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-0.52  /  -0.07%


NAV on 2021/09/17
NAV on 2021/09/16 778.944
52 week high on 2021/03/09 850.285
52 week low on 2020/10/30 635.666
Total Expense Ratio on 2021/06/30 0.62
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -7.54% -7.54%
3 month change -4.3% -4.08%
6 month change -5.4% -4.29%
1 year change 14.21% 16.47%
5 year change 4.41% 7.27%
10 year change 7.14% 10.03%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 95.92 35.00%
Consumer Discretionary 53.34 19.47%
Derivatives 0.43 0.16%
Energy 1.60 0.58%
Financials 41.57 15.17%
Health Care 2.33 0.85%
Industrials 9.34 3.41%
Liquid Assets 4.43 1.62%
Real Estate 3.53 1.29%
Technology 49.70 18.13%
Telecommunications 11.84 4.32%
  • Top five holdings
 NASPERS-N 46.44 16.95%
 BHP 33.88 12.36%
 RICHEMONT 33.56 12.25%
 ANGLO 26.78 9.77%
 FIRSTRAND 9.97 3.64%
  • Performance against peers
  • Fund data  
Management company:
Momentum Collective Investments Limited
Formation date:
ISIN code:
Short name:
South African--Equity--Large Cap
FTSE/JSE Top 40 index


0860-111-899 (Client Services)

  • Fund management  
Loftie Botha
Loftie started his career as an engineer and moved into asset management in 1994 as an industrial analyst with the Mines Pension Fund. He joined ABSA Asset Management in 1998 as an analyst and later managed the ABSA General Equity Fund. He later became a senior portfolio manager at Huysamer Capital Investments. In 2006, he joined Umbono Fund Managers, an OMIGSA boutique, as a quantitative fund manager before being promoted to CIO of the boutique. Loftie joined Metropolitan Asset Managers in Feb 2010 as the head of absolute strategies and was appointed portfolio manager for Absolute Return Funds at Momentum Asset Management in 2011.
Imtiaz Mohammed Alli
Imtiaz started at ABSA Consultants & Actuaries in Oct 1996 where he was responsible for the management/booking of national pension funds. He joined the Momentum Group in Jul 2000 as a dealingsupervisor and was also involved in the planning and management of fund mergers. Imtiaz joined Momentum Asset management in Jun 2004 as a pricing analyst. In Mar 2006 he became the assistant to theportfolio manager and joined the investment team in Nov 2008 as a portfolio manager and research analyst.

  • Fund manager's comment

Momentum Top 40 Index Comment - Jun 14

2014/08/29 00:00:00
Economic overview
Global economic conditions appear to be on the mend, but risks to the outlook remain. In support of the pedestrian global recovery, key central banks have kept ultra-low monetary policy rates in place, which has, in turn, fuelled record stock market highs. Going forward, global equities are expected to be supported by accelerated earnings momentum, low inflation and fair to cheap valuations. Global fixed-income returns are conversely expected to face headwinds as the US Federal Reserve tapers and the market prices in the ultimate increase in interest rates (likely starting in 2015). South African (SA) equity valuations, which are not supported by underlying developed-market fundamentals, look expensive, which is likely to cause some underperformance.
While we expect more consistent growth in key developed regions, we see downside risks to the emerging market (EM) outlook given sluggish global trade activity and relatively weak domestic demand conditions. In the run-up to higher rates in the US, tighter financial conditions could further become a problem for countries, including SA, that remain highly dependent on foreign capital to fund their large external deficits. Domestic labour unrest poses further risks to SA's economic outlook. Whereas significant growth downgrades are likely preventing a steeper interest rate profile at this stage, the need to anchor inflation expectations at a lower level and unusually-low real policy rates suggest further rate increases. We expect a 50-basis point hike in July, to be followed by a further 25 basis points in November and March, downwardly biased on growth concerns.
Portfolio overview
The fund tracks the FTSE/JSE Top40 index and the underlying shares in the fund mirror the holdings of the index, both from a constituent and weight perspective. The fund invests in the underlying equities and maintains a low cash weighting. Net flows to and from the fund are matched with trades on a daily basis. The fund aims to minimise trading costs and therefore uses FTSE/JSE Top40 futures as and when appropriate.
At month end, the benchmark sector allocation was as follows:
- Resources: 29.48% - Financials: 14.43% - Property: 2.02% - Industrials: 54.07%
The FTSE/JSE Top40 index returned 7.38% over the quarter, with the main performance coming from industrials, followed by financials.
The fund performed in line with its benchmark, returning 7.35% over the quarter ending 30 June 2014 and 34.95% for the year relative to the benchmark Top40 return of 35.15%.
During the quarter, there were no constituent changes to the index.
  • Fund focus and objective  
The Momentum Top 40 Index Fund offers growth potential over the medium to longer term through exposure to the top 40 shares by market capitalisation on the FTSE/JSE All Share. These shares are well
established blue chip companies and in many cases have a wide geographical footprint. A low TER makes the fund an ideal core of a portfolio.

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