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 asset 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.

 

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

November 2020

November will likely be marked as a turning point in the markets for 2020. The announcement of three vaccines that are effective against the virus drove a risk-on mood in markets and added fuel to the post-US election rally, eclipsing worries about the near-term economic outlook. Equity markets cheered the light at the end of the tunnel, with this year’s biggest losers gaining the most in November: MSCI Europe ex-UK and FTSE All-Share indices returned 14.2% and 12.7%, respectively. The year-to-date star performers, Asia ex-Japan and the US, still made impressive monthly gains of 8.0% and 11.0%. Global value stocks returned 15.1%, outperforming growth, which returned 10.9%.

An end to the Covid-19 crisis is now in sight, but the path to recovery may still be bumpy over the coming quarters as governments grapple to control the virus, particularly as seasonal factors make this more difficult through the winter. In Europe, significant restrictions to curb the spread of the virus look to have been effective, with new infections now falling sharply from their latest peak. In the US, the situation has continued to escalate, with new cases continuing to rise and deaths following. High-frequency activity data shows the stark effect that the restrictions in Europe have had in slowing the economy. The question now is whether Europe is once again a bellwether for the US, and whether new restrictions and therefore a decline in services activity will be needed to contain the virus there.

That said, markets are likely to digest near-term economic developments in the context of better times on the horizon, just as they did this month.

 

Within the HY asset space, US high yield performed in line with its European counterparts, closing off a strong month at 4.10 percent. The asset class benefitted from the Biden victory, vaccine news and subsequent risk-on mode for assets, particularly in the energy sector, which saw a steep recovery on the back of a marked increase in the price of oil.

With vaccine news signalling that there is light at the end of the tunnel, uncertainty around the length of the Covid-19 crisis is beginning to fade, which in turn is brightening the outlook for risk assets – despite the difficult winter ahead for the economy.

Within equities, the outperformance this month of this year’s losers makes sense, with a return to normality now on the horizon. As the economic recovery plays out, earnings expectations should continue to recover providing continued support for equities.

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)

N/A

ASSET CLASS

Mixed

MIN. INITIAL INVESTMENT

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

N/A

Inception Date: 30 Aug 2015
ISIN: MT7000014445
Bloomberg Ticker: CCGBIFA MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 1.88%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €6.3 mn
Month end NAV in EUR: 11.02
Number of Holdings: 51
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 35.5

Performance To Date (EUR)

Top 10 Holdings

BMIT Technologies plc
4.5%
Lyx Stoxx 600 Indust Goods
4.1%
iShares Core S&P 500
3.8%
ASML Holding NV
3.6%
6% Raiffeisen Bank 2168
3.4%
6.5% CMA CGM 2022
3.3%
7.5% Garfunkelux 2022
3.3%
Alibaba Group
3.2%
4% Chemours 2026
3.2%
4.75% Banco Santander
3.2%

Major Sector Breakdown

Financials
20.0%
ETFs
14.4%
Information Technology
12.9%
Funds
10.5%
Industrials
8.2%
Materials
7.7%

Maturity Buckets

16.4%
0-5 Years
14.8%
5-10 Years
7.6%
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*

Germany
22.9%
Luxembourg
9.7%
France
8.0%
Brazil
5.9%
Global
5.9%
Netherlands
5.1%
United States
3.9%
Spain
3.4%
China
3.2%
*including exposures to ETFs

Asset Allocation*

Cash 4.4%
Bonds 43.0%
Equities 52.6%
*including exposures to ETFs

Performance History (EUR)*

YTD

1.38%

2019

14.78%

2018

-15.14%

1-month

1.01%

3-month

1.57%

Annualised Since Inception*

1.85%

*The Global Balanced Income Fund was launched on 30 August 2015.

Currency Allocation

Euro 73.1%
USD 25.1%
GBP 1.7%
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 asset 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.

     

  • 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

    November 2020

    November will likely be marked as a turning point in the markets for 2020. The announcement of three vaccines that are effective against the virus drove a risk-on mood in markets and added fuel to the post-US election rally, eclipsing worries about the near-term economic outlook. Equity markets cheered the light at the end of the tunnel, with this year’s biggest losers gaining the most in November: MSCI Europe ex-UK and FTSE All-Share indices returned 14.2% and 12.7%, respectively. The year-to-date star performers, Asia ex-Japan and the US, still made impressive monthly gains of 8.0% and 11.0%. Global value stocks returned 15.1%, outperforming growth, which returned 10.9%.

    An end to the Covid-19 crisis is now in sight, but the path to recovery may still be bumpy over the coming quarters as governments grapple to control the virus, particularly as seasonal factors make this more difficult through the winter. In Europe, significant restrictions to curb the spread of the virus look to have been effective, with new infections now falling sharply from their latest peak. In the US, the situation has continued to escalate, with new cases continuing to rise and deaths following. High-frequency activity data shows the stark effect that the restrictions in Europe have had in slowing the economy. The question now is whether Europe is once again a bellwether for the US, and whether new restrictions and therefore a decline in services activity will be needed to contain the virus there.

    That said, markets are likely to digest near-term economic developments in the context of better times on the horizon, just as they did this month.

     

    Within the HY asset space, US high yield performed in line with its European counterparts, closing off a strong month at 4.10 percent. The asset class benefitted from the Biden victory, vaccine news and subsequent risk-on mode for assets, particularly in the energy sector, which saw a steep recovery on the back of a marked increase in the price of oil.

    With vaccine news signalling that there is light at the end of the tunnel, uncertainty around the length of the Covid-19 crisis is beginning to fade, which in turn is brightening the outlook for risk assets – despite the difficult winter ahead for the economy.

    Within equities, the outperformance this month of this year’s losers makes sense, with a return to normality now on the horizon. As the economic recovery plays out, earnings expectations should continue to recover providing continued support for equities.

  • 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)

    N/A

    ASSET CLASS

    Mixed

    MIN. INITIAL INVESTMENT

    €2500

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    N/A

    Inception Date: 30 Aug 2015
    ISIN: MT7000014445
    Bloomberg Ticker: CCGBIFA MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 1.88%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €6.3 mn
    Month end NAV in EUR: 11.02
    Number of Holdings: 51
    Auditors: Deloitte Malta
    Legal Advisor: Ganado Advocates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 35.5

    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

    BMIT Technologies plc
    4.5%
    Lyx Stoxx 600 Indust Goods
    4.1%
    iShares Core S&P 500
    3.8%
    ASML Holding NV
    3.6%
    6% Raiffeisen Bank 2168
    3.4%
    6.5% CMA CGM 2022
    3.3%
    7.5% Garfunkelux 2022
    3.3%
    Alibaba Group
    3.2%
    4% Chemours 2026
    3.2%
    4.75% Banco Santander
    3.2%

    Top Holdings by Country*

    Germany
    22.9%
    Luxembourg
    9.7%
    France
    8.0%
    Brazil
    5.9%
    Global
    5.9%
    Netherlands
    5.1%
    United States
    3.9%
    Spain
    3.4%
    China
    3.2%
    *including exposures to ETFs

    Major Sector Breakdown

    Financials
    20.0%
    ETFs
    14.4%
    Information Technology
    12.9%
    Funds
    10.5%
    Industrials
    8.2%
    Materials
    7.7%

    Asset Allocation*

    Cash 4.4%
    Bonds 43.0%
    Equities 52.6%
    *including exposures to ETFs

    Maturity Buckets

    16.4%
    0-5 Years
    14.8%
    5-10 Years
    7.6%
    10 Years+

    Performance History (EUR)*

    YTD

    1.38%

    2019

    14.78%

    2018

    -15.14%

    1-month

    1.01%

    3-month

    1.57%

    Annualised Since Inception*

    1.85%

    *The Global Balanced Income Fund was launched on 30 August 2015.

    Credit Ratings*

    *excluding exposures to ETFs

    Currency Allocation

    Euro 73.1%
    USD 25.1%
    GBP 1.7%
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