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

February 2021

Eurozone equities gained in February, supported by a strong advance for lowly-valued parts of the market such as banks. The energy sector also posted robust gains. Defensive sectors such as utilities and real estate were among the laggards. Eurozone annual inflation was confirmed at 0.9% for January and GDP was down by 0.6% in Q4 2020. The Italian parliament approved the formation of a new government to be led by former European Central Bank chairman Mario Draghi.

US equities survived a bout of turbulence to post gains in February. Fears that a rapid economic recovery would hasten policy tightening rattled bond markets before rippling into  equities, especially tech. As the fears receded, markets recovered. Sectors that are most sensitive to the economic cycle – such as energy, financials, and industrials – performed strongly. More traditionally defensive sectors, such as utilities and consumer staples, lagged.

Emerging market (EM) equities recorded small gains. Early progress was driven by vaccine optimism and expectations for US fiscal stimulus, but were partly offset by concerns over stronger growth and higher inflation. A stronger dollar was also a headwind for EM. Argentina was the best-performing market in the EM index. Chile and Peru, aided by commodity price strength, and Greece, where hopes for a recovery in tourism picked up, all outperformed. Brazil was the weakest index market, negatively impacted by policy concerns. China also finished in negative territory and underperformed the index, with weakness from internet and IT stocks dragging on performance.

In commodities, the S&P GSCI posted a robust return as the continued roll-out of Covid-19 vaccinations supported the outlook for a strong recovery in global growth. Energy was the best-performing index component as crude oil prices continued to pick up. The industrial metals component performed well, led by strong gains for copper, often viewed as bellwether for the global economy, and aluminium. The agriculture component achieved a modest gain in the month, boosted by higher coffee, sugar and cotton prices. The livestock component posted a moderate return, with a strong gain for live hogs. By contrast, the precious metals component registered a negative return in the month, with both gold and silver weaker.

Within the HY asset space, U.S. high yield under performed better than its European counterparts, returning 0.348 per cent. The asset class continued to benefit from the stimulus package and fed commitment to maintain rates low for the foreseeable future.

After a strong run in risky assets followed by the recent pause for breath, staying cautiously optimistic seems sensible during this still challenging period of the pandemic. Nevertheless, more cyclical sectorial moves are imperative in return generation in the coming months. To this end, the Manager will continue to add exposures in sectors which should add alpha to the portfolio.

After a strong run in risky assets followed by the recent pause for breath, staying cautiously optimistic seems sensible during this still challenging period of the pandemic. Nevertheless, more cyclical sectorial moves are imperative in return generation in the coming months. To this end, the Manager will continue to add exposures in sectors which should add alpha to the portfolio.

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)*

15.60%

*View Performance History below
Inception Date: 30 Aug 2015
ISIN: MT7000014445
Bloomberg Ticker: CCGBIFA MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.13%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €6.4 mn
Month end NAV in EUR: 11.56
Number of Holdings: 42
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

ASML Holding NV
4.7%
BMIT Technologies plc
4.5%
iShares Core S&P 500
4.0%
6% Raiffeisen Bank perp
3.5%
6.75% Garfunkelux 2025
3.3%
4.75% Banco Santander perp
3.2%
4% Chemours 2026
3.2%
6.5% CMA CGM SA 2022
3.2%
4.125% Adler Pelzer 2024
3.0%
Alibaba Group Holding
3.0%

Major Sector Breakdown

Financials
18.4%
ETFs
14.6%
Information Technology
14.3%
Industrials
8.2%
Materials
8.2%
Funds
6.5%

Maturity Buckets

16.7%
0-5 Years
14.8%
5-10 Years
7.7%
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
20.2%
Malta
13.0%
United States
12.1%
France
8.0%
Luxembourg
7.4%
Netherlands
6.2%
China
5.7%
Brazil
5.6%
Austria
3.5%
Spain
3.2%
*including exposures to ETFs

Asset Allocation*

Cash 9.2%
Bonds 40.8%
Equities 50.0%
*including exposures to ETFs

Performance History (EUR)*

YTD

3.77%

2020

2.48%

2019

14.78%

1-month

2.12%

3-month

5.47%

Annualised Since Inception*

2.68%

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

Currency Allocation

Euro 72.2%
USD 25.9%
GBP 1.9%
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

    February 2021

    Eurozone equities gained in February, supported by a strong advance for lowly-valued parts of the market such as banks. The energy sector also posted robust gains. Defensive sectors such as utilities and real estate were among the laggards. Eurozone annual inflation was confirmed at 0.9% for January and GDP was down by 0.6% in Q4 2020. The Italian parliament approved the formation of a new government to be led by former European Central Bank chairman Mario Draghi.

    US equities survived a bout of turbulence to post gains in February. Fears that a rapid economic recovery would hasten policy tightening rattled bond markets before rippling into  equities, especially tech. As the fears receded, markets recovered. Sectors that are most sensitive to the economic cycle – such as energy, financials, and industrials – performed strongly. More traditionally defensive sectors, such as utilities and consumer staples, lagged.

    Emerging market (EM) equities recorded small gains. Early progress was driven by vaccine optimism and expectations for US fiscal stimulus, but were partly offset by concerns over stronger growth and higher inflation. A stronger dollar was also a headwind for EM. Argentina was the best-performing market in the EM index. Chile and Peru, aided by commodity price strength, and Greece, where hopes for a recovery in tourism picked up, all outperformed. Brazil was the weakest index market, negatively impacted by policy concerns. China also finished in negative territory and underperformed the index, with weakness from internet and IT stocks dragging on performance.

    In commodities, the S&P GSCI posted a robust return as the continued roll-out of Covid-19 vaccinations supported the outlook for a strong recovery in global growth. Energy was the best-performing index component as crude oil prices continued to pick up. The industrial metals component performed well, led by strong gains for copper, often viewed as bellwether for the global economy, and aluminium. The agriculture component achieved a modest gain in the month, boosted by higher coffee, sugar and cotton prices. The livestock component posted a moderate return, with a strong gain for live hogs. By contrast, the precious metals component registered a negative return in the month, with both gold and silver weaker.

    Within the HY asset space, U.S. high yield under performed better than its European counterparts, returning 0.348 per cent. The asset class continued to benefit from the stimulus package and fed commitment to maintain rates low for the foreseeable future.

    After a strong run in risky assets followed by the recent pause for breath, staying cautiously optimistic seems sensible during this still challenging period of the pandemic. Nevertheless, more cyclical sectorial moves are imperative in return generation in the coming months. To this end, the Manager will continue to add exposures in sectors which should add alpha to the portfolio.

    After a strong run in risky assets followed by the recent pause for breath, staying cautiously optimistic seems sensible during this still challenging period of the pandemic. Nevertheless, more cyclical sectorial moves are imperative in return generation in the coming months. To this end, the Manager will continue to add exposures in sectors which should add alpha to the portfolio.

  • 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)*

    15.60%

    *View Performance History below
    Inception Date: 30 Aug 2015
    ISIN: MT7000014445
    Bloomberg Ticker: CCGBIFA MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 2.13%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €6.4 mn
    Month end NAV in EUR: 11.56
    Number of Holdings: 42
    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

    ASML Holding NV
    4.7%
    BMIT Technologies plc
    4.5%
    iShares Core S&P 500
    4.0%
    6% Raiffeisen Bank perp
    3.5%
    6.75% Garfunkelux 2025
    3.3%
    4.75% Banco Santander perp
    3.2%
    4% Chemours 2026
    3.2%
    6.5% CMA CGM SA 2022
    3.2%
    4.125% Adler Pelzer 2024
    3.0%
    Alibaba Group Holding
    3.0%

    Top Holdings by Country*

    Germany
    20.2%
    Malta
    13.0%
    United States
    12.1%
    France
    8.0%
    Luxembourg
    7.4%
    Netherlands
    6.2%
    China
    5.7%
    Brazil
    5.6%
    Austria
    3.5%
    Spain
    3.2%
    *including exposures to ETFs

    Major Sector Breakdown

    Financials
    18.4%
    ETFs
    14.6%
    Information Technology
    14.3%
    Industrials
    8.2%
    Materials
    8.2%
    Funds
    6.5%

    Asset Allocation*

    Cash 9.2%
    Bonds 40.8%
    Equities 50.0%
    *including exposures to ETFs

    Maturity Buckets

    16.7%
    0-5 Years
    14.8%
    5-10 Years
    7.7%
    10 Years+

    Performance History (EUR)*

    YTD

    3.77%

    2020

    2.48%

    2019

    14.78%

    1-month

    2.12%

    3-month

    5.47%

    Annualised Since Inception*

    2.68%

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

    Credit Ratings*

    *excluding exposures to ETFs

    Currency Allocation

    Euro 72.2%
    USD 25.9%
    GBP 1.9%
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