Extract from Portfolio Manager Commentaries – Sept 2022

Momentum rose 17.74% in the quarter on the back of strong results and a positive shift in capital allocation. Momentum was able to demonstrate the value of their loss-making Indian business through a capital infusion from the Abu Dhabi Investment Authority, which came in at a valuation above ours and the market's expectations. Alongside their strong results in September, the group announced a buyback programme that will boost the per share value of the business given the deep discount it continues to trade at. Momentum trades at a 50% discount to its embedded value and we continue to see a lot of upside in the share.

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