A clear vision for sustainable alpha

In this Q&A with Refilwe Moroka, Momentum Securities’ newly appointed Chief Investment Officer (CIO), she shares insights into her experience, philosophy, and leadership approach, which are shaping her vision for the company’s investment future.

Congratulations on your appointment. What attracted you to Momentum Securities at this point in your career?

What attracted me is the opportunity to contribute meaningfully to the next phase of growth within the investment team. I am motivated by the ability to help deliver alpha on a sustained basis.

The role also provides a natural fit for my experience across research, fund management and risk, allowing me to bring a balanced and integrated perspective to investment decision-making.

How has your career up to this point shaped the kind of CIO you aim to be?

My experience has reinforced the importance of balance, combining deep analytical research, risk management, and a clear framework to build conviction in investment decisions.

At the core of this is people. I believe that strong teams and trusted relationships are fundamental to success, and that investing in people, developing their capabilities, fostering collaboration, and creating an environment of mutual respect is critical to delivering consistent outcomes. This benefits not only our business but also our clients.

Equally, clear and concise communication is essential.

Looking back over your journey, what have been the most important lessons that still guide your decisions today?

I believe learning never stops. Continuous growth requires curiosity, openness to new ideas, and evolving perspectives. Equally important is recognising the value of people. Insight and perspective can come from anywhere, and strong relationships are critical to making better decisions.

I also believe in the importance of asking difficult questions and not being afraid to fail.

How would you describe your overall investment philosophy, and what principles matter most to you when making capital allocation decisions?

My investment philosophy has been grounded in a fundamental, bottom-up approach, with a focus on quality and long-term growth to deliver superior risk-adjusted returns. What matters most when making capital allocation decisions is investing in high conviction businesses that demonstrate the ability to generate attractive compounding cash flows across market cycles.

In an environment marked by market volatility and global uncertainty, what do you believe truly drives long-term investment outcomes?

I believe long-term decisions are ultimately driven by remaining anchored in fundamentals. Remaining disciplined in adhering to an investment philosophy and process to ensure consistency and resilience even when short-term noise is high. Patience is equally important, allowing time for our high-conviction ideas to compound and for intrinsic value to be realised.

What role does research play in your decision-making, and how do you ensure it remains objective, disciplined, and relevant?

Research is central to every investment decision, providing the foundation for a disciplined and repeatable investment process that ensures consistency.

A rigorous and structured approach should be followed, assessing not only current fundamentals but also long-term growth drivers. To maintain relevance, continuous monitoring must be implemented to evaluate a company’s performance against our investment case and reassess positions.

You’re known as a leader who encourages robust debate while maintaining high standards. Why is that balance important in an investment team?

That balance is essential to cultivating a culture of trust, openness, and deliberate, robust decision-making. This ensures our shared purpose is clear. Fostering open communication creates a space for diverse perspectives, whilst requiring views to be supported by well-considered arguments.

As CIO, what qualities do you value most in the people you work with, and how do you bring out their best?

I place a high value on integrity, a strong drive for excellence, and the courage to speak up for what you believe in. Equally important is creating an environment where people feel comfortable being their authentic selves and are not afraid to challenge ideas and learn from failure. When individuals feel supported and empowered to contribute their best thinking, they are more likely to produce high-quality work and remain engaged and motivated.

What excites you most about the existing investment capability at Momentum Securities, and where do you see the biggest opportunities to build further strength?

What excites me most is the strength and quality of the team. It is a group of individuals defined by passion and a strong drive to deliver, which provides a solid foundation for sustained performance.

Also, our diverse product offering is well-positioned to meet a broad range of client needs across different market environments. The opportunity going forward lies in building on these strengths, further deepening research capabilities, enhancing collaboration across teams, and continuing to evolve the product set, in line with client demands and evolving market dynamics.

Ultimately, clients experience our investment capability through performance, consistency, and clarity. How do you keep clients front of mind in investment decisions?

By maintaining a disciplined approach to our investment philosophy and process, we ensure that our decisions align with delivering superior, risk-adjusted returns for our clients over the long term.

How important is transparency and communication in building client trust, especially during challenging market periods?

Maintaining consistent, open communication ensures that clients remain well-informed and reinforces our credibility. This is critical in building and sustaining client trust. By being transparent about both opportunities and challenges, we demonstrate our commitment to acting in our clients’ best interests. This approach helps reassure clients that we remain disciplined, level-headed, and firmly aligned with our investment philosophy and process.

As you step into the role, what are your immediate priorities for your first year as CIO?

Firstly, deepening my understanding of the organisational culture. Then ensuring buy-in of our investment philosophy and process across the team. Thirdly, fostering strong collaboration across investment teams. And lastly, continuing to deliver consistent alpha generation within our core model portfolio.

For more information about Momentum Securities and our solutions, visit our website.

Disclaimer: This article does not constitute financial advice. Please consult one of our qualified portfolio managers before investing in any product. Momentum Securities (Pty) Limited is an authorised financial and credit provider. Registration number: 1974/000041/07 / A member of the JSE Ltd / FSP license number 29547 / NCR CP 2518.