NAV on 2021/03/01
|NAV on 2021/02/26
|52 week high on 2021/02/16
|52 week low on 2020/03/19
|Total Expense Ratio on 2020/12/31
|Total Expense Ratio (performance fee) on 2020/12/31
Momentum Collective Investments Limited
FTSE/JSE All Share index
Bafana Patrick Mathidi
Bafana Patrick Mathidi is a Founding Member and Head of Equity & Multi Asset Strategies at ALUWANI Capital Partners (Pty)Ltd. Bafana trained as an accountant but is a practicing investment professional in asset management, managing pension and institutional client’s investments. He has over 20 years of industry experience and has been managing Equity portfolios for more than 12 years. His skill set lies in understanding the broader macroeconomic dynamics of financial markets, business models and financial asset valuations. Over this period, he created an investment process that placed the ALUWANI Domestic Equity fund as one of the best performing in South Africa, as rated by Morningstar for 2017.His journey to ALUWANI began in 2007 when Bafana joined RMB Asset management as a senior investment professional from the sell side. Prior to that he spent c. 7 years at Investec Asset Management. Following the merger of RMB Asset Management with Metropolitan in 2011 which resulted in the formation of Momentum Asset Management he took over as lead portfolio manager of the Core Equity, Houseview Balanced and the Optimiser Aggressive Balanced portfolios. In 2012 he was promoted to Head of Equity and remained lead portfolio manager of the equity strategies. In December 2015 following the formation of ALUWANI Capital Partners on the back of a management buyout of Momentum Asset management’s third party institutional asset book Bafana came through as founding member and Head of Equity & Multi Asset.
FNB Growth comment - Mar 09
The sell-off in global equity markets continued into the first quarter of 2009 as fears increased that the proposed rescue package for the global economy and the banking system would fail. A sustainable recovery in global growth will only take place once governments have succeeded in their attempts to recapitalize and remove the distressed assets from banks' balance sheets.
This negative sentiment washed over into our own market which saw the All Share Index give up 5.32% over the quarter. The returns for the market would have been significantly worse had the Gold Index not rallied strongly delivering a return of 22.56% for the quarter.
We have been using the extreme volatility seen in the market over the last few months to build positions in stocks which are trading at significant discounts to intrinsic value and which we feel are more than discounting all of the above gloomy news flow.
These stocks include the following: o African Rainbow Minerals, which is a diversified miner with a high quality portfolio of platinum, manganese, gold and coal assets. The business has a strong balance sheet which puts it in a good position to potentially acquire assets at the bottom of the cycle. We conservatively value the business at R170 per share. o Anglo American, whose share price has fallen 70% since its peak. Anglos is currently trading at a discount to its NAV of $17 per share. Its management was too aggressive in their acquisition strategy at the top of the commodity cycle and overpaid for some of their assets, resulting in an over geared balance sheet. We think this provides an opportunity to acquire a quality portfolio of assets at a discount to NAV. This value may take time to be reflected in the share price given the slew of expected bad news. o Barloworld's share price is down 73% since it unbundled PPC in July 2007. The current share price of R34.00 is trading at a deep discount to tangible NAV of R50.00 per share. The long term price-to-book of Barloworld excluding PPC is 1.5 times - this implies an intrinsic value of R75.00 per share.
The South African equity market like its global peers is beginning to reflect better value. We continue to search for companies that are not pricing in excessive returns and expectations over longer term. We continue to search for shares trading at discounts to intrinsic value and that we feel have a significant margin of safety.
In the financial sector we remain overweight Standard Bank, Investec, FirstRand, Old Mutual and Metropolitan. Overweights in the industrial sector include Richemont, Naspers, Netcare, and Steinhoff. Resource positions include Anglo American, African Rainbow Minerals and Sasol.
The FNB Growth Fund aims to achieve maximum growth for investors by outperforming the All Share index over time and has a moderate to high level of risk.
This fund invests in selected shares across all sectors of the Johannesburg Stock Exchange (JSE). The shares selected are predominantly 'blue chip' and span the three main equity investment sectors: industrial, financial and mining stocks.
This fund aims to be fully invested in equities, although use will be made of fixed-interest instruments to protect the fund when considered appropriate.
This fund is managed by RMB Unit Trusts Limited.