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
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 (USD)
$
ASSET CLASS
Bonds
MIN. INITIAL INVESTMENT
$3000
FUND TYPE
UCITS
BASE CURRENCY
USD
RETURN (SINCE INCEPTION)*
1.52%
*View Performance History below
Inception Date: 02 Nov 2017
ISIN: MT7000021226
Bloomberg Ticker: CCEMBFA MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.02%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): 5.02
Distribution: N/A
Total Net Assets: $11.8 m
Month end NAV in USD: 101.52
Number of Holdings: 39
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 33.8
Performance To Date (USD)
Top 10 Holdings
4.2%
3.7%
3.6%
3.6%
3.5%
3.3%
3.2%
3.0%
2.9%
2.7%
Major Sector Breakdown*
Consumer Staples
17.0%
Government
12.4%
Communications
10.7%
Financials
10.4%
Energy
10.3%
Materials
8.7%
Maturity Buckets*
Credit Ratings*
Risk & Reward Profile
Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top Holdings by Country*
21.5%
14.9%
11.9%
10.8%
8.5%
6.3%
3.6%
3.6%
2.9%
2.8%
Asset Allocation
Performance History (EUR)*
YTD
8.43%
2018
-6.17%
2017*
-0.21%
1-month
0.52%
3-month
0.48%
Inception*
1.52%
Currency Allocation
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.
-
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
October 2019
The emerging market world, continued to track the ongoing signals from the trade war saga with EM equities cheering the news that a phase one deal should be signed in the coming days. From the data front, China’s real GDP eased to 6.0 percent for the third quarter, down from 6.2 percent in the previous quarter. The said weakness in growth is slowing Chinese demand for external goods, with imports falling 8.5 percent year-on-year in September. While on a more positive note, retail sales and industrial production were the surprises for the month.
In the month, EM debt was up 1.6 percent with investors piling in the region as reflected from the price returns, which amount 1.1 percent from the total return figure for the month. As opposed to namely European peers, EM debt continue to outperform its peers given the recent risk-on mode and the selectively better fundamentals.
The CC EMBF was up by 0.53 percent in the month of October, reflecting the more cautious approach taken by the Manager. In addition, the fund reported good inflows-which will be invested accordingly in credit stories, which offer attractive entry levels.
-
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 (USD)
$
ASSET CLASS
Bonds
MIN. INITIAL INVESTMENT
$3000
FUND TYPE
UCITS
BASE CURRENCY
USD
RETURN (SINCE INCEPTION)*
1.52%
*View Performance History below
Inception Date: 02 Nov 2017
ISIN: MT7000021226
Bloomberg Ticker: CCEMBFA MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.02%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): 5.02
Distribution: N/A
Total Net Assets: $11.8 m
Month end NAV in USD: 101.52
Number of Holdings: 39
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 33.8
Performance To Date (USD)
Risk & Reward Profile
1234567Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top 10 Holdings
5.299% Petrobras 20254.2%
6.50% Global Ports 20233.7%
4.95% Veon Holdings 20243.6%
4.95% Gazprom Capital 20223.6%
6.625% Tupy Overseas 20243.5%
8.125% Global Liman 20213.3%
6.90% Yestar Healthcare 20213.2%
6.95% Moderland 20243.0%
5.00% Nidda 20252.9%
iShares JPM USD EM2.7%
Top Holdings by Country*
Malta (incl. cash)21.5%
Brazil14.9%
China11.9%
Russia10.8%
Turkey8.5%
Indonesia6.3%
Netherlands3.6%
Mexico3.6%
Germany2.9%
Argentina2.8%
*including exposures to CIS, using look-throughMajor Sector Breakdown*
Consumer Staples
17.0%
Government
12.4%
Communications
10.7%
Financials
10.4%
Energy
10.3%
Materials
8.7%
*excluding exposures to CISAsset Allocation
Cash 17.1%Bonds (incl. ETFs) 80.9%Equities (incl. ETFs) 2.0%Maturity Buckets*
61.2%0-5 Years10.0%5-10 Years5.4%10 Years+*based on the Next Call DatePerformance History (EUR)*
YTD
8.43%
2018
-6.17%
2017*
-0.21%
1-month
0.52%
3-month
0.48%
Inception*
1.52%
*The USD Accumulator Share Class (Class A) was launched on 03 November 2017.Currency Allocation
USD 86.5%Euro 13.5%TRY 0.0% -
Downloads
Commentary
October 2019
The emerging market world, continued to track the ongoing signals from the trade war saga with EM equities cheering the news that a phase one deal should be signed in the coming days. From the data front, China’s real GDP eased to 6.0 percent for the third quarter, down from 6.2 percent in the previous quarter. The said weakness in growth is slowing Chinese demand for external goods, with imports falling 8.5 percent year-on-year in September. While on a more positive note, retail sales and industrial production were the surprises for the month.
In the month, EM debt was up 1.6 percent with investors piling in the region as reflected from the price returns, which amount 1.1 percent from the total return figure for the month. As opposed to namely European peers, EM debt continue to outperform its peers given the recent risk-on mode and the selectively better fundamentals.
The CC EMBF was up by 0.53 percent in the month of October, reflecting the more cautious approach taken by the Manager. In addition, the fund reported good inflows-which will be invested accordingly in credit stories, which offer attractive entry levels.