Investment Objectives
The Fund aims to maximise the total level of return for investors through investment primarily, in a well-diversified portfolio of fixed-income investments.
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
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)*
-12.55%
*View Performance History below
Inception Date: 02 Nov 2017
ISIN: MT7000021259
Bloomberg Ticker: CCEMBFD MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.17%
Exit Charge: None
Distribution Yield (%): 4.25
Underlying Yield (%): 5.11
Distribution: 31/03 and 30/09
Total Net Assets: $11.7 mn
Month end NAV in EUR: 77.99
Number of Holdings: 40
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 36.8
Performance To Date (EUR)
Top 10 Holdings
6.9%
3.7%
3.7%
3.6%
3.5%
3.5%
3.4%
2.8%
2.8%
2.7%
Major Sector Breakdown*
Government
14.9%
Communications
12.5%
Real Estate
9.5%
Energy
8.8%
Industrials
7.3%
Consumer Discretionary
7.1%
Maturity Buckets*
Credit Ratings*
Risk & Reward Profile
Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top Holdings by Country*
19.7%
11.9%
11.5%
10.9%
7.8%
7.6%
5.0%
3.7%
3.4%
3.0%
Asset Allocation
Performance History (EUR)*
YTD
-8.33%
2019
6.55%
2018
-9.25%
1-month
-1.57%
3-month
1.79%
Inception***
-12.55%
Currency Allocation
Interested in this product?
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Investment Objectives
The Fund aims to maximise the total level of return for investors through investment primarily, in a well-diversified portfolio of fixed-income investments.
-
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 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
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Commentary
October 2020
Asian markets outperformed its Western counterparts throughout the month of September, amid pandemic and economic fears, partly related to the different stages of the virus cycle the two sides of the world are currently in, excluding India. South America remains in the worst position, as virus cases continue to be significant.
In Asia, the number of daily new Covid cases rose in India, Indonesia, the Philippines and South Korea but declined in most other countries. Asia’s strong performance has been helped by China’s remarkable success in containing the virus. This has allowed subway usage in China’s major cities to recover to only 10% below 2019 levels, compared with tube use in London, which remained down more than 60% even before the latest work-from-home measures were announced.
In Latin America, the number of new cases remained high although the pace of increase slowed in Brazil, Mexico and Chile, while in the Middle-East and Africa, the number of reported new cases continued to decrease across most of the region. The more encouraging economic indicator was outweighed by virus concerns.
From the data front in the emerging market world, China reported stronger results in its leading indicators, as business activity attempts to normalise, following widespread company shutdowns and travel restrictions earlier in the year. China’s Manufacturing PMI increased to 51.5 in September from August’s 51.0.
From the Latin America region, economic data in Brazil remained encouraging, with manufacturing PMIs reporting at 64.9 from 64.7.2 in August and similarly, services increasing to 50.4 from 49.5 for services, now entering expansion territory. South American countries are considered further back in the recovery cycle, given that the emergence of the virus kicked-off late when compared to their North American and European counterparts.
In the month of September, the CC EMBF fell in line with benchmarks, down 1.40% as the volatility translated into wider spreads in higher beta emerging market names. Going forward, the Manager will continue to assess the EM space scenario even on the basis of further monetary policy actions taken by Central Banks, which seem to follow the Fed’s easing stance, primarily by cutting interest rates.
-
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)*
-12.55%
*View Performance History below
Inception Date: 02 Nov 2017
ISIN: MT7000021259
Bloomberg Ticker: CCEMBFD MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.17%
Exit Charge: None
Distribution Yield (%): 4.25
Underlying Yield (%): 5.11
Distribution: 31/03 and 30/09
Total Net Assets: $11.7 mn
Month end NAV in EUR: 77.99
Number of Holdings: 40
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 36.8
Performance To Date (EUR)
Risk & Reward Profile
1234567Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top 10 Holdings
iShares JPM EM Bond Fund6.9%
6.50% Global Ports 20233.7%
4.95% Veon Holdings 20243.7%
4.95% Gazprom 20223.6%
5.45% Cemex 20293.5%
6.625% Tupy Overseas 20243.5%
5.8% Turkcell 20283.4%
5.299% Petrobras 20252.8%
6.625% NBM 20292.8%
3% Republic of Poland 20232.7%
Top Holdings by Country*
Brazil19.7%
Malta (incl. Cash)11.9%
China11.5%
Russia10.9%
Mexico7.8%
Turkey7.6%
Germany5.0%
Netherlands3.7%
Indonesia3.4%
India3.0%
*including exposures to CIS, using look-throughMajor Sector Breakdown*
Government
14.9%
Communications
12.5%
Real Estate
9.5%
Energy
8.8%
Industrials
7.3%
Consumer Discretionary
7.1%
*excluding exposures to CISAsset Allocation
Cash 11.9%Bonds (incl. ETFs) 88.1%Equities (incl. ETFs) 0.0%Maturity Buckets*
54.9%0-5 Years19.1%5-10 Years7.2%10 Years+*based on the Next Call DatePerformance History (EUR)*
YTD
-8.33%
2019
6.55%
2018
-9.25%
1-month
-1.57%
3-month
1.79%
Inception***
-12.55%
*Data in the chart does not include any dividends distributed since the Fund was launched on 03 November 2017.**Performance figures are calculated using the Value Added Monthly Index "VAMI" principle. The VAMI calculates the total return gained by an investor from reinvestment of any dividends and additional interest gained through compounding.***The EUR Distributor Share Class (Class D) was launched on 03 November 2017.Currency Allocation
USD 93.0%Euro 7.0%Other 0.0% -
Downloads
Commentary
October 2020
Asian markets outperformed its Western counterparts throughout the month of September, amid pandemic and economic fears, partly related to the different stages of the virus cycle the two sides of the world are currently in, excluding India. South America remains in the worst position, as virus cases continue to be significant.
In Asia, the number of daily new Covid cases rose in India, Indonesia, the Philippines and South Korea but declined in most other countries. Asia’s strong performance has been helped by China’s remarkable success in containing the virus. This has allowed subway usage in China’s major cities to recover to only 10% below 2019 levels, compared with tube use in London, which remained down more than 60% even before the latest work-from-home measures were announced.
In Latin America, the number of new cases remained high although the pace of increase slowed in Brazil, Mexico and Chile, while in the Middle-East and Africa, the number of reported new cases continued to decrease across most of the region. The more encouraging economic indicator was outweighed by virus concerns.
From the data front in the emerging market world, China reported stronger results in its leading indicators, as business activity attempts to normalise, following widespread company shutdowns and travel restrictions earlier in the year. China’s Manufacturing PMI increased to 51.5 in September from August’s 51.0.
From the Latin America region, economic data in Brazil remained encouraging, with manufacturing PMIs reporting at 64.9 from 64.7.2 in August and similarly, services increasing to 50.4 from 49.5 for services, now entering expansion territory. South American countries are considered further back in the recovery cycle, given that the emergence of the virus kicked-off late when compared to their North American and European counterparts.
In the month of September, the CC EMBF fell in line with benchmarks, down 1.40% as the volatility translated into wider spreads in higher beta emerging market names. Going forward, the Manager will continue to assess the EM space scenario even on the basis of further monetary policy actions taken by Central Banks, which seem to follow the Fed’s easing stance, primarily by cutting interest rates.