Investment Objectives

The Fund seeks to provide stable, long-term capital appreciation by investing in a diversified portfolio of local and international bonds, equities and other income-generating assets. The Investment Manager shall diversify the assets of the Fund among different assets classes. The manager may invest in both Investment Grade and High Yield bonds rated at the time of investment at least “B-” by S&P, or in bonds determined to be of comparable quality, provided that the Fund may invest up 10% in non- rated bonds, whilst maintain an exposure to direct rated bonds of at least 25% of the value of the Fund. Investments in equities may include but are not limited to dividend-paying securities, equities, exchange traded funds as well as through the use of Collective Investment Schemes.

The Fund is actively managed, not managed by reference to any index.

The Fund is classified under Article 6 of the SFDR meaning that the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.

Investor Profile

A typical investor in the Global  Balanced Income Fund is:

  • Seeking to achieve stable, long-term capital appreciation
  • Seeking an actively managed & diversified investment in equities and bonds as well as other income-generating assets of local and international issuers
  • Planning to hold their investment for the medium-to-long term

Fund Rules at a Glance

The Investment Manager will adopt a flexible investment strategy which, amongst other things, will allow us to modify the asset allocation in line with our macroeconomic, investment and technical outlook.

  • We shall invest primarily in a diversified portfolio of listed transferable securities across a wide spectrum of industries and sectors primarily via bonds, equities and eligible ETFs. We may invest in these asset classes either directly or indirectly through UCITS Funds and/ or eligible non UCITS Funds
  • We intend to diversify the assets of the Sub-Fund broadly among countries, industries and sectors, but reserve the right to invest a substantial portion of the Sub-Fund’s assets in one or more countries (or regions) if economic and business conditions warrant such investments
  • Investments in equity securities may include, but are not limited to, dividend-paying securities, equities, ETFs and preferred shares of global issuers. At our discretion, we may also invest indirectly in equities and equity-related instruments through the use of collective investment schemes. The Sub-Fund will generally, but not exclusively, invest in blue chip issuers listed on Approved Regulated Markets, including equities listed on the Malta Stock Exchange, where applicable
  • We shall manage the credit risk and will aim to manage interest rate risk through credit analysis and credit diversity. We may invest in both investment grade (corporate and sovereign) and high yield bonds that have a credit rating of at least “B-” by S&P (or rating equivalent issued by other reputable rating agencies) at the time of investment, provided that the Sub-Fund may invest a maximum of 10% of its assets in non-rated debt securities, including those listed on the Malta Stock Exchange. We will, at all times, maintain an exposure to direct rated bonds, whether investment grade or high yield, of at least 25% of the value of the Sub-Fund
  • For temporary or defensive purposes, the Sub-Fund may invest in short-term fixed income instruments, money market funds, cash and cash equivalents. The Sub-Fund may also hold cash and cash equivalents on an ancillary basis or cash management purposes, pending investment in accordance with its Investment Policy and to meet operating expenses and redemption requests.The Sub-Fund may invest in Real Estate Investment Trusts (“REITs”) via UCITS-eligible ETFs and/or CIS and securities related to real assets (including but not limited to real estate, agriculture, and precious metals-related securities) such as equities, bonds, and ETFs as well as CISs as long as these constitute eligible assets under the UCITS Directive
  • The Sub-Fund may invest in options, futures and forwards for risk management and hedging purposes only (“Hedging Instruments”)
  • Other than any margins required for these Hedging Instruments, the Sub-Fund will not employ leverage

Commentary

May 2025

Introduction

May has brought with it a new favoured acronym in markets – the TACO trade. While having nothing to do with Mexican flavours, the “Trump Always Chickens Out” strategy has offered market participants quick profits particularly in equities by just buying the market panic caused by any Trump warning, having the certainty that he will eventually backtrack. The prime example of this was an aggressive stance initiated toward levying a blanket 50% tariff on all EU-originated imports that took a full weekend to backtrack on. Thus, markets squeezed out bear positions as well as non-believers in the ongoing rally, making life extremely difficult for the most diligent analysts out there. Another rather positive quarterly reporting season has pushed improvements in forward earnings expectations in some quarters, taking off another argument from the pessimist toolbox. Leading macro indicators also improved on both sides of the Atlantic, while trading data from China continued making a mockery out of the insane tariffs levied on Liberation Day. Just in time, the Trump administration is now focusing on a new tax bill that is supposed not only to extend current tax cuts introduced in the first Trump mandate, but also including new ones. Overall, should such a bill pass in the current proposed form, the US fiscal deficit would likely explode within the next decade. So far, pessimists are running short of worries to cling on, while staying on the side-lines builds up an increasing opportunity cost relative to equity markets. However, at some point the so-called bond vigilantes might come to their rescue and turn the volatility pressure on equities and bonds alike. And maybe then we will have another good buying opportunity on our hands, or maybe not. The Trump uncertainty dilemma continues.

From the monetary front, the FOMC unanimously decided to keep the federal funds rate steady during its May meeting noting that the economic activity continued growing solidly, while inflation was somewhat elevated. It also noted that risks have increased to both sides of their dual mandate (inflation and employment), but pledge to the continuation of reducing the balance sheet holdings through runoff. The ensuing meeting minutes highlighted the considerable uncertainty around the recently levied tariffs, indicating no rush in shifting monetary policy. In Europe, the ECB did not have a monetary meeting during the month, however was quite indicative of measures it was expecting to take during the next such meeting, namely another 25bps interest rate cut. As inflation in the Eurozone is already under the ECB target, policy makers cited disinflationary forces – including a stronger Euro, declining energy prices, and a fallout from global trade tensions – as key factors for further easing. Nevertheless, the policy approach is to remain flexible amid global uncertainty.

May brought back in equity markets the joy that has been lost after the inauguration of the second Trump mandate. The rally has managed to push markets very close to their all-time highs, notably in the US. Beyond the speediness of this move that has been equated with the unwavering trust of retail investors in the “buy the dip” strategy, we have now returned to the same old questions about valuation metrics. Markets look as expensive as they did 6 months ago, this time with diminished economic growth prospects and slightly higher bond yields. Why should such high valuations make sense now more than they did in the past? While markets may easily be excused on the premise of looking forward positively to the tax cuts and deregulation promises that came with the new Trump mandate, the actual benefits for equities are still eluding the most analytical investors. One potential though more counterintuitive argument could be found in bonds. While at first glance the higher yield would warrant more attractiveness for fixed income as an investment class, actually the long-term upward trend in yields warranted by higher inflation on average would make bonds less attractive as a long-term investment. Hence, the comparative advantage for equities becomes compelling. This is a theoretical argument that has not been actually tested during a fully-blown economic recession. It remains to be seen how it will work under such scenario.

Market Environment and Performance

In the Euro area economic growth continued to expand for a fifth consecutive month, though the pace of growth was only marginal – the weakest since February. The monthly Composite PMI remained in expansionary territory, albeit easing slightly to 50.2 from 50.4 in April. A decline in new business, particularly within the services sector, marked the most pronounced deterioration in demand in six months. Inflation across the bloc also moderated, easing to 1.9% year-on-year falling from the 2.2% level in April, while core inflation also eased to 2.3% from the 2.7% level in the previous month.

While earlier leading indicators had pointed to a slowdown, more recent data showed signs of improvement, suggesting a rebound in activity. Notably, the May Composite PMI was revised up to 53.0, well above the April’ 19-month low of 50.6. The reading signals solid expansion across both services and manufacturing sectors, underpinned by increased client spending, particularly from domestic customers. The headline inflation posted a 2.4% reading in March, slightly below market expectations. Core inflation remained anchored at 2.8% for the third consecutive month.

In May, global equity markets had the best period of the year managing the complete reversal of the post Liberation Day tariffs market collapse, and turning the US protectionist agenda into irrelevance from the market participants’ perspective. Moreover, the initiation of a formal dialogue between the US and China targeting a new commercial relationship framework, allowed markets to shift their focus to the next worry on the agenda – the US deficit. Markets performed coordinated sector-wise with the noticeable exception of health care, which was stung by reports of the US contemplating caps on domestic prices. The US market led the charge outperforming its developed peers, as well as emerging markets, being supported by its high exposure to tech names. The S&P 500 index gained 6.21% as industrials and financials responded very well to the risk-on mode and validated the still positive economic indicators releases. European markets have continued performing well helped by better than expected economic data.  The EuroStoxx50 gained 4.00% while the DAX gained 6.67% helped in particular by banks and the defence sector.

The 10-year US Treasury yield experienced notable intra-month fluctuations: starting around 4.16%, peaking at 4.60% on May 21, and ending near 4.4%. European government bond markets, in comparison, fared better, with only modest yield rises in Germany. Peripheral markets outperformed, with 10-year yields in Italy and Spain tightening by 8 and 2bps, respectively.

Within investment-grade credit, US performance was largely flat as prices remained largely conditioned by the movements observed across sovereign bonds. European investment-grade credit outperformed, returning 0.52% for the month. In high yield, US markets saw the strongest gains, rising 1.68% in May as investor sentiment improved amid reduced recession risks and a more conciliatory tone on trade. European high yield also performed well, posting a solid 1.33% return, albeit trailing US gains.

Fund performance

In the month of May, the Global Balanced Income Fund registered a 3.23% gain, owing to a remarkable performance in the equity allocation of the fund. On the equity allocation, the Fund’s allocation has not been changed, as the Manager deemed it aligned to the overriding market conditions. From a fixed-income perspective, in an effort to enhance income generation ahead of expected further easing, the manager rotated holdings within the same issuers, executing both investments and divestitures in names such as Volkswagen and BP Capital Markets. The fund also increased exposure to chemicals conglomerate Ineos.

Market and investment outlook

Going forward, the Manager believes that while the macroeconomic indicators have continued to come in stronger than generally expected, we could see in the summer some of the negative hard data driven by the tariffs imposed by the Trump administration on most of the US imports. While businesses have so far had the advantage of somewhat avoiding most of the negative spill over by pilling up inventories, thus protecting labour markets and keeping pricing pressures to the end consumer at bay, there is a natural limitation to such workarounds. The probability of more benevolent monetary policy, particularly in the US, will be very much dependant on such negative development, which means that any interest rate cuts expectation should move towards the year end. Credit market will eventually get supportive if economic data will soften. This is translating into tighter yields as rate cuts expectations in the U.S. will increase, whilst in Europe the ECB will be more data dependent on the back of acceptable inflation levels.

From the equity front, the Manager sees the positive momentum from the April lows as a little overplayed by market participants who seem to have been getting ahead of themselves. Given the above, the Manager remains in line with the overriding market sentiment, however being ready for any sudden reversal of fortunes. The strategic allocation remains based on long-term convictions to quality companies benefitting from secular growth trends agnostic to specific macroeconomic developments. The Manager shall deploy capital opportunistically in specific sectors, and using cash levels as dry powder to be used during episodes of market overshooting.

Key Facts & Performance

Fund Manager

Jordan Portelli

Jordan is CIO at CC Finance Group. He has extensive experience in research and portfolio management with various institutions. Today he is responsible of the group’s investment strategy and manages credit and multi-asset strategies.

PRICE (EUR)

ASSET CLASS

Mixed

MIN. INITIAL INVESTMENT

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

5 year performance*

35.26%

*View Performance History below
Inception Date: 30 Aug 2015
ISIN: MT7000014445
Bloomberg Ticker: CCGBIFA MV
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €15.00 mn
Month end NAV in EUR: 13.12
Number of Holdings: 83
Auditors: Grant Thornton
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.

Performance To Date (EUR)

Top 10 Holdings

Uber Technologies Inc
2.2%
Mercadolibre Inc
2.1%
Amazon.com Inc
2.0%
Salesforce Inc
2.0%
Booking Holdings Inc
1.9%
Alphabet Inc
1.8%
iShares Euro High Yield Corp
1.7%
Meta Platforms Inc
1.7%
Adyen NV
1.7%
3.5% Govt of France 2033
1.7%

Major Sector Breakdown

Asset 7
Communications
23.5%
Financials
14.4%
Consumer Staples
10.9%
Industrials
10.2%
Information Technology
9.7%
Funds
9.4%

Maturity Buckets

21.2%
0-5 Years
16.7%
5-10 Years
7.2%
10 Years+

Credit Ratings*

*excluding exposures to ETFs

Risk & Reward Profile

1
2
3
4
5
6
7
Lower Risk

Potentialy Lower Reward

Higher Risk

Potentialy Higher Reward

Top Holdings by Country*

USA
43.1%
France
10.2%
Malta
8.2%
Germany
6.3%
Luxembourg
4.9%
Great Britain
4.8%
Netherlands
4.1%
Brazil
3.8%
China
1.5%
Denmark
1.4%
*including exposures to ETFs

Asset Allocation*

Cash 5.1%
Bonds 48.0%
Equities 47.0%
*including exposures to ETFs

Performance History (EUR)*

1 Year

3.80%

3 Year

12.91%

5 Year

35.26%

* The Global Balanced Income Fund (Share Class A) was launched on 30 August 2015. The Annualised rate is an indication of the average growth of the Fund over one year. The value of the investment and the income yield derived from the investment, if any, may go down as well as up and past performance is not necessarily indicative of future performance, nor a reliable guide to future performance. Hence returns may not be achieved and you may lose all or part of your investment in the Fund. Currency fluctuations may affect the value of investments and any derived income.
** Returns quoted net of TER. Entry and exit charges may reduce returns for investors.

Currency Allocation

Euro 57.6%
USD 42.1%
GBP 0.3%
Data for risk statistics is not available for this fund.

Interested in this product?

  • Investment Objectives

    The Fund seeks to provide stable, long-term capital appreciation by investing in a diversified portfolio of local and international bonds, equities and other income-generating assets. The Investment Manager shall diversify the assets of the Fund among different assets classes. The manager may invest in both Investment Grade and High Yield bonds rated at the time of investment at least “B-” by S&P, or in bonds determined to be of comparable quality, provided that the Fund may invest up 10% in non- rated bonds, whilst maintain an exposure to direct rated bonds of at least 25% of the value of the Fund. Investments in equities may include but are not limited to dividend-paying securities, equities, exchange traded funds as well as through the use of Collective Investment Schemes.

    The Fund is actively managed, not managed by reference to any index.

    The Fund is classified under Article 6 of the SFDR meaning that the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.

  • Investor profile

    A typical investor in the Global  Balanced Income Fund is:

    • Seeking to achieve stable, long-term capital appreciation
    • Seeking an actively managed & diversified investment in equities and bonds as well as other income-generating assets of local and international issuers
    • Planning to hold their investment for the medium-to-long term
    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

    • We shall invest primarily in a diversified portfolio of listed transferable securities across a wide spectrum of industries and sectors primarily via bonds, equities and eligible ETFs. We may invest in these asset classes either directly or indirectly through UCITS Funds and/ or eligible non UCITS Funds
    • We intend to diversify the assets of the Sub-Fund broadly among countries, industries and sectors, but reserve the right to invest a substantial portion of the Sub-Fund’s assets in one or more countries (or regions) if economic and business conditions warrant such investments
    • Investments in equity securities may include, but are not limited to, dividend-paying securities, equities, ETFs and preferred shares of global issuers. At our discretion, we may also invest indirectly in equities and equity-related instruments through the use of collective investment schemes. The Sub-Fund will generally, but not exclusively, invest in blue chip issuers listed on Approved Regulated Markets, including equities listed on the Malta Stock Exchange, where applicable
    • We shall manage the credit risk and will aim to manage interest rate risk through credit analysis and credit diversity. We may invest in both investment grade (corporate and sovereign) and high yield bonds that have a credit rating of at least “B-” by S&P (or rating equivalent issued by other reputable rating agencies) at the time of investment, provided that the Sub-Fund may invest a maximum of 10% of its assets in non-rated debt securities, including those listed on the Malta Stock Exchange. We will, at all times, maintain an exposure to direct rated bonds, whether investment grade or high yield, of at least 25% of the value of the Sub-Fund
    • For temporary or defensive purposes, the Sub-Fund may invest in short-term fixed income instruments, money market funds, cash and cash equivalents. The Sub-Fund may also hold cash and cash equivalents on an ancillary basis or cash management purposes, pending investment in accordance with its Investment Policy and to meet operating expenses and redemption requests.The Sub-Fund may invest in Real Estate Investment Trusts (“REITs”) via UCITS-eligible ETFs and/or CIS and securities related to real assets (including but not limited to real estate, agriculture, and precious metals-related securities) such as equities, bonds, and ETFs as well as CISs as long as these constitute eligible assets under the UCITS Directive
    • The Sub-Fund may invest in options, futures and forwards for risk management and hedging purposes only (“Hedging Instruments”)
    • Other than any margins required for these Hedging Instruments, the Sub-Fund will not employ leverage
  • Commentary

    May 2025

    Introduction

    May has brought with it a new favoured acronym in markets – the TACO trade. While having nothing to do with Mexican flavours, the “Trump Always Chickens Out” strategy has offered market participants quick profits particularly in equities by just buying the market panic caused by any Trump warning, having the certainty that he will eventually backtrack. The prime example of this was an aggressive stance initiated toward levying a blanket 50% tariff on all EU-originated imports that took a full weekend to backtrack on. Thus, markets squeezed out bear positions as well as non-believers in the ongoing rally, making life extremely difficult for the most diligent analysts out there. Another rather positive quarterly reporting season has pushed improvements in forward earnings expectations in some quarters, taking off another argument from the pessimist toolbox. Leading macro indicators also improved on both sides of the Atlantic, while trading data from China continued making a mockery out of the insane tariffs levied on Liberation Day. Just in time, the Trump administration is now focusing on a new tax bill that is supposed not only to extend current tax cuts introduced in the first Trump mandate, but also including new ones. Overall, should such a bill pass in the current proposed form, the US fiscal deficit would likely explode within the next decade. So far, pessimists are running short of worries to cling on, while staying on the side-lines builds up an increasing opportunity cost relative to equity markets. However, at some point the so-called bond vigilantes might come to their rescue and turn the volatility pressure on equities and bonds alike. And maybe then we will have another good buying opportunity on our hands, or maybe not. The Trump uncertainty dilemma continues.

    From the monetary front, the FOMC unanimously decided to keep the federal funds rate steady during its May meeting noting that the economic activity continued growing solidly, while inflation was somewhat elevated. It also noted that risks have increased to both sides of their dual mandate (inflation and employment), but pledge to the continuation of reducing the balance sheet holdings through runoff. The ensuing meeting minutes highlighted the considerable uncertainty around the recently levied tariffs, indicating no rush in shifting monetary policy. In Europe, the ECB did not have a monetary meeting during the month, however was quite indicative of measures it was expecting to take during the next such meeting, namely another 25bps interest rate cut. As inflation in the Eurozone is already under the ECB target, policy makers cited disinflationary forces – including a stronger Euro, declining energy prices, and a fallout from global trade tensions – as key factors for further easing. Nevertheless, the policy approach is to remain flexible amid global uncertainty.

    May brought back in equity markets the joy that has been lost after the inauguration of the second Trump mandate. The rally has managed to push markets very close to their all-time highs, notably in the US. Beyond the speediness of this move that has been equated with the unwavering trust of retail investors in the “buy the dip” strategy, we have now returned to the same old questions about valuation metrics. Markets look as expensive as they did 6 months ago, this time with diminished economic growth prospects and slightly higher bond yields. Why should such high valuations make sense now more than they did in the past? While markets may easily be excused on the premise of looking forward positively to the tax cuts and deregulation promises that came with the new Trump mandate, the actual benefits for equities are still eluding the most analytical investors. One potential though more counterintuitive argument could be found in bonds. While at first glance the higher yield would warrant more attractiveness for fixed income as an investment class, actually the long-term upward trend in yields warranted by higher inflation on average would make bonds less attractive as a long-term investment. Hence, the comparative advantage for equities becomes compelling. This is a theoretical argument that has not been actually tested during a fully-blown economic recession. It remains to be seen how it will work under such scenario.

    Market Environment and Performance

    In the Euro area economic growth continued to expand for a fifth consecutive month, though the pace of growth was only marginal – the weakest since February. The monthly Composite PMI remained in expansionary territory, albeit easing slightly to 50.2 from 50.4 in April. A decline in new business, particularly within the services sector, marked the most pronounced deterioration in demand in six months. Inflation across the bloc also moderated, easing to 1.9% year-on-year falling from the 2.2% level in April, while core inflation also eased to 2.3% from the 2.7% level in the previous month.

    While earlier leading indicators had pointed to a slowdown, more recent data showed signs of improvement, suggesting a rebound in activity. Notably, the May Composite PMI was revised up to 53.0, well above the April’ 19-month low of 50.6. The reading signals solid expansion across both services and manufacturing sectors, underpinned by increased client spending, particularly from domestic customers. The headline inflation posted a 2.4% reading in March, slightly below market expectations. Core inflation remained anchored at 2.8% for the third consecutive month.

    In May, global equity markets had the best period of the year managing the complete reversal of the post Liberation Day tariffs market collapse, and turning the US protectionist agenda into irrelevance from the market participants’ perspective. Moreover, the initiation of a formal dialogue between the US and China targeting a new commercial relationship framework, allowed markets to shift their focus to the next worry on the agenda – the US deficit. Markets performed coordinated sector-wise with the noticeable exception of health care, which was stung by reports of the US contemplating caps on domestic prices. The US market led the charge outperforming its developed peers, as well as emerging markets, being supported by its high exposure to tech names. The S&P 500 index gained 6.21% as industrials and financials responded very well to the risk-on mode and validated the still positive economic indicators releases. European markets have continued performing well helped by better than expected economic data.  The EuroStoxx50 gained 4.00% while the DAX gained 6.67% helped in particular by banks and the defence sector.

    The 10-year US Treasury yield experienced notable intra-month fluctuations: starting around 4.16%, peaking at 4.60% on May 21, and ending near 4.4%. European government bond markets, in comparison, fared better, with only modest yield rises in Germany. Peripheral markets outperformed, with 10-year yields in Italy and Spain tightening by 8 and 2bps, respectively.

    Within investment-grade credit, US performance was largely flat as prices remained largely conditioned by the movements observed across sovereign bonds. European investment-grade credit outperformed, returning 0.52% for the month. In high yield, US markets saw the strongest gains, rising 1.68% in May as investor sentiment improved amid reduced recession risks and a more conciliatory tone on trade. European high yield also performed well, posting a solid 1.33% return, albeit trailing US gains.

    Fund performance

    In the month of May, the Global Balanced Income Fund registered a 3.23% gain, owing to a remarkable performance in the equity allocation of the fund. On the equity allocation, the Fund’s allocation has not been changed, as the Manager deemed it aligned to the overriding market conditions. From a fixed-income perspective, in an effort to enhance income generation ahead of expected further easing, the manager rotated holdings within the same issuers, executing both investments and divestitures in names such as Volkswagen and BP Capital Markets. The fund also increased exposure to chemicals conglomerate Ineos.

    Market and investment outlook

    Going forward, the Manager believes that while the macroeconomic indicators have continued to come in stronger than generally expected, we could see in the summer some of the negative hard data driven by the tariffs imposed by the Trump administration on most of the US imports. While businesses have so far had the advantage of somewhat avoiding most of the negative spill over by pilling up inventories, thus protecting labour markets and keeping pricing pressures to the end consumer at bay, there is a natural limitation to such workarounds. The probability of more benevolent monetary policy, particularly in the US, will be very much dependant on such negative development, which means that any interest rate cuts expectation should move towards the year end. Credit market will eventually get supportive if economic data will soften. This is translating into tighter yields as rate cuts expectations in the U.S. will increase, whilst in Europe the ECB will be more data dependent on the back of acceptable inflation levels.

    From the equity front, the Manager sees the positive momentum from the April lows as a little overplayed by market participants who seem to have been getting ahead of themselves. Given the above, the Manager remains in line with the overriding market sentiment, however being ready for any sudden reversal of fortunes. The strategic allocation remains based on long-term convictions to quality companies benefitting from secular growth trends agnostic to specific macroeconomic developments. The Manager shall deploy capital opportunistically in specific sectors, and using cash levels as dry powder to be used during episodes of market overshooting.

  • Key facts & performance

    Fund Manager

    Jordan Portelli

    Jordan is CIO at CC Finance Group. He has extensive experience in research and portfolio management with various institutions. Today he is responsible of the group’s investment strategy and manages credit and multi-asset strategies.

    PRICE (EUR)

    ASSET CLASS

    Mixed

    MIN. INITIAL INVESTMENT

    €2500

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    5 year performance*

    35.26%

    *View Performance History below
    Inception Date: 30 Aug 2015
    ISIN: MT7000014445
    Bloomberg Ticker: CCGBIFA MV
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €15.00 mn
    Month end NAV in EUR: 13.12
    Number of Holdings: 83
    Auditors: Grant Thornton
    Legal Advisor: Ganado Advocates
    Custodian: Sparkasse Bank Malta p.l.c.

    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

    Uber Technologies Inc
    2.2%
    Mercadolibre Inc
    2.1%
    Amazon.com Inc
    2.0%
    Salesforce Inc
    2.0%
    Booking Holdings Inc
    1.9%
    Alphabet Inc
    1.8%
    iShares Euro High Yield Corp
    1.7%
    Meta Platforms Inc
    1.7%
    Adyen NV
    1.7%
    3.5% Govt of France 2033
    1.7%

    Top Holdings by Country*

    USA
    43.1%
    France
    10.2%
    Malta
    8.2%
    Germany
    6.3%
    Luxembourg
    4.9%
    Great Britain
    4.8%
    Netherlands
    4.1%
    Brazil
    3.8%
    China
    1.5%
    Denmark
    1.4%
    *including exposures to ETFs

    Major Sector Breakdown

    Asset 7
    Communications
    23.5%
    Financials
    14.4%
    Consumer Staples
    10.9%
    Industrials
    10.2%
    Information Technology
    9.7%
    Funds
    9.4%

    Asset Allocation*

    Cash 5.1%
    Bonds 48.0%
    Equities 47.0%
    *including exposures to ETFs

    Maturity Buckets

    21.2%
    0-5 Years
    16.7%
    5-10 Years
    7.2%
    10 Years+

    Performance History (EUR)*

    1 Year

    3.80%

    3 Year

    12.91%

    5 Year

    35.26%

    * The Global Balanced Income Fund (Share Class A) was launched on 30 August 2015. The Annualised rate is an indication of the average growth of the Fund over one year. The value of the investment and the income yield derived from the investment, if any, may go down as well as up and past performance is not necessarily indicative of future performance, nor a reliable guide to future performance. Hence returns may not be achieved and you may lose all or part of your investment in the Fund. Currency fluctuations may affect the value of investments and any derived income.
    ** Returns quoted net of TER. Entry and exit charges may reduce returns for investors.

    Credit Ratings*

    *excluding exposures to ETFs

    Currency Allocation

    Euro 57.6%
    USD 42.1%
    GBP 0.3%
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