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 at a Glance

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

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: MT7000021234
Bloomberg Ticker: CCEMBFB MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.02%
Exit Charge: None
Distribution Yield (%): 5.000
Underlying Yield (%): 5.020
Distribution: 31/03 and 30/09
Total Net Assets: $11.8 m
Month end NAV in USD: 101.62
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

5.299% Petrobras 2025
4.2%
6.50% Global Ports 2023
3.7%
4.95% Veon Holdings 2024
3.6%
4.95% Gazprom Capital 2022
3.6%
6.625% Tupy Overseas 2024
3.5%
8.125% Global Liman 2021
3.3%
6.90% Yestar Healthcare 2021
3.2%
6.95% Moderland 2024
3.0%
5.00% Nidda 2025
2.9%
iShares JPM USD EM
2.7%

Major Sector Breakdown*

Consumer Staples
17.0%
Government
12.4%
Asset 7
Communications
10.7%
Financials
10.4%
Energy
10.3%
Materials
8.7%
*excluding exposures to CIS

Maturity Buckets*

61.2%
0-5 Years
10.0%
5-10 Years
5.4%
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*

Malta (incl. cash)
21.5%
Brazil
14.9%
China
11.9%
Russia
10.8%
Turkey
8.5%
Indonesia
6.3%
Netherlands
3.6%
Mexico
3.6%
Germany
2.9%
Argentina
2.8%
*including exposures to CIS, using look-through

Asset Allocation

Cash 17.1%
Bonds (incl. ETFs) 80.9%
Equities (incl. ETFs) 2.0%

Performance History (EUR)*

YTD

8.42%

2018

-6.16%

2017***

-0.22%

1-month

0.53%

3-month

0.48%

Inception

1.52%

*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 USD Distributor Share Class (Class B) was launched on 03 November 2017.

Currency Allocation

USD 86.5%
Euro 13.5%
TRY -6%
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

    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: MT7000021234
    Bloomberg Ticker: CCEMBFB MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 2.02%
    Exit Charge: None
    Distribution Yield (%): 5.000
    Underlying Yield (%): 5.020
    Distribution: 31/03 and 30/09
    Total Net Assets: $11.8 m
    Month end NAV in USD: 101.62
    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

    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%
    6.50% Global Ports 2023
    3.7%
    4.95% Veon Holdings 2024
    3.6%
    4.95% Gazprom Capital 2022
    3.6%
    6.625% Tupy Overseas 2024
    3.5%
    8.125% Global Liman 2021
    3.3%
    6.90% Yestar Healthcare 2021
    3.2%
    6.95% Moderland 2024
    3.0%
    5.00% Nidda 2025
    2.9%
    iShares JPM USD EM
    2.7%

    Top Holdings by Country*

    Malta (incl. cash)
    21.5%
    Brazil
    14.9%
    China
    11.9%
    Russia
    10.8%
    Turkey
    8.5%
    Indonesia
    6.3%
    Netherlands
    3.6%
    Mexico
    3.6%
    Germany
    2.9%
    Argentina
    2.8%
    *including exposures to CIS, using look-through

    Major Sector Breakdown*

    Consumer Staples
    17.0%
    Government
    12.4%
    Asset 7
    Communications
    10.7%
    Financials
    10.4%
    Energy
    10.3%
    Materials
    8.7%
    *excluding exposures to CIS

    Asset Allocation

    Cash 17.1%
    Bonds (incl. ETFs) 80.9%
    Equities (incl. ETFs) 2.0%

    Maturity Buckets*

    61.2%
    0-5 Years
    10.0%
    5-10 Years
    5.4%
    10 Years+
    *based on the Next Call Date

    Performance History (EUR)*

    YTD

    8.42%

    2018

    -6.16%

    2017***

    -0.22%

    1-month

    0.53%

    3-month

    0.48%

    Inception

    1.52%

    *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 USD Distributor Share Class (Class B) was launched on 03 November 2017.

    Credit Ratings*

    Average Credit Rating: BB
    *excluding exposures to CIS

    Currency Allocation

    USD 86.5%
    Euro 13.5%
    TRY -6%
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