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6.77  /  0.3%


NAV on 2021/03/01
NAV on 2021/02/26 2266.372
52 week high on 2021/02/17 2279.796
52 week low on 2020/03/24 1815.693
Total Expense Ratio on 2020/09/30 1.77
Total Expense Ratio (performance fee) on 2020/09/30 0
Incl Dividends
1 month change 2.35% 2.35%
3 month change 5.99% 6.69%
6 month change 6.24% 7.93%
1 year change 6.87% 10.73%
5 year change 1.15% 5.07%
10 year change 2.81% 6.39%
Price data is updated once a day.
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  • Sectoral allocations
Bond Funds 60.60 13.29%
Fixed Interest 109.59 24.04%
General Equity 41.29 9.06%
Liquid Assets 4.44 0.97%
Managed 95.65 20.98%
Real Estate 1.23 0.27%
Spec Equity 41.19 9.04%
Offshore 101.90 22.35%
  • Top five holdings
U-MSAFLFI 77.28 16.95%
U-RMBGILT 60.60 13.29%
U-MOMBAIN 53.34 11.7%
U-METINFL 42.31 9.28%
U-MOCAMAN 32.31 7.09%
  • Performance against peers
  • Fund data  
Management company:
Momentum Collective Investments Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
JSE All Share Index 35% MSCI World Index 5% All Bond Index 35% CitiGroup World BIG$ 5% STEFI 20%


0860-111-899 (Client Services)

  • Fund management  
Jako F de Jager
Eugene Botha

  • Fund manager's comment

Momentum Enhanced Cautious Growth FoF - 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
The South South African Reserve Bank left its benchmark repo rate unchanged at 6.5% on September 20th, 2018, in line with market expectations. However, the inflationary pressures such as high oil prices and currency weakness continue to pose an upside threat to the SARB's headline Inflation forecast. The market is pricing in interest rate hikes as seen from the steepening FRA with a shallow hiking cycle anticipated in 2019. Momentum Investments expects the first hike beginning of 2019.
Portfolio overview
The portfolio delivered decent performance for the quarter in excess of its benchmark STeFI. It is well positioned for changes in interest rates, holding high yield fixed assets currently rolling off also floating rates assets at decent spread mainly from long term corporate.
  • Fund focus and objective  
An actively managed, low to moderate risk fund that employs a strategic asset allocation with the primary objective of preserving capital in real terms i.e. ahead of inflation, with capital growth at moderate levels of volatility as a secondary objective. The fund may invest in local equities, bonds, cash and international assets. The fund forms part of the Momentum LifeCycle Philosophy (preretirement growth and wealth creation phase), but may also be selected as a stand-alone investment fund. An investment term of three years applies to the fund as part of the LifeCycle Philosophy.

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