february 2019
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- Rolf Byrd
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10 Momentum multi-managed life stage portfolios returns for february 2019 Lifestages 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 number of risk profiled portfolios that invest in 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 that the make-up of the portfolios more than 7 years prior to normal retirement age will be more aggressive compared to the make-up of the portfolios members invest in closer to retirement. We believe that members who have a long-term investment horizon 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 will hopefully 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 from being exposed to unnecessary volatility. Investment portfolio allocation Portfolio Building block Term to retirement Momentum Accumulator Momentum Enhanced Factor 7 Portfolio More than seven years to retirement Momentum Builder Momentum Enhanced Factor 6 Portfolio Five to seven years to retirement Momentum Consolidator Momentum Enhanced Factor 5 Portfolio to five years to retirement Momentum Defender Momentum Smart Guaranteed+3 Portfolio Less than three years to retirement Investment returns summary Five Since month months year years years inception Accumulator Portfolio % 5.72% 2.64% 6.34% 7.82% 12.91% Benchmark 2.57% 5.35% 0.35% 5.63% 7.84% 11.96% Builder Portfolio % 5.55% 3.67% 6.37% 8.41% 11.10% Benchmark 2.47% 5.25% 1.70% 5.88% 7.96% 11.36% Consolidator Portfolio % 5.13% 3.99% 6.19% 8.35% 9.35% Benchmark 1.65% 4.75% 2.11% 6.01% 7.73% 10.19% Defender Portfolio % 0.21% 4.79% 6.78% 9.51% 10.60% Benchmark % 1.83% 8.18% 8.47% 8.40% 8.99% Key: 1. Inception date: 1 May Inception date: 1 April Inception date: 1 January Investment returns are based on a combination of actual and back-tested returns from January These returns are not necessarily a guide to the future investment returns of the portfolio and do not guarantee the portfolio will perform as indicated in these returns. 5. The equity exposure in the Defender Portfolio mainly consists of protected equity and investment returns are actuarially smoothed over time. Therefore the benchmark allocation to equity is higher than the risk assumed and the investment returns will be less volatile than the market-linked benchmark suggests. 6. The benchmark for the Momentum Defender Portfolio is inflation plus 3% a year lagged by three months.
11 Multi-Manager Life Stage Portfolios Momentum Accumulator Portfolio February 2019 Investment strategy This investment portfolio is aimed at members of a retirement fund who are in the accumulation phase of investing. These members would have a long-term investment horizon and should be invested in growth asset classes. To achieve this growth, the portfolio is benchmarked against an 85% allocation to local equities and property as well as global equities. Although these asset classes are volatile, they provide returns above inflation over the long term. The portfolio incorporates all opportunities identified and performance fees may be paid within investmentmandates, should they sufficiently enhance investment returns after fees. Investment portfolio mandate The long-term return objective of this portfolio is inflation plus 7% a year over seven-year rolling periods. All combinations of asset classes are considered and an optimum allocation is selected to achieve this objective with a high degree of certainty. Alternative asset-class opportunities are continually investigated. The risk of exposure to losses in the short term is continually managed by maximising diversification to predominantly active strategies within specialist investment mandates within each asset classes. This portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act. Benchmark allocation Asset Class Local equities Local property Local bonds Local ILB Local cash Global Investment returns Allocation Benchmark 46.50% FTSE/JSE Shareholder Weighted Capped Index 15.00% FTSE/JSE SA Listed Property Index 4.00% JSE ASSA All Bond Index 3.00% JSE ASSA Inflation-linked Government Bond Index 1.50% Short-term Fixed Interest Composite Index 30.00% Composite benchmark Month Months Year Five Since Inception Portfolio 3.42% 5.72% 2.64% 6.34% 7.82% 12.91% Benchmark 2.57% 5.35% 0.35% 5.63% 7.84% 11.96% Risk analysis (Calculation based on five-year period) Portfolio Benchmark Volatility 8.2% 7.9% Maximum drawdown -8.9% -9.0% Worst month -4.0% -3.7% Best month 6.1% 6.4% Comments 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. Before 1 May 2011, investment returns were based on a combination of actual and back-tested returns from January The majority of the back-tested returns are based on actual building-block returns, as most have lengthy track records. Actual investment returns were used from 1 May Investment portfolio information Inception Date Investment Horizon Risk Profile May 2011 Long term Asset Management Fee 1.50% Investment manager allocation and returns Month Year Weighting Local equity managers Momentum Capped SWIX Index 1.26% 4.4% BlueAlpha 2.47% -4.67% 4.2% Prudential 1.89% -4.13% 6.2% Foord 1.78% -6.58% 5.5% SIM 3.83% -8.16% 4.8% Fairtree 4.34% 3.94% 6.1% Truffle 3.31% 2.53% 6.0% Perpetua 1.41% -8.22% 4.4% Local property managers Momentum Property -5.44% -2.54% 10.8% Eris 0.56% 3.0% Local cash managers ALUWANI 0.63% 8.84% 0.1% Taquanta 0.66% 8.96% 0.1% Global equity managers Momentum Global Investment Management 10.41% 16.38% 25.5% Global bond managers Amundi 6.16% 18.12% 1.5% Local fixed income managers Momentum Special Opportunities 1.21% 9.19% 2.2% Momentum Flexible Bond -0.46% 6.26% 0.3% ALUWANI (ILB) -0.45% 2.27% 0.3% Prescient -0.36% 1.89% 2.2% Local alternative managers Momentum Alternative Inv. (private equity) 0.40% -8.61% 0.1% Momentum Alternative Inv. (private equity BB) 0.26% 1.63% 1.7% Momentum Moderate FoHF 1.42% 9.01% 1.5% Momentum Aggressive FoHF 1.22% 1.89% 2.3% Momentum Portable Alpha FoHF 2.45% -5.15% 3.3% Global Property managers Momentum Global Property 6.69% 3.6% Total 100% Notes The asset management fees exclude performance fees where applicable, as well as investment-management fees recovered by the underlying investment managers within the portfolio. All returns quoted are before deduction of fees, but after the deduction of performance-based fees.
12 Multi-Manager Life Stage Portfolios Momentum Builder Portfolio February 2019 Investment strategy This investment portfolio is aimed at members of a retirement fund who are beginning to exit the accumulation phase of investing. These members would have a long-term investment horizon and should still have a significant allocation to growth asset classes. However, a small allocation to defensive asset classes is included in the portfolio. The portfolio is benchmarked against a 77.5% allocation to local equities and property as well as global equities. Although these asset classes are volatile, they provide returns above inflation over the long term. The portfolio incorporates all opportunities identified and performance fees may be paid within investment mandates, should they sufficiently enhance investment returns after fees. Investment portfolio mandate The long-term return objective of this portfolio is inflation plus 6% a year over sixyear rolling periods. All combinations of asset classes are considered and an optimum allocation is selected to achieve this objective with a high degree of certainty. Alternative asset-class opportunities are continually investigated. The risk of exposure to losses in the short term is continually managed by maximising diversification to predominantly active strategies within specialist investment mandates within each asset classes. This portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act. Benchmark allocation Asset Class Local equities Local property Local bonds Local cash Local ILB Global Investment returns Allocation Benchmark 45.00% FTSE/JSE Shareholder Weighted Capped Index 13.50% FTSE/JSE SA Listed Property Index 7.00% JSE ASSA All Bond Index 2.50% Short-term Fixed Interest Composite Index 3.50% JSE ASSA Inflation-linked Government Bond Index 28.50% Composite benchmark Month Months Year Five Since Inception Portfolio 3.28% 5.55% 3.67% 6.37% 8.41% 11.10% Benchmark 2.47% 5.25% 1.70% 5.88% 7.96% 11.36% Risk analysis (Calculation based on five-year period) Portfolio Benchmark Volatility 7.6% 7.2% Maximum drawdown -8.1% -8.0% Worst month -3.5% -3.3% Best month 5.7% 5.9% Comments 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. The underlying investments of this portfolio were switched to the Momentum Enhanced Factor 6 Portfolio on 27 May Investment and benchmark returns for Momentum Enhanced Factor 6 Portfolio have been used since 1 June Before 1 May 2011, investment returns were based on a combination of actual and backtested returns from January The majority of the back-tested returns are based on actual building-block returns, as most have lengthy track records. Actual investment returns were used from 1 May Before 1 June 2014, a component of this portfolio was invested in the Momentum StableGro Portfolio and its returns were after deduction of all management, capitalguarantee and performance-based fees. Investment portfolio information Inception Date Investment Horizon Risk Profile May 2011 Medium to long term Asset Management Fee 1.50% Investment manager allocation and returns Month Year Weighting Local equity managers Momentum Capped SWIX Index 1.26% 4.1% BlueAlpha 2.47% -4.67% 3.9% Prudential 1.89% -4.13% 5.8% Foord 1.78% -6.58% 5.1% SIM 3.83% -8.16% 4.5% Fairtree 4.34% 3.94% 5.7% Truffle 3.31% 2.53% 5.5% Perpetua 1.41% -8.22% 4.1% Local property managers Momentum Property -5.44% -2.54% 10.3% Eris 0.56% 3.1% Local cash managers ALUWANI 0.63% 8.84% 0.2% Taquanta 0.66% 8.96% 0.2% Global equity managers Momentum Global Investment Management 10.41% 16.38% 24.3% Global bond managers Amundi 6.16% 18.12% 2.0% Local fixed income managers Momentum Special Opportunities 1.21% 9.19% 2.1% Momentum Flexible Bond -0.46% 6.26% 3.0% Prescient -0.36% 1.89% 3.0% Local alternative managers Momentum Alternative Inv. (private equity) 0.40% -8.61% 0.1% Momentum Alternative Inv. (private equity BB) 0.26% 1.63% 1.8% Momentum Moderate FoHF 1.42% 9.01% 0.2% Momentum Aggressive FoHF 1.22% 1.89% 3.1% Miton Optimal (Commodity) 1.84% 8.57% 1.0% Momentum Portable Alpha FoHF 2.45% -5.15% 3.8% Global Property managers Momentum Global Property 6.69% 3.1% Total 100% Notes The asset management fees exclude performance fees where applicable, as well as investment-management fees recovered by the underlying investment managers within the portfolio. All returns quoted are before deduction of fees, but after the deduction of performance-based fees.
13 Multi-Manager Life Stage Portfolios Momentum Consolidator Portfolio February 2019 Investment strategy This investment portfolio is aimed at members of a retirement fund who are in the consolidation phase of investing. These members would have a medium-to longterm investment horizon and should be invested in a balance of growth and defensive asset classes. This is achieved by the portfolio being benchmarked against a 62.5% benchmark allocation to local equities and property as well as global equities to achieve growth. The remaining 37.5% is benchmarked against investments that should preserve the purchasing power of the capital accumulated. The portfolio incorporates all opportunities identified and performance fees may be paid within investment mandates, should they sufficiently enhance investment returns after fees. Investment portfolio mandate The long-term return objective of this portfolio is inflation plus 5% a year over fiveyear rolling periods. All combinations of asset classes are considered and an optimum allocation is selected to achieve this objective with a high degree of certainty. Alternative asset-class opportunities are continually investigated. The risk of exposure to losses in the short term is continually managed by maximising diversification to predominantly active strategies within specialist investment mandates within each asset classes. This portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act. Benchmark allocation Asset Class Local equities Local property Local bonds Local cash Local ILB Global Investment returns Allocation Benchmark 40.00% FTSE/JSE Shareholder Weighted Capped Index 12.00% FTSE/JSE SA Listed Property Index 10.00% JSE ASSA All Bond Index 7.50% Short-term Fixed Interest Composite Index 10.00% JSE ASSA Inflation-linked Government Bond Index 20.50% Composite benchmark Month Months Year Five Since Inception Portfolio 2.42% 5.13% 3.99% 6.19% 8.35% 9.35% Benchmark 1.65% 4.75% 2.11% 6.01% 7.73% 10.19% Risk analysis (Calculation based on five-year period) Portfolio Benchmark Volatility 6.4% 5.9% Maximum drawdown -6.7% -6.3% Worst month -2.9% -2.6% Best month 4.8% 4.8% Comments 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. The underlying investments of this portfolio were switched to the Momentum Enhanced Factor 5 Portfolio on 27 May Investment and benchmark returns for Momentum Enhanced Factor 5 Portfolio have been used since 1 June Before 1 May 2011, investment returns were based on a combination of actual and back-tested returns from January The majority of the back-tested returns are based on actual building-block returns, as most have lengthy track records. Actual investment returns were used from 1 May Before 1 June 2014, a component of this portfolio was invested in the Momentum StableGro Portfolio and its returns were after deduction of all management, capitalguarantee and performance-based fees. Investment portfolio information Inception Date Investment Horizon Risk Profile May 2011 Short to medium term Asset Management Fee 1.50% Investment manager allocation and returns Month Year Weighting Local equity managers Momentum Capped SWIX Index 1.26% 3.4% BlueAlpha 2.47% -4.67% 3.2% Prudential 1.89% -4.13% 4.7% Foord 1.78% -6.58% 4.1% SIM 3.83% -8.16% 3.7% Fairtree 4.34% 3.94% 4.6% Truffle 3.31% 2.53% 4.5% Perpetua 1.41% -8.22% 3.3% Local property managers Momentum Property -5.44% -2.54% 9.1% Eris 0.56% 3.3% Local cash managers ALUWANI 0.63% 8.84% 0.4% Taquanta 0.66% 8.96% 0.4% Global equity managers Momentum Global Investment Management 10.41% 16.38% 16.1% Global bond managers Amundi 6.16% 18.12% 2.5% Local fixed income managers Futuregrowth -0.21% 5.77% 1.3% ALUWANI (ILB) -0.45% 2.27% 2.4% Momentum Special Opportunities 1.21% 9.19% 2.0% Momentum Flexible Bond -0.46% 6.26% 2.7% Prescient -0.36% 1.89% 5.6% Local absolute-return managers Prescient 1.45% 7.47% 1.6% Absa 0.38% 8.88% 2.4% Prudential 0.75% -1.61% 2.7% Sentio 0.06% -3.23% 1.6% Tantalum 1.93% 1.02% 1.7% Local alternative managers Momentum Alternative Inv. (private equity BB) 0.26% 1.63% 1.5% Momentum Moderate FoHF 1.42% 9.01% 1.7% Momentum Aggressive FoHF 1.22% 1.89% 3.0% Momentum Portable Alpha FoHF 2.45% -5.15% 2.5% Miton Optimal (Commodity) 1.84% 8.57% 1.0% Global Property managers Momentum Global Property 6.69% 2.9% Total 100% Notes The asset management fees exclude performance fees where applicable, as well as investment-management fees recovered by the underlying investment managers within the portfolio. All returns quoted are before deduction of fees, but after the deduction of performance-based fees.
14 Multi-Manager Life Stage Portfolios Momentum Defender Portfolio February 2019 Investment strategy This is an investment product provided through a policy of insurance that secures a guaranteed return of original capital and contributions invested plus accumulated bonuses at the date of a benefit payment. Benefit payments are defined as a payment following death, disability, retirement, retrenchment (subject to an overall limit) and resignation. The portfolio is suitable for long-term investors seeking to plan with confidence for retirement and investors who would like to benefit from the upside potential of volatile investment like equities but require downside protection in case of an unforeseen event like death, disability, retrenchment or a market crash shortly before retirement. Investment portfolio mandate The portfolio targets an average smoothed return of inflation plus 3% per year, after the deduction of fees, over a seven-year time horizon. This portfolio is 100% invested in the Momentum Smart Guarantee +3 Portfolio. Benchmark allocation Asset Class Allocation Benchmark Total portfolio % Inflation (lagged by three months) plus 3% Investment portfolio information Inception Date Investment Horizon May 2011 Short term Investment returns Month Months Year Five Since Inception Portfolio 0.07% 0.21% 4.79% 6.78% 9.51% 10.60% Benchmark 0.42% 1.83% 8.18% 8.47% 8.40% 8.99% Risk analysis (Calculation based on five-year period) Portfolio Benchmark Volatility 3.4% 1.3% Maximum drawdown 0.0% 0.0% Worst month 0.0% 0.0% Best month 8.0% 1.6% Risk Profile Asset Management Fee 1.5% Comments The asset management fees exclude performance fees where applicable, as well as investment-management fees recovered by the underlying investment managers within the portfolio. The underlying investments of this portfolio were switched to the Momentum Smart Guaranteed +3 Portfolio on 27 May Investment and benchmark returns for Momentum Smart Guaranteed +3 Portfolio have been used since 1 June Before 1 May 2011, investment returns were based on a combination of actual and backtested returns from January The majority of the back-tested returns are based on actual building-block returns, as most have lengthy track records. Actual investment returns were used from 1 May All returns quoted are after deduction of fees, all management, capital-guarantee and performance-based fees. The Principles and Practices of Financial Management (PPFM) describes the approach MMI Group Limited adopts in managing discretionary participation business. The PPFM document is available on Disinvestments other than guaranteed benefit payments: Payments will be made at the lower of the fund value or the underlying asset value. The liability-driven investment strategy includes a protection overlay to secure the guarantee. As a result, the underlying asset value on disinvestment is sensitive to both asset values and interest rates.
15 Disclaimer: Momentum Outcome-based Solutions (Pty) Ltd, registration number 2004/023064/07, is an authorised financial services provider in terms of Section 8 of the Financial Advisory and Intermediary Services Act, 37 of 2002 (FAIS Act), as amended, FSP licence number This information is not advice as defined and contemplated in the FAIS Act. The company is also registered as an administrator in terms of Section 13B of the Pension Funds Act, registration number 24/401. Momentum Outcome-based Solutions (Pty) Ltd is a division of MMI Group Limited, which is an authorised financial services and credit provider. 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. MMI Group Limited s responsibility in connection with the information in this document is limited to its assumed liability in terms of the retirement fund policy. Published promotional material, the application form, its appendices and any other administration forms containing details of the portfolio(s) and underlying investments should all be read in conjunction with the policy as they form part of the policy contract between MMI Group Limited and the retirement fund. Full terms and conditions on the portfolio are set out in the MMI Group Limited policy. Transactions such as investments in, disinvestment from, switching from and the provision of policy benefits and payment of consideration are subject to the terms and conditions of the policy and in the event of any conflict between the terms and conditions of this document and the policy, the terms and conditions of the policy will prevail. The asset allocation of the portfolio is managed in accordance with the investment limitations set out in Regulation 28 of the Pension Funds Act, 24 of 1956, as amended, and the limits of the type of investments in which the portfolio may be invested may be amended from time to time. The policy fee includes investment-management fees earned by investment managers appointed by Momentum Outcome-based Solutions (Pty) Ltd to manage the investments in respect of the portfolio. The retirement fund agrees Momentum Outcome-based Solutions (Pty) Ltd and the investment managers are paid out of the policy fee. However, in certain instances (such as the private equity, commodity and fund-of-hedge-fund components), a portfolio may include underlying Investments where fees are deducted from the investment return and not paid out of the policy fee. The policy fee excludes a performance-based fee, except where the retirement fund has specifically agreed that a performance-based fee be included in the policy fee. Such a performance-based fee will be paid by Momentum Outcome-based Solutions (Pty) Ltd on behalf of MMI Group Limited, in its sole discretion, to the underlying investment managers or to Momentum Outcome-based Solutions (Pty) Ltd itself if agreed to by the retirement fund. Momentum Outcome-based Solutions (Pty) Ltd will disclose the performance-based fee paid as well as the basis of its calculation to the retirement fund on request. The information reproduced in this document has been compiled by or arrived at by Momentum Outcome-based Solutions (Pty) Ltd from sources believed to be reliable. Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, Momentum Outcome-based Solutions (Pty) Ltd does not accept any responsibility for any claim, damages, loss or expense, howsoever arising, out of or in connection with the information in this document, whether by a client, investor or intermediary. The information and any view or opinion contained in this report is proprietary to Momentum Outcome-based Solutions (Pty) Ltd and is protected by copyright under the Berne Convention. In terms of the Copyright Act, 98 of 1978, as amended, this report or any part thereof may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without prior permission in writing from Momentum Outcome-based Solutions (Pty) Ltd. The illegal and unlawful or attempted illegal and unlawful copying or use of this information or views may result in criminal or civil legal liability. FTSE/JSE disclaimer: Momentum Outcome-based Solutions registration number 2004/023064/ West Avenue Centurion 0157 PO Box 7400 Centurion 0046 Telephone +27 (12) Facsimile +27 (12) us@momentum.co.za investments
In thousands Actual (113) 6m MA (198) 12m MA (191) Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17
may 2018 400 200 In thousands 0-200 -400-600 Actual (113) 6m MA (198) 12m MA (191) -800 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17 40 30 Eurozone France Italy Portugal Germany Spain Greece Ireland 20 10
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