
101.4
04/20/2019
100.0
101.8
101.4
04/21/2019
100.0
101.8
101.4
04/22/2019
100.0
101.8
101.4
04/23/2019
100.1
102.1
101.6
04/24/2019
100.1
101.0
101.2
04/25/2019
100.3
100.8
101.1
04/26/2019
99.8
101.0
100.8
04/27/2019
99.8
101.0
100.8
04/28/2019
99.8
101.0
100.8
04/29/2019
99.5
100.6
100.6
04/30/2019
99.5
100.5
100.7
05/01/2019
99.5
100.5
100.7
05/02/2019
99.6
100.9
100.8
05/03/2019
100.0
102.1
101.6
05/04/2019
100.0
102.1
101.6
05/05/2019
100.0
102.1
101.6
05/06/2019
99.4
101.4
100.8
05/07/2019
99.7
100.4
100.7
05/08/2019
99.7
100.4
100.7
05/09/2019
98.0
97.8
98.6
05/10/2019
98.0
98.5
98.9
05/11/2019
98.0
98.5
98.9
05/12/2019
98.0
98.5
98.9
05/13/2019
97.5
98.1
98.2
05/14/2019
97.7
97.8
98.0
05/15/2019
96.2
97.4
96.7
05/16/2019
97.3
98.0
97.7
05/17/2019
97.1
96.9
97.1
05/18/2019
97.1
96.9
97.1
05/19/2019
97.1
96.9
97.1
05/20/2019
96.8
96.2
96.4
05/21/2019
97.0
95.7
96.3
05/22/2019
96.6
95.2
95.7
05/23/2019
95.9
93.3
94.3
05/24/2019
96.3
93.5
94.4
05/25/2019
96.3
93.5
94.4
05/26/2019
96.3
93.5
94.4
05/27/2019
96.2
93.4
94.2
05/28/2019
96.7
92.8
94.3
05/29/2019
97.2
93.9
94.8
05/30/2019
97.5
95.6
95.7
05/31/2019
97.5
95.7
95.6
06/01/2019
97.5
95.7
95.6
06/02/2019
97.5
95.7
95.6
06/03/2019
98.3
96.8
96.4
06/04/2019
98.6
96.3
96.6
06/05/2019
99.4
97.1
97.4
06/06/2019
100.0
97.0
97.6
06/07/2019
101.1
98.6
98.6
06/08/2019
101.1
98.6
98.6
06/09/2019
101.1
98.6
98.6
06/10/2019
101.3
99.5
99.3
06/11/2019
101.7
99.9
99.9
06/12/2019
102.0
99.6
99.5
06/13/2019
102.5
99.2
99.7
06/14/2019
101.9
98.5
98.9
06/15/2019
101.9
98.5
98.9
06/16/2019
101.9
98.5
98.9
06/17/2019
101.9
98.5
98.9
06/18/2019
101.5
99.3
98.9
06/19/2019
101.6
99.6
99.5
06/20/2019
101.8
100.4
99.8
06/21/2019
102.0
100.4
99.7
06/22/2019
102.0
100.4
99.7
06/23/2019
102.0
100.4
99.7
06/24/2019
102.0
99.6
99.2
06/25/2019
102.1
99.0
98.9
06/26/2019
101.6
99.0
98.7
06/27/2019
101.1
98.4
98.2
06/28/2019
101.0
98.5
98.3
06/29/2019
101.0
98.5
98.3
06/30/2019
101.0
98.5
98.3
07/01/2019
101.4
98.7
99.0
07/02/2019
100.5
98.0
98.1
07/03/2019
100.7
97.9
98.1
07/04/2019
100.3
97.8
98.0
07/05/2019
100.1
97.4
97.8
07/06/2019
100.1
97.4
97.8
07/07/2019
100.1
97.4
97.8
07/08/2019
100.5
97.8
97.8
07/09/2019
100.0
96.4
96.9
07/10/2019
100.6
97.5
97.7
07/11/2019
100.2
97.0
97.4
07/12/2019
100.1
97.1
97.3
07/13/2019
100.1
97.1
97.3
07/14/2019
100.1
97.1
97.3
07/15/2019
100.2
97.4
97.3
07/16/2019
100.6
98.4
98.0
07/17/2019
100.4
97.4
97.5
07/18/2019
101.3
98.2
98.1
07/19/2019
101.5
98.7
98.7
07/20/2019
101.5
98.7
98.7
07/21/2019
101.5
98.7
98.7
07/22/2019
101.0
98.1
98.0
07/23/2019
100.9
98.5
98.5
07/24/2019
100.3
97.7
97.8
07/25/2019
100.5
97.0
97.7
07/26/2019
100.4
96.4
97.1
07/27/2019
100.4
96.4
97.1
07/28/2019
100.4
96.4
97.1
07/29/2019
100.7
97.4
97.7
07/30/2019
100.8
96.2
96.8
07/31/2019
100.2
95.4
96.1
08/01/2019
99.3
95.8
95.9
08/02/2019
99.6
94.6
95.5
08/03/2019
99.6
94.6
95.5
08/04/2019
99.6
94.6
95.5
08/05/2019
99.5
92.8
93.8
08/06/2019
99.5
93.1
94.0
08/07/2019
99.8
93.1
93.9
08/08/2019
100.3
93.0
94.4
08/09/2019
100.3
93.0
94.4
08/10/2019
100.3
93.0
94.4
08/11/2019
100.3
93.0
94.4
08/12/2019
100.9
92.4
94.0
08/13/2019
100.1
92.0
93.3
08/14/2019
98.8
90.3
92.0
08/15/2019
98.7
90.5
91.8
08/16/2019
97.8
90.4
91.5
08/17/2019
97.8
90.4
91.5
08/18/2019
97.8
90.4
91.5
08/19/2019
98.6
91.0
92.6
08/20/2019
98.8
90.8
92.2
08/21/2019
99.3
91.7
92.8
08/22/2019
99.0
90.8
92.7
08/23/2019
98.2
90.3
91.6
08/24/2019
98.2
90.3
91.6
08/25/2019
98.2
90.3
91.6
08/26/2019
98.6
90.1
91.5
08/27/2019
98.5
90.0
91.4
08/28/2019
99.0
91.0
91.9
08/29/2019
99.6
91.0
92.8
08/30/2019
100.1
92.8
93.9
08/31/2019
100.1
92.8
93.9
09/01/2019
100.1
92.8
93.9
09/02/2019
100.4
91.8
93.6
09/03/2019
100.1
91.9
93.1
09/04/2019
99.5
92.2
93.4
09/05/2019
100.1
93.3
94.5
09/06/2019
100.2
93.7
94.9
09/07/2019
100.2
93.7
94.9
09/08/2019
100.2
93.7
94.9
09/09/2019
99.6
93.6
94.5
09/10/2019
99.0
93.4
94.4
09/11/2019
99.1
94.7
95.5
09/12/2019
99.7
96.1
96.6
09/13/2019
99.6
96.6
97.3
09/14/2019
99.6
96.6
97.3
09/15/2019
99.6
96.6
97.3
09/16/2019
100.5
98.5
98.3
09/17/2019
100.2
96.7
97.5
09/18/2019
99.2
96.5
96.7
09/19/2019
99.0
96.0
96.3
09/20/2019
100.4
96.0
97.0
09/21/2019
100.4
96.0
97.0
09/22/2019
100.4
96.0
97.0
09/23/2019
99.5
94.9
95.5
09/24/2019
99.5
94.9
95.5
09/25/2019
99.7
93.7
94.8
09/26/2019
99.9
94.6
95.7
09/27/2019
99.6
94.3
95.3
09/28/2019
99.6
94.3
95.3
09/29/2019
99.6
94.3
95.3
09/30/2019
99.3
93.4
94.7
10/01/2019
99.7
93.7
95.2
10/02/2019
99.5
92.7
94.0
10/03/2019
99.3
92.5
93.5
10/04/2019
99.2
93.1
93.9
10/05/2019
99.2
93.1
93.9
10/06/2019
99.2
93.1
93.9
10/07/2019
100.0
94.3
94.6
10/08/2019
101.0
93.9
94.8
10/09/2019
101.0
93.7
94.6
10/10/2019
100.6
94.9
94.9
10/11/2019
100.9
95.8
96.1
10/12/2019
100.9
95.8
96.1
10/13/2019
100.9
95.8
96.1
10/14/2019
100.2
95.3
95.5
10/15/2019
100.6
95.9
96.0
10/16/2019
101.1
96.9
96.9
10/17/2019
101.6
96.9
97.4
10/18/2019
101.2
96.3
97.0
10/19/2019
101.2
96.3
97.0
10/20/2019
101.2
96.3
97.0
10/21/2019
101.7
97.0
97.3
10/22/2019
101.5
97.1
97.2
10/23/2019
100.9
96.3
96.3
10/24/2019
101.6
96.2
96.9
10/25/2019
100.7
95.5
95.6
10/26/2019
100.7
95.5
95.6
10/27/2019
100.7
95.5
95.6
10/28/2019
100.9
96.5
96.5
10/29/2019
100.7
96.4
96.4
10/30/2019
101.4
96.1
96.4
10/31/2019
102.9
96.8
97.7
11/01/2019
102.9
97.0
97.5
11/02/2019
102.9
97.0
97.5
11/03/2019
102.9
97.0
97.5
11/04/2019
102.3
97.6
97.9
11/05/2019
102.5
98.3
98.5
11/06/2019
103.0
99.1
99.3
11/07/2019
102.5
98.9
99.1
11/08/2019
102.1
97.9
98.2
11/09/2019
102.1
97.9
98.2
11/10/2019
102.1
97.9
98.2
11/11/2019
101.5
97.3
97.3
11/12/2019
101.8
97.7
97.8
11/13/2019
102.5
97.7
97.9
11/14/2019
102.1
97.6
97.7
11/15/2019
102.1
97.2
97.7
11/16/2019
102.1
97.2
97.7
11/17/2019
102.1
97.2
97.7
11/18/2019
102.2
97.7
98.0
11/19/2019
102.8
99.1
98.9
11/20/2019
102.9
99.4
99.0
11/21/2019
102.1
98.2
98.2
11/22/2019
102.2
98.2
98.4
11/23/2019
102.2
98.2
98.4
11/24/2019
102.2
98.2
98.4
11/25/2019
102.0
97.7
98.2
11/26/2019
101.6
96.3
97.4
11/27/2019
101.5
96.6
97.4
11/28/2019
101.4
95.7
96.9
11/29/2019
100.9
95.4
96.4
11/30/2019
100.9
95.4
96.4
12/01/2019
100.9
95.4
96.4
12/02/2019
100.5
94.3
95.6
12/03/2019
100.1
94.0
95.0
12/04/2019
100.6
95.0
95.8
12/05/2019
100.2
94.5
95.5
12/06/2019
100.8
95.2
96.1
12/07/2019
100.8
95.2
96.1
12/08/2019
100.8
95.2
96.1
12/09/2019
100.7
95.2
96.1
12/10/2019
101.1
95.2
95.8
12/11/2019
101.8
95.9
96.7
12/12/2019
102.3
95.9
97.0
12/13/2019
102.3
97.6
98.2
12/14/2019
102.3
97.6
98.2
12/15/2019
102.3
97.6
98.2
12/16/2019
102.3
97.6
98.2
12/17/2019
103.5
98.8
99.7
12/18/2019
103.7
99.9
100.2
12/19/2019
103.0
99.4
99.8
12/20/2019
102.8
99.0
99.6
12/21/2019
102.8
99.0
99.6
12/22/2019
102.8
99.0
99.6
12/23/2019
101.8
98.3
98.6
12/24/2019
102.4
98.6
99.0
12/25/2019
102.4
98.6
99.0
12/26/2019
102.4
98.6
99.0
12/27/2019
102.6
99.0
99.4
12/28/2019
102.6
99.0
99.4
12/29/2019
102.6
99.0
99.4
12/30/2019
102.4
99.5
99.6
12/31/2019
102.4
98.4
98.9
01/01/2020
102.4
98.4
98.9
01/02/2020
102.6
99.2
99.5
01/03/2020
103.1
99.4
99.7
01/04/2020
103.1
99.4
99.7
01/05/2020
103.1
99.4
99.7
01/06/2020
102.7
98.2
98.8
01/07/2020
102.7
98.5
99.3
01/08/2020
102.8
98.4
99.1
01/09/2020
102.0
98.3
99.1
01/10/2020
102.2
99.0
99.5
01/11/2020
102.2
99.0
99.5
01/12/2020
102.2
99.0
99.5
01/13/2020
102.6
98.9
99.6
01/14/2020
102.6
99.6
100.0
01/15/2020
103.3
99.7
100.6
01/16/2020
103.3
99.9
100.3
01/17/2020
104.4
100.4
101.2
01/18/2020
104.4
100.4
101.2
01/19/2020
104.4
100.4
101.2
01/20/2020
105.1
100.3
101.4
01/21/2020
103.7
99.0
100.1
01/22/2020
103.5
98.8
99.9
01/23/2020
102.3
97.3
98.7
01/24/2020
102.4
97.9
98.8
01/25/2020
102.4
97.9
98.8
01/26/2020
102.4
97.9
98.8
01/27/2020
101.3
95.7
97.0
01/28/2020
101.2
95.4
96.8
01/29/2020
101.6
96.6
97.8
01/30/2020
101.9
97.0
97.8
01/31/2020
102.1
95.8
97.4
02/01/2020
102.1
95.8
97.4
02/02/2020
102.1
95.8
97.4
02/03/2020
101.7
95.4
96.8
02/04/2020
102.1
97.0
98.0
02/05/2020
102.6
98.0
99.0
02/06/2020
103.0
98.2
99.3
02/07/2020
102.9
97.6
98.7
02/08/2020
102.9
97.6
98.7
02/09/2020
102.9
97.6
98.7
02/10/2020
103.1
96.9
98.4
02/11/2020
102.7
97.2
98.4
02/12/2020
103.5
98.2
99.4
02/13/2020
104.0
98.4
99.6
02/14/2020
104.2
98.6
99.7
02/15/2020
104.2
98.6
99.7
02/16/2020
104.2
98.6
99.7
02/17/2020
104.9
99.1
100.0
02/18/2020
104.7
98.3
99.4
02/19/2020
105.4
98.8
99.7
02/20/2020
105.4
98.1
99.5
02/21/2020
105.1
97.3
98.7
02/22/2020
105.1
97.3
98.7
02/23/2020
105.1
97.3
98.7
02/24/2020
103.0
93.2
95.2
02/25/2020
102.2
92.7
94.5
02/26/2020
101.1
93.7
94.2
02/27/2020
100.1
90.9
92.9
02/28/2020
97.6
86.7
89.4
02/29/2020
97.6
86.7
89.4
03/01/2020
97.6
86.7
89.4
03/02/2020
96.9
88.0
89.8
03/03/2020
97.7
89.8
91.3
03/04/2020
99.2
90.4
92.1
03/05/2020
98.9
90.2
91.9
03/06/2020
99.7
88.8
90.3
03/07/2020
99.7
88.8
90.3
03/08/2020
99.7
88.8
90.3
03/09/2020
96.6
83.5
86.0
03/10/2020
96.8
84.4
86.9
03/11/2020
95.1
84.1
86.1
03/12/2020
90.9
76.4
80.0
03/13/2020
89.3
75.9
79.4
03/14/2020
89.3
75.9
79.4
03/15/2020
89.3
75.9
79.4
03/16/2020
80.1
69.2
71.2
03/17/2020
84.8
70.3
72.6
03/18/2020
81.2
64.6
69.4
03/19/2020
81.2
63.2
67.4
03/20/2020
83.0
66.6
70.3
03/21/2020
83.0
66.6
70.3
03/22/2020
83.0
66.6
70.3
03/23/2020
81.5
62.4
67.7
03/24/2020
82.5
66.5
70.4
03/25/2020
85.6
70.3
73.6
03/26/2020
89.1
73.7
77.2
03/27/2020
87.7
69.8
74.6
03/28/2020
87.7
69.8
74.6
03/29/2020
87.7
69.8
74.6
03/30/2020
88.0
69.9
75.0
03/31/2020
88.8
72.2
76.1
04/01/2020
87.7
71.6
75.2
04/02/2020
89.0
73.7
77.4
04/03/2020
90.0
72.8
77.3
04/04/2020
90.0
72.8
77.3
04/05/2020
90.0
72.8
77.3
04/06/2020
91.0
75.5
78.9
04/07/2020
94.9
78.0
82.2
04/08/2020
93.3
76.5
80.7
04/09/2020
94.0
79.5
81.8
04/10/2020
94.0
79.5
81.8
04/11/2020
94.0
79.5
81.8
04/12/2020
94.0
79.5
81.8
04/13/2020
94.0
79.5
81.8
04/14/2020
97.6
82.5
84.9
04/15/2020
97.4
79.6
83.5
04/16/2020
97.2
79.0
83.6
04/17/2020
98.4
80.2
84.6
04/18/2020
98.4
80.2
84.6
04/19/2020
98.4
80.2
84.6
04/20/2020
97.7
79.4
83.4
04/21/2020
96.1
77.5
81.6
04/22/2020
95.9
78.3
82.4
04/23/2020
98.2
80.5
84.0
04/24/2020
98.9
80.6
84.6
04/25/2020
98.9
80.6
84.6
04/26/2020
98.9
80.6
84.6
04/27/2020
98.9
80.6
84.6
04/28/2020
99.1
81.3
85.7
04/29/2020
99.4
83.0
86.5
04/30/2020
99.3
82.5
86.1
05/01/2020
99.3
82.5
86.1
05/02/2020
99.3
82.5
86.1
05/03/2020
99.3
82.5
86.1
05/04/2020
97.6
80.5
84.3
05/05/2020
98.1
80.8
85.0
05/06/2020
98.3
81.3
85.0
05/07/2020
98.5
81.5
85.4
05/08/2020
98.7
82.9
86.2
05/09/2020
98.7
82.9
86.2
05/10/2020
98.7
82.9
86.2
05/11/2020
98.5
81.6
85.5
05/12/2020
99.3
81.7
85.8
05/13/2020
98.9
81.2
85.5
05/14/2020
97.2
79.1
83.3
05/15/2020
98.5
80.0
84.3
05/16/2020
98.5
80.0
84.3
05/17/2020
98.5
80.0
84.3
05/18/2020
100.1
82.4
86.2
05/19/2020
101.2
83.7
87.4
05/20/2020
101.0
83.9
87.5
05/21/2020
100.5
82.7
87.2
05/22/2020
98.7
81.2
85.1
05/23/2020
98.7
81.2
85.1
05/24/2020
98.7
81.2
85.1
05/25/2020
98.2
80.7
84.7
05/26/2020
98.4
82.1
85.5
05/27/2020
98.6
82.1
86.0
05/28/2020
99.7
83.7
86.9
05/29/2020
99.6
82.1
85.9
05/30/2020
99.6
82.1
85.9
05/31/2020
99.6
82.1
85.9
06/01/2020
99.8
82.7
86.5
06/02/2020
101.8
85.6
88.8
06/03/2020
101.5
88.2
90.4
06/04/2020
102.3
87.6
90.7
06/05/2020
102.2
90.1
92.3
06/06/2020
102.2
90.1
92.3
06/07/2020
102.2
90.1
92.3
06/08/2020
103.2
89.9
92.9
06/09/2020
102.6
89.7
92.2
06/10/2020
102.0
87.9
91.6
06/11/2020
102.2
87.2
90.6
06/12/2020
101.1
87.7
90.5
06/13/2020
101.1
87.7
90.5
06/14/2020
101.1
87.7
90.5
06/15/2020
99.5
85.6
88.8
06/16/2020
99.5
85.6
88.8
06/17/2020
101.5
88.4
91.3
06/18/2020
101.7
88.0
91.1
06/19/2020
102.6
88.7
92.1
06/20/2020
102.6
88.7
92.1
06/21/2020
102.6
88.7
92.1
06/22/2020
102.4
88.3
91.5
06/23/2020
103.9
89.8
92.9
06/24/2020
103.3
88.2
91.9
06/25/2020
102.2
87.5
90.6
06/26/2020
102.1
86.9
90.7
06/27/2020
102.1
86.9
90.7
06/28/2020
102.1
86.9
90.7
06/29/2020
101.9
87.9
90.6
06/30/2020
102.4
87.8
90.9
07/01/2020
102.5
87.2
90.4
07/02/2020
103.5
88.7
91.6
07/03/2020
103.4
88.6
91.5
07/04/2020
103.4
88.6
91.5
07/05/2020
103.4
88.6
91.5
07/06/2020
104.1
89.0
92.0
07/07/2020
104.4
89.4
91.9
07/08/2020
105.8
90.6
93.1
07/09/2020
106.3
90.5
93.6
07/10/2020
105.2
89.9
92.6
07/11/2020
105.2
89.9
92.6
07/12/2020
105.2
89.9
92.6
07/13/2020
106.0
91.4
93.5
07/14/2020
104.9
90.4
92.2
07/15/2020
106.3
90.8
93.5
07/16/2020
105.8
91.1
93.1
07/17/2020
106.4
91.1
93.3
07/18/2020
106.4
91.1
93.3
07/19/2020
106.4
91.1
93.3
07/20/2020
106.8
91.6
93.7
07/21/2020
107.1
91.9
94.5
07/22/2020
107.0
91.2
93.4
07/23/2020
107.8
91.2
93.7
07/24/2020
107.4
90.9
93.2
07/25/2020
107.4
90.9
93.2
07/26/2020
107.4
90.9
93.2
07/27/2020
107.4
92.1
93.5
07/28/2020
108.2
92.6
94.3
07/29/2020
108.0
93.0
94.7…
Date: 29 September 2021
Here
Systematic, Rules-Based Multi Factor Investing
• The fund focuses on two long-term drivers of return – Value and Momentum.
• These drivers aim to deliver lower volatility and a diversified outcome that may complement traditional fundamental active fund managers.
Lower Volatility
Here
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Cadiz BCI Equity Fund: Portfolio Managers • 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.
• We are a mid-sized boutique with R12.9bn as at end April 2021.
Name Role Years in industry (at Cadiz)
Adrian Meager CIO & MD 26 Years (15)
Johan Louwrens,
Cadiz BCI Equity Fund Benchmark: FTSE/JSE Capped Shareholders Weighted Index (J433T)
Asset Management Fee: 0.85% (Ex VAT) fund class B (clean class with no performance fees)
Local Equity:
Value Factor (select the top 20 ranked shares) Pricing Ratios, Liquidity Ratios, Solvency Ratios, Market Cap > R5bn Market Liquidity check Reviewed quarterly and rebalanced annually
Momentum Factor (select the top 20 ranked shares) 12 Months Price Momentum Rebalanced quarterly
Offshore Equity: Max 30% offshore equity Global CIS
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Systematic Factor Based = Unemotional Investing Why follow this investment style?
• Factor based investing does not only aim to reduce volatility and improve portfolio outcomes, it aims to reduce and avoid behavioural biases such as loss aversion, recency and confirmation biases.
• During March 2020, we didn’t have a kneejerk reaction to the market’s fall, instead, we followed our systematic and unemotional investment process and rebalanced the fund in April 2020.
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60.0 65.0 70.0 75.0 80.0 85.0 90.0 95.0
100.0 105.0 110.0 115.0 120.0 125.0 130.0
08/31/2018 11/19/2018 02/07/2019 04/28/2019 07/17/2019 10/05/2019 12/24/2019 03/13/2020 06/01/2020 08/20/2020 11/08/2020 01/27/2021 04/17/2021 07/06/2021
Warwick BCI Equity B FTSE/JSE Capped SWIX All Share TR ZAR (ASISA) South African EQ General
Source: Morningstar Direct, Cadiz Asset Management
Inception date: 04 May 2015 Annualised return is the weighted average compound growth rate over the period measured. Calendar year performance since inception: High 11.13% / Low -9.02% Performance is for illustrative purposes only.
Period (3 Years) Warwick BCI Equity B FTSE/JSE Capped SWIX All Share TR ZAR (ASISA) South African EQ General 09/01/2018 - 08/31/2021 Return (Annualised) 7.82% 5.47% 5.73%
Volatility (Annualised) 12.37% 18.68% 16.62% Maximum Drawdown -24.05% -38.91% -33.69% Max Drawdown Valley Date 03/16/2020 03/23/2020 03/19/2020 Max Drawdown Recovery Date 07/08/2020 01/07/2021 12/17/2020 Max Drawdown Recovery Days 114 290 273 Max Drawdown Recovery Months 3.73 9.47 8.93 Recovery Return (Cumulative) 31.66% 63.69% 50.81% Alpha (Annualised) 2.35%
Investment Growth
(ASISA) South African EQ General
Daily
08/31/2018
100.0
100.0
100.0
09/01/2018
100.0
100.0
100.0
09/02/2018
100.0
100.0
100.0
09/03/2018
100.5
100.2
100.4
09/04/2018
99.9
98.1
99.5
09/05/2018
99.3
97.3
98.6
09/06/2018
99.3
97.6
98.7
09/07/2018
98.6
97.6
98.1
09/08/2018
98.6
97.6
98.1
09/09/2018
98.6
97.6
98.1
09/10/2018
98.4
96.9
97.8
09/11/2018
97.3
96.2
96.5
09/12/2018
97.5
96.0
96.6
09/13/2018
97.3
96.2
96.6
09/14/2018
97.9
96.6
97.7
09/15/2018
97.9
96.6
97.7
09/16/2018
97.9
96.6
97.7
09/17/2018
97.2
95.7
96.8
09/18/2018
97.4
95.9
97.0
09/19/2018
97.0
96.6
97.0
09/20/2018
97.2
96.6
97.4
09/21/2018
97.8
97.6
98.3
09/22/2018
97.8
97.6
98.3
09/23/2018
97.8
97.6
98.3
09/24/2018
97.8
97.6
98.3
09/25/2018
97.7
97.1
97.9
09/26/2018
97.7
96.9
98.0
09/27/2018
97.3
96.5
97.2
09/28/2018
96.5
95.8
96.2
09/29/2018
96.5
95.8
96.2
09/30/2018
96.5
95.8
96.2
10/01/2018
97.3
95.9
96.8
10/02/2018
96.8
95.2
96.3
10/03/2018
96.8
94.8
96.2
10/04/2018
96.5
94.2
95.8
10/05/2018
95.9
93.3
95.1
10/06/2018
95.9
93.3
95.1
10/07/2018
95.9
93.3
95.1
10/08/2018
95.3
93.2
94.6
10/09/2018
95.2
93.3
94.4
10/10/2018
94.4
91.8
93.4
10/11/2018
92.8
90.5
91.5
10/12/2018
93.7
92.5
93.2
10/13/2018
93.7
92.5
93.2
10/14/2018
93.7
92.5
93.2
10/15/2018
92.3
90.9
92.1
10/16/2018
92.3
92.4
92.2
10/17/2018
92.6
91.1
92.3
10/18/2018
91.6
90.6
91.0
10/19/2018
92.1
90.6
91.4
10/20/2018
92.1
90.6
91.4
10/21/2018
92.1
90.6
91.4
10/22/2018
92.2
90.7
91.7
10/23/2018
91.1
89.1
90.2
10/24/2018
91.2
89.0
90.3
10/25/2018
91.6
90.3
90.7
10/26/2018
91.0
88.9
90.1
10/27/2018
91.0
88.9
90.1
10/28/2018
91.0
88.9
90.1
10/29/2018
92.1
90.1
90.9
10/30/2018
91.7
89.5
90.4
10/31/2018
92.6
91.4
91.9
11/01/2018
93.3
93.1
92.8
11/02/2018
95.1
94.4
94.7
11/03/2018
95.1
94.4
94.7
11/04/2018
95.1
94.4
94.7
11/05/2018
95.5
95.8
95.2
11/06/2018
94.4
95.0
94.1
11/07/2018
95.6
96.1
95.4
11/08/2018
95.3
94.9
94.8
11/09/2018
94.2
94.1
93.4
11/10/2018
94.2
94.1
93.4
11/11/2018
94.2
94.1
93.4
11/12/2018
93.6
91.8
92.1
11/13/2018
93.1
91.8
91.7
11/14/2018
92.1
91.2
91.0
11/15/2018
92.5
91.6
91.3
11/16/2018
92.4
91.4
91.3
11/17/2018
92.4
91.4
91.3
11/18/2018
92.4
91.4
91.3
11/19/2018
92.7
92.0
91.7
11/20/2018
91.9
90.1
90.5
11/21/2018
91.1
90.2
89.9
11/22/2018
91.0
90.1
90.0
11/23/2018
90.4
89.5
89.1
11/24/2018
90.4
89.5
89.1
11/25/2018
90.4
89.5
89.1
11/26/2018
91.5
91.3
90.5
11/27/2018
91.2
90.9
90.3
11/28/2018
92.1
91.6
91.2
11/29/2018
91.7
91.8
90.9
11/30/2018
91.2
89.8
89.9
12/01/2018
91.2
89.8
89.9
12/02/2018
91.2
89.8
89.9
12/03/2018
92.2
91.7
91.4
12/04/2018
92.1
92.1
91.4
12/05/2018
92.0
91.3
90.7
12/06/2018
91.3
89.7
89.5
12/07/2018
91.8
89.9
90.0
12/08/2018
91.8
89.9
90.0
12/09/2018
91.8
89.9
90.0
12/10/2018
90.7
88.6
88.8
12/11/2018
91.0
89.5
89.7
12/12/2018
91.5
90.4
90.4
12/13/2018
92.0
90.8
90.7
12/14/2018
91.5
90.2
89.9
12/15/2018
91.5
90.2
89.9
12/16/2018
91.5
90.2
89.9
12/17/2018
91.5
90.2
89.9
12/18/2018
91.0
89.3
89.2
12/19/2018
91.0
90.3
89.8
12/20/2018
91.0
90.0
89.8
12/21/2018
91.1
89.6
89.7
12/22/2018
91.1
89.6
89.7
12/23/2018
91.1
89.6
89.7
12/24/2018
91.4
90.5
90.2
12/25/2018
91.4
90.5
90.2
12/26/2018
91.4
90.5
90.2
12/27/2018
90.6
90.0
89.6
12/28/2018
91.2
91.6
90.9
12/29/2018
91.2
91.6
90.9
12/30/2018
91.2
91.6
90.9
12/31/2018
92.1
92.1
91.5
01/01/2019
92.1
92.1
91.5
01/02/2019
90.8
89.8
89.7
01/03/2019
91.3
90.8
90.3
01/04/2019
91.2
91.7
90.5
01/05/2019
91.2
91.7
90.5
01/06/2019
91.2
91.7
90.5
01/07/2019
90.8
91.2
90.8
01/08/2019
91.2
91.3
90.7
01/09/2019
91.9
93.0
91.9
01/10/2019
92.4
93.4
92.4
01/11/2019
92.8
94.0
93.0
01/12/2019
92.8
94.0
93.0
01/13/2019
92.8
94.0
93.0
01/14/2019
92.8
93.8
92.7
01/15/2019
92.5
93.9
92.6
01/16/2019
92.5
94.3
92.8
01/17/2019
92.3
93.4
92.3
01/18/2019
92.7
93.7
92.9
01/19/2019
92.7
93.7
92.9
01/20/2019
92.7
93.7
92.9
01/21/2019
93.0
94.1
93.3
01/22/2019
93.2
94.2
93.3
01/23/2019
93.4
94.2
93.2
01/24/2019
92.8
93.8
92.7
01/25/2019
93.1
94.5
93.2
01/26/2019
93.1
94.5
93.2
01/27/2019
93.1
94.5
93.2
01/28/2019
93.2
93.7
93.1
01/29/2019
93.3
94.8
93.5
01/30/2019
92.9
94.2
93.3
01/31/2019
93.1
94.7
93.6
02/01/2019
92.9
94.4
93.0
02/02/2019
92.9
94.4
93.0
02/03/2019
92.9
94.4
93.0
02/04/2019
92.5
93.1
92.5
02/05/2019
92.9
94.4
93.0
02/06/2019
93.7
94.9
94.0
02/07/2019
93.3
93.5
92.8
02/08/2019
93.2
92.5
92.3
02/09/2019
93.2
92.5
92.3
02/10/2019
93.2
92.5
92.3
02/11/2019
93.3
92.4
92.3
02/12/2019
93.6
93.3
92.8
02/13/2019
93.7
94.1
93.3
02/14/2019
95.0
93.6
94.1
02/15/2019
94.9
93.7
93.8
02/16/2019
94.9
93.7
93.8
02/17/2019
94.9
93.7
93.8
02/18/2019
95.2
94.7
94.5
02/19/2019
95.4
94.4
94.4
02/20/2019
96.3
95.2
95.3
02/21/2019
96.0
95.1
95.3
02/22/2019
96.4
95.9
95.8
02/23/2019
96.4
95.9
95.8
02/24/2019
96.4
95.9
95.8
02/25/2019
96.0
95.8
95.7
02/26/2019
96.3
96.3
96.1
02/27/2019
96.4
96.4
96.2
02/28/2019
96.4
95.9
96.0
03/01/2019
96.7
96.0
96.4
03/02/2019
96.7
96.0
96.4
03/03/2019
96.7
96.0
96.4
03/04/2019
96.6
95.7
96.4
03/05/2019
96.0
95.2
95.7
03/06/2019
96.3
95.6
96.3
03/07/2019
96.3
95.6
96.2
03/08/2019
96.5
95.1
95.7
03/09/2019
96.5
95.1
95.7
03/10/2019
96.5
95.1
95.7
03/11/2019
95.8
94.9
95.3
03/12/2019
95.9
95.3
95.7
03/13/2019
96.0
95.3
95.6
03/14/2019
96.5
95.2
96.2
03/15/2019
96.9
95.9
96.7
03/16/2019
96.9
95.9
96.7
03/17/2019
96.9
95.9
96.7
03/18/2019
97.5
96.9
97.4
03/19/2019
98.1
96.8
98.0
03/20/2019
97.3
95.6
97.1
03/21/2019
97.3
95.6
97.1
03/22/2019
97.0
95.3
96.6
03/23/2019
97.0
95.3
96.6
03/24/2019
97.0
95.3
96.6
03/25/2019
96.4
93.9
95.2
03/26/2019
96.3
94.3
95.4
03/27/2019
97.3
95.1
96.6
03/28/2019
97.4
94.8
96.4
03/29/2019
97.3
95.7
96.8
03/30/2019
97.3
95.7
96.8
03/31/2019
97.3
95.7
96.8
04/01/2019
97.9
97.0
97.8
04/02/2019
97.7
96.9
97.6
04/03/2019
98.6
98.4
99.0
04/04/2019
98.2
98.2
98.8
04/05/2019
98.4
98.3
99.0
04/06/2019
98.4
98.3
99.0
04/07/2019
98.4
98.3
99.0
04/08/2019
98.6
98.5
99.0
04/09/2019
98.8
98.5
99.2
04/10/2019
99.0
100.0
99.9
04/11/2019
98.5
99.6
99.6
04/12/2019
99.0
99.9
100.0
04/13/2019
99.0
99.9
100.0
04/14/2019
99.0
99.9
100.0
04/15/2019
98.8
100.0
100.0
04/16/2019
99.6
101.1
100.8
04/17/2019
99.5
101.3
100.8
04/18/2019
100.0
101.8
101.4
04/19/2019
100.0
101.8
101.4
04/20/2019
100.0
101.8
101.4
04/21/2019
100.0
101.8
101.4
04/22/2019
100.0
101.8
101.4
04/23/2019
100.1
102.1
101.6
04/24/2019
100.1
101.0
101.2
04/25/2019
100.3
100.8
101.1
04/26/2019
99.8
101.0
100.8
04/27/2019
99.8
101.0
100.8
04/28/2019
99.8
101.0
100.8
04/29/2019
99.5
100.6
100.6
04/30/2019
99.5
100.5
100.7
05/01/2019
99.5
100.5
100.7
05/02/2019
99.6
100.9
100.8
05/03/2019
100.0
102.1
101.6
05/04/2019
100.0
102.1
101.6
05/05/2019
100.0
102.1
101.6
05/06/2019
99.4
101.4
100.8
05/07/2019
99.7
100.4
100.7
05/08/2019
99.7
100.4
100.7
05/09/2019
98.0
97.8
98.6
05/10/2019
98.0
98.5
98.9
05/11/2019
98.0
98.5
98.9
05/12/2019
98.0
98.5
98.9
05/13/2019
97.5
98.1
98.2
05/14/2019
97.7
97.8
98.0
05/15/2019
96.2
97.4
96.7
05/16/2019
97.3
98.0
97.7
05/17/2019
97.1
96.9
97.1
05/18/2019
97.1
96.9
97.1
05/19/2019
97.1
96.9
97.1
05/20/2019
96.8
96.2
96.4
05/21/2019
97.0
95.7
96.3
05/22/2019
96.6
95.2
95.7
05/23/2019
95.9
93.3
94.3
05/24/2019
96.3
93.5
94.4
05/25/2019
96.3
93.5
94.4
05/26/2019
96.3
93.5
94.4
05/27/2019
96.2
93.4
94.2
05/28/2019
96.7
92.8
94.3
05/29/2019
97.2
93.9
94.8
05/30/2019
97.5
95.6
95.7
05/31/2019
97.5
95.7
95.6
06/01/2019
97.5
95.7
95.6
06/02/2019
97.5
95.7
95.6
06/03/2019
98.3
96.8
96.4
06/04/2019
98.6
96.3
96.6
06/05/2019
99.4
97.1
97.4
06/06/2019
100.0
97.0
97.6
06/07/2019
101.1
98.6
98.6
06/08/2019
101.1
98.6
98.6
06/09/2019
101.1
98.6
98.6
06/10/2019
101.3
99.5
99.3
06/11/2019
101.7
99.9
99.9
06/12/2019
102.0
99.6
99.5
06/13/2019
102.5
99.2
99.7
06/14/2019
101.9
98.5
98.9
06/15/2019
101.9
98.5
98.9
06/16/2019
101.9
98.5
98.9
06/17/2019
101.9
98.5
98.9
06/18/2019
101.5
99.3
98.9
06/19/2019
101.6
99.6
99.5
06/20/2019
101.8
100.4
99.8
06/21/2019
102.0
100.4
99.7
06/22/2019
102.0
100.4
99.7
06/23/2019
102.0
100.4
99.7
06/24/2019
102.0
99.6
99.2
06/25/2019
102.1
99.0
98.9
06/26/2019
101.6
99.0
98.7
06/27/2019
101.1
98.4
98.2
06/28/2019
101.0
98.5
98.3
06/29/2019
101.0
98.5
98.3
06/30/2019
101.0
98.5
98.3
07/01/2019
101.4
98.7
99.0
07/02/2019
100.5
98.0
98.1
07/03/2019
100.7
97.9
98.1
07/04/2019
100.3
97.8
98.0
07/05/2019
100.1
97.4
97.8
07/06/2019
100.1
97.4
97.8
07/07/2019
100.1
97.4
97.8
07/08/2019
100.5
97.8
97.8
07/09/2019
100.0
96.4
96.9
07/10/2019
100.6
97.5
97.7
07/11/2019
100.2
97.0
97.4
07/12/2019
100.1
97.1
97.3
07/13/2019
100.1
97.1
97.3
07/14/2019
100.1
97.1
97.3
07/15/2019
100.2
97.4
97.3
07/16/2019
100.6
98.4
98.0
07/17/2019
100.4
97.4
97.5
07/18/2019
101.3
98.2
98.1
07/19/2019
101.5
98.7
98.7
07/20/2019
101.5
98.7
98.7
07/21/2019
101.5
98.7
98.7
07/22/2019
101.0
98.1
98.0
07/23/2019
100.9
98.5
98.5
07/24/2019
100.3
97.7
97.8
07/25/2019
100.5
97.0
97.7
07/26/2019
100.4
96.4
97.1
07/27/2019
100.4
96.4
97.1
07/28/2019
100.4
96.4
97.1
07/29/2019
100.7
97.4
97.7
07/30/2019
100.8
96.2
96.8
07/31/2019
100.2
95.4
96.1
08/01/2019
99.3
95.8
95.9
08/02/2019
99.6
94.6
95.5
08/03/2019
99.6
94.6
95.5
08/04/2019
99.6
94.6
95.5
08/05/2019
99.5
92.8
93.8
08/06/2019
99.5
93.1
94.0
08/07/2019
99.8
93.1
93.9
08/08/2019
100.3
93.0
94.4
08/09/2019
100.3
93.0
94.4
08/10/2019
100.3
93.0
94.4
08/11/2019
100.3
93.0
94.4
08/12/2019
100.9
92.4
94.0
08/13/2019
100.1
92.0
93.3
08/14/2019
98.8
90.3
92.0
08/15/2019
98.7
90.5
91.8
08/16/2019
97.8
90.4
91.5
08/17/2019
97.8
90.4
91.5
08/18/2019
97.8
90.4
91.5
08/19/2019
98.6
91.0
92.6
08/20/2019
98.8
90.8
92.2
08/21/2019
99.3
91.7
92.8
08/22/2019
99.0
90.8
92.7
08/23/2019
98.2
90.3
91.6
08/24/2019
98.2
90.3
91.6
08/25/2019
98.2
90.3
91.6
08/26/2019
98.6
90.1
91.5
08/27/2019
98.5
90.0
91.4
08/28/2019
99.0
91.0
91.9
08/29/2019
99.6
91.0
92.8
08/30/2019
100.1
92.8
93.9
08/31/2019
100.1
92.8
93.9
09/01/2019
100.1
92.8
93.9
09/02/2019
100.4
91.8
93.6
09/03/2019
100.1
91.9
93.1
09/04/2019
99.5
92.2
93.4
09/05/2019
100.1
93.3
94.5
09/06/2019
100.2
93.7
94.9
09/07/2019
100.2
93.7
94.9
09/08/2019
100.2
93.7
94.9
09/09/2019
99.6
93.6
94.5
09/10/2019
99.0
93.4
94.4
09/11/2019
99.1
94.7
95.5
09/12/2019
99.7
96.1
96.6
09/13/2019
99.6
96.6
97.3
09/14/2019
99.6
96.6
97.3
09/15/2019
99.6
96.6
97.3
09/16/2019
100.5
98.5
98.3
09/17/2019
100.2
96.7
97.5
09/18/2019
99.2
96.5
96.7
09/19/2019
99.0
96.0
96.3
09/20/2019
100.4
96.0
97.0
09/21/2019
100.4
96.0
97.0
09/22/2019
100.4
96.0
97.0
09/23/2019
99.5
94.9
95.5
09/24/2019
99.5
94.9
95.5
09/25/2019
99.7
93.7
94.8
09/26/2019
99.9
94.6
95.7
09/27/2019
99.6
94.3
95.3
09/28/2019
99.6
94.3
95.3
09/29/2019
99.6
94.3
95.3
09/30/2019
99.3
93.4
94.7
10/01/2019
99.7
93.7
95.2
10/02/2019
99.5
92.7
94.0
10/03/2019
99.3
92.5
93.5
10/04/2019
99.2
93.1
93.9
10/05/2019
99.2
93.1
93.9
10/06/2019
99.2
93.1
93.9
10/07/2019
100.0
94.3
94.6
10/08/2019
101.0
93.9
94.8
10/09/2019
101.0
93.7
94.6
10/10/2019
100.6
94.9
94.9
10/11/2019
100.9
95.8
96.1
10/12/2019
100.9
95.8
96.1
10/13/2019
100.9
95.8
96.1
10/14/2019
100.2
95.3
95.5
10/15/2019
100.6
95.9
96.0
10/16/2019
101.1
96.9
96.9
10/17/2019
101.6
96.9
97.4
10/18/2019
101.2
96.3
97.0
10/19/2019
101.2
96.3
97.0
10/20/2019
101.2
96.3
97.0
10/21/2019
101.7
97.0
97.3
10/22/2019
101.5
97.1
97.2
10/23/2019
100.9
96.3
96.3
10/24/2019
101.6
96.2
96.9
10/25/2019
100.7
95.5
95.6
10/26/2019
100.7
95.5
95.6
10/27/2019
100.7
95.5
95.6
10/28/2019
100.9
96.5
96.5
10/29/2019
100.7
96.4
96.4
10/30/2019
101.4
96.1
96.4
10/31/2019
102.9
96.8
97.7
11/01/2019
102.9
97.0
97.5
11/02/2019
102.9
97.0
97.5
11/03/2019
102.9
97.0
97.5
11/04/2019
102.3
97.6
97.9
11/05/2019
102.5
98.3
98.5
11/06/2019
103.0
99.1
99.3
11/07/2019
102.5
98.9
99.1
11/08/2019
102.1
97.9
98.2
11/09/2019
102.1
97.9
98.2
11/10/2019
102.1
97.9
98.2
11/11/2019
101.5
97.3
97.3
11/12/2019
101.8
97.7
97.8
11/13/2019
102.5
97.7
97.9
11/14/2019
102.1
97.6
97.7
11/15/2019
102.1
97.2
97.7
11/16/2019
102.1
97.2
97.7
11/17/2019
102.1
97.2
97.7
11/18/2019
102.2
97.7
98.0
11/19/2019
102.8
99.1
98.9
11/20/2019
102.9
99.4
99.0
11/21/2019
102.1
98.2
98.2
11/22/2019
102.2
98.2
98.4
11/23/2019
102.2
98.2
98.4
11/24/2019
102.2
98.2
98.4
11/25/2019
102.0
97.7
98.2
11/26/2019
101.6
96.3
97.4
11/27/2019
101.5
96.6
97.4
11/28/2019
101.4
95.7
96.9
11/29/2019
100.9
95.4
96.4
11/30/2019
100.9
95.4
96.4
12/01/2019
100.9
95.4
96.4
12/02/2019
100.5
94.3
95.6
12/03/2019
100.1
94.0
95.0
12/04/2019
100.6
95.0
95.8
12/05/2019
100.2
94.5
95.5
12/06/2019
100.8
95.2
96.1
12/07/2019
100.8
95.2
96.1
12/08/2019
100.8
95.2
96.1
12/09/2019
100.7
95.2
96.1
12/10/2019
101.1
95.2
95.8
12/11/2019
101.8
95.9
96.7
12/12/2019
102.3
95.9
97.0
12/13/2019
102.3
97.6
98.2
12/14/2019
102.3
97.6
98.2
12/15/2019
102.3
97.6
98.2
12/16/2019
102.3
97.6
98.2
12/17/2019
103.5
98.8
99.7
12/18/2019
103.7
99.9
100.2
12/19/2019
103.0
99.4
99.8
12/20/2019
102.8
99.0
99.6
12/21/2019
102.8
99.0
99.6
12/22/2019
102.8
99.0
99.6
12/23/2019
101.8
98.3
98.6
12/24/2019
102.4
98.6
99.0
12/25/2019
102.4
98.6
99.0
12/26/2019
102.4
98.6
99.0
12/27/2019
102.6
99.0
99.4
12/28/2019
102.6
99.0
99.4
12/29/2019
102.6
99.0
99.4
12/30/2019
102.4
99.5
99.6
12/31/2019
102.4
98.4
98.9
01/01/2020
102.4
98.4
98.9
01/02/2020
102.6
99.2
99.5
01/03/2020
103.1
99.4
99.7
01/04/2020
103.1
99.4
99.7
01/05/2020
103.1
99.4
99.7
01/06/2020
102.7
98.2
98.8
01/07/2020
102.7
98.5
99.3
01/08/2020
102.8
98.4
99.1
01/09/2020
102.0
98.3
99.1
01/10/2020
102.2
99.0
99.5
01/11/2020
102.2
99.0
99.5
01/12/2020
102.2
99.0
99.5
01/13/2020
102.6
98.9
99.6
01/14/2020
102.6
99.6
100.0
01/15/2020
103.3
99.7
100.6
01/16/2020
103.3
99.9
100.3
01/17/2020
104.4
100.4
101.2
01/18/2020
104.4
100.4
101.2
01/19/2020
104.4
100.4
101.2
01/20/2020
105.1
100.3
101.4
01/21/2020
103.7
99.0
100.1
01/22/2020
103.5
98.8
99.9
01/23/2020
102.3
97.3
98.7
01/24/2020
102.4
97.9
98.8
01/25/2020
102.4
97.9
98.8
01/26/2020
102.4
97.9
98.8
01/27/2020
101.3
95.7
97.0
01/28/2020
101.2
95.4
96.8
01/29/2020
101.6
96.6
97.8
01/30/2020
101.9
97.0
97.8
01/31/2020
102.1
95.8
97.4
02/01/2020
102.1
95.8
97.4
02/02/2020
102.1
95.8
97.4
02/03/2020
101.7
95.4
96.8
02/04/2020
102.1
97.0
98.0
02/05/2020
102.6
98.0
99.0
02/06/2020
103.0
98.2
99.3
02/07/2020
102.9
97.6
98.7
02/08/2020
102.9
97.6
98.7
02/09/2020
102.9
97.6
98.7
02/10/2020
103.1
96.9
98.4
02/11/2020
102.7
97.2
98.4
02/12/2020
103.5
98.2
99.4
02/13/2020
104.0
98.4
99.6
02/14/2020
104.2
98.6
99.7
02/15/2020
104.2
98.6
99.7
02/16/2020
104.2
98.6
99.7
02/17/2020
104.9
99.1
100.0
02/18/2020
104.7
98.3
99.4
02/19/2020
105.4
98.8
99.7
02/20/2020
105.4
98.1
99.5
02/21/2020
105.1
97.3
98.7
02/22/2020
105.1
97.3
98.7
02/23/2020
105.1
97.3
98.7
02/24/2020
103.0
93.2
95.2
02/25/2020
102.2
92.7
94.5
02/26/2020
101.1
93.7
94.2
02/27/2020
100.1
90.9
92.9
02/28/2020
97.6
86.7
89.4
02/29/2020
97.6
86.7
89.4
03/01/2020
97.6
86.7
89.4
03/02/2020
96.9
88.0
89.8
03/03/2020
97.7
89.8
91.3
03/04/2020
99.2
90.4
92.1
03/05/2020
98.9
90.2
91.9
03/06/2020
99.7
88.8
90.3
03/07/2020
99.7
88.8
90.3
03/08/2020
99.7
88.8
90.3
03/09/2020
96.6
83.5
86.0
03/10/2020
96.8
84.4
86.9
03/11/2020
95.1
84.1
86.1
03/12/2020
90.9
76.4
80.0
03/13/2020
89.3
75.9
79.4
03/14/2020
89.3
75.9
79.4
03/15/2020
89.3
75.9
79.4
03/16/2020
80.1
69.2
71.2
03/17/2020
84.8
70.3
72.6
03/18/2020
81.2
64.6
69.4
03/19/2020
81.2
63.2
67.4
03/20/2020
83.0
66.6
70.3
03/21/2020
83.0
66.6
70.3
03/22/2020
83.0
66.6
70.3
03/23/2020
81.5
62.4
67.7
03/24/2020
82.5
66.5
70.4
03/25/2020
85.6
70.3
73.6
03/26/2020
89.1
73.7
77.2
03/27/2020
87.7
69.8
74.6
03/28/2020
87.7
69.8
74.6
03/29/2020
87.7
69.8
74.6
03/30/2020
88.0
69.9
75.0
03/31/2020
88.8
72.2
76.1
04/01/2020
87.7
71.6
75.2
04/02/2020
89.0
73.7
77.4
04/03/2020
90.0
72.8
77.3
04/04/2020
90.0
72.8
77.3
04/05/2020
90.0
72.8
77.3
04/06/2020
91.0
75.5
78.9
04/07/2020
94.9
78.0
82.2
04/08/2020
93.3
76.5
80.7
04/09/2020
94.0
79.5
81.8
04/10/2020
94.0
79.5
81.8
04/11/2020
94.0
79.5
81.8
04/12/2020
94.0
79.5
81.8
04/13/2020
94.0
79.5
81.8
04/14/2020
97.6
82.5
84.9
04/15/2020
97.4
79.6
83.5
04/16/2020
97.2
79.0
83.6
04/17/2020
98.4
80.2
84.6
04/18/2020
98.4
80.2
84.6
04/19/2020
98.4
80.2
84.6
04/20/2020
97.7
79.4
83.4
04/21/2020
96.1
77.5
81.6
04/22/2020
95.9
78.3
82.4
04/23/2020
98.2
80.5
84.0
04/24/2020
98.9
80.6
84.6
04/25/2020
98.9
80.6
84.6
04/26/2020
98.9
80.6
84.6
04/27/2020
98.9
80.6
84.6
04/28/2020
99.1
81.3
85.7
04/29/2020
99.4
83.0
86.5
04/30/2020
99.3
82.5
86.1
05/01/2020
99.3
82.5
86.1
05/02/2020
99.3
82.5
86.1
05/03/2020
99.3
82.5
86.1
05/04/2020
97.6
80.5
84.3
05/05/2020
98.1
80.8
85.0
05/06/2020
98.3
81.3
85.0
05/07/2020
98.5
81.5
85.4
05/08/2020
98.7
82.9
86.2
05/09/2020
98.7
82.9
86.2
05/10/2020
98.7
82.9
86.2
05/11/2020
98.5
81.6
85.5
05/12/2020
99.3
81.7
85.8
05/13/2020
98.9
81.2
85.5
05/14/2020
97.2
79.1
83.3
05/15/2020
98.5
80.0
84.3
05/16/2020
98.5
80.0
84.3
05/17/2020
98.5
80.0
84.3
05/18/2020
100.1
82.4
86.2
05/19/2020
101.2
83.7
87.4
05/20/2020
101.0
83.9
87.5
05/21/2020
100.5
82.7
87.2
05/22/2020
98.7
81.2
85.1
05/23/2020
98.7
81.2
85.1
05/24/2020
98.7
81.2
85.1
05/25/2020
98.2
80.7
84.7
05/26/2020
98.4
82.1
85.5
05/27/2020
98.6
82.1
86.0
05/28/2020
99.7
83.7
86.9
05/29/2020
99.6
82.1
85.9
05/30/2020
99.6
82.1
85.9
05/31/2020
99.6
82.1
85.9
06/01/2020
99.8
82.7
86.5
06/02/2020
101.8
85.6
88.8
06/03/2020
101.5
88.2
90.4
06/04/2020
102.3
87.6
90.7
06/05/2020
102.2
90.1
92.3
06/06/2020
102.2
90.1
92.3
06/07/2020
102.2
90.1
92.3
06/08/2020
103.2
89.9
92.9
06/09/2020
102.6
89.7
92.2
06/10/2020
102.0
87.9
91.6
06/11/2020
102.2
87.2
90.6
06/12/2020
101.1
87.7
90.5
06/13/2020
101.1
87.7
90.5
06/14/2020
101.1
87.7
90.5
06/15/2020
99.5
85.6
88.8
06/16/2020
99.5
85.6
88.8
06/17/2020
101.5
88.4
91.3
06/18/2020
101.7
88.0
91.1
06/19/2020
102.6
88.7
92.1
06/20/2020
102.6
88.7
92.1
06/21/2020
102.6
88.7
92.1
06/22/2020
102.4
88.3
91.5
06/23/2020
103.9
89.8
92.9
06/24/2020
103.3
88.2
91.9
06/25/2020
102.2
87.5
90.6
06/26/2020
102.1
86.9
90.7
06/27/2020
102.1
86.9
90.7
06/28/2020
102.1
86.9
90.7
06/29/2020
101.9
87.9
90.6
06/30/2020
102.4
87.8
90.9
07/01/2020
102.5
87.2
90.4
07/02/2020
103.5
88.7
91.6
07/03/2020
103.4
88.6
91.5
07/04/2020
103.4
88.6
91.5
07/05/2020
103.4
88.6
91.5
07/06/2020
104.1
89.0
92.0
07/07/2020
104.4
89.4
91.9
07/08/2020
105.8
90.6
93.1
07/09/2020
106.3
90.5
93.6
07/10/2020
105.2
89.9
92.6
07/11/2020
105.2
89.9
92.6
07/12/2020
105.2
89.9
92.6
07/13/2020
106.0
91.4
93.5
07/14/2020
104.9
90.4
92.2
07/15/2020
106.3
90.8
93.5
07/16/2020
105.8
91.1
93.1
07/17/2020
106.4
91.1
93.3
07/18/2020
106.4
91.1
93.3
07/19/2020
106.4
91.1
93.3
07/20/2020
106.8
91.6
93.7
07/21/2020
107.1
91.9
94.5
07/22/2020
107.0
91.2
93.4
07/23/2020
107.8
91.2
93.7
07/24/2020
107.4
90.9
93.2
07/25/2020
107.4
90.9
93.2
07/26/2020
107.4
90.9
93.2
07/27/2020
107.4
92.1
93.5
07/28/2020
108.2
92.6
94.3
07/29/2020
108.0
93.0
94.7…