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

February 2020

In February, the coronavirus (COVID-19) outbreak replaced trade as the main focus for the markets. The Euro equity fund was down 7.54% year to date compared to the Euro Stoxx 50 which was down 11%. The outperformance of the equity fund was due to the high cash levels in the fund and move towards defensive stocks.

Fears of near-term negative effects on Chinese and global growth, together with the expectation that central banks around the globe will provide further monetary policy support, sent core government bond yields lower throughout the month. By the end of the month, the US 10-year Treasury yield stood at a new all-time low of 1.1%, 2.1% points below the recent peak in October 2018.

In the first couple of weeks of February, equity markets shrugged off concerns about the outbreak, supported by a better-than-expected US Q4 earnings season, improving business surveys for January, and the expectation that negative effects of the coronavirus would be temporary and localised. However, the increase in cases outside China led to a sharp selloff towards the end of the month. Developed market equites fell sharply, with the S&P 500 ending the month down 8.2%. From a regional perspective, emerging market equities outperformed developed markets, despite the fact that most COVID-19 infections are currently in Asia, as investors factored in declining rates of new infection in China compared with increasing infections outside China.

The Investment Manager is of the view that in the short term the markets will experience high volatility. For this reason, the cash levels in the fund have increased to take advantage of any opportunities that arise. The Investment Manager remains of the opinion that the names held within the fund will continue to benefit in the medium to long term.

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)*

13.79%

*View Performance History below
Inception Date: 01 Nov 2013
ISIN: MT7000009031
Bloomberg Ticker: CCFEEAE MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.21%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €6.7 m
Month end NAV in EUR: 113.79
Number of Holdings: 25
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 52

Performance To Date (EUR)

Top 10 Holdings

iShares Eurostoxx 50 De
7.4%
Lyxor ETF Eurostoxx 600 Tech
7.0%
iShares MSCI WORLD
5.9%
Lyxor EuroStoxx600 Healthcare
5.6%
L'OREAL
5.0%
ALIBABA
4.9%
MICROSOFT
4.3%
AMAZON
4.1%
AXA SA
4.0%
MASTERCARD
3.8%

Major Sector Breakdown

ETFs
31.3%
Financials
15.1%
Information Technology
14.8%
Consumer Staples
11.5%
Asset 7
Communications
9.1%
Consumer Discretionary
8.4%
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
40.0%
France
23.7%
United States
15.4%
Malta
12.3%
China
4.9%
*including exposures to ETFs

Asset Allocation

Cash 6.8%
Equities 93.2%

Performance History (EUR)*

YTD

-7.54%

1-month

-6.76%

3-month

-6.33%

6-month

1.80%

9-month

5.68%

Inception*

13.79%

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

Currency Allocation

Euro 87.1%
USD 12.9%
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

    February 2020

    In February, the coronavirus (COVID-19) outbreak replaced trade as the main focus for the markets. The Euro equity fund was down 7.54% year to date compared to the Euro Stoxx 50 which was down 11%. The outperformance of the equity fund was due to the high cash levels in the fund and move towards defensive stocks.

    Fears of near-term negative effects on Chinese and global growth, together with the expectation that central banks around the globe will provide further monetary policy support, sent core government bond yields lower throughout the month. By the end of the month, the US 10-year Treasury yield stood at a new all-time low of 1.1%, 2.1% points below the recent peak in October 2018.

    In the first couple of weeks of February, equity markets shrugged off concerns about the outbreak, supported by a better-than-expected US Q4 earnings season, improving business surveys for January, and the expectation that negative effects of the coronavirus would be temporary and localised. However, the increase in cases outside China led to a sharp selloff towards the end of the month. Developed market equites fell sharply, with the S&P 500 ending the month down 8.2%. From a regional perspective, emerging market equities outperformed developed markets, despite the fact that most COVID-19 infections are currently in Asia, as investors factored in declining rates of new infection in China compared with increasing infections outside China.

    The Investment Manager is of the view that in the short term the markets will experience high volatility. For this reason, the cash levels in the fund have increased to take advantage of any opportunities that arise. The Investment Manager remains of the opinion that the names held within the fund will continue to benefit in the medium to long term.

  • 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)*

    13.79%

    *View Performance History below
    Inception Date: 01 Nov 2013
    ISIN: MT7000009031
    Bloomberg Ticker: CCFEEAE MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 2.21%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €6.7 m
    Month end NAV in EUR: 113.79
    Number of Holdings: 25
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 52

    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

    iShares Eurostoxx 50 De
    7.4%
    Lyxor ETF Eurostoxx 600 Tech
    7.0%
    iShares MSCI WORLD
    5.9%
    Lyxor EuroStoxx600 Healthcare
    5.6%
    L'OREAL
    5.0%
    ALIBABA
    4.9%
    MICROSOFT
    4.3%
    AMAZON
    4.1%
    AXA SA
    4.0%
    MASTERCARD
    3.8%

    Top Holdings by Country*

    Germany
    40.0%
    France
    23.7%
    United States
    15.4%
    Malta
    12.3%
    China
    4.9%
    *including exposures to ETFs

    Major Sector Breakdown

    ETFs
    31.3%
    Financials
    15.1%
    Information Technology
    14.8%
    Consumer Staples
    11.5%
    Asset 7
    Communications
    9.1%
    Consumer Discretionary
    8.4%

    Asset Allocation

    Cash 6.8%
    Equities 93.2%

    Performance History (EUR)*

    YTD

    -7.54%

    1-month

    -6.76%

    3-month

    -6.33%

    6-month

    1.80%

    9-month

    5.68%

    Inception*

    13.79%

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

    Currency Allocation

    Euro 87.1%
    USD 12.9%
    GBP 0.0%
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