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NAV on 2021/09/17
NAV on 2021/09/16 88.507
52 week high on 2020/09/30 89.23
52 week low on 2021/07/01 88.283
Total Expense Ratio on 2021/06/30 0.59
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -0.05% 0.4%
3 month change -0.04% 1.24%
6 month change -0.46% 2.11%
1 year change -0.62% 4.41%
5 year change -0.06% 7.42%
10 year change -0.07% 7.02%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Derivatives 0.89 0.01%
Liquid Assets 222.70 3.07%
Money Market 1695.20 23.38%
SA Bonds 5330.35 73.53%
  • Top five holdings
MM-01MONTH 394.18 5.44%
MM-03MONTH 200.05 2.76%
MM-08MONTH 171.24 2.36%
MONEYMARK 161.35 2.23%
MM-02MONTH 150.99 2.08%
  • Performance against peers
  • Fund data  
Management company:
Momentum Collective Investments Limited
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Short Term
CPI plus 5% over 12-month rolling terms (with a three month lag)


0860-111-899 (Client Services)

  • Fund management  
Zisanda Gila

  • Fund manager's comment

Momentum Enhanced Yield 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
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  
The Momentum Enhanced Yield Fund is a specialist income portfolio with an objective to provide a high income yield while carefully monitoring capital stability. The portfolio aims to actively manage exposures to the entire South African yield curve without being constrained by any particular fixed-interest benchmark weighting.
To achieve this objective, the securities to be included in the portfolio will comprise a combination of assets in liquid form and securities of an interest bearing nature, including loan stock, ebentures, debenture stock, debenture bonds, unsecured notes, preference shares, listed and unlisted financial instruments and any other nonequity securities which are considered consistent with the portfolio's primary objective and that the Act or the Registrar may from time to time allow, all to be acquired at fair market value. The manager may also make use of derivatives for efficient portfolio management purposes. The portfolio may also include participatory interest in portfolios of collective investment schemes registered in South Africa as legislation permits. For the purpose 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 be able to manage the fund in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. The Trustee shall
ensure that the investment policy set out in this supplemental deed is prudential investment guidelines for retirement funds in South Africa to the extent allowed by the Act.

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