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3.36  /  1.22%


NAV on 2021/09/22
NAV on 2021/09/21 271.214
52 week high on 2021/08/17 284.545
52 week low on 2020/10/30 210.215
Total Expense Ratio on 2021/06/30 1.76
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -2.39% -2.39%
3 month change 2.85% 3.59%
6 month change 3.41% 4.16%
1 year change 28.39% 29.66%
5 year change 3.81% 5.4%
10 year change 9.24% 10.96%
Price data is updated once a day.
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  • Sectoral allocations
Additional 4.91 0.14%
Basic Materials 826.44 23.46%
Consumer Discretionary 559.29 15.88%
Derivatives 2.89 0.08%
Energy 13.52 0.38%
Financials 623.89 17.71%
Health Care 113.53 3.22%
Industrials 126.56 3.59%
Liquid Assets 59.77 1.70%
Real Estate 95.02 2.70%
Technology 298.30 8.47%
Telecommunications 232.33 6.60%
Offshore 566.10 16.07%
  • Top five holdings
 NASPERS-N 242.88 6.9%
 ANGLO 189.39 5.38%
 MTN GROUP 161.12 4.57%
 FIRSTRAND 143.80 4.08%
 BHP 143.14 4.06%
  • Performance against peers
  • Fund data  
Management company:
Momentum Collective Investments Limited
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE Capped Shareholder Weighted All Share Index (J433T) (Capped SWIX)


0860-111-899 (Client Services)

  • Fund management  
Jako F de Jager
Melissa Breda
Eugene Botha

  • Fund manager's comment

Momentum Real Growth Equity comment - Sept 18

2018/12/03 00:00:00
Portfolio positioning
The Momentum Real Growth Equity Fund performed well since inception, establishing a good long-term performance record, measured relative to its own equity benchmark as well as the category peer group. The portfolio did well on a relative basis in difficult and volatile market conditions, delivering 0.1% for the quarter, which was above the peer group average. Over the 12 months ending September 2018 the portfolio registered a return of 4.7%, outperforming the peer group average.
This multi-strategy portfolio is exposed to differentiated investment strategies via five investment managers, namely Aylett, Blue Alpha, Sentio, Steyn and Laurium. These boutique investment managers each have a bottom-up investment approach, backed by fundamentally focused research. While all the investment managers contributed to the long-term delivery of the portfolio, Aylett and Blue Alpha were the main contributors to returns for the last quarter and Aylett and Sentio for the last year.
Aylett's outperformance for the year was primarily due to industry selection, specifically being overweight diversified metals, -mining, -materials and —financials and a large underweight in consumer discretionary excluding retail. Having no exposure to Steinhoff relative to the index also added to returns. The style agnostic manager, Sentio, added to the portfolio's return, benefitting from positive share selection, specifically being overweight Foschini, and underweight Steinhoff, Aspen, British American Tobacco and Tiger Brands.
The Momentum Real Growth Equity Fund had overweight positions to financials and resources at the end of September 2018. The portfolio has a significant underweight to industrials, with a large underweight position to consumer discretionary excluding retailing. The largest contributors to performance for the year ended September 2018 were overweight positions to BHP, Anglo American, ABSA and underweight positions to Steinhoff and MTN. Naspers was the largest share allocation in the portfolio at an 8.7% allocation) and the largest underweight, given the 22.7% allocation in the SWIX benchmark. Other shares with large holdings include Sasol, Anglo American, BHP, Reinet and Old Mutual.
  • Fund focus and objective  
The portfolio is a multi-managed general equity portfolio seeking to sustain high long-term capital growth. The portfolio aims to provide the investor with an easily accessible, efficient and affordable vehicle for investing in a multi-managed equity solution investing in shares listed mainly on the JSE and may include an element of international exposure. The selected managers will generally be regarded as 'smaller' or 'emerging' managers whose focus will be to provide enhanced alpha by including a above average component of small and medium cap shares in their respective sub portfolios. The portfolio managers may make active use of derivatives to reduce the risk that a general decline in the value of equities may have on the value of the portfolio. The portfolio's overall net equity exposure will always exceed 80% of its net asset value.

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