Momentum Inflation Linked Bond Fund
MANAGEMENT Fund Manager's Comment
Conrad Wood, B Com (Economics), CFA
Conrad joined Momentum Asset Management in 1994 (then RMB Asset Management) and has been involved in the management of fixed-income portfolios from the start of his career. He was appointed as head of fixed income in October 2007, also taking that role in the new merged entity in February 2011. Conrad and his team currently oversee the management of R80 billion across various fixed income mandates, including for a number of institutional portfolios. He and his team have managed the Momentum Money Market Fund, the Momentum Maximum Income Fund and Momentum Diversified Yield Fund since their inception.

The portfolio recognises that one of the greater risks facing investors, is inflation. The portfolio seeks to provide investors with consistent capital growth and income after inflation (CPI). The objective of the portfolio is to maintain a strong bias towards fixed interest securities that exhibit a high correlation to inflation at all times. Accordingly the portfolio seeks to provide a low volatility investment option to investors seeking real returns relative to inflation. The manager's objective is to achieve a consistent 12-month rolling portfolio return of at least CPI(X) + 3%. The portfolio will invest primarily in fixed interest securities, as the total return offers a high correlation to the rate of inflation. The manager may vary the mix of fixed interest securities with the objective of securing for investors' consistent capital growth and income after inflation. The intention is that the portfolio will hold between 35% and 85% inflation linked interest-bearing instruments at all times. Apart from this limitation, the manager is not restrained in managing the portfolio to produce real returns. The manager may therefore take advantage of trading opportunities that arise between yield and duration characteristics in these markets, as well as changing the allocation between bonds, inflation linked bonds and money market instruments depending on interest and inflation expectations.

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SectorSouth African-Multi Asset-Income
Sector Rank: 47 out of 49
(lump sum over 3 years to 31 July 2017)
Overall Rank: 596 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 1137 at 31 July 2017
( 4.36% annual compound return)
R100 per month since 31 July 2014 was worth R 3801 at 31 July 2017
( 3.50% annual return compounded monthly)
Formation Date:21 OCT 2002 Holdings:6
Original Price:100 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
DERIVATIVB (Derivatives)0222,500 0.03 %
R202 (Bond)62,420,845154,441,733 18.22 %
CASH (Cash on call)0-45,875,508 -5.41 %
TOTAL R108,788,72512.84%

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