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 CC 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 (“We”) 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

August 2023

Introduction

Augusts’ holiday season proved uncertain as markets became apprehensive about the resurgence of inflationary pressures, particularly driven by higher energy prices. This pause in optimism comes after a period during which the economy was depicted favourably. Historically, August is characterized by thin trading activity, which can contribute to market fluctuations. Nonetheless, the general macroeconomic backdrop of a more resilient economy warranted such moves. In the US, labour markets cooled, raising expectations that the Federal Reserve (FED) may have reached the peak of its monetary tightening efforts. concerns have arisen regarding the underlying health of consumers. In Europe, economic indicators continue to paint a grim picture of the overall economic state, with German economic troubles affecting the entire Eurozone.

China’s economy is a major concern on the global stage as its economic data continues to disappoint, causing headaches for corporations and asset managers with significant exposure to the local economy. Geopolitical tensions have not provided any relief to the current situation, with striking tensions between emerging and developed economies evident at this year’s BRICS summit. Six new nations were invited to join the organization in an effort by China to enhance its diplomatic standing, possibly in response to the West’s “de-risking” economic strategy, which has initiated a shift away from the economic globalization seen in the past three decades.

From a monetary perspective, the annual Jackson Hole Symposium played a crucial role in guiding monetary policy analysts. During the event, Federal Reserve Chair Powell hinted at the potential need for further interest rate hikes to combat persistently high inflation. This tone was somewhat more hawkish than the market had anticipated, contributing to the sharp rise in Treasury yields during the month. In Europe, expectations are for the European Central Bank (ECB) to pause interest rate hikes in September due to slowing business activity, particularly in Germany.

Equity markets faced a backlash during this period after a three-month rally. Equity markets faced a backlash during this period after a three-month rally. This reversal was accompanied by subdued trading volumes and concerns about rising oil prices, reigniting global inflationary pressures. This naturally made the energy sector the undisputed performer of the month, although, thanks to a late-minute rally, the year-to-date bright sectors, namely technology and communications, did not suffer material losses. This, has by no means alleviated troubles in equity markets, predominantly surrounding valuations. Analysts emphasize that the technology sector, in particular, appears overvalued when compared to historical averages, which in a very adverse scenario brings us closer to the dot.com bubble rather than the Global Financial Crisis (GFC). On the other hand, even if the economic soft-landing scenario has been accepted by almost all market participants, an economic recession cannot be completely ruled out for next year. From a risk management perspective, equities that provide income potential, seem to offer the largest margin of safety.

Market Environment and Performance

Following a brief growth revival in the spring, forward-looking indicators continued to show signs of weakness in Europe amid a first contraction in services (reading of 47.9 v the previous month’s reading of 50.9) and a continuing downturn in the manufacturing sector (reading of 43.5 v a previous month reading of 42.7). Overall this results in the softest 12-month outlook in 2023 so far. Input prices surprisingly picked up, putting the perspective of rapidly decreasing inflation into question. The annual inflation rate in the Euro area remained steady at 5.3% above the ECB’s goal. Core inflation eased, dropping to 5.3% from 5.5% in the previous month.

In the U.S. aggregate business activity – while still evolving in expansionary territory – nearly stalled due to a weaker expansion in the services sector (reading of 50.2 v 52.3 in July), and a renewed decline in manufacturing (reading of 47.9 v 49 last month). Total new business marked the first decline since February, while the rate of job creation reached its lowest point since October 2022. Annual inflation rate in the US accelerated to 3.7% in August, higher than the 3.2% July figure. Core consumer prices eased further to 4.3%.

Equity markets were rattled by expectations of new interest rate hikes on the back of a revival in energy prices. Notwithstanding this, a retracement of the last three months’ rally was anyway expected and even welcomed during the holiday season when liquidity usually sinks. The month could have posted even worse returns should it not have been a last-minute build-up rally in technology names on strong expectations regarding the earnings of this year’s markets’ darling; Nvidia. US markets significantly outperformed on a larger market weighting in technology names while European markets sunk amid renewed worries on China’s economic landscape. The S&P 500 index lost 0.25% based on a late rally in cyclical sectors. In Europe, the EuroStoxx50 and the DAX lost 3.90% and 3.04% respectively, driven particularly by communications and technology stocks.

August turned out to be another volatile month for credit on the back of higher benchmark yields. Nonetheless, regionally, performance diverged with U.S. IG down 0.68%, while European IG posted a shy 0.15%. The riskier asset class posted slight positive performance on the back of as-yet solid data and so far, a low default rate.

Fund performance

In the month of August, the CC Global Balanced Income Fund – largely driven by the somewhat negative sentiment across both equity markets and high yield credit – headed lower, registering a loss of 1.44%.

Within the fixed income space, the Manager continued to take opportunity of current market dynamics, increasing exposure to corporates while increasing the portfolio’s duration. The manager has over the month took an exposure in Iliad SA and German multinational pharmaceutical and biotechnology company; Bayer AG.

Market and investment outlook

Looking ahead, the Manager anticipates that the continued softening of leading economic indicators will likely put an end to discussions about a new round of monetary tightening. Several factors contribute to this outlook, including a relief in the tightness of the U.S. labour market, European manufacturing remaining in contractionary territory, and an overall reduction in consumer savings rates. These indicators collectively suggest a slowdown in global economic growth. From a credit perspective, the strategy of gradually increasing duration paid off in the past month due to higher volatile yields, which had a negative impact on investment-grade bonds. Additionally, the fund’s riskier segment continued to perform well. The Manager maintains the view that given the as-yet sticky inflation duration will be only increased gradually.

On the equity front, the Manager holds the belief that equity markets will trade within a range for the remainder of the year, with more clarity expected regarding the interest rate path in 2024 and beyond. In conclusion, there will be an increased focus on sectors and companies with strong cash flows and below-average valuation metrics moving forward. Current cash levels are considered adequate for the current market outlook, with a continued focus on value stocks at this stage.

A Quick Introduction to Our Euro Equity Fund.

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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

RETURN (SINCE INCEPTION)*

16.30%

*View Performance History below
Inception Date: 30 Aug 2015
ISIN: MT7000014445
Bloomberg Ticker: CCGBIFA MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.35%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €9.9 mn
Month end NAV in EUR: 11.63
Number of Holdings: 72
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 21.4

Performance To Date (EUR)

Top 10 Holdings

iShares Core S&P 500
3.5%
iShares Euro HY Corp
2.6%
iShares S&P Health Care
2.4%
Apple Inc
2.1%
4% Chemours Co 2026
1.9%
Taiwan Semiconductor
1.8%
iShares MSCI EM Asia Acc
1.8%
6.75% CSN Islands XI Corp 2028
1.8%
4.75% Banco Santander SA perp
1.7%
Lyxor EUR Government 3-5YR
1.7%

Major Sector Breakdown

Financials
23.7%
Consumer Discretionary
10.6%
Asset 7
Communications
10.4%
ETFs
9.9%
Consumer Staples
9.6%
Funds
9.3%

Maturity Buckets

23.5%
0-5 Years
13.7%
5-10 Years
7.0%
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
40.4%
Malta
8.7%
Luxembourg
8.1%
Germany
7.1%
Great Britain
6.0%
France
4.8%
Brazil
3.5%
Global
3.4%
Spain
3.1%
Ireland
2.0%
*including exposures to ETFs

Asset Allocation*

Cash 2.1%
Bonds 46.7%
Equities 51.2%
*including exposures to ETFs

Performance History (EUR)*

YTD

6.21%

2022

-12.47%

2021

12.30%

2020

2.48%

2019

14.78%

Annualised Since Inception*

1.90%

* 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 55.5%
USD 42.9%
GBP 1.6%
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 CC 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

    August 2023

    Introduction

    Augusts’ holiday season proved uncertain as markets became apprehensive about the resurgence of inflationary pressures, particularly driven by higher energy prices. This pause in optimism comes after a period during which the economy was depicted favourably. Historically, August is characterized by thin trading activity, which can contribute to market fluctuations. Nonetheless, the general macroeconomic backdrop of a more resilient economy warranted such moves. In the US, labour markets cooled, raising expectations that the Federal Reserve (FED) may have reached the peak of its monetary tightening efforts. concerns have arisen regarding the underlying health of consumers. In Europe, economic indicators continue to paint a grim picture of the overall economic state, with German economic troubles affecting the entire Eurozone.

    China’s economy is a major concern on the global stage as its economic data continues to disappoint, causing headaches for corporations and asset managers with significant exposure to the local economy. Geopolitical tensions have not provided any relief to the current situation, with striking tensions between emerging and developed economies evident at this year’s BRICS summit. Six new nations were invited to join the organization in an effort by China to enhance its diplomatic standing, possibly in response to the West’s “de-risking” economic strategy, which has initiated a shift away from the economic globalization seen in the past three decades.

    From a monetary perspective, the annual Jackson Hole Symposium played a crucial role in guiding monetary policy analysts. During the event, Federal Reserve Chair Powell hinted at the potential need for further interest rate hikes to combat persistently high inflation. This tone was somewhat more hawkish than the market had anticipated, contributing to the sharp rise in Treasury yields during the month. In Europe, expectations are for the European Central Bank (ECB) to pause interest rate hikes in September due to slowing business activity, particularly in Germany.

    Equity markets faced a backlash during this period after a three-month rally. Equity markets faced a backlash during this period after a three-month rally. This reversal was accompanied by subdued trading volumes and concerns about rising oil prices, reigniting global inflationary pressures. This naturally made the energy sector the undisputed performer of the month, although, thanks to a late-minute rally, the year-to-date bright sectors, namely technology and communications, did not suffer material losses. This, has by no means alleviated troubles in equity markets, predominantly surrounding valuations. Analysts emphasize that the technology sector, in particular, appears overvalued when compared to historical averages, which in a very adverse scenario brings us closer to the dot.com bubble rather than the Global Financial Crisis (GFC). On the other hand, even if the economic soft-landing scenario has been accepted by almost all market participants, an economic recession cannot be completely ruled out for next year. From a risk management perspective, equities that provide income potential, seem to offer the largest margin of safety.

    Market Environment and Performance

    Following a brief growth revival in the spring, forward-looking indicators continued to show signs of weakness in Europe amid a first contraction in services (reading of 47.9 v the previous month’s reading of 50.9) and a continuing downturn in the manufacturing sector (reading of 43.5 v a previous month reading of 42.7). Overall this results in the softest 12-month outlook in 2023 so far. Input prices surprisingly picked up, putting the perspective of rapidly decreasing inflation into question. The annual inflation rate in the Euro area remained steady at 5.3% above the ECB’s goal. Core inflation eased, dropping to 5.3% from 5.5% in the previous month.

    In the U.S. aggregate business activity – while still evolving in expansionary territory – nearly stalled due to a weaker expansion in the services sector (reading of 50.2 v 52.3 in July), and a renewed decline in manufacturing (reading of 47.9 v 49 last month). Total new business marked the first decline since February, while the rate of job creation reached its lowest point since October 2022. Annual inflation rate in the US accelerated to 3.7% in August, higher than the 3.2% July figure. Core consumer prices eased further to 4.3%.

    Equity markets were rattled by expectations of new interest rate hikes on the back of a revival in energy prices. Notwithstanding this, a retracement of the last three months’ rally was anyway expected and even welcomed during the holiday season when liquidity usually sinks. The month could have posted even worse returns should it not have been a last-minute build-up rally in technology names on strong expectations regarding the earnings of this year’s markets’ darling; Nvidia. US markets significantly outperformed on a larger market weighting in technology names while European markets sunk amid renewed worries on China’s economic landscape. The S&P 500 index lost 0.25% based on a late rally in cyclical sectors. In Europe, the EuroStoxx50 and the DAX lost 3.90% and 3.04% respectively, driven particularly by communications and technology stocks.

    August turned out to be another volatile month for credit on the back of higher benchmark yields. Nonetheless, regionally, performance diverged with U.S. IG down 0.68%, while European IG posted a shy 0.15%. The riskier asset class posted slight positive performance on the back of as-yet solid data and so far, a low default rate.

    Fund performance

    In the month of August, the CC Global Balanced Income Fund – largely driven by the somewhat negative sentiment across both equity markets and high yield credit – headed lower, registering a loss of 1.44%.

    Within the fixed income space, the Manager continued to take opportunity of current market dynamics, increasing exposure to corporates while increasing the portfolio’s duration. The manager has over the month took an exposure in Iliad SA and German multinational pharmaceutical and biotechnology company; Bayer AG.

    Market and investment outlook

    Looking ahead, the Manager anticipates that the continued softening of leading economic indicators will likely put an end to discussions about a new round of monetary tightening. Several factors contribute to this outlook, including a relief in the tightness of the U.S. labour market, European manufacturing remaining in contractionary territory, and an overall reduction in consumer savings rates. These indicators collectively suggest a slowdown in global economic growth. From a credit perspective, the strategy of gradually increasing duration paid off in the past month due to higher volatile yields, which had a negative impact on investment-grade bonds. Additionally, the fund’s riskier segment continued to perform well. The Manager maintains the view that given the as-yet sticky inflation duration will be only increased gradually.

    On the equity front, the Manager holds the belief that equity markets will trade within a range for the remainder of the year, with more clarity expected regarding the interest rate path in 2024 and beyond. In conclusion, there will be an increased focus on sectors and companies with strong cash flows and below-average valuation metrics moving forward. Current cash levels are considered adequate for the current market outlook, with a continued focus on value stocks at this stage.

  • 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

    RETURN (SINCE INCEPTION)*

    16.30%

    *View Performance History below
    Inception Date: 30 Aug 2015
    ISIN: MT7000014445
    Bloomberg Ticker: CCGBIFA MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 2.35%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €9.9 mn
    Month end NAV in EUR: 11.63
    Number of Holdings: 72
    Auditors: Deloitte Malta
    Legal Advisor: Ganado Advocates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 21.4

    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 Core S&P 500
    3.5%
    iShares Euro HY Corp
    2.6%
    iShares S&P Health Care
    2.4%
    Apple Inc
    2.1%
    4% Chemours Co 2026
    1.9%
    Taiwan Semiconductor
    1.8%
    iShares MSCI EM Asia Acc
    1.8%
    6.75% CSN Islands XI Corp 2028
    1.8%
    4.75% Banco Santander SA perp
    1.7%
    Lyxor EUR Government 3-5YR
    1.7%

    Top Holdings by Country*

    USA
    40.4%
    Malta
    8.7%
    Luxembourg
    8.1%
    Germany
    7.1%
    Great Britain
    6.0%
    France
    4.8%
    Brazil
    3.5%
    Global
    3.4%
    Spain
    3.1%
    Ireland
    2.0%
    *including exposures to ETFs

    Major Sector Breakdown

    Financials
    23.7%
    Consumer Discretionary
    10.6%
    Asset 7
    Communications
    10.4%
    ETFs
    9.9%
    Consumer Staples
    9.6%
    Funds
    9.3%

    Asset Allocation*

    Cash 2.1%
    Bonds 46.7%
    Equities 51.2%
    *including exposures to ETFs

    Maturity Buckets

    23.5%
    0-5 Years
    13.7%
    5-10 Years
    7.0%
    10 Years+

    Performance History (EUR)*

    YTD

    6.21%

    2022

    -12.47%

    2021

    12.30%

    2020

    2.48%

    2019

    14.78%

    Annualised Since Inception*

    1.90%

    * 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 55.5%
    USD 42.9%
    GBP 1.6%
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