Global Matters | Monthly
Market review & outlook
March 2024

With us, investing is personal

Contents

>>

01 >

02 >

Global market review & outlook

Market performance - Global

Page | 2

03 >

04 >

Market performance - UK

Asset allocation views

Page | 3>>

Global market review & outlook
Three critical connected factors drove markets in Q1: economic activity across the developed world
surprised on the upside; inflation proved to be more persistent; and labour markets remained
tight. The probability of recession has fallen, that of a soft landing increased. As a result, market
expectations for cuts in policy interest rates were reined in, and the timing delayed. Bonds
responded to the likelihood of rates staying higher for longer with yields up across the maturity
curve, driven by both higher real yields and a rise in inflation expectations. Equity investors, on theother hand, were buoyed by the resilience of economic activity and were prepared to look throughthe delays in interest rate reductions to the easing cycle that will ultimately come and to the impact
on corporate profits of improving economic prospects through 2024 into 2025.
Asset classes responded with a substantial divergence of returns. Global developed world equities
returned 8.9% in the quarter, taking the 12-months return to 25.1% (MSCI World index), while global
government bonds returned -2.7% and -1.8% respectively (JP Morgan Global GBI). From the cycle
low in October 2022 the MSCI World index has returned 49%. Within equities the pattern of returns
in the first quarter was the familiar one of US outperformance (+10.4% S&P 500), emerging market
underperformance (+2.4% MSCI Emerging Markets), a continuing resurgence in Japan (+18.1% Topix
index, yen terms), and weakness in China (-2.2% MSCI China index).

Markets broaden out as China lags – Magnificent 7 dominance fades
130

However, as the quarter progressed a broadening of market strength emerged. Although theMagnificent 7 megacap tech stocks in the US outperformed, gaining 13.4% in Q1, the scale of theoutperformance was more muted and was dominated by two stocks, Nvidia and Meta, whileothers performed less well, with significant declines in Tesla and Apple, both of which face specificchallenges in China. Reflecting the continuing boom in AI linked stocks, Information Technology was
the top performing sector globally (+12.3% in Q1), but insurance (+11.6%), and banks (+11.1%) - bothbeneficiaries of the extended period of high rates - were not far behind, while energy bounced backfrom a period of weakness with a return of 9.8% over the quarter, boosted by the oil price risingby 13.6% as a result of supply constraints imposed by the OPEC+ group of producers, disruption
to supply due to Houthi attacks on shipping in the Red Sea, and resilient demand; the IEA is now
forecasting the oil market to be in deficit in 2024.

Sector returns led by IT – but becoming more broadly based
35%
30%
25%
20%

Total return (rebased to 100)

15%
10%

120

5%

110

0%
-5%

100

IT

Insurance

Banks

EnergyQ1

Healthcare

Consumer
Consumer
Discretionary Staples

Materials

Since 27/10/23

90
Source: Bloomberg Finance L.P. as at 29 March 2024

80

OctMagnificent 7

Nov

Dec
US

World Ex. US

Jan

Feb

Emerging Markets

Mar
Japan

China

Source: Bloomberg Finance L.P. as at 28 March 2024>>

Page | 4

Page | 5>>

While the US has led market performance for a long period, and has been making new all-timehighs this year, other developed markets have also pushed to new highs, including several in Europe
and, after a 34 year wait, Japan. The UK market, which has struggled over the past year, responded
to a sharper than expected fall in inflation and to improving economic data after falling into a mild
recession in H2 2023, and was the best performing major market in March, +4.5% in GBP terms.
Despite high real rates and a strong dollar, up 3.1% in Q1 on a trade weighted basis, the gold price
moved up sharply late in the quarter to a new all-time high, taking its year-to-date return to
8.1%. Persistent central bank net purchases, led by China and Turkey, have supported demand,
while geopolitical uncertainties and risks, along with longer term debt sustainability and inflation
concerns, have seen safe haven buying.
Bonds experienced a significant reversal of their gains in the final months of 2023. Bond markets
had reacted in late 2023 to a policy pivot by the Fed with a sharp drop in yields, and at year end
futures markets were pricing in cuts of at least 150bps in the Fed Funds rate by the end of 2024.
The resilience in growth and inflation this year has seen those expectations for cuts reined in
substantially, bringing the market in line with the Fed’s expectations of 75bps of cuts this year,
and Treasury bond yields have moved up by 30-35bps across the maturity spectrum. Safe havengovernment bonds produced negative returns over the first three months of the year, and dollar
strength amplified those falls in USD terms. Credit and higher risk parts of the fixed income markets
outperformed government bonds due to the yield carry and waning fears of recession. High yieldbonds returned 1.5% in the quarter and hard currency emerging market bonds 2.3%.

Expectations for rate cuts reined in – number of 25bps cuts expected by end 2024
7
6
5
4
3
2
1
0

Fed

ECB
End 2023

Source: Bloomberg Finance L.P. as at 29 March 2024>>

Page | 6

End March

BoE

Despite the steepest policy tightening in over
40 years and widespread forecasts of recession,
the US economy continued to surprise on theupside. GDP growth of 3.4% annualised in Q4
2023, driven by consumer spending, business
investment and government spending, has been
followed by a succession of positive leading
indicators, with services remaining buoyant
and manufacturing picking up through Q1.
The Atlanta Fed GDPNow tracker, a real-time
estimate of growth, shows Q1 GDP growthof 2.5% annualised. The Euro area and UK
economies have been stagnant for 18 months,
but leading indicators have also picked up thisyear, notably in manufacturing which has beenin recession, and point to improved growth,
especially in the UK, albeit at a slower pace thanin the US.

“Along with better
growth prospects,
inflation has continued
to fall in the US, but
the pace of decline has
slowed”

Along with better growth prospects, inflation
has continued to fall in the US, but the pace of
decline has slowed, in large part due to services
inflation, where wages are a key component andare proving to be sticky because of tight labour
markets. The number of new jobs created has
exceeded 250,000 per month over the past 4months, a rate which does not point to a slowing
economy, while headline and core consumer
price inflation have declined only marginally
this year, with headline still above 3% andcore only just below 4%, calling into question
whether the decline has stalled and whether Fed
Funds at 5.375% is sufficiently restrictive. The
Fed has consistently pushed back on market
expectations for the timing and size of cuts, andwhile it has dropped its tightening bias it hasemphasised the need to get greater confidence
that inflation is moving sustainably to its 2%
target before starting to cut rates.
As a result, expectations of a cut in June havesteadily fallen, and doubts have arisen whether
the Fed’s current median forecast of 75bps ofcuts by year end will be pared. Like the Fed, boththe European Central Bank (ECB) and Bank ofEngland (BoE) have clearly signalled rate cuts
ahead, and it is now increasingly likely that the
ECB, facing a weaker growth outlook, will be thefirst to move, with a 25bps cut expected in June.
There is more doubt around the timing of the
BoE’s first move given the tightness of the labour
market and relatively high core inflation, but if
not in June, rate cuts are near certain in H2 2024.
Page | 7>>

The big two Asian central banks, the Bank of Japan (BoJ) and The People’s Bank of China (PBoC),
have moved in opposite ways. With both headline and core inflation consistently above 2% overthe past 12 months, the BoJ finally ended its negative interest rate policy of the past 8 years andraised its policy rate from –0.1% to 0-0.1% while also ending its yield curve control framework. In
part because of the BoJ’s dovish commitment to maintaining accommodative financial conditions
for the time being, the Japanese yen fell to new 34-year lows, providing support for much of Japan’s
corporate sector and helping to push the equity market to an all-time high.
The PBoC, on the other hand, faces major headwinds to growth – the over-leveraged property
development industry, draconian regulations in parts of the private sector, US sanctions on criticaltech exports to China, demographic challenges - and has eased policy progressively over the
past few months. With a demanding 5% GDP growth target for 2024 set by the National People’s
Congress, the central bank has cut policy rates and provided additional liquidity. Alongside stimulus
measures by the authorities and state sponsored buying of equities, there have been signs ofmodest recovery in the economy and the equity market has bounced off its lows, although remains
down YTD and still 56% below its peak of February 2021. With valuations attractive and a tentative
recovery underway, the market offers selective opportunities, albeit with significant risks.

Inflation expectations move up in Q1 – but well anchored longer term
65Markets have become especially sensitive to the path of inflation and resultant central bank policy
shifts. Uncertainty around the pace of decline in inflation and hence in the extent of rate cuts in 2024
has intensified since the start of the year, and the Fed’s task to bring inflation down to its 2% target
has become more complicated. Will Fed chair Jay Powell want to see inflation crushed or will heeye a legacy of a soft landing for the economy, even if that risks inflation sustained above target – apolicy dilemma amplified by the coming Presidential election? Expected inflation in the US over the
next 2 years as measured by the 2-year inflation swap has moved from 2.0% at the end of 2023 toover 2.4% by end March, but the more important longer run expectations of inflation, as reflected infinancial markets and consumer surveys, have remained well anchored, albeit up slightly in recent
months.
What is clear is that risk assets – equities, credit (where spreads have narrowed significantly), andcommodities are focussed less on short-term timing around rate cuts and more on the certainty ofthe start of a monetary easing cycle ahead and an increased probability of a soft landing. We areencouraged by the broadening out of the equity market recently, which perhaps signals a healthychange in leadership, and we remain confident that rates in the US, UK and Europe will be cut during
the second half of the year, providing a strong foundation for further gains in markets. But we aremindful that most equity markets have risen sharply since October 2023, discounting at least someof the more positive environment ahead and driving valuations higher, especially in growth stocks.
There is a risk of complacency creeping in - around inflation, a soft landing, high fiscal spending anddebt sustainability in the US and elsewhere, geopolitics, which have been bypassed so far this year
but have shown few signs of improvement, and election risks, notably in the US. We continue toremain constructive for risk assets but are adopting a patient stance before adding to either equities
or duration in government bonds, while taking opportunities in selective, shorter duration parts ofthe credit markets, where yields have again become more attractive following the moves higher this
year.

4

Bond yields moving back towards buying territory
5

2

4

1

3

%

3

2018

2019

2020

2021

2022

2023

-1

1
University of Michigan 5Y Inflation Expectations

University of Michigan 1Y Inflation Expectations

2Y Inflation Swap

5Y5Y Inflation Swap Forward

Source: Bloomberg Finance L.P. as at 29 March 2024

“Markets have become especiallysensitive to the path of inflation andresultant central bank policy shifts”

>>

2

2024
%

0

Page | 8

0
-1
-2
2019

2020

2021
10Y Yield

10Y TIPS

2022

2023

2024

10Y Inflation Swap

Source: Bloomberg Finance L.P. as at 28 March 2024

Page | 9>>

Market performance - Global (local returns) as at 28 March 2024
Asset Class / Region

Index

Ccy

1
3
month months

YTD

12
monthsDeveloped Markets Equities

Asset Class / Region

Index

Ccy

1
month

3
monthsYTD

12monthsProperty

United States

S&P 500 NR

USD

3.2%

10.4%

10.4%

29.3%

US Property Securities

MSCI US REIT NR

USD

1.7%

-0.6%

-0.6%

9.0%

United Kingdom

MSCI UK NR

GBP

4.4%

4.2%

4.2%

8.4%

Australian Property Securities

S&P/ASX 200 A-REIT Index TR

AUD

9.6%

16.1%

16.1%

31.0%

Continental Europe

MSCI Europe ex UK NR

EUR

3.7%

8.3%

8.3%

15.8%

Asia Property Securities

S&P Asia Property 40 Index NR

USD

2.6%

-3.5%

-3.5%

-4.7%

Japan

Topix TR

JPY

3.8%

17.4%

17.4%

40.4%

Global Property Securities

S&P Global Property USD TR

USD

3.2%

-0.6%

-0.6%

9.4%

Asia Pacific (ex Japan)

MSCI AC Asia Pacific ex Japan NR

USD

2.3%

1.8%

1.8%

5.0%

Currencies

GlobalMSCI World NR

USD

3.2%

8.8%

8.8%

25.1%

Euro

USD

-0.1%

-2.3%

-2.3%

-0.5%

UK Pound Sterling

USD

0.0%

-0.8%

-0.8%

2.3%

Emerging Markets Equities
Emerging Europe

MSCI EM Europe NR

USD

-0.3%

5.7%

5.7%

35.2%

Japanese Yen

USD

-0.9%

-6.8%

-6.8%

-12.2%

Emerging Asia

MSCI EM Asia NR

USD

2.7%

3.0%

3.0%

5.9%

Australian Dollar

USD

0.3%

-4.3%

-4.3%

-2.5%

Emerging Latin America

MSCI EM Latin America NR

USD

1.0%

-4.0%

-4.0%

22.6%

South African Rand

USD

1.4%

-3.1%

-3.1%

-6.0%

China

MSCI EM China NR

USD

0.5%

0.0%

0.0%

1.1%

Commodities & Alternatives

BRICs

MSCI BRIC NR

USD

0.8%

-2.3%

-2.3%

-17.1%

Commodities

RICI TR

USD

4.1%

5.4%

5.4%

5.4%

Global emerging markets

MSCI Emerging Markets NR

USD

2.2%

2.1%

2.1%

7.9%

Agricultural Commodities

RICI Agriculture TR

USD

3.3%

4.6%

4.6%

5.5%

Oil

Brent Crude Oil

USD

4.6%

13.6%

13.6%

9.7%

Gold Spot

USD

9.1%

8.1%

8.1%

13.2%

Bonds
US Treasuries

USD

0.7%

-0.9%

-0.9%

0.2%

Gold

US Treasuries (inflation protected) BBgBarc US Government Inflation Linked TR

USD

0.8%

-0.1%

-0.1%

0.3%

Interest Rates

Current Rate

US Corporate (investment grade)

BBgBarc US Corporate Investment Grade TR

USD

1.3%

-0.4%

-0.4%

4.4%

United States

5.50%

US High Yield

BBgBarc US High Yield 2% Issuer Cap TR

USD

1.2%

1.5%

1.5%

11.2%

United Kingdom

5.25%

UK Gilts

JP Morgan UK Government Bond TR

GBP

1.8%

-1.7%

-1.7%

-0.2%

Eurozone

4.50%

UK Corporate (investment grade)

ICE BofAML Sterling Non-Gilt TR

GBP

1.6%

0.0%

0.0%

6.1%

Japan

-0.10%

Euro Government Bonds

ICE BofAML Euro Government TR

EUR

1.0%

-0.7%

-0.7%

3.9%

Australia

4.35%Euro Corporate (investment grade) BBgBarc Euro Aggregate Corporate TR

EUR

1.2%

0.5%

0.5%

6.8%

South Africa

8.25%Euro High Yield

BBgBarc European HY 3% Constrained TR

EUR

0.4%

1.5%

1.5%

10.9%

Japanese Government

JP Morgan Japan Government Bond TR

JPY

0.1%

-0.4%

-0.4%

-2.3%

Australian Government

JP Morgan Australia GBI TR

AUD

1.2%

0.9%

0.9%

0.4%

Global Government Bonds

JP Morgan Global GBI

USD

0.5%

-2.7%

-2.7%

-1.8%

Global Bonds

ICE BofAML Global Broad Market

USD

0.6%

-2.1%

-2.1%

0.3%

Global Convertible Bonds

ICE BofAML Global Convertibles

USD

2.1%

2.1%

2.1%

8.9%

Emerging Market Bonds

JP Morgan EMBI+ (Hard currency)

USD

2.2%

2.3%

2.3%

10.8%

>>

Page | 10

JP Morgan United States Government Bond TR

Source: Bloomberg Finance L.P. , Momentum Global Investment Management. Past performance is not indicativeof future returns.

Page | 11>>

Market performance - UK (all returns GBP) as at 28 March 2024
Asset Class / Region

Index

Local
Ccy

1
3
month months

YTD

12
monthsEquities

Local
Ccy

1
3
month months

YTD

12
months

GBP

3.1%

0.5%

0.5%

7.0%

Euro

GBP

-0.1%

-1.4%

-1.4%

-2.8%

US Dollar

GBP

0.0%

0.9%

0.9%

-2.3%

Japanese Yen

GBP

-0.9%

-6.0%

-6.0%

-14.3%

GBP

4.0%

6.6%

6.6%

3.0%

Agricultural Commodities Rogers International Commodity (RICI) Agriculture TR

GBP

3.2%

5.7%

5.7%

3.2%

Oil

Brent Crude Oil

GBP

4.6%

14.8%

14.8%

7.3%

Gold

Gold Spot

GBP

9.0%

9.3%

9.3%

10.7%

Asset Class / Region

Index

Property

UK - All Cap

MSCI UK NR

GBP

4.4%

4.2%

4.2%

8.4%

Global Property Securities S&P Global Property TR

UK - Large Cap

MSCI UK Large Cap NR

GBP

4.9%

4.4%

4.4%

7.7%

Currencies

UK - Mid Cap

MSCI UK Mid Cap NR

GBP

2.5%

1.6%

1.6%

8.8%

UK - Small Cap

MSCI Small Cap NR

GBP

5.5%

2.2%

2.2%

10.3%

United States

S&P 500 NR

USD

3.1%

11.6%

11.6%

26.4%

Continental Europe

MSCI Europe ex UK NR

EUR

3.6%

6.8%

6.8%

12.5%

Japan

Topix TR

JPY

2.7%

10.4%

10.4%

20.5%

Asia Pacific (ex Japan)

MSCI AC Asia Pacific ex Japan NR

USD

2.3%

2.9%

2.9%

2.7%

Global developed markets

MSCI World NR

USD

3.1%

10.0%

10.0%

22.3%

Global emerging markets

MSCI Emerging Markets NR

USD

2.1%

3.2%

3.2%

5.5%

Bonds
Gilts - All

ICE BofAML UK Gilt TR

GBP

1.8%

-1.9%

-1.9%

-0.5%

Gilts - Under 5 years

ICE BofAML UK Gilt TR 0-5 years

GBP

0.8%

0.0%

0.0%

3.2%

Gilts - 5 to 15 years

ICE BofAML UK Gilt TR 5-15 years

GBP

1.9%

-1.6%

-1.6%

1.2%

Gilts - Over 15 years

ICE BofAML UK Gilt TR 15+ years

GBP

2.7%

-3.6%

-3.6%

-4.8%

Index Linked Gilts - All

ICE BofAML UK Gilt Inflation-Linked TR

GBP

2.6%

-2.2%

-2.2%

-5.5%

Index Linked Gilts - 5 to 15 years

ICE BofAML UK Gilt Inflation-Linked TR 5-15 years

GBP

2.2%

-0.9%

-0.9%

0.8%

Index Linked Gilts - Over 15 years

ICE BofAML UK Gilt Inflation-Linked TR 15+ years

GBP

3.2%

-3.6%

-3.6%

-11.9%UK Corporate (investment grade)

ICE BofAML Sterling Non-Gilt TR

GBP

1.6%

0.0%

0.0%

6.1%

US Treasuries

JP Morgan US Government Bond TR

USD

0.8%

0.0%

0.0%

-1.9%

US Corporate (investment grade)

BBgBarc US Corporate Investment Grade TR

USD

1.4%

0.5%

0.5%

2.2%

US High Yield

BBgBarc US High Yield 2% Issuer Cap TR

USD

1.2%

1.5%

1.5%

11.2%

Euro Government Bonds

ICE BofAML Euro Government TR

EUR

1.0%

-0.7%

-0.7%

3.9%

Euro Corporate (investment grade) BBgBarc Euro Aggregate Corporate TR

EUR

1.2%

0.5%

0.5%

6.8%

Euro High Yield

BBgBarc European High Yield 3% Constrained TR

EUR

0.4%

1.5%

1.5%

10.9%

Global Government Bonds

JP Morgan Global GBI

GBP

0.4%

-1.6%

-1.6%

-4.0%

Global Bonds

ICE BofAML Global Broad Market

GBP

0.6%

-2.1%

-2.1%

0.3%

Global Convertible Bonds

ICE BofAML Global Convertibles

GBP

2.1%

2.1%

2.1%

8.9%

Emerging Market Bonds

JP Morgan EMBI+ (Hard currency)

GBP

2.1%

3.4%

3.4%

8.4%

>>

Page | 12

Commodities & Alternatives
Commodities

Rogers International Commodity (RICI) TR

Interest Rates

Current Rate

United Kingdom

5.25%

Source: Bloomberg Finance L.P. , Momentum Global Investment Management. Past performance is not indicativeof future returns.

Page | 13>>

—March 2024

Asset allocation views
Score
MAIN ASSET CLASSES

-

/

+

++ +++-/+++ +++Overall View
The continued move higher for risk assets year to date, on the back an improving ‘soft landing’
growth outlook, is welcome, but leaves less room for upside surprise. Our fixed income view is largely
constructive, more so in sovereigns today which offer attractive nominal and real yields, but we
recognize risk premia on corporate credit are thin today. Alternative assets remain a good diversifierof returns, especially favourable should market volatility increase. Cash provides optionality on any
pullback as well as a decent yield, but increasingly we prefer to lock in rates further out by extending
duration.

Change --//—

--

-

/

+

++

+++

UK equities remain the conviction valuation call with the UK remaining the cheapest developed market.
There is little obvious catalyst to rerate, but the attractive earnings yields continue to draw in private
and overseas buyers. Japan remains attractive both in valuation terms and on improving fundamentals.
US equities continue to show a worrying lack of breadth in the continuing rally, but the opportunity
set for active managers grows. European equities look reasonably attractive, but the most compellingmarkets remain the UK and Japan which trade at a discount to global peers and offer healthy dividends.

Fixed Income—

Alternatives

—

Cash

—

Developed Equities—

UK Equities—

European Equities—

US Equities—

Japanese Equities—

Emerging Market Equities—

ChangeFIXED INCOME

//—Government—

Index-Linked—

Investment Grade Corporate—

High Yield Corporate—

Emerging Market Debt—

Convertible Bonds

—

Score

--

--

—

Score

---

---

Change//—Equities

Score
EQUITIES

Score+

Change

---

--

---

--

---

--

/

+

++ +++

After a late year end rally and subsequent modest reset, global treasury yields offer reasonable value
today, and we maintain our overweight government view. Inflation linked bonds offer attractive real
yields but are not cheap today. Despite offering alluring all in yields, we think the spreads offered today
on investment grade and riskier high yield corporate bonds do not compensate investors adequately
for the underlying fundamental credit risk. Although defaults remain low and the growth outlook has
moderated, financial conditions remain somewhat tight today. We prefer shorter duration bonds inboth developed and emerging markets, particularly high-grade credit.

-

/

+

++

+++

Commodity prices are likely to remain idiosyncratic supply and demand driven stories with price moves
exacerbated by geopolitical risk which has taken gold to new highs. Alternatives continue to offer
diversification benefits but compete today with higher yielding cash and bonds. Increasing discounts in
NAVs in private equity appear overly pessimistic, and we upgrade our view. Infrastructure and specialist
financials remain attractive. Our liquid alternatives continue to offer attractive diversification benefits
during periods of market uncertainty, but the bar has been raised for the performance after the great
rate reset.

-

/

+

++

+++

-

SPECIALIST ASSETS/ALTERNATIVES //—Commodities—

Property—

Infrastructure—

Liquid Alternatives—

Private Equity

Specialist Financial

—

Score
CURRENCIES vs. USD

Change
//—

GBP

—

EUR

—

JPY

—

Gold

—

“the most compelling markets
remain the UK and Japan
which trade at a discount toglobal peers and offer healthy
dividends”

Against long term valuation metrics, Sterling and Yen remain cheap relative to the Dollar. The Bankof Japan’s continuing policy of yield curve control, in the face of other central bank policy hikes, hascrushed the Yen in recent years. The higher for longer narrative in the US has buoyed the dollar whichlooks somewhat expensive as rates look set to fall later this year, but its safe haven status at a time ofheightened geopolitical risk assures a diversification premium. Gold’s status as a haven asset means
it remains a useful diversifier, but its recent run higher makes it look somewhat expensive versus real
rates today.

The asset allocation views are updated at the end of each quarter unless otherwise stated.

>>

Page | 14

Page | 15>>

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Important Notes
Investment Manager - Momentum Global
Investment Management Limited (MGIM).
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liability for irrelevant, inaccurate or incomplete
information contained, or for the correctness of
opinions expressed. The value of investments
may fluctuate, and it is possible that an investor
may incur losses, including a loss of the principal
invested. Past performance is not indicative of
future performance. Investors whose reference
currency differs from that in which the underlying
assets are invested may be subject to exchange
rate movements that alter the value of theirinvestments.
MGIM (Company Registration No. 3733094)
has its registered office at The Rex Building, 62
Queen Street, London EC4R 1EB. Momentum
Global Investment Management Limited (MGIM)
is authorised and regulated by the Financial
Conduct Authority in the United Kingdom, and is
exempt from the requirements of section 7(1) of
the Financial Advisory and Intermediary Services
Act 37 of 2002 (FAIS) in South Africa, in termsof the FSCA FAIS Notice 141 of 2021 (published
15 December 2021). For complaints relating
to MGIM’s financial services, please contact
distributionservices@momentum.co.uk ©MGIM
2024.