Investment Objectives

The objective of the Sub-Fund is to endeavour to maximise the total level of return for investors through investment primarily, in a well-diversified portfolio of debt securities and other fixed-income or interest bearing securities.

Investor Profile

A typical investor in the CC Emerging Market Bond Fund would be one who is seeking to gain exposure to the Emerging Bond Market via corporate and/or sovereign bonds whilst seeking to accumulate wealth and save over time in a product that re-invests coupons received on a gross basis. Furthermore, investors in the CC Emerging Market Bond Fund are those with a medium to high tolerance to risk and who are planning to hold on to their investment for the medium-to-long term so as to benefit from the compound interest effect whilst also participating in the interest rate cycle as well as the investment cycle commensurate with an investment in Emerging Markets.

Fund Rules

The Investment Manager shall invest primarily but not solely in a diversified portfolio of Emerging Market Corporate fixed income securities and Emerging Market Government fixed income securities with maturities of 10 years or less, rated at the time of investment “Baa1” to “Caa1” by Moody’s or “BBB+” to “CCC+” by S&P, or in bonds determined to be of comparable quality by the Investment Manager. The Investment Manager may also invest up to 10% of the Net Assets of the Sub-Fund in unrated fixed income securities.

  • Minimum Credit Rating CCC+ (or equivalent)
  • Up to 10% in Non-Rated Bonds
  • Average Credit Quality of B- (or equivalent)
  • Emerging Market Issuers as per MSCI Emerging and Frontier
  • Up to 15% in Emerging Market Equities
  • Use of FDIs for hedging purposes only
  • No limit on exposure to CIS
  • Up to 30% in Non Emerging Market Issuers

Commentary

March 2019

In line with the trajectory of risky assets, Emerging Market (EM) economies have gained momentum and steam since the turn of the year, and have continued to throughout the first quarter. Meetings between President Trump and President Xi have led to positive triggers in the market as trade war talks are reaching a common ground. In addition to that, the Fed’s dovish stance remains a benefit to EM currencies as they remain within their current. Should current market conditions remain, EMs should continue at this pace.

Furthermore, the soft figures from China have made a U-turn to the positive; from factory activity reaching a three-year low in February, March proved to be a better month as strong manufacturing data was registered. China’s positive news was a boost to EMs and overall, EMs are living up to a positive performance. That being said, in March, Turkey experienced turmoil to its currency after Erdogan wanted to ban JP Morgan from writing up reports, this after analysts suggested that investors should short-sell the Turkish lira. To make matters worse, the political uncertainty increased as Erdogan was seen to lose in polls in Ankara and Istanbul. The Turkish lira was down 2.5% against the U.S Dollar after recovering losses, and this negative sentiment had a ripple effect on Turkish names in particular.

The Investment Managers (IMs) believe that emerging market valuations are attractive and the portfolio is well positioned to benefit from a trade war solution, particularly because there has been some stability in the USD, and there has not been much strengthening in the currency. Indeed, the portfolio is currently performing in line with the market as it benefits from names that are gives a boost to valuations. The Manager still believes that there remains value within EMs and in this regard, cash will be reduced accordingly in line with opportunities. In March, in line with the viewed attractive valuation preposition by the Managers, exposures were increased in the telecommunications sector.

Key Facts & Performance

Fund Manager

Jordan Portelli

Jordan is an Investment Manager at Calamatta Cuschieri and is the Head of the Fixed Income desk. Jordan has over 10 years’ experience in High Yield debt. He is a member on a number of Investment Committees and is also a member on the House View Committee of Calamatta Cuschieri. He obtained a Diploma in Business and Management from Cambridge College in the U.K. He also obtained his BSc (Hons) in Economics from the London School of Economics.

PRICE (EUR)

ASSET CLASS

Bonds

MIN. INITIAL INVESTMENT

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

-6.59%

*View Performance History below
Inception Date: 02 Nov 2017
ISIN: MT7000002124
Bloomberg Ticker: CCEMBFC MV
Entry Charge: up to 2.50%
Total Expense Ratio: 2.10%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): 3.89
Distribution: N/A
Total Net Assets: $10.8 m
Month and NAV in EUR: 98.3
Number of Holdings: 39
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 38.0

Performance To Date (EUR)

Top 10 Holdings

5.299% Petrobras 2025
4.2%
6.90% Yestar Healthcare 2021
3.9%
6.625% Tupy Overseas 2024
3.8%
7.25% JBS Investments 2024
3.8%
6.50% Global Ports 2023
3.8%
4.95% Gazprom Capital 2022
3.8%
4.95% Veon Holdings 2024
3.7%
6.375% Banco Santander 2167
3.7%
6.50% Minerva 2026
3.7%
6.95% Modernland 2024
3.6%

Major Sector Breakdown*

Consumer Staples
21.9%
Financials
15.6%
Asset 7
Communications
14.5%
Consumer Discretionary
11.3%
Energy
10.0%
Government
9.3%
*excluding exposures to CIS

Maturity Buckets*

77.3%
0-5 Years
9.3%
5-10 Years
3.8%
10 Years+
*based on the Next Call Date

Credit Ratings*

Average Credit Rating: BB
*excluding exposures to CIS

Risk & Reward Profile

1
2
3
4
5
6
7
Lower Risk

Potentialy Lower Reward

Higher Risk

Potentialy Higher Reward

Top Holdings by Country*

Brazil
15.6%
China
13.2%
Russia
11.3%
Turkey
8.7%
Malta (incl. cash)
7.4%
Indonesia
7.2%
Mexico
5.6%
Spain
4.3%
United States
3.8%
Netherlands
3.7%
*including exposures to CIS, using look-through

Asset Allocation

Cash 7.4%
Bonds (incl. ETFs) 90.4%
Equities (incl. ETFs) 2.2%

Performance History (EUR)*

YTD

4.04%

2018

-9.09%

2017*

-1.24%

1-month

0.58%

3-month

4.04%

Inception*

-6.59%

*The EUR Accumulator Share Class (Class C) was launched on 03 November 2017

Currency Allocation

USD 91.7%
Euro 8.3%
TRY 0.0%
Data for risk statistics is not available for this fund.

Interested in this product?

  • Investment Objectives

    The objective of the Sub-Fund is to endeavour to maximise the total level of return for investors through investment primarily, in a well-diversified portfolio of debt securities and other fixed-income or interest bearing securities.

  • Investor profile

    A typical investor in the CC Emerging Market Bond Fund would be one who is seeking to gain exposure to the Emerging Bond Market via corporate and/or sovereign bonds whilst seeking to accumulate wealth and save over time in a product that re-invests coupons received on a gross basis. Furthermore, investors in the CC Emerging Market Bond Fund are those with a medium to high tolerance to risk and who are planning to hold on to their investment for the medium-to-long term so as to benefit from the compound interest effect whilst also participating in the interest rate cycle as well as the investment cycle commensurate with an investment in Emerging Markets.

    Investor Profile Icon
  • Fund Rules

    The Investment Manager of the CC High Income Bond Funds – EUR and USD has the duty to ensure that the underlying investments of the funds are well diversified. According to the prospectus, the investment manager has to abide by a number of investment restrictions to safeguard the value of the assets

    • Minimum Credit Rating CCC+ (or equivalent)
    • Up to 10% in Non-Rated Bonds
    • Average Credit Quality of B- (or equivalent)
    • Emerging Market Issuers as per MSCI Emerging and Frontier
    • Up to 15% in Emerging Market Equities
    • Use of FDIs for hedging purposes only
    • No limit on exposure to CIS
    • Up to 30% in Non Emerging Market Issuers
  • Commentary

    March 2019

    In line with the trajectory of risky assets, Emerging Market (EM) economies have gained momentum and steam since the turn of the year, and have continued to throughout the first quarter. Meetings between President Trump and President Xi have led to positive triggers in the market as trade war talks are reaching a common ground. In addition to that, the Fed’s dovish stance remains a benefit to EM currencies as they remain within their current. Should current market conditions remain, EMs should continue at this pace.

    Furthermore, the soft figures from China have made a U-turn to the positive; from factory activity reaching a three-year low in February, March proved to be a better month as strong manufacturing data was registered. China’s positive news was a boost to EMs and overall, EMs are living up to a positive performance. That being said, in March, Turkey experienced turmoil to its currency after Erdogan wanted to ban JP Morgan from writing up reports, this after analysts suggested that investors should short-sell the Turkish lira. To make matters worse, the political uncertainty increased as Erdogan was seen to lose in polls in Ankara and Istanbul. The Turkish lira was down 2.5% against the U.S Dollar after recovering losses, and this negative sentiment had a ripple effect on Turkish names in particular.

    The Investment Managers (IMs) believe that emerging market valuations are attractive and the portfolio is well positioned to benefit from a trade war solution, particularly because there has been some stability in the USD, and there has not been much strengthening in the currency. Indeed, the portfolio is currently performing in line with the market as it benefits from names that are gives a boost to valuations. The Manager still believes that there remains value within EMs and in this regard, cash will be reduced accordingly in line with opportunities. In March, in line with the viewed attractive valuation preposition by the Managers, exposures were increased in the telecommunications sector.

  • Key facts & performance

    Fund Manager

    Jordan Portelli

    Jordan is an Investment Manager at Calamatta Cuschieri and is the Head of the Fixed Income desk. Jordan has over 10 years’ experience in High Yield debt. He is a member on a number of Investment Committees and is also a member on the House View Committee of Calamatta Cuschieri. He obtained a Diploma in Business and Management from Cambridge College in the U.K. He also obtained his BSc (Hons) in Economics from the London School of Economics.

    PRICE (EUR)

    ASSET CLASS

    Bonds

    MIN. INITIAL INVESTMENT

    €2500

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    -6.59%

    *View Performance History below
    Inception Date: 02 Nov 2017
    ISIN: MT7000002124
    Bloomberg Ticker: CCEMBFC MV
    Entry Charge: up to 2.50%
    Total Expense Ratio: 2.10%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): 3.89
    Distribution: N/A
    Total Net Assets: $10.8 m
    Month and NAV in EUR: 98.3
    Number of Holdings: 39
    Auditors: Deloitte Malta
    Legal Advisor: Ganado Advocates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 38.0

    Performance To Date (EUR)

    Risk & Reward Profile

    1
    2
    3
    4
    5
    6
    7
    Lower Risk

    Potentialy Lower Reward

    Higher Risk

    Potentialy Higher Reward

    Top 10 Holdings

    5.299% Petrobras 2025
    4.2%
    6.90% Yestar Healthcare 2021
    3.9%
    6.625% Tupy Overseas 2024
    3.8%
    7.25% JBS Investments 2024
    3.8%
    6.50% Global Ports 2023
    3.8%
    4.95% Gazprom Capital 2022
    3.8%
    4.95% Veon Holdings 2024
    3.7%
    6.375% Banco Santander 2167
    3.7%
    6.50% Minerva 2026
    3.7%
    6.95% Modernland 2024
    3.6%

    Top Holdings by Country*

    Brazil
    15.6%
    China
    13.2%
    Russia
    11.3%
    Turkey
    8.7%
    Malta (incl. cash)
    7.4%
    Indonesia
    7.2%
    Mexico
    5.6%
    Spain
    4.3%
    United States
    3.8%
    Netherlands
    3.7%
    *including exposures to CIS, using look-through

    Major Sector Breakdown*

    Consumer Staples
    21.9%
    Financials
    15.6%
    Asset 7
    Communications
    14.5%
    Consumer Discretionary
    11.3%
    Energy
    10.0%
    Government
    9.3%
    *excluding exposures to CIS

    Asset Allocation

    Cash 7.4%
    Bonds (incl. ETFs) 90.4%
    Equities (incl. ETFs) 2.2%

    Maturity Buckets*

    77.3%
    0-5 Years
    9.3%
    5-10 Years
    3.8%
    10 Years+
    *based on the Next Call Date

    Performance History (EUR)*

    YTD

    4.04%

    2018

    -9.09%

    2017*

    -1.24%

    1-month

    0.58%

    3-month

    4.04%

    Inception*

    -6.59%

    *The EUR Accumulator Share Class (Class C) was launched on 03 November 2017

    Credit Ratings*

    Average Credit Rating: BB
    *excluding exposures to CIS

    Currency Allocation

    USD 91.7%
    Euro 8.3%
    TRY 0.0%
  • Downloads

Designed and Developed by