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-0.33  /  -0.3%


NAV on 2021/09/16
NAV on 2021/09/15 111.37
52 week high on 2021/08/31 113.509
52 week low on 2020/11/02 96.115
Total Expense Ratio on 2021/06/30 1
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -1.46% -1.46%
3 month change 0.99% 1.93%
6 month change 2.42% 4.11%
1 year change 11.11% 15.05%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Bond Funds 8.18 30.99%
Fixed Interest 2.72 10.30%
General Equity 7.39 28.01%
Liquid Assets 0.29 1.11%
Managed 1.37 5.19%
Real Estate 0.36 1.36%
Spec Equity 6.08 23.05%
  • Top five holdings
U-RMBGILT 8.18 30.99%
U-MMRGCEF 7.39 28.01%
U-MSCIACO 5.25 19.91%
U-MOCAMAN 2.72 10.3%
U-METINFL 1.37 5.19%
  • Performance against peers
  • Fund data  
Management company:
Momentum Collective Investments Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity
CPI + 3% p.a.


0860-111-899 (Client Services)

  • Fund management  
Jako F de Jager
Eugene Botha

  • Fund manager's comment

Momentum Target Stable Growth FoF 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 Target 4 Fund of Funds is a multi-asset Fund of Funds portfolio with the objective to secure consistent real returns net of fees in excess of inflation + 3% p.a. over rolling four year periods through an investment strategy that is executed through a combination of active asset allocation and predominately passive and enhanced passive investment strategies.
The portfolio will, apart from assets in liquid form, consist solely of 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 to the satisfaction of the Manager and Trustee, 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, equity securities, property securities, non-equity securities, money market instruments, preference shares, government and corporate bonds, inflation-linked bonds and other interest bearing securities and investments, listed and unlisted financial instruments and participatory interests in collective investment scheme portfolios. The underlying collective investment scheme portfolios to be included in the portfolio will be passive index trackers or make use of smart beta strategies which employ a rules based index approach to investing to provide balanced, prudent low cost exposure to the respective asset classes. In certain instances collective investment scheme portfolios which make use of active investment strategies will be included on a limited basis.
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, the portfolios equity exposure will range between 30% and 50% of the portfolios net asset value.
The portfolio may from time to time invest in listed and unlisted financial instruments, for the purpose of hedging exchange rate risk 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.

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