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

May 2020

The rebound in equity markets extended into May. The impact of the COVID-19 pandemic continued to dominate markets, with an increasing focus on how countries would begin to relax their lockdown measures and how this would affect the economy. Volatility declined and the more moderate market moves compared to April suggest that investors are being watchful of how the situation develops.

Many countries began some level of reopening. The S&P 500 climbed to end the month 4.8% higher and is now just 10% below the February peak. The infection rate across the major European economies has fallen significantly, though the infection rate in the UK still remains high relative to its European peers. Many states in the US began some level of reopening, though the daily infection rate has only fallen to around 65% of the peak infection rate from mid-April.

Credit markets have seen healthier liquidity in secondary markets, as continued central bank support measures played their part coupled with stronger participation from market participants. The primary market increased pace throughout the month of May following a standstill month in March. The liquidity injected by Central Banks is trickling into riskier assets as risk abates. Furthermore, bond issuance should slow down going forward. This is a quite positive technical background for the credit markets. Fund flows remained strong throughout the month of May, particularly in the investment grade space, following sharp outflows throughout the month of March.

Investors appeared to become somewhat more optimistic about the outlook after initial signs of success in human trials of a vaccine against COVID-19. Growth stocks outperformed value stocks while global government bond markets were broadly flat. European and Japanese stock markets, typically cyclical markets, also ended the month higher. Despite the first steps being taken to exit lockdown and some positive news on a potential vaccine, it’s still too early to say with confidence how the public health outlook will evolve.

Despite May’s market rebound, considerable uncertainty remains over the trajectory of global growth over the coming quarters. A lot will depend on the extent to which economies can successfully reopen. For this reason, the investment managers remain prudent and expect further volatility. However, they acknowledge that the unprecedented policy response – particularly the willingness of central banks to intervene in credit markets – has shifted the balance of risks.

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

Mixed

MIN. INITIAL INVESTMENT

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

-3.00%

*View Performance History below
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: €5.9 m
Month end NAV in EUR: 9.70
Number of Holdings: 44
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 37.3

Performance To Date (EUR)

Top 10 Holdings

ASML NV
5.1%
BMIT Technologies plc
4.8%
Lyxor Eurostoxx 600 Tech
3.9%
Lyxor Eurostoxx 600 Health
3.9%
iShares Core S&P 500
3.7%
SAP SE
3.3%
5% Nidda BondCo 2025
3.3%
5.299% Petrobras 2025
3.2%
iShares Euro High Yield Corp
3.2%
7.5% Garfunkelux HoldCo 2022
3.0%

Major Sector Breakdown

ETFs
21.1%
Financials
15.5%
Information Technology
13.2%
Consumer Discretionary
6.5%
Industrials
5.8%
Asset 7
Communications
5.4%

Maturity Buckets

14.5%
0-5 Years
17.5%
5-10 Years
3.9%
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
22.0%
Malta
14.1%
France
9.0%
Luxembourg
8.4%
United States
8.2%
Netherlands
6.3%
China
5.4%
Brazil
5.3%
Spain
2.9%
*including exposures to ETFs

Asset Allocation*

Cash 14.1%
Bonds 41.4%
Equities 44.6%
*including exposures to ETFs

Performance History (EUR)*

YTD

-10.76%

2019

14.78%

2018

-15.14%

1-month

2.43%

3-month

-9.68%

Inception*

-8.92%

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

Currency Allocation

Euro 75.5%
USD 24.4%
GBP 0.1%
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

    May 2020

    The rebound in equity markets extended into May. The impact of the COVID-19 pandemic continued to dominate markets, with an increasing focus on how countries would begin to relax their lockdown measures and how this would affect the economy. Volatility declined and the more moderate market moves compared to April suggest that investors are being watchful of how the situation develops.

    Many countries began some level of reopening. The S&P 500 climbed to end the month 4.8% higher and is now just 10% below the February peak. The infection rate across the major European economies has fallen significantly, though the infection rate in the UK still remains high relative to its European peers. Many states in the US began some level of reopening, though the daily infection rate has only fallen to around 65% of the peak infection rate from mid-April.

    Credit markets have seen healthier liquidity in secondary markets, as continued central bank support measures played their part coupled with stronger participation from market participants. The primary market increased pace throughout the month of May following a standstill month in March. The liquidity injected by Central Banks is trickling into riskier assets as risk abates. Furthermore, bond issuance should slow down going forward. This is a quite positive technical background for the credit markets. Fund flows remained strong throughout the month of May, particularly in the investment grade space, following sharp outflows throughout the month of March.

    Investors appeared to become somewhat more optimistic about the outlook after initial signs of success in human trials of a vaccine against COVID-19. Growth stocks outperformed value stocks while global government bond markets were broadly flat. European and Japanese stock markets, typically cyclical markets, also ended the month higher. Despite the first steps being taken to exit lockdown and some positive news on a potential vaccine, it’s still too early to say with confidence how the public health outlook will evolve.

    Despite May’s market rebound, considerable uncertainty remains over the trajectory of global growth over the coming quarters. A lot will depend on the extent to which economies can successfully reopen. For this reason, the investment managers remain prudent and expect further volatility. However, they acknowledge that the unprecedented policy response – particularly the willingness of central banks to intervene in credit markets – has shifted the balance of risks.

  • 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

    Mixed

    MIN. INITIAL INVESTMENT

    €2500

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    -3.00%

    *View Performance History below
    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: €5.9 m
    Month end NAV in EUR: 9.70
    Number of Holdings: 44
    Auditors: Deloitte Malta
    Legal Advisor: Ganado Advocates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 37.3

    Performance To Date (EUR)

    Risk & Reward Profile

    1
    2
    3
    4
    5
    6
    7
    Lower Risk

    Potentialy Lower Reward

    Higher Risk

    Potentialy Higher Reward

    Top 10 Holdings

    ASML NV
    5.1%
    BMIT Technologies plc
    4.8%
    Lyxor Eurostoxx 600 Tech
    3.9%
    Lyxor Eurostoxx 600 Health
    3.9%
    iShares Core S&P 500
    3.7%
    SAP SE
    3.3%
    5% Nidda BondCo 2025
    3.3%
    5.299% Petrobras 2025
    3.2%
    iShares Euro High Yield Corp
    3.2%
    7.5% Garfunkelux HoldCo 2022
    3.0%

    Top Holdings by Country*

    Germany
    22.0%
    Malta
    14.1%
    France
    9.0%
    Luxembourg
    8.4%
    United States
    8.2%
    Netherlands
    6.3%
    China
    5.4%
    Brazil
    5.3%
    Spain
    2.9%
    *including exposures to ETFs

    Major Sector Breakdown

    ETFs
    21.1%
    Financials
    15.5%
    Information Technology
    13.2%
    Consumer Discretionary
    6.5%
    Industrials
    5.8%
    Asset 7
    Communications
    5.4%

    Asset Allocation*

    Cash 14.1%
    Bonds 41.4%
    Equities 44.6%
    *including exposures to ETFs

    Maturity Buckets

    14.5%
    0-5 Years
    17.5%
    5-10 Years
    3.9%
    10 Years+

    Performance History (EUR)*

    YTD

    -10.76%

    2019

    14.78%

    2018

    -15.14%

    1-month

    2.43%

    3-month

    -9.68%

    Inception*

    -8.92%

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

    Credit Ratings*

    *excluding exposures to ETFs

    Currency Allocation

    Euro 75.5%
    USD 24.4%
    GBP 0.1%
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