Investment Objectives

Diversifying into alternative asset classes is becoming increasingly important. With interest rates at all-time lows and investors seeking returns, equities are looking more attractive.  The CC Euro Equity Fund aims to achieve a higher level of return for investors by investing, mainly, in a diversified portfolio of blue-chip equities (such as stocks and shares).
The CC Euro equity fund invests in Blue Chip companies trading on major European markets. Blue Chip companies are known to weather downturns and operate profitably in the face of adverse economic conditions, which helps to contribute to their long record of stable and reliable growth.

Investor Profile

A typical investor in the CC Euro Equity Funds is:

  • Seeking to achieve capital growth over time.
  • Seeking an actively managed & diversified equity portfolio in European blue-chip companies

Fund Rules

The Investment Manager of the CC Euro Equity Fund has the duty to ensure that the underlying investments of the fund is well diversified.

The investment manager has to abide by a number of investment restrictions to safeguard the value of the assets of the fund. Some of the restrictions include:

  • The fund may not invest more than 10% of its assets in securities listed by the same body
  • The fund may not keep more than 10% of its assets on deposit with any one credit institution. This limit may be increased to 30% in respect of deposits with an Approved Institution
  • The fund may not invest more than 20% of its assets in any other funds
  • The fund may not carry out uncovered sales (naked short-selling) of securities or other financial instruments

Commentary

May 2019

For much of this year, equity markets have enjoyed a healthy climb, assisted by a dovish tilt from central banks, as well as the possibility of a trade deal between the US and China. As we entered May, the S&P 500 was at an all-time high. However, just six days into the month, investors were tested by the announcement that the US would be moving ahead with tariff increases on US imports from China. Equity markets performed poorly over the month, with Asia ex-Japan, emerging markets and the S&P 500 all losing more than 6%. US Treasury yields fell, with markets now pricing in more than 3 Federal Reserve (Fed) rate cuts by the end of 2020, and so US Treasuries returned a positive 2.4% over the month.

The concern in Europe, much like the US, is that trade uncertainty filters through to the labour market and starts to hurt the service sector, which has so far proved more resilient. The latest employment growth numbers in Europe have been solid, though. The first estimates of employment growth for Q1 show a pickup to 1.4% quarter on quarter, annualised.

Stimulus in China could help Europe in the second half of this year, and another positive factor for the region is that the US has put the discussion over global auto tariffs on hold for up to six months. The European Parliament elections, which took place from 22 to 26 May, yielded a generally positive result for the European project.

The Investment Manager (IM) remains confident that the U.S. and China (as well as the U.S./Mexico) will come to some sort of a trade deal by the end of the summer. Assuming a compromise, the details of the deal are less important than removing the cloud of trade uncertainty from the front-page headlines, allowing both consumer and business sentiment to remain strong and support the economy. The June 28-29 G20 meeting in Japan looms large as a potential trigger for progress in negotiations. The IM has built positions in high conviction names and further aims to include exposures that will benefit the portfolio from a Trade War agreement. With this in mind, the IM is confident that the stocks in the portfolio should generate alpha for the fund and boost performance.

Key Facts & Performance

Fund Manager

Kristian Camenzuli

Kristian is the Head of the Equity Desk at Calamatta Cuschieri which manages discretionary portfolios. He is also the lead manager of the CC Euro Equity Fund. Kristian sits on various investment committees. He is a regular contributor to the local press and investment seminars as well as a visiting lecturer at the University of Malta. He is CFA qualified and graduated with Honours in Economics from the University of Malta.

PRICE (EUR)

ASSET CLASS

Equity

MIN. INITIAL INVESTMENT

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

7.67%

*View Performance History below
Inception Date: 01 Nov 2013
ISIN: MT7000009031
Bloomberg Ticker: CCFEEAE MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.23%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €6.8 m
Month end NAV in EUR: 107.67
Number of Holdings: 24
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 54.2

Performance To Date (EUR)

Top 10 Holdings

Lyxor ETF Eurostoxx 600 Tech
7.8%
Lyxor ETF Eurostoxx 600 H-care
6.6%
Allianz SE
6.0%
Renault SA
5.5%
BMIT Technologies plc
5.0%
ASML Holding NV
4.9%
L'Oreal
4.9%
iShares Eur600 BasicResources
4.4%
iShares Eur600 Oil&Gas
3.9%
Lyxor DAX ETF
3.2%

Major Sector Breakdown

ETFs
26.0%
Financials
21.9%
Information Technology
12.2%
Consumer Staples
12.2%
Consumer Discretionary
12.2%
Industrials
8.5%
Data for maturity buckets is not available for this fund.
Data for credit ratings is not available for this fund.

Risk & Reward Profile

1
2
3
4
5
6
7
Lower Risk

Potentialy Lower Reward

Higher Risk

Potentialy Higher Reward

Top Holdings by Country*

Germany
41.2%
France
36.3%
United States
8.4%
Malta
7.0%
Netherlands
4.9%
China
2.1%
*including exposures to ETFs

Asset Allocation

Cash 2.0%
Equities 98.0%

Performance History (EUR)*

YTD

11.54%

1-month

-6.30%

3-month

-0.20%

6-month

4.15%

9-month

-7.54%

Inception*

7.67%

*The Euro Equity Fund was launched on 31 October 2013.

Currency Allocation

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

Interested in this product?

  • Investment Objectives

    Diversifying into alternative asset classes is becoming increasingly important. With interest rates at all-time lows and investors seeking returns, equities are looking more attractive.  The CC Euro Equity Fund aims to achieve a higher level of return for investors by investing, mainly, in a diversified portfolio of blue-chip equities (such as stocks and shares).
    The CC Euro equity fund invests in Blue Chip companies trading on major European markets. Blue Chip companies are known to weather downturns and operate profitably in the face of adverse economic conditions, which helps to contribute to their long record of stable and reliable growth.
  • Investor profile

    A typical investor in the CC Euro Equity Funds is:

    • Seeking to achieve capital growth over time.
    • Seeking an actively managed & diversified equity portfolio in European blue-chip companies
    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

    • The fund may not invest more than 10% of its assets in securities listed by the same body
    • The fund may not keep more than 10% of its assets on deposit with any one credit institution. This limit may be increased to 30% in respect of deposits with an Approved Institution
    • The fund may not invest more than 20% of its assets in any other funds
    • The fund may not carry out uncovered sales (naked short-selling) of securities or other financial instruments
  • Commentary

    May 2019

    For much of this year, equity markets have enjoyed a healthy climb, assisted by a dovish tilt from central banks, as well as the possibility of a trade deal between the US and China. As we entered May, the S&P 500 was at an all-time high. However, just six days into the month, investors were tested by the announcement that the US would be moving ahead with tariff increases on US imports from China. Equity markets performed poorly over the month, with Asia ex-Japan, emerging markets and the S&P 500 all losing more than 6%. US Treasury yields fell, with markets now pricing in more than 3 Federal Reserve (Fed) rate cuts by the end of 2020, and so US Treasuries returned a positive 2.4% over the month.

    The concern in Europe, much like the US, is that trade uncertainty filters through to the labour market and starts to hurt the service sector, which has so far proved more resilient. The latest employment growth numbers in Europe have been solid, though. The first estimates of employment growth for Q1 show a pickup to 1.4% quarter on quarter, annualised.

    Stimulus in China could help Europe in the second half of this year, and another positive factor for the region is that the US has put the discussion over global auto tariffs on hold for up to six months. The European Parliament elections, which took place from 22 to 26 May, yielded a generally positive result for the European project.

    The Investment Manager (IM) remains confident that the U.S. and China (as well as the U.S./Mexico) will come to some sort of a trade deal by the end of the summer. Assuming a compromise, the details of the deal are less important than removing the cloud of trade uncertainty from the front-page headlines, allowing both consumer and business sentiment to remain strong and support the economy. The June 28-29 G20 meeting in Japan looms large as a potential trigger for progress in negotiations. The IM has built positions in high conviction names and further aims to include exposures that will benefit the portfolio from a Trade War agreement. With this in mind, the IM is confident that the stocks in the portfolio should generate alpha for the fund and boost performance.

  • Key facts & performance

    Fund Manager

    Kristian Camenzuli

    Kristian is the Head of the Equity Desk at Calamatta Cuschieri which manages discretionary portfolios. He is also the lead manager of the CC Euro Equity Fund. Kristian sits on various investment committees. He is a regular contributor to the local press and investment seminars as well as a visiting lecturer at the University of Malta. He is CFA qualified and graduated with Honours in Economics from the University of Malta.

    PRICE (EUR)

    ASSET CLASS

    Equity

    MIN. INITIAL INVESTMENT

    €2500

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    7.67%

    *View Performance History below
    Inception Date: 01 Nov 2013
    ISIN: MT7000009031
    Bloomberg Ticker: CCFEEAE MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 2.23%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €6.8 m
    Month end NAV in EUR: 107.67
    Number of Holdings: 24
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 54.2

    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

    Lyxor ETF Eurostoxx 600 Tech
    7.8%
    Lyxor ETF Eurostoxx 600 H-care
    6.6%
    Allianz SE
    6.0%
    Renault SA
    5.5%
    BMIT Technologies plc
    5.0%
    ASML Holding NV
    4.9%
    L'Oreal
    4.9%
    iShares Eur600 BasicResources
    4.4%
    iShares Eur600 Oil&Gas
    3.9%
    Lyxor DAX ETF
    3.2%

    Top Holdings by Country*

    Germany
    41.2%
    France
    36.3%
    United States
    8.4%
    Malta
    7.0%
    Netherlands
    4.9%
    China
    2.1%
    *including exposures to ETFs

    Major Sector Breakdown

    ETFs
    26.0%
    Financials
    21.9%
    Information Technology
    12.2%
    Consumer Staples
    12.2%
    Consumer Discretionary
    12.2%
    Industrials
    8.5%

    Asset Allocation

    Cash 2.0%
    Equities 98.0%

    Performance History (EUR)*

    YTD

    11.54%

    1-month

    -6.30%

    3-month

    -0.20%

    6-month

    4.15%

    9-month

    -7.54%

    Inception*

    7.67%

    *The Euro Equity Fund was launched on 31 October 2013.

    Currency Allocation

    Euro 91.7%
    USD 8.3%
    GBP 0.0%
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