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 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 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

January 2019

The first month of 2019 proved to be substantial for equities. Investors got to experience a dovish Fed and European Central Bank. Weaker Chinese growth and weaker figures in Germany were still present. That being said, market signals of talking regarding the Trade War and the stances the major central banks took led Equities to go up 6% in January. Investors are now putting their cash to work once again given the calmer waters and attractive valuations.

Valuations of stocks have been uplifted. However, in January, markets kept witnessing further deterioration out of China – lower than expected inflation and manufacturing activity contracting for the second time in a month – which could result in a revision of Price Targets lower. At this stage of the business cycle, the US elections up in 2 years and China’s economy showing signs of weakness, the Investment Manager is of the view that a Trade War agreement will be reached. In addition to, the Chinese government and the People’s bank of China have already taken measures to stimulate growth.

Should this continue with a positive stance, we should see prices continue to recover from here. If no measures are taken and additional tariffs are put into place then the situation changes. (a binary event – which in the short term will result in increased volatility).

The Investment Manager (IM) has built positions in high conviction names. He is of the opinion that the stocks in the portfolio should generate alpha for the fund and improve performance as we ride through 2019.

 

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)*

3.16%

*View Performance History below
Inception Date: 01 Nov 2013
ISIN: MT7000009031
Bloomberg Ticker: CCFEEAE MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.22%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €6.7 m
Month and NAV in EUR: 103.16
Number of Holdings: 21
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 63.2

Performance To Date (EUR)

Top 10 Holdings

ASML NV
8.9%
Lyxor ETF Eurostoxx 600 Tech
7.5%
Lyxor ETF Eurostoxx 600 H-care
6.7%
LVMH
6.5%
Renualt SA
6.1%
Lyxor DAX ETF
6.0%
Allianz SE
5.9%
DeutschePost AG
5.6%
iShares Eur600 Banks
4.9%
iShares Eur600 BasicResources
4.9%

Major Sector Breakdown

ETFs
34.2%
Financials
20.4%
Consumer Discretionary
17.2%
Information Technology
11.8%
Industrials
5.6%
Consumer Staples
4.6%
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
54.8%
France
22.3%
Netherlands
8.9%
United States
7.6%
China
4.4%
Malta
2.0%
*including exposures to ETFs

Asset Allocation

Cash 0.1%
Equities 99.9%

Performance History (EUR)*

YTD

6.87%

1-month

6.87%

3-month

-2.90%

6-month

-12.41%

9-month

-14.72%

Inception*

3.16%

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

Currency Allocation

Euro 90.9%
USD 9.1%
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 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 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

    January 2019

    The first month of 2019 proved to be substantial for equities. Investors got to experience a dovish Fed and European Central Bank. Weaker Chinese growth and weaker figures in Germany were still present. That being said, market signals of talking regarding the Trade War and the stances the major central banks took led Equities to go up 6% in January. Investors are now putting their cash to work once again given the calmer waters and attractive valuations.

    Valuations of stocks have been uplifted. However, in January, markets kept witnessing further deterioration out of China – lower than expected inflation and manufacturing activity contracting for the second time in a month – which could result in a revision of Price Targets lower. At this stage of the business cycle, the US elections up in 2 years and China’s economy showing signs of weakness, the Investment Manager is of the view that a Trade War agreement will be reached. In addition to, the Chinese government and the People’s bank of China have already taken measures to stimulate growth.

    Should this continue with a positive stance, we should see prices continue to recover from here. If no measures are taken and additional tariffs are put into place then the situation changes. (a binary event – which in the short term will result in increased volatility).

    The Investment Manager (IM) has built positions in high conviction names. He is of the opinion that the stocks in the portfolio should generate alpha for the fund and improve performance as we ride through 2019.

     

  • 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)*

    3.16%

    *View Performance History below
    Inception Date: 01 Nov 2013
    ISIN: MT7000009031
    Bloomberg Ticker: CCFEEAE MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 2.22%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €6.7 m
    Month and NAV in EUR: 103.16
    Number of Holdings: 21
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 63.2

    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

    ASML NV
    8.9%
    Lyxor ETF Eurostoxx 600 Tech
    7.5%
    Lyxor ETF Eurostoxx 600 H-care
    6.7%
    LVMH
    6.5%
    Renualt SA
    6.1%
    Lyxor DAX ETF
    6.0%
    Allianz SE
    5.9%
    DeutschePost AG
    5.6%
    iShares Eur600 Banks
    4.9%
    iShares Eur600 BasicResources
    4.9%

    Top Holdings by Country*

    Germany
    54.8%
    France
    22.3%
    Netherlands
    8.9%
    United States
    7.6%
    China
    4.4%
    Malta
    2.0%
    *including exposures to ETFs

    Major Sector Breakdown

    ETFs
    34.2%
    Financials
    20.4%
    Consumer Discretionary
    17.2%
    Information Technology
    11.8%
    Industrials
    5.6%
    Consumer Staples
    4.6%

    Asset Allocation

    Cash 0.1%
    Equities 99.9%

    Performance History (EUR)*

    YTD

    6.87%

    1-month

    6.87%

    3-month

    -2.90%

    6-month

    -12.41%

    9-month

    -14.72%

    Inception*

    3.16%

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

    Currency Allocation

    Euro 90.9%
    USD 9.1%
    GBP 0.0%
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