April 2020 - Momentum · Momentum classic lifestage portfolio range returns for april 2020...

April 2020

Momentum classic lifestage portfolio range

returns for april 2020

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 in more than 7 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 Classic Lifestage Accumulator Momentum Classic Factor 7 Portfolio More than seven years to retirement

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

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

Momentum Classic Lifestage Defender Momentum Classic 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 Classic Lifestage Accumulator -10.40% -2.87% 0.58% 1.68% 2.24% 4.98% 7.50%

Benchmark -11.26% -4.44% -0.22% 0.96% 1.68% 4.73% 7.03%

Momentum Classic Lifestage Builder -9.34% -1.93% 1.25% 2.16% 2.67% 5.17% 7.30%

Benchmark -10.25% -3.36% 0.44% 1.52% 2.24% 5.04% 6.90%

Momentum Classic Lifestage Consolidator -8.01% -1.48% 1.56% 2.39% 3.01% 5.22% 6.49%

Benchmark -9.64% -3.09% 0.60% 1.68% 2.38% 4.87% 5.90%

Momentum Classic Lifestage Defender -4.99% 0.62% 2.73% 3.12% 3.81% 5.18% 5.94%

Benchmark -5.31% -0.29% 2.29% 3.01% 3.58% 5.17% 5.73%

Key:

1. The first investment from FundsAtWork in this portfolio 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 of the most conservative portfolio (Momentum Classic Lifestage Defender) was changed from Momentum Classic Factor 3 to Momentum Classic Factor 4 during

March 2019.

Published: 16 May 2020 1 / 3 Institutional on-balance-sheet portfolio Momentum Classic Lifestage Accumulator

FAW - Momentum Classic Lifestage Portfolio Range Momentum Classic Lifestage Accumulator Factsheet at 30 April 2020

Target return: CPI + 7% p.a.

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 exposure of between

82.5% and 90% to growth asset classes (local and global equities and property). The portfolio consists of the full universe of asset classes, including global investments of up to 30% (excluding Africa), but excludes the exposure to alternative asset classes. 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: July 2011

Benchmark: Composite: Local equity 46.5%; Local property 15%; Local bond 4%; Local ILB 3%; Local cash 1.5%; Global equity 25%; Global property 3.5%; Global bond 1.5%

Target: Inflation plus 7% a year 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 7.50%

Benchmark 7.03%

Target 12.00%

The annualised return over the investment horizon of the portfolio.

Short-term risk Risk of negative one-year return

Portfolio 12.35%

Benchmark 12.76%

Target 0.00%

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

Minimum one-year returns

Portfolio -13.58%

Benchmark -17.44%

Target 7.92%

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

Hit rate

Portfolio 73.68%

The percentage of times the portfolio achieved or exceeded its target over rolling periods of the investment horizon.

Average shortfall

Portfolio -1.09%

The average shortfall of the target, over rolling periods of the investment horizon.

Rolling returns

Portfolio returns relative to the target over rolling periods of the investment horizon since launch.

http://www.momentum.co.za

Published: 16 May 2020 2 / 3

Institutional on-balance-sheet portfolio Momentum Classic Lifestage Accumulator

Investment returns

One month

Three months

One year

Two years

Three years

Four years

Five years

Six years

Seven years

Launch

Portfolio 10.98% -12.35% -10.40% -2.87% 0.58% 1.68% 2.24% 4.98% 7.50% 13.12%

Benchmark1 12.35% -12.13% -11.26% -4.44% -0.22% 0.96% 1.68% 4.73% 7.03% 12.95%

Risk-adjusted ratio2 0.05% 0.15% 0.23% 0.51% 0.80% 1.71%

Target 0.89% 3.21% 11.15% 11.34% 11.16% 11.65% 11.98% 11.82% 12.00% 12.47%

1The benchmark is calculated using the strategic allocation weightings below. 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 14.18% -17.93% -10.17% -4.31% -2.07% 4.92% 46.50%

Local property FTSE/JSE SA Listed Property Index 7.00% -45.98% -30.13% -21.38% -12.33% -5.16% 15.00%

Local bond JSE ASSA All Bond Index 3.92% 0.06% 2.48% 6.11% 6.09% 5.49% 4.00%

Local ILB JSE ASSA ILB Index 4.57% -3.99% -0.74% 0.60% 1.75% 2.77% 3.00%

Local cash Short-term Fixed Interest Composite Index 0.52% 7.14% 7.21% 7.28% 7.23% 6.80% 1.50%

Global equity MSCI All Countries World Index 15.97% 19.68% 19.28% 14.71% 12.74% 17.08% 25.00%

Global property FTSE EPRA/NAREIT Developed Index 10.55% 5.97% 16.54% 9.46% 9.52% 12.69% 3.50%

Global bond FTSE World Government Bond Index 2.99% 38.00% 25.54% 15.73% 12.04% 12.40% 1.50%

Investment manager allocation and returns

One year

Three years

Seven years

Local equity

BlueAlpha -16.01% -1.45% 5.99%

Fairtree -2.02% 5.28% 11.42%

Foord -14.04% -6.08% 4.21%

Momentum Capped SWIX Index -18.29%

Momentum Protected Equity

Momentum Quality Equity

Momentum Value Equity

Perpetua -21.46% -8.40%

Prudential -23.11% -3.65% 6.29%

SIM -12.57% 0.00% 9.02%

Truffle -5.79% 2.51% 9.72%

Local property

Catalyst -47.75% -20.70% -3.21%

Meago -46.63% -21.25% -4.04%

Momentum Investments -44.99%

Local fixed income

ALUWANI (ILB) -5.45% 0.57% 2.92%

Futuregrowth -2.37% 6.39% 7.01%

Momentum Flexible Bond

Momentum ILB -3.25%

Local cash

ALUWANI 8.49% 8.91% 8.14%

Liquidity 7.97%

Momentum Enhanced Yield 8.45%

Global equity

Momentum Global Investment Management 12.47% 13.45% 16.85%

Global property

Momentum Global Property 6.59%

Global bond

Amundi 35.39% 14.93% 12.38%

Global cash

Momentum Global Investment Management 0.00%

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

Published: 16 May 2020 3 / 3 Institutional on-balance-sheet portfolio Momentum Classic Lifestage Accumulator

Quarterly portfolio commentary for Q1 2020

Fears over the global effect of COVID-19 resulted in significant losses for global equity and other growth asset classes. In sharp contrast to the rapid fall in equity markets, the US 30-year bond yields traded below 1.5% for the month, as the US Federal Reserve cut interest rates close to 0% in a rapid succession of extraordinary meetings. The Volatility Index reached its highest level since the European banking crisis in 2011. The South African (SA) Reserve Bank cut interest rates by 100 basis points to help ease the economic strain put on SA consumers and business by COVID-19, while the government imposed a 21-day lockdown on non-essential business and consumption. Due to concerns around the fiscal position and lack of speed of reforms, at the end of March, Moody’s became the last credit rating agency to cut SA’s debt below investment grade, while keeping its outlook on negative watch. The portfolio returned negative 20.6% for the three months, outperforming the benchmark return of negative 21.6%. Being overweight global asset classes and local equity and cash as well as being underweight local property contributed to the relative return of the portfolio.

Notes The benchmark for the local equity component was changed on 1 November 2017 from the FTSE/JSE Shareholder Weighted Index to the FTSE/JSE Shareholder Weighted Capped

Index. Asset management fees exclude performance fees, where applicable. as well as investment management fees recovered by the underlying investment managers within the portfolio, where applicable.

Disclosures The investment policy is underwritten by Momentum Metropolitan Life Limited, which is a registered insurer under the Long-Term Insurance Act 52 of 1998. 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, except where a portfolio includes underlying investments where fees are deducted from the return, but after the deduction of performance-based fees. 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. 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.

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: 16 May 2020 1 / 3 Institutional on-balance-sheet portfolio Momentum Classic Lifestage Builder

FAW - Momentum Classic Lifestage Portfolio Range Momentum Classic Lifestage Builder Factsheet at 30 April 2020


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 exposure

of between 77.5% and 90% to growth asset classes (local and global equities and property), with a small allocation to defensive asset classes. The portfolio consists of the full universe of asset classes, including global investments of up to 30% (excluding Africa), but excludes the exposure to alternative asset classes. 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 45%; Local property 13.5%; Local bond 7%; Local ILB 3.5%; Local cash 2.5%; Global equity 23.5%; Global property 3%; Global bond 2%

Target: Inflation plus 6% a year over six-year rolling periods


Portfolio managers


BCom BSc, CFA


Portfolio 5.17%

Benchmark 5.04%

Target 10.82%



Portfolio 11.89%

Benchmark 11.45%

Target 0.00%



Portfolio -11.23%

Benchmark -14.34%

Target 6.80%


Hit rate

Portfolio 72.46%


Average shortfall

Portfolio -1.89%


Rolling returns




Institutional on-balance-sheet portfolio Momentum Classic Lifestage Builder

Investment returns

One month

Three months

One year

Two years

Three years

Four years

Five years

Six years

Seven years

Launch

Portfolio 10.80% -11.53% -9.34% -1.93% 1.25% 2.16% 2.67% 5.17% 7.30% 12.37%

Benchmark1 11.90% -11.32% -10.25% -3.36% 0.44% 1.52% 2.24% 5.04% 6.90% 11.72%


Target 0.82% 2.98% 10.15% 10.34% 10.16% 10.65% 10.98% 10.82% 11.00% 11.57%


Index returns


month One year

Two years

Three years

Five years

Six years











One year

Three years

Seven years

Local equity

BlueAlpha -16.01% -1.45% 5.99%

Fairtree -2.02% 5.28% 11.42%

Foord -14.04% -6.08% 4.21%





Perpetua -21.46% -8.40%

Prudential -23.11% -3.65% 6.29%

SIM -12.57% 0.00% 9.02%

Truffle -5.79% 2.51% 9.72%

Local property

Catalyst -47.75% -20.70% -3.21%

Meago -46.63% -21.25% -4.04%


Local fixed income

ALUWANI (ILB) -5.45% 0.57% 2.92%

Futuregrowth -2.37% 6.39% 7.01%


Momentum ILB -3.25%

Local cash

ALUWANI 8.49% 8.91% 8.14%

Liquidity 7.97%


Local alternative

Coherent (Commodity)

Global equity


Global property


Global bond

Amundi 35.39% 14.93% 12.38%

Global cash



Cumulative returns



Published: 16 May 2020 3 / 3 Institutional on-balance-sheet portfolio Momentum Classic Lifestage Builder










Published: 16 May 2020 1 / 3 Institutional on-balance-sheet portfolio Momentum Classic Lifestage Consolidator

FAW - Momentum Classic Lifestage Portfolio Range Momentum Classic Lifestage Consolidator Factsheet at 30 April 2020


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 exposure

of between 60% and 77.5% 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 consists of the full universe of asset classes, including global investments of up to 30% (excluding Africa), but excludes the exposure to alternative asset classes. 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 40%; Local property 12%; Local bond 10%; Local ILB 10%; Local cash 7.5%; Global equity 15%; Global property 3%; Global bond 2.5%

Target: Inflation plus 5% a year over five-year rolling periods


Portfolio managers


BCom BSc, CFA


Portfolio 3.01%

Benchmark 2.38%

Target 9.98%



Portfolio 5.56%

Benchmark 7.41%

Target 0.00%



Portfolio -4.97%

Benchmark -6.27%

Target 8.82%


Hit rate

Portfolio 53.33%


Average shortfall

Portfolio -2.63%


Rolling returns




Institutional on-balance-sheet portfolio Momentum Classic Lifestage Consolidator

Investment returns

One month

Three months

One year

Two years

Three years

Four years

Five years

Six years

Seven years

Launch

Portfolio 9.01% -10.04% -8.01% -1.48% 1.56% 2.39% 3.01% 5.22% 6.49% 8.86%

Benchmark1 10.19% -10.47% -9.64% -3.09% 0.60% 1.68% 2.38% 4.87% 5.90% 8.70%


Target 0.74% 2.75% 9.15% 9.34% 9.16% 9.65% 9.98% 9.82% 10.00% 10.13%


Index returns


month One year

Two years

Three years

Five years

Seven years











One year

Three years

Seven years

Local equity

BlueAlpha -16.01% -1.45% 5.99%

Fairtree -2.02% 5.28% 11.42%

Foord -14.04% -6.08% 4.21%





Perpetua -21.46% -8.40%

Prudential -23.11% -3.65% 6.29%

SIM -12.57% 0.00% 9.02%

Truffle -5.79% 2.51% 9.72%

Local property

Catalyst -47.75% -20.70% -3.21%

Meago -46.63% -21.25% -4.04%


Local absolute-return

Absa 1.19% 6.62% 7.45%

Prescient -3.39% 3.86% 6.21%

Prudential -15.59% -1.36%

Sentio -9.57% -1.30%

Tantalum -8.23% 0.56%

Local fixed income

ALUWANI 6.24% 8.36% 7.79%

ALUWANI (ILB) -5.45% 0.57% 2.92%

Futuregrowth -2.37% 6.39% 7.01%


Momentum ILB -3.25%

Local cash

ALUWANI 8.49% 8.91% 8.14%

Liquidity 7.97%


Local alternative


Global equity


Global property


Global bond

Amundi 35.39% 14.93% 12.38%

Global cash



Cumulative returns



Published: 16 May 2020 3 / 3 Institutional on-balance-sheet portfolio Momentum Classic Lifestage Consolidator


Fears over the global effect of COVID-19 resulted in significant losses for global equity and other growth asset classes. In sharp contrast to the rapid fall in equity markets, the US 30-year bond yields traded below 1.5% for the month, as the US Federal Reserve cut interest rates close to 0% in a rapid succession of extraordinary meetings. The Volatility Index reached its highest level since the European banking crisis in 2011. The South African (SA) Reserve Bank cut interest rates by 100 basis points to help ease the economic strain put on SA consumers and business by COVID-19, while the government imposed a 21-day lockdown on non-essential business and consumption. Due to concerns around the fiscal position and lack of speed of reforms, at the end of March, Moody’s became the last credit rating agency to cut SA’s debt below investment grade, while keeping its outlook on negative watch. The portfolio returned negative 17.2% for the three months, outperform the benchmark return of negative 18.7%. Being overweight global asset classes and local equity and cash as well as being underweight local property contributed to the relative return of the portfolio.








Published: 16 May 2020 1 / 3 Institutional on-balance-sheet portfolio Momentum Classic Lifestage Defender

FAW - Momentum Classic Lifestage Portfolio Range Momentum Classic Lifestage Defender Factsheet at 30 April 2020


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 exposure of

between 42.5% and 60% 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 consists of the full universe of asset classes, including global investments of up to 30% (excluding Africa), but excludes the exposure to alternative asset classes. 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 28%; Local property 8%; Local bond 15%; Local ILB 20%; Local cash 10%; Global equity 11.5%; Global property 2.5%; Global bond 5%

Target: Inflation plus 4% a year over four-year rolling periods


Portfolio managers


BCom BSc, CFA


Portfolio 3.12%

Benchmark 3.01%

Target 7.94%



Portfolio 1.62%

Benchmark 1.62%

Target 0.00%



Portfolio -0.47%

Benchmark -0.15%

Target 6.14%


Hit rate

Portfolio 55.70%


Average shortfall

Portfolio -1.41%


Rolling returns

Portfolio returns over one-year rolling periods since launch.



Institutional on-balance-sheet portfolio Momentum Classic Lifestage Defender

Investment returns

One month

Three months

One year

Two years

Three years

Four years

Five years

Six years

Seven years

Launch

Portfolio 7.10% -7.40% -4.99% 0.62% 2.73% 3.12% 3.81% 5.18% 5.94% 9.60%

Benchmark1 8.33% -7.00% -5.31% -0.29% 2.29% 3.01% 3.58% 5.17% 5.73% 8.72%


Target 0.66% 2.52% 8.15% 7.91% 7.54% 7.94% 8.21% 8.01% 8.16% 8.60%


Index returns


month One year

Two years

Three years

Four years

Five years


Local equity FTSE/JSE Shareholder Weighted Capped Index 14.18% -17.93% -10.17% -4.31% -2.58% -2.07% 28.00%









One year

Three years

Seven years

Local equity

BlueAlpha -16.01% -1.45% 5.99%

Fairtree -2.02% 5.28% 11.42%

Foord -14.04% -6.08% 4.21%





Perpetua -21.46% -8.40%

Prudential -23.11% -3.65% 6.29%

SIM -12.57% 0.00% 9.02%

Truffle -5.79% 2.51% 9.72%

Local property

Catalyst -47.75% -20.70% -3.21%

Meago -46.63% -21.25% -4.04%


Local absolute-return

Absa 1.19% 6.62% 7.45%

Prescient -3.39% 3.86% 6.21%

Prudential -15.59% -1.36%

Sentio -9.57% -1.30%

Tantalum -8.23% 0.56%

Local fixed income

ALUWANI 6.24% 8.36% 7.79%

ALUWANI (ILB) -5.45% 0.57% 2.92%


Momentum ILB -3.25%

Local cash

ALUWANI 8.49% 8.91% 8.14%

Liquidity 7.97%


Local alternative


Global equity


Global property


Global bond

Amundi 35.39% 14.93% 12.38%

Global cash



Cumulative returns



Published: 16 May 2020 3 / 3 Institutional on-balance-sheet portfolio Momentum Classic Lifestage Defender



Notes From 1 March 2019, the inflation plus objective of this portfolio changed from inflation plus 3% per year over three-year rolling periods to inflation plus 4% per year over four-year

rolling periods. The benchmark for the local equity component was changed on 1 November 2017 from the FTSE/JSE Shareholder Weighted Index to the FTSE/JSE Shareholder Weighted Capped Index. . Changes were made to the strategic asset allocations on 30 May 2014 and the benchmark returns were changed from 1 June 2014. Asset management fees exclude performance fees, where applicable. as well as investment management fees recovered by the underlying investment managers within the portfolio, where applicable.






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

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