Proudly sponsored by

1.76  /  1.49%


NAV on 2021/09/22
NAV on 2021/09/21 116.377
52 week high on 2021/08/17 124.328
52 week low on 2020/10/30 90.234
Total Expense Ratio on 2021/06/30 0.61
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -2.79% -2.79%
3 month change 2.54% 3.33%
6 month change 1.33% 3.26%
1 year change 27.5% 31.23%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 728.03 26.89%
Consumer Discretionary 493.31 18.22%
Derivatives 7.00 0.26%
Energy 66.71 2.46%
Financials 612.20 22.61%
Health Care 18.14 0.67%
Industrials 71.34 2.63%
Liquid Assets 93.38 3.45%
Real Estate 60.07 2.22%
Technology 264.66 9.77%
Telecommunications 292.68 10.81%
  • Top five holdings
 NASPERS-N 242.06 8.94%
 ANGLO 135.89 5.02%
 MTN GROUP 135.32 5%
 BHP 106.65 3.94%
 IMPLATS 91.92 3.4%
  • 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
Eugene Botha

  • Fund manager's comment

Momentum Real Growth Core Equity 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 negative 3.3% for the quarter and the Capped SWIX total return index declining 1.7%. The listed property asset class 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.
Portfolio overview
Momentum Real Growth Core Equity Fund is a specialist, multi strategy, local equity portfolio that aims to generate high long-term capital growth. The portfolio executes its investment philosophy through a combination of enhanced index-tracking (smart beta) and passive index-tracking strategies. To provide high long term real returns the portfolio's equity exposure will be a minimum of 90% the portfolio's net asset value at all times.
  • Fund focus and objective  
The Momentum Core Equity Fund is a specialist, multi strategy equity portfolio which aims to generate high long term capital growth through an investment strategy that is executed through a combination of predominately passive index tracking and enhanced index tracking (Smart Beta) strategies.
The portfolio's investment universe consists of South African equity and property securities, assets in liquid form and participatory interests and other forms of participation in local collective investment scheme portfolios. To provide high long term real returns the portfolio's equity exposure will be a minimum of 90% the portfolio's 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 in this Supplemental Deed 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 this Supplemental Deed.
The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out.
For the purposes of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to manage the portfolio in accordance with its mandate. The manager may once a portfolio has bene closed open that portfolio again to new investors on a date determined by the manager.

Follow us: