august 2020 - momentum · momentum global investment management 29.01% 18.81% 16.85% global...

January 2021

http://www.momentuminv.co.za/

Momentum target lifestage portfolio range

returns for January 2021

Lifestage progression

The portfolio range has a lifestage model, which allows a member of a retirement fund to switch from a more aggressive investment portfolio with longer

terms to retirement to more conservative and, ultimately, defensive portfolios as a member approaches retirement. The lifestage model uses a

combination of asset classes, managed by multiple investment managers with different investment strategies to achieve its objectives. The lifestage

philosophy uses ‘term to retirement’ as a proxy for the risk a member is able to adopt. This means, for example, the asset classes in which members of

a retirement fund would invest 30 years from retirement will have a different emphasis from those closer to retirement. It stands to reason that when a

member of a retirement fund has a long-term investment horizon, the member should be invested in growth asset classes, which would include a

significant allocation to higher yielding asset classes and strategies also characterised by a higher level of risk (such as local equities and property as

well as global equities). Although these asset classes are volatile, they provide returns above inflation over the long term. However, as a member moves

to a medium-term investment horizon, the exposure to volatile asset classes should be gradually reduced to protect members in a retirement fund from

being exposed to unnecessary volatility.

Momentum’s purpose is to enhance the lifetime financial wellness of people, their communities and their businesses, building a reputation for innovation

and trustworthiness. In this way, we aim to become the preferred lifetime financial wellness partners to our clients. In keeping with the financial wellness

framework, we have developed an investment philosophy that maximises the probability of you achieving your unique investment goals. We call this

investment approach Momentum Investments’ outcome-based investing. In response to the ever-evolving investment landscape, we manage our

portfolios in such a way that they set their sights beyond mere benchmarks and instead focus on the things that matter the most to you – ensuring we

maximise the probability of you achieving your investment goals. This portfolio range is managed using the outcome-based investment philosophy.

Investment portfolio allocation

Portfolio Building block Term to retirement

Momentum Target Lifestage Accumulator Momentum Target Factor 7 Portfolio More than seven years to retirement

Momentum Target Lifestage Builder Momentum Target Factor 6 Portfolio Five to seven years to retirement

Momentum Target Lifestage Consolidator Momentum Target Factor 5 Portfolio Three to five years to retirement

Momentum Target Lifestage Defender Momentum Target Factor 4 Portfolio Less than three years to retirement

Investment returns summary

Portfolio returns1

One

year

Two

year

Three

year

Four

year

Five

Year

Six

year

Seven

year

Momentum Target Lifestage Accumulator3 2.61% 6.28% 2.96% 5.48% 5.94% 5.55% 7.64%

Benchmark 0.20% 4.31% 1.39% 4.23% 4.83% 4.82% 7.02%

Target CPI +5% 8.08% 8.55% 8.87% 9.07% 9.61% 9.71% 9.80%

Momentum Target Lifestage Builder3 3.49% 6.67% 3.70% 5.88% 6.20% 5.90% 7.72%

Benchmark -0.01% 4.19% 1.83% 4.39% 4.93% 5.03% 7.02%

Target CPI +4% 7.08% 7.55% 7.86% 8.07% 8.61% 8.71% 8.80%

Momentum Target Lifestage Consolidator3 4.62% 6.47% 4.15% 5.90% 6.29% 5.97% 7.61%

Benchmark -0.39% 3.12% 1.77% 4.00% 4.71% 4.68% 6.58%

Target CPI +3% 6.08% 6.55% 6.86% 7.07% 7.61% 7.71% 7.80%

Momentum Target Lifestage Defender2 6.15% 7.31% 6.19% 6.59% 6.71% 6.67% 7.50%

Benchmark 1.86% 4.24% 3.46% 4.64% 5.23% 5.09% 6.53%

Target CPI +2% 5.08% 5.55% 5.86% 6.07% 6.61% 6.71% 6.80%

Key:

1. The first investment from FundsAtWork in these portfolios was 1 March 2012. The inception date of the portfolios is 1 July 2011 and actual portfolio and benchmark returns have been used since then.

Portfolio and benchmark returns for longer periods are based on mappings from certain old portfolios to the new portfolios and details of these old portfolios are on the individual fund fact sheets.

2. The underlying portfolio was changed from Momentum Enhanced Factor 3 to Momentum Enhanced Factor 4 during March 2019. From 1 October 2020, all returns quoted are before deduction of fees,

but after the deduction of performance fees on global underlying investments (where applicable). Returns before 1 October 2020 are quoted are before deduction of fees, except where a portfolio

includes underlying investments where fees are deducted from the return, but after the deduction of performance-based fees.

3. All returns quoted are before deduction of fees, but after the deduction of performance fees on global underlying investments (where applicable).

Published: 13 February 2021 1 / 3 Institutional on-balance-sheet portfolio Momentum Target Lifestage Accumulator

FAW - Momentum Target Lifestage Portfolio Range Momentum Target Lifestage Accumulator Factsheet at 31 January 2021

Target: CPI + 5% to 6%

Investment horizon: Seven years

Investments managed by: Momentum Outcome-based Solutions (Pty) Ltd

Momentum outcome-based investing philosophy Investment success is about consistently maximising the probability of you achieving your investment goals – whether that is to preserve capital, generate an income stream in

retirement or grow wealth within the parameters of a certain risk profile. In response to the ever-evolving investment landscape, we have constructed a range of outcome-based solutions that set their sights beyond mere benchmarks and instead focus on the things that matter the most to you – ensuring we maximise the probability of you achieving your investment goals. Outcome-based investing is about placing your goals at the centre of our investment process.

Investor profile and investment strategy This portfolio is aimed at investors who are in the accumulation phase of investing. It has a long-term investment horizon and, therefore, the aim is to maintain an average exposure

of 80% to growth asset classes (local and global equities and property). The portfolio range consists of passive, enhanced passive and smart beta investment strategies. The allocations between asset classes are actively managed, taking the market environment into account. Through the optimum selection of asset classes, the probability of achieving the outcome is maximised within acceptable risk parameters. It is suitable as a stand-alone portfolio in retirement products, where compliance with Regulation 28 is specifically required.

Portfolio information Launch date: August 2011

Benchmark: Composite: Local equity 50%; Local property 5%; Local bond 10%; Local cash 7.5%; Global equity 22.5%; Global property 2.5%; Global bond 2.5%

Target: Inflation plus 5% to 6% over seven-year rolling periods

Reg. 28 compliant: Yes

Portfolio managers

Mohammed Sibda Nina Saad

BCom BSc, CFA

Long-term outcomes Return over the investment horizon

Portfolio 7.64%

Benchmark 7.02%

CPI + 5% 9.80%

The annualised return over the investment horizon of the portfolio.

Short-term risk Risk of negative one-year return

Portfolio 13.59%

Benchmark 15.53%

CPI + 5%

0.00% The likelihood of negative returns over any one-year rolling period.

Minimum one-year returns

Portfolio -8.21%

Benchmark -10.63%

CPI + 5% 7.74%

The worst one-year return with a 5% likelihood.

Hit rate

Portfolio 51.61%

The percentage of times the portfolio achieved or exceeded CPI + 5% over rolling periods of the investment horizon.

Average shortfall

Portfolio -2.12%

The average shortfall of CPI + 5% over rolling periods of the investment horizon.

Rolling returns over investment horizon

Returns over rolling periods of the investment horizon since launch.


Investment returns

One

month Three

months One year

Two years

Three years

Four years

Five years

Six years

Seven years

Launch

Portfolio 2.74% 12.20% 2.61% 6.28% 2.96% 5.48% 5.94% 5.55% 7.64% 10.87%

Benchmark1 2.47% 14.03% 0.20% 4.31% 1.39% 4.23% 4.83% 4.82% 7.02% 10.45%

Risk-adjusted ratio2 0.29% 0.57% 0.68% 0.69% 0.97% 1.44%

CPI + 5% 0.57% 1.64% 8.08% 8.55% 8.87% 9.07% 9.61% 9.71% 9.80% 9.96%

1The benchmark is calculated using the composite benchmark allocation. 2A ratio of the actual return achieved per unit of risk taken.

Index returns

Asset class Index One

month One year

Two years

Three years

Five years

Seven years

Strategic allocation

Local equity FTSE/JSE Shareholder Weighted Capped Index 3.08% 6.40% 3.77% -0.33% 4.26% 5.78% 50.00%

Local property FTSE/JSE SA Listed Property Index -3.21% -34.59% -23.06% -18.76% -8.46% -1.21% 5.00%

Local bond FTSE/JSE All Bond Index 0.76% 8.20% 8.34% 8.49% 9.61% 8.85% 10.00%

Local cash Short-term Fixed Interest Composite Index 0.28% 5.07% 6.16% 6.53% 6.92% 6.72% 7.50%

Global equity MSCI All Countries World Index 4.14% 19.87% 25.65% 16.76% 12.40% 14.07% 22.50%

Global property FTSE EPRA/NAREIT Developed Index 2.71% -9.79% 7.48% 10.66% 4.45% 9.95% 2.50%

Global bond FTSE World Government Bond Index 1.40% 8.24% 13.83% 12.57% 3.09% 6.89% 2.50%

Investment manager allocation and returns

One year

Three years

Seven years

Local equity

Momentum Protected Equity

Momentum Systematic Strategies 1 8.89% 1.13% 7.03%

Local property

Momentum Real Growth Property Index -34.99%

Local fixed income

ALUWANI (ILB) 4.73% 3.30% 5.33%

Momentum ILB 6.71%

Prescient 7.07% 8.12% 9.04%

Local cash

ALUWANI 6.22% 8.00% 8.09%

Liquidity 5.90%

Momentum Enhanced Yield 6.69%

Global equity

Momentum Global Investment Management 16.49% 16.93% 14.07%

Global property

Momentum Global Property -11.10%

Global bond

Amundi 7.32% 12.20% 6.92%

Where no returns are shown, the investment manager has a return history in this portfolio of less than the relevant period (one, three or seven years).

Cumulative returns

The cumulative growth of the portfolio since launch compared to its target.

Effective asset allocation

The 10-largest portfolio holdings

Holding

Naspers Limited 4.63%

Anglo American Plc 3.27%

Impala Platinum Holdings Limited 2.23%

Republic of South Africa R2037 2.12%

BHP Group plc 2.11%

FirstRand Limited 1.91%

British American Tobacco plc 1.85%

Anglo American Platinum Ltd 1.79%

Prosus 1.79%

Vodacom Group 1.79%

The 10-largest instruments at 31 December 2020, looking through all asset classes held.


Quarterly portfolio commentary for Q4 2020

The strength of the global economic upturn will be reliant on the success of vaccination campaigns and greater global co-operation to guarantee efficient distribution of vaccines worldwide. However, the road to recovery remains uneven and uncertain. Diversified economies that are less exposed to contact-intensive activity will likely fare better, while concentrated and services-related economies are likely to require further support. Continued fiscal stimulus and accommodative monetary policy are crucial, in our view, in keeping the world economy afloat, and will lessen lasting economic damage from the crisis.

Meanwhile in South Africa (SA), muted confidence, a strained fiscus, ongoing electricity shortages and a flare up in infections will contain the anticipated recovery in growth in 2021. After contracting at an expected 8.1% in 2020, growth is likely to increase to a below-consensus 2% in 2021, before slowing to 1.6% in 2022. Efforts to arrest the increase in government’s debt burden through higher growth will likely be constrained and could lead to further negative rating actions later in 2021. While near-term inflation pressures are likely tilted to the downside, inflation will rise in the medium term from an expected average of 3.2% in 2020 to 3.9% in 2021 and 4.7% in 2022. We are projecting a shift higher in interest rates in the second half of 2021, given the SA Reserve Bank’s warning against the constraints of fiscal dominance and the dangers of running negative real interest rates for too long.

The portfolio returned 6.2% for the quarter, which just underperformed the benchmark of 6.7%. Being overweight local and global equity contributed to the absolute and relative returns, whereas being underweight local property detracted from returns. During the quarter, we transitioned the portfolios to reflect our revised strategic asset allocation.

Notes On 1 November 2020, the real return expectation for this portfolio was revised from inflation plus 7% to a range of inflation plus 5% to 6%.

Changes were made to the strategic asset allocations on 31 October 2020. Asset management fees exclude performance fees where applicable, as well as investment management fees recovered by the underlying investment managers within the portfolio.

Disclosures The investment policy is underwritten by Momentum Metropolitan Life Limited, which is a registered insurer under the Insurance Act, 18 of 2017. This investment portfolio is

administered and managed by Momentum Outcome-based Solutions (Pty) Ltd, an authorised financial services provider (FSP No. 19840) under the Financial Advisory and Intermediary Services Act No.37 of 2002 (FAIS Act), as may be amended and/or replaced from time to time, and a part of Momentum Metropolitan Holdings Limited, rated B-BBEE level 1. The information used to prepare this factsheet includes information from third-party sources and is for information purposes only. This factsheet does not constitute any form of advice and should not be used as a basis to make investment decisions or as an offer or a solicitation to purchase any specific product. Given that past returns may not be indicative of future returns and the value of investments will fluctuate over time, independent professional advice should always be sought before making an investment decision. Fluctuations in exchange rates may cause the value of international investments, if included in the mandate, to go up or down. Investors should be aware that investing in a financial product entails a level of risk that depends on the nature of the investment. The merits of any investment should be considered together with the investor’s specific risk profile and investment objectives. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this factsheet, Momentum Metropolitan Life Limited does not guarantee the accuracy, content, completeness, legality or reliability of the information contained in this factsheet and no warranties and/or representations of any kind, expressed or implied, are given to the nature, standard, accuracy or otherwise of the information provided nor to the suitability or otherwise of the information to your particular circumstances. Under no circumstances shall Momentum Metropolitan Life Limited, its affiliates, directors, officers, employees, representatives or agents (the "Momentum Metropolitan Parties") have any liability to any persons or entities receiving the information made available in this factsheet for any claim, damages, loss or expense, whether caused by Momentum Metropolitan Life Limited or the Momentum Metropolitan Parties' negligence or otherwise, including, without limitation, any direct, indirect, special, incidental, punitive or consequential cost, loss or damages, whether in contract or in delict, arising out of or in connection with information made available in this factsheet, whether relating to any actions, transactions, omissions resulting from this information, or relating to any legal proceedings brought against you as a result of this information, and you agree to indemnify Momentum Metropolitan Life Limited and the Momentum Metropolitan Parties accordingly. Investment returns for periods exceeding one year are annualised. All returns quoted are before deduction of fees, but after the deduction of performance fees on global underlying investments (where applicable). All returns are daily time-weighted returns. The return for the global component of a portfolio is generated at month-end using the global component’s last known price. The return for Consumer Price Index (CPI) is to the end of the previous month. For investments in collective investments schemes (CIS), please refer to the minimum disclosure document (MDD), which is available from the respective CIS manager. The MDD contains important information relating to investment in the respective CIS. The information contained in this factsheet is confidential, privileged and only for the use and benefit of the intended recipient and may not be used, published or redistributed without the prior written consent of Momentum Metropolitan Life Limited. Under no circumstances will Momentum Metropolitan Life Limited be liable for any cost, loss or damages arising out of the unauthorised dissemination of this factsheet or the information contain herein, and you agree to indemnify Momentum Metropolitan Life Limited and the Momentum Metropolitan Parties accordingly. Sources: Momentum Investments, Morningstar, Iress, msci.com, yieldbook.com, ft.com.

Contact and other information Momentum FundsAtWork

269 West Avenue, Centurion, 0157 PO Box 7400, Centurion, 0046 T +27 (0)86 065 7585 F +27 (0)12 675 3970 Email [email protected] Web www.momentum.co.za/FundsAtWork

https://www.unpri.org/pri/

Published: 13 February 2021 1 / 3 Institutional on-balance-sheet portfolio Momentum Target Lifestage Builder

FAW - Momentum Target Lifestage Portfolio Range Momentum Target Lifestage Builder Factsheet at 31 January 2021


Investment horizon: Six years




Investor profile and investment strategy This portfolio is aimed at investors who are in the accumulation phase of investing. It has a medium- to long-term investment horizon and, therefore, the aim is to maintain an

average exposure of 70% to growth asset classes (local and global equities and property) The portfolio range consists of passive, enhanced passive and smart beta investment strategies. The allocations between asset classes are actively managed, taking the market environment into account. Through the optimum selection of asset classes, the probability of achieving the outcome is maximised within acceptable risk parameters. It is suitable as a stand-alone portfolio in retirement products, where compliance with Regulation 28 is specifically required.


Benchmark: Composite: Local equity 42.5%; Local property 4%; Local bond 15%; Local cash 13%; Global equity 20%; Global property 2%; Global bond 3.5%

Target: Inflation plus 4% to 5% over six-year rolling periods


Portfolio managers


BCom BSc, CFA


Portfolio 5.90%

Benchmark 5.03%

CPI + 4% 8.71%



Portfolio 11.65%

Benchmark 16.50%

CPI + 4%



Portfolio -6.99%

Benchmark -9.38%

CPI + 4% 6.74%


Hit rate

Portfolio 46.51%


Average shortfall

Portfolio -1.78%





Investment returns

One

month Three

months One year

Two years

Three years

Four years

Five years

Six years

Seven years

Launch

Portfolio 2.62% 11.67% 3.49% 6.67% 3.70% 5.88% 6.20% 5.90% 7.72% 10.46%

Benchmark1 2.23% 12.27% -0.01% 4.19% 1.83% 4.39% 4.93% 5.03% 7.02% 10.11%


CPI + 4% 0.49% 1.40% 7.08% 7.55% 7.86% 8.07% 8.61% 8.71% 8.80% 8.96%


Index returns


month One year

Two years

Three years

Five years

Six years










One year

Three years

Seven years

Local equity



Local property


Local fixed income

ALUWANI (ILB) 4.73% 3.30% 5.33%

Momentum ILB 6.71%

Prescient 7.07% 8.12% 9.04%

Local cash

ALUWANI 6.22% 8.00% 8.09%

Liquidity 5.90%


Local alternative

Coherent (Commodity) 12.59%

Global equity


Global property


Global bond

Amundi 7.32% 12.20% 6.92%


Cumulative returns




Holding





BHP Group plc 1.95%



British American Tobacco plc 1.72%

Anglo American Platinum Ltd 1.66%

Prosus 1.66%




The strength of the global economic upturn will be reliant on the success of vaccination campaigns and greater global co-operation to guarantee efficient distribution of vaccines worldwide but the road to recovery remains uneven and uncertain. Diversified economies that are less exposed to contact-intensive activity will likely fare better, while concentrated and services-related economies are likely to require further support. Continued fiscal stimulus and accommodative monetary policy are crucial, in our view, in keeping the world economy afloat and will lessen lasting economic damage from the crisis.

Meanwhile in South Africa (SA), muted confidence, a strained fiscus, ongoing electricity shortages and a flare up in infections will contain the anticipated recovery in growth in 2021. After contracting at an expected 8.1% in 2020, growth is likely to increase to a below-consensus 2% in 2021, before slowing to 1.6% in 2022. Efforts to arrest the increase in government’s debt burden through higher growth will likely be constrained and could lead to further negative rating actions later in 2021. While near term inflation pressures are likely tilted to the downside, we see inflation rising in the medium term from an expected average of 3.2% in 2020 to 3.9% in 2021 and 4.7% in 2022. We are projecting a shift higher in interest rates in the second half of 2021 given the SA Reserve Bank’s warning against the constraints of fiscal dominance and the dangers of running negative real interest rates for too long.

The portfolio returned 6.1% for the quarter, which outperformed the benchmark of 5.6%. Being overweight local and global equity contributed to the absolute and relative returns, whereas being underweight local property detracted from returns. During the quarter, we transitioned the portfolios to reflect our revised strategic asset allocation.








Published: 13 February 2021 1 / 3 Institutional on-balance-sheet portfolio Momentum Target Lifestage Consolidator

FAW - Momentum Target Lifestage Portfolio Range Momentum Target Lifestage Consolidator Factsheet at 31 January 2021


Investment horizon: Five years




Investor profile and investment strategy This portfolio is aimed at investors who are in the consolidation phase of investing. It has a medium- to long-term investment horizon and, therefore, the aim is to maintain an

average exposure of 55% to growth asset classes (local and global equities and property). The remaining exposure is to asset classes that should preserve the purchasing power of the capital accumulated. The portfolio range consists of passive, enhanced passive and smart beta investment strategies. The allocations between asset classes are actively managed, taking the market environment into account. Through the optimum selection of asset classes, the probability of achieving the outcome is maximised within acceptable risk parameters. It is suitable as a stand-alone portfolio in retirement products, where compliance with Regulation 28 is specifically required.


Benchmark: Composite: Local equity 32%; Local property 3%; Local bond 23.5%; Local cash 18%; Global equity 18%; Global property 2%; Global bond 3.5%

Target: Inflation plus 3% to 4% over five-year rolling periods


Portfolio managers


BCom BSc, CFA


Portfolio 6.29%

Benchmark 4.71%

CPI + 3% 7.61%



Portfolio 9.71%

Benchmark 16.50%

CPI + 3%



Portfolio -5.38%

Benchmark -8.27%

CPI + 3% 5.74%


Hit rate

Portfolio 50.91%


Average shortfall

Portfolio -1.84%





Investment returns

One

month Three

months One year

Two years

Three years

Four years

Five years

Six years

Seven years

Launch

Portfolio 2.46% 11.01% 4.62% 6.47% 4.15% 5.90% 6.29% 5.97% 7.61% 9.33%

Benchmark1 1.94% 10.32% -0.39% 3.12% 1.77% 4.00% 4.71% 4.68% 6.58% 8.88%


CPI + 3% 0.41% 1.16% 6.08% 6.55% 6.86% 7.07% 7.61% 7.71% 7.80% 7.95%


Index returns


month One year

Two years

Three years

Five years

Seven years










One year

Three years

Seven years

Local equity



Local property


Local fixed income

ALUWANI (ILB) 4.73% 3.30% 5.33%

Momentum ILB 6.71%

Prescient 7.07% 8.12% 9.04%

Local cash

ALUWANI 6.22% 8.00% 8.09%

Liquidity 5.90%


Local alternative


Global equity


Global property


Global bond

Amundi 7.32% 12.20% 6.92%


Cumulative returns




Holding









BHP Group plc 1.74%







The portfolio returned 6% for the quarter, which outperformed the benchmark of 4.8%. Being overweight local and global equity contributed to the absolute and relative returns, whereas being underweight local property detracted from returns. During the quarter, we transitioned the portfolios to reflect our revised strategic asset allocation.








Published: 13 February 2021 1 / 3 Institutional on-balance-sheet portfolio Momentum Target Lifestage Defender

FAW - Momentum Target Lifestage Portfolio Range Momentum Target Lifestage Defender Factsheet at 31 January 2021


Investment horizon: Four years




Investor profile and investment strategy This portfolio is aimed at investors who are in the consolidation phase of investing. It has a medium-term investment horizon and, therefore, the aim is to maintain an average

exposure of 40% to growth asset classes (local and global equities and property). The remaining exposure is to asset classes that should preserve the purchasing power of the capital accumulated. The portfolio range consists of passive, enhanced passive and smart beta investment strategies. The allocations between asset classes are actively managed, taking the market environment into account. Through the optimum selection of asset classes, the probability of achieving the outcome is maximised within acceptable risk parameters. It is suitable as a stand-alone portfolio in retirement products, where compliance with Regulation 28 is specifically required.


Benchmark: Composite: Local equity 20%; Local property 2.5%; Local bond 28%; Local cash 26%; Global equity 17%; Global property 1.5%; Global bond 5%

Target: Inflation plus 2% to 3% over four-year rolling periods


Portfolio managers


BCom BSc, CFA


Portfolio 6.59%

Benchmark 4.64%

CPI + 2% 6.07%



Portfolio 2.91%

Benchmark 7.77%

CPI + 2%



Portfolio -1.28%

Benchmark -4.33%

CPI + 2% 4.74%


Hit rate

Portfolio 59.70%


Average shortfall

Portfolio -0.88%





Investment returns

One

month Three

months One year

Two years

Three years

Four years

Five years

Six years

Seven years

Launch

Portfolio 2.12% 9.52% 6.15% 7.31% 6.19% 6.59% 6.71% 6.67% 7.50% 8.38%

Benchmark1 1.61% 7.93% 1.86% 4.24% 3.46% 4.64% 5.23% 5.09% 6.53% 7.92%


CPI + 2% 0.33% 0.92% 5.08% 5.55% 5.86% 6.07% 6.61% 6.71% 6.80% 6.95%


Index returns


month One year

Two years

Three years

Four years

Five years










One year

Three years

Seven years

Local equity



Local property


Local absolute-return

Absa 8.28% 8.18% 8.34%

Prescient 4.01% 5.78% 6.38%

Local fixed income

ALUWANI (ILB) 4.73% 3.30% 5.33%

Momentum ILB 6.71%

Prescient 7.07% 8.12% 9.04%

Local cash

ALUWANI 6.22% 8.00% 8.09%

Liquidity 5.90%


Local alternative


Global equity


Global property


Global bond

Amundi 7.32% 12.20% 6.92%


Cumulative returns




Holding
















The portfolio returned 5.5% for the quarter, which outperformed the benchmark of 4%. Being overweight local and global equity contributed to the absolute and relative returns, whereas being underweight local property detracted from returns. During the quarter, we transitioned the portfolios to reflect our revised strategic asset allocation.








268 West Avenue Centurion 0157 PO Box 7400 Centurion 0046Telephone ++27 (0)86 065 7585 Facsimile +27 (0)12 675 3970

[email protected] www.momentum.co.za/FundsAtWork

Disclaimer:This document was prepared by Momentum Outcome-based Solutions (Pty) Ltd, which is an authorised financial services provider (FSP19840) in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002 (FAIS Act), as may be amended and/or replaced from time to time and a part of Momentum Metropolitan Holdings Limited, rated B-BBEE level 1.

The information used to prepare this document includes information from third-party sources and is for information purposes only. This document does not constitute any form of advice and should not be used as a basis to make investment decisions or as an offer or a solicitation to purchase any specific product. Given that past returns may not be indicative of future returns and the value of investments will fluctuate over time, independent professional advice should always be sought before making an investment decision. Fluctuations in exchange rates may cause the value of international investments, if included in the mandate, to go up or down. Investors should be aware that investing in a financial product entails a level of risk that depends on the nature of the investment. The merits of any investment should be considered together with the investor�s specific risk profile and investment objectives. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, Momentum Metropolitan Life Limited does not guarantee the accuracy, content, completeness, legality or reliability of the information contained in this document and no warranties and/or representations of any kind, expressed or implied, are given to the nature, standard, accuracy or otherwise of the information provided nor to the suitability or otherwise of the information to your particular circumstances. Under no circumstances shall Momentum Metropolitan Life Limited, its affiliates, directors, officers, employees, representatives or agents (the "Momentum Parties") have any liability to any persons or entities receiving the information made available in this document for any claim, damages, loss or expense, whether caused by Momentum Metropolitan Life Limited or the Momentum Parties' negligence or otherwise, including, without limitation, any direct, indirect, special, incidental, punitive or consequential cost, loss or damages, whether in contract or in delict, arising out of or in connection with information made available in this document, whether relating to any actions, transactions, omissions resulting from this information, or relating to any legal proceedings brought against you as a result of this information, and you agree to indemnify Momentum Metropolitan Life Limited and the Momentum Parties accordingly. Investment returns for periods exceeding one year are annualised. The information contained in this document may not be used, published or redistributed without the prior written consent of Momentum Metropolitan Life Limited. Under no circumstances will Momentum Metropolitan Life Limited be liable for any cost, loss or damages arising out of the unauthorised dissemination of this document or the information contained herein, and you agree to indemnify Momentum Metropolitan Life Limited and the Momentum Parties accordingly. For investments in collective investments schemes (CIS), please refer to the minimum disclosure document (MDD), which is available from the respective CIS manager. The MDD contains important information relating to investment in the respective CIS.

Sources: Momentum Investments, Morningstar, Iress, msci.com, yieldbook.com, ft.com

Momentum FundsAtWork

august 2020 - momentum · momentum global investment management 29.01% 18.81% 16.85% global...

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