The fund invests in the constituents of the FTSE/JSE Capped Property Index and aims to replicate the Index by holding the same weightings of these constituents. The PCAP is an index of the top 20 liquid property companies by market capitalisation that have a primary listing on the JSE and applies a capping of 15% to each constituent at each quarterly review. The fund is rebalanced quarterly and therefore has minimal trading costs. The fund may also hold a small portion in cash instruments and listed derivatives to effect efficient portfolio management.
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