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0.69  /  0.67%


NAV on 2021/03/01
NAV on 2021/02/26 101.646
52 week high on 2021/02/16 102.706
52 week low on 2020/03/24 86.241
Total Expense Ratio on 2020/12/31 1.64
Total Expense Ratio (performance fee) on 2020/12/31 0
Incl Dividends
1 month change 2.28% 2.28%
3 month change 5.5% 6.3%
6 month change 6.7% 8.26%
1 year change 5.72% 9.74%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 27.58 7.23%
Bond Funds 19.32 5.06%
Consumer Goods 9.15 2.40%
Consumer Services 8.19 2.15%
Derivatives 2.07 0.54%
Financials 24.12 6.32%
Fixed Interest 87.82 23.01%
Health Care 2.41 0.63%
Industrials 3.80 1.00%
Liquid Assets 15.99 4.19%
Managed 3.08 0.81%
Money Market 0.36 0.10%
Other Sec 8.61 2.26%
Real Estate 6.18 1.62%
SA Bonds 62.86 16.47%
Specialist Securities 3.57 0.93%
Technology 13.12 3.44%
Telecommunications 3.53 0.93%
Offshore 79.84 20.92%
  • Top five holdings
O-ILINTCA 24.80 6.5%
U-PFLEXFI 23.22 6.08%
U-MOCAMAN 20.26 5.31%
U-RMBGILT 19.32 5.06%
  • Performance against peers
  • Fund data  
Management company:
Momentum Collective Investments Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
CPI + 3%


0860-111-899 (Client Services)

  • Fund management  
Jako F de Jager
Eugene Botha

  • Fund manager's comment

Momentum Defensive Growth comment - Sept 18

2018/12/03 00:00:00
Economic overview
An escalation in international trade tensions, a gradual erosion of democratic standards in Europe, rising world debt levels, tighter global financial conditions and geopolitically driven oil price shocks have dampened optimism around global economic prospects. The timing, degree and effect of previous fiscal and monetary interventions by the major central banks and varying progress in fiscal and monetary exit strategies have further given rise to a desynchronisation in global growth. Tell-tale signs of a late-cycle phase are emerging in the United States. The fading effect of the fiscal boost, higher expected interest rates and onerous tariffs are likely to trigger a downswing in 2020. Meanwhile, internal politics threaten Europe's growth outlook, as it transitions from mid to late cycle. If the newly formed anti-establishment coalition government in Italy fails to cooperate with European authorities, contagion effects could ripple throughout the bloc.
Protectionist policies and diminishing liquidity have generated uncertainty in emerging markets (EM), although they are, in general, far better positioned today to withstand external shocks. Though South Africa (SA) has been unfairly categorised within the latest EM grouping in terms of economic mismanagement, the country does exhibit some vulnerabilities, which stack up relatively poorly compared to other EMs. Nevertheless, unless there is a significant fiscal disappointment or further unconditional guarantees allocated to state-owned enterprises, sovereign ratings are likely to remain steady into the end of the year. A tepid near-term growth environment and a non-threatening inflation trajectory in SA point to the start of a shallow interest rate hiking cycle in due course.
Market overview
Emerging markets experienced some headwinds in the third quarter, brought on by continued global trade tensions, rising oil prices and a stronger US dollar. South African growth assets weakened, with local equities (SWIX total return index) posting -3.3% for the quarter and the Capped SWIX -1.7%. Listed Property continued to weaken on the back of increased earnings growth scrutiny on some of the REITs, with the SAPY pulling back by 1% for the quarter. An initial marginal recovery in the rand was followed by further volatility with the local currency ending 3% lower for the quarter.
Defensive assets reacted negatively to the deterioration in the macro backdrop and rising yields for the second consecutive quarter. Real yields rose an average 18 basis points across the curve, following nominal yields higher and inflation surprising to the downside. The real yield curve flattened during the sell-off, with the largest move in the short-dated maturities as the SARB turned more hawkish in response to the risk-off environment. This led to impaired returns, with bonds (ALBI) delivering 0.81% and ILB's (IGOV) returning 0.46%. Cash (STeFI) was king at 1.76% for the quarter.
  • Fund focus and objective  
The Momentum Defensive Growth Fund is a multi-strategy absolute return portfolio with the objective to secure consistent real returns net of fees in excess of inflation + 3% p.a. over rolling four year periods with a low probability of a negative return over a year. The portfolio provides diversification benefits by blending managers with differentiated absolute-return strategies. The portfolio will consist of equity securities, property securities, non-equity securities, money market instruments, preference shares, government and corporate bonds, inflation-linked bonds and other interest bearing securities, assets in liquid form and participatory interests and other forms of participation in local and global collective investment scheme portfolios, or other similar schemes operated in territories with a regulatory environment that is of a sufficient standard to provide investor protection, at least equivalent to that in South Africa, and which is consistent with the portfolio's primary objective, investing in, and investments and participatory interests in collective investment scheme portfolios. The manager may also include forward currency, interest rate and exchange rate swap transaction for efficient portfolio management purposes. The portfolio will be managed in line with prudential investment guidelines for retirement funds in South Africa to the extent allowed for by the Act. To provide modest growth in income and capital over the long term with a limited level of capital protection the portfolios equity exposure will not exceed 40% of the portfolios net asset value. The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act and applicable legislation as amended from time to time, in order to achieve the portfolio's investment objective. Nothing shall preclude the Manager from varying the ratios of securities or assets in liquid form in changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and Supplemental Deed. The Trustee shall ensure that the investment policy is carried out. For the purposes of this portfolio, the manager shall reserve the right to close the portfolio to new investors. This will be done in order to manage the portfolio in accordance with its mandate.

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