Momentum portfolio update end May16

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Momentum portfolio update

Momentum Portfolio update

Momentum portfolio update end May16

It’s the end of the first quarter* for the 2016/7 Just One Lap Momentum portfolio and here’s our update for the quarter.

Find the portfolio details, methodology and previous returns here.

The screen shot of the portfolio at the close of 31 May 2016 is as below.


Momentum Portfolio as at close 31 May 2016

Performance for the portfolio over the quarter was 2.25%, so positive and ahead of the bank rate – but not by very much. This return takes into account all transaction costs as well dividends received and the Curro NPLs we sold (and paid brokerage on for the sale receiving R132.44 after costs).

Our universe is the Top40 and MidCap indices and for the quarter they returned;

  • Top40 – +9.52%
  • Midcap – +6.27%
  • Top100 – +7.9%

So we’re behind the curve with the big hits being Curro, Goldfields and Sibanye. Big winners are; Sappi, JSE and British American Tobacco. Overall I am not unhappy with performance, sure we want to be ahead of the indices, but with three gold stocks this is going to be a wild year.

Total return for the portfolio since 1 January 2013 has been;

  • Just One Lap Momentum portfolio +58.0% after all costs
  • Top40 +37.3%
  • MidCap +32.2%
  • Top100 +34.9%

So overall we’re still nicely ahead of the benchmark indices.

Below is all cash flows on the portfolio for the first quarter.


Momentum Portfolio cash flow Mar-May 2016

* The portfolio runs March – February, so end May is a quarter end.

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