Investment Objectives
The investment objective of the Fund is to endeavour to maximise the total level of return for investors through investment, primarily, in a diversified portfolio of equity securities. In seeking to achieve the Fund’s investment objective, the Investment Manager will invest at least 80% of its assets in stocks.
The Fund will invest a substantial proportion of its assets in other UCITSs funds including ETFs The Fund is actively managed.
Investor Profile
A typical investor in the Global Opportunities Funds is:
- Seeking to achieve capital growth over time.
- Seeking an actively managed & diversified equity portfolio in Global blue-chip companies
Fund Rules
The Investment Manager of the Global Opportunities Fund has the duty to ensure that the underlying investments of the fund is well diversified.
The investment manager has to abide by a number of investment restrictions to safeguard the value of the assets of the fund. Some of the restrictions include:
- The fund may not invest more than 10% of its assets in securities listed by the same body
- The fund may not keep more than 10% of its assets on deposit with any one credit institution. This limit may be increased to 30% in respect of deposits with an Approved Institution
- The fund may not invest more than 20% of its assets in any other funds
- The fund may not carry out uncovered sales (naked short-selling) of securities or other financial instruments
Key Facts & Performance
Fund Manager
Cosmin Alexandru Mizof
Cosmin is a seasoned asset manager with over 15 years' experience in CEE capital markets focusing on equity research, portfolio management, risk management, investment banking & private equity. This was complemented by various executive positions at leading advisory & financial management companies. He is a CFA & CAIA charter holder
PRICE (EUR)
€
ASSET CLASS
Equity
MIN. INITIAL INVESTMENT
€2500
FUND TYPE
UCITS
BASE CURRENCY
EUR
5 year performance*
13.37%
*View Performance History below
Inception Date: 01 Nov 2013
ISIN: MT7000009031
Bloomberg Ticker: CCFEEAE MV
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €9.1 mn
Month end NAV in EUR: 136.94
Number of Holdings: 33
Auditors: Grant Thornton
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
Performance To Date (EUR)
Top 10 Holdings
6.6%
5.7%
5.5%
4.7%
4.1%
3.8%
3.6%
3.4%
3.3%
3.2%
Major Sector Breakdown
Consumer Discretionary
23.8%
Information Technology
21.4%
Financials
20.0%
Communications
10.9%
Industrials
8.8%
Health Care
6.5%
Risk & Reward Profile
Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top Holdings by Country*
65.5%
10.7%
6.3%
5.7%
4.3%
2.0%
0.7%
Asset Allocation
Performance History (EUR)*
1 Year
-0.28%
3 Year
17.19%
5 Year
13.37%
Currency Allocation
Interested in this product?
-
Investment Objectives
The investment objective of the Fund is to endeavour to maximise the total level of return for investors through investment, primarily, in a diversified portfolio of equity securities. In seeking to achieve the Fund’s investment objective, the Investment Manager will invest at least 80% of its assets in stocks.
The Fund will invest a substantial proportion of its assets in other UCITSs funds including ETFs The Fund is actively managed.
-
Investor profile
A typical investor in the Global Opportunities Funds is:
- Seeking to achieve capital growth over time.
- Seeking an actively managed & diversified equity portfolio in Global blue-chip companies
-
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
- The fund may not invest more than 10% of its assets in securities listed by the same body
- The fund may not keep more than 10% of its assets on deposit with any one credit institution. This limit may be increased to 30% in respect of deposits with an Approved Institution
- The fund may not invest more than 20% of its assets in any other funds
- The fund may not carry out uncovered sales (naked short-selling) of securities or other financial instruments
-
Commentary
August 2025
Introduction
August managed maintaining the benevolent momentum in financial markets as resilient earnings, moderating inflation prints, and improved geopolitical stability continued to support investor sentiment. The US new commercial policy marked notable progress as the temporary tariff truce with China was extended into year-end, and trade negotiations with India advanced toward a preliminary deal covering technology and services. On the geopolitical front, the implementation of a durable monitoring mechanism in the Middle East helped maintaining the ceasefire between Israel and Iran, removing a major source of volatility for oil markets. Brent crude traded within a narrow band, alleviating immediate concerns over imported inflation. The prevailing narrative is increasingly one of cautious optimism – policymakers appear to have regained control of both inflation and geopolitical flashpoints, while global trade flows are gradually normalizing. However, increased attacks from the Trump administration over the FED independence including over FOMC members, and against other independent agencies keeps markets on their toes. What feels now like an enduring win for the US administration – easing tariffs tensions, steering fiscal expansion without derailing growth, benefiting from soft commodity prices – could just as easily morph into a fragile outcome if policy missteps are generated by too much self-confidence unchecked by other stakeholders. So far, economists’ forecasts as regards the negative impact on the global economy of the new tariff policies have been contradicted in real life. This has become quite a familiar view in recent years as economists failed to forecast the post Covid inflationary pressures while duly forecasting a recession in 2023 following the fast interest rates hiking cycle. However, that does not mean market participants should completely discount economists’ views. Sometimes they do get it right.
From the monetary front, the FED action was mainly concentrated during its famous Jackson Hole summit where Chairman Powell signalled a possible interest rate cut during the September meeting, noting that risks to the job market were rising but also noting that inflation remained a threat. While many analysists now anticipate that the FED will resume its easing policy, the timing and magnitude of cuts remain uncertain. In Europe, the ECB did not take any specific actions, while its focus on maintaining price stability and managing inflation is currently in check with its 2% target. The main issue remains the global economic uncertainty despite the EU striking a trade agreement with the US, as the growth in the euro zone has remained sluggish even as rated have come down.
August proved a more complicated month for global equity markets, where the first real signs of tariff headwinds began to surface. While headline indices narrowly escaped deeper losses, the undercurrents were less reassuring. Technology and AI-linked names, which until recently carried the rally almost single-handedly, finally lost some steam as investors started questioning whether valuation metrics stretched to 2021-like extremes could still be justified. Year-to-date, the global technology sector was left essentially flat—a rather striking outcome considering the constant buzz around artificial intelligence in 2025. The broader feeling was one of markets caught between two narratives: on one hand, retail enthusiasm, IPO euphoria, and buy-the-dip reflexes kept the risk-on mood alive; on the other, the dawning realization that tariffs, higher bond yields, and fragile consumer sentiment could eventually bite. In short, the party was still going, but the music no longer played with the same unshakable rhythm—leaving investors to wonder whether this was just a pause in the exuberance, or the first cracks in a fragile façade. The next market reflex will most likely be riding the tailwind of fresh interest rate cuts on offer from the FED, under more or less political pressure from the Trump administration. While this positive impact on equity markets will be more swiftly by effectively providing more liquidity, the same reach over the real economy should take considerably longer. In the meantime, it is more likely that the overriding disparity between the stock market and the real economy will only grow larger.
Market Environment and Performance
In the Euro area, business activity continued to expand in August, with the Composite PMI rising to 51.1, up from 50.9 in July and above expectations of 50.7. Growth was driven by a third consecutive expansion in services (50.7 vs. 51) and a notable rebound in manufacturing (50.5 vs. 49.8), marking the first growth in this sector in over three years. Aggregate new orders increased for the first time in 14 months, supporting a sixth consecutive month of job growth, even as new export orders fell. Headline inflation held steady at 2.0%, slightly above expectations. This represents the second consecutive month in which inflation aligned with the ECB’s official target.
The U.S. economy grew at an annualized rate of 3.3% in Q2 2025, rebounding sharply from a 0.5% contraction in Q1, according to second estimates. Forward-looking indicators suggest economic momentum carried into Q3. The S&P Global U.S. Composite PMI rose to 55.4 in August, up from 55.1 in July, marking the fastest pace of growth this year. The services sector maintained solid expansion, while manufacturing rebounded strongly, with the PMI climbing to 53.3 from 49.8 in July, its highest level since May 2022.
In August, global equity markets narrowly avoided their first monthly decline since Liberation Day, as sector rotation helped offset profit-taking in technology stocks. This dynamic created a somewhat unexpected outcome: despite the sustained enthusiasm around the AI investment theme in 2025, global technology sector was effectively flat by month-end. This does not signal a reversal of growth factor outperformance, but rather a pause, as investors reassessed whether current valuation levels remain justified. At the same time, recent AI breakthroughs by domestic technology firms fuelled a sharp rally in Chinese equities, evoking parallels with speculative episodes seen in 2015 and 2021. The S&P 500 index fell 0.51%, with gains in consumer discretionary and value sectors partly offsetting losses in technology and industrials. European markets were more balanced: the EuroStoxx50 advanced 0.60%, while the DAX declined 0.68%, supported by relative strength in staples, healthcare, and energy.
Fund Performance
In the month of August, the Global Opportunities Fund registered a flat performance. The Fund’s allocation has been reviewed and rebalanced, as the Manager aligned it to the overriding market sentiment. New conviction names Fortinet and Robinhood Markets Inc have been added given expectations of tactical gains following a market overshoot on a rather conservative management guideline given in the Q2 earnings release in the first case, and secular trends in millennials investing behaviour in the second case. Consequently, holdings in Salesforce Inc and PayPal Holdings have been liquidated on decreased upside potential and negative market sentiment going forward. Cash levels have remained constant.
Market and Investment Outlook
Going forward, the Manager notes that the economic environment is beginning to exhibit early signs of weakness, which may intensify as the effects of US tariffs gradually permeate global trade and supply chains. Inflationary pressures, in particular, could worsen, but also the US labour market might further depreciate; however, potential support might come from an anticipated easing action from the FED, the size of which remains uncertain at this point. Nevertheless, there are limiting prospects for a constructive economic outlook through year-end. Consequently, it is rather unclear how much this could help consumer sentiment, particularly in the short term, thus diminishing expectations for a positive economic outlook to the end of the year. Against this context, the Manager remains cautious, as current equity market momentum appears misaligned with looming risks, particularly given the persistence of unfavourable seasonality. The portfolio strategy continues to emphasize long-term convictions in high-quality companies benefiting from secular growth drivers that are less dependent on cyclical macroeconomic conditions. Capital will be deployed opportunistically across selected sectors, as necessary including the possibly switches into names which pose attractive entry levels.
-
Key facts & performance
Fund Manager
Cosmin Alexandru Mizof
Cosmin is a seasoned asset manager with over 15 years' experience in CEE capital markets focusing on equity research, portfolio management, risk management, investment banking & private equity. This was complemented by various executive positions at leading advisory & financial management companies. He is a CFA & CAIA charter holder
PRICE (EUR)
€
ASSET CLASS
Equity
MIN. INITIAL INVESTMENT
€2500
FUND TYPE
UCITS
BASE CURRENCY
EUR
5 year performance*
13.37%
*View Performance History below
Inception Date: 01 Nov 2013
ISIN: MT7000009031
Bloomberg Ticker: CCFEEAE MV
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €9.1 mn
Month end NAV in EUR: 136.94
Number of Holdings: 33
Auditors: Grant Thornton
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
Performance To Date (EUR)
Risk & Reward Profile
1234567Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top 10 Holdings
Uber Technologies Inc6.6%
Mercadolibre Inc5.7%
Alphabet Inc5.5%
Amazon.com Inc4.7%
Microsoft Corp4.1%
Airbnb Inc3.8%
Bristol-Myers Squibb Co3.6%
Fortinet Inc3.4%
Mastercard Inc3.3%
Meta Platforms Inc3.2%
Top Holdings by Country*
United States65.5%
Asia10.7%
Germany6.3%
Brazil5.7%
Europe4.3%
Netherlands2.0%
Australia0.7%
*including exposures to ETFs. Does not adopt a look-through approach.Major Sector Breakdown
Consumer Discretionary
23.8%
Information Technology
21.4%
Financials
20.0%
Communications
10.9%
Industrials
8.8%
Health Care
6.5%
Asset Allocation
Cash 4.7%Equities 89.2%ETF 4.3%Fund 1.8%Performance History (EUR)*
1 Year
-0.28%
3 Year
17.19%
5 Year
13.37%
* The fund was originally launched on 31 October 2013 as the Euro Equity Fund and changed its name to the Global Opportunities Fund on 14 May 2020. 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 18.6%USD 80.6%GBP 0.8% -
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Commentary
August 2025
Introduction
August managed maintaining the benevolent momentum in financial markets as resilient earnings, moderating inflation prints, and improved geopolitical stability continued to support investor sentiment. The US new commercial policy marked notable progress as the temporary tariff truce with China was extended into year-end, and trade negotiations with India advanced toward a preliminary deal covering technology and services. On the geopolitical front, the implementation of a durable monitoring mechanism in the Middle East helped maintaining the ceasefire between Israel and Iran, removing a major source of volatility for oil markets. Brent crude traded within a narrow band, alleviating immediate concerns over imported inflation. The prevailing narrative is increasingly one of cautious optimism – policymakers appear to have regained control of both inflation and geopolitical flashpoints, while global trade flows are gradually normalizing. However, increased attacks from the Trump administration over the FED independence including over FOMC members, and against other independent agencies keeps markets on their toes. What feels now like an enduring win for the US administration – easing tariffs tensions, steering fiscal expansion without derailing growth, benefiting from soft commodity prices – could just as easily morph into a fragile outcome if policy missteps are generated by too much self-confidence unchecked by other stakeholders. So far, economists’ forecasts as regards the negative impact on the global economy of the new tariff policies have been contradicted in real life. This has become quite a familiar view in recent years as economists failed to forecast the post Covid inflationary pressures while duly forecasting a recession in 2023 following the fast interest rates hiking cycle. However, that does not mean market participants should completely discount economists’ views. Sometimes they do get it right.
From the monetary front, the FED action was mainly concentrated during its famous Jackson Hole summit where Chairman Powell signalled a possible interest rate cut during the September meeting, noting that risks to the job market were rising but also noting that inflation remained a threat. While many analysists now anticipate that the FED will resume its easing policy, the timing and magnitude of cuts remain uncertain. In Europe, the ECB did not take any specific actions, while its focus on maintaining price stability and managing inflation is currently in check with its 2% target. The main issue remains the global economic uncertainty despite the EU striking a trade agreement with the US, as the growth in the euro zone has remained sluggish even as rated have come down.
August proved a more complicated month for global equity markets, where the first real signs of tariff headwinds began to surface. While headline indices narrowly escaped deeper losses, the undercurrents were less reassuring. Technology and AI-linked names, which until recently carried the rally almost single-handedly, finally lost some steam as investors started questioning whether valuation metrics stretched to 2021-like extremes could still be justified. Year-to-date, the global technology sector was left essentially flat—a rather striking outcome considering the constant buzz around artificial intelligence in 2025. The broader feeling was one of markets caught between two narratives: on one hand, retail enthusiasm, IPO euphoria, and buy-the-dip reflexes kept the risk-on mood alive; on the other, the dawning realization that tariffs, higher bond yields, and fragile consumer sentiment could eventually bite. In short, the party was still going, but the music no longer played with the same unshakable rhythm—leaving investors to wonder whether this was just a pause in the exuberance, or the first cracks in a fragile façade. The next market reflex will most likely be riding the tailwind of fresh interest rate cuts on offer from the FED, under more or less political pressure from the Trump administration. While this positive impact on equity markets will be more swiftly by effectively providing more liquidity, the same reach over the real economy should take considerably longer. In the meantime, it is more likely that the overriding disparity between the stock market and the real economy will only grow larger.
Market Environment and Performance
In the Euro area, business activity continued to expand in August, with the Composite PMI rising to 51.1, up from 50.9 in July and above expectations of 50.7. Growth was driven by a third consecutive expansion in services (50.7 vs. 51) and a notable rebound in manufacturing (50.5 vs. 49.8), marking the first growth in this sector in over three years. Aggregate new orders increased for the first time in 14 months, supporting a sixth consecutive month of job growth, even as new export orders fell. Headline inflation held steady at 2.0%, slightly above expectations. This represents the second consecutive month in which inflation aligned with the ECB’s official target.
The U.S. economy grew at an annualized rate of 3.3% in Q2 2025, rebounding sharply from a 0.5% contraction in Q1, according to second estimates. Forward-looking indicators suggest economic momentum carried into Q3. The S&P Global U.S. Composite PMI rose to 55.4 in August, up from 55.1 in July, marking the fastest pace of growth this year. The services sector maintained solid expansion, while manufacturing rebounded strongly, with the PMI climbing to 53.3 from 49.8 in July, its highest level since May 2022.
In August, global equity markets narrowly avoided their first monthly decline since Liberation Day, as sector rotation helped offset profit-taking in technology stocks. This dynamic created a somewhat unexpected outcome: despite the sustained enthusiasm around the AI investment theme in 2025, global technology sector was effectively flat by month-end. This does not signal a reversal of growth factor outperformance, but rather a pause, as investors reassessed whether current valuation levels remain justified. At the same time, recent AI breakthroughs by domestic technology firms fuelled a sharp rally in Chinese equities, evoking parallels with speculative episodes seen in 2015 and 2021. The S&P 500 index fell 0.51%, with gains in consumer discretionary and value sectors partly offsetting losses in technology and industrials. European markets were more balanced: the EuroStoxx50 advanced 0.60%, while the DAX declined 0.68%, supported by relative strength in staples, healthcare, and energy.
Fund Performance
In the month of August, the Global Opportunities Fund registered a flat performance. The Fund’s allocation has been reviewed and rebalanced, as the Manager aligned it to the overriding market sentiment. New conviction names Fortinet and Robinhood Markets Inc have been added given expectations of tactical gains following a market overshoot on a rather conservative management guideline given in the Q2 earnings release in the first case, and secular trends in millennials investing behaviour in the second case. Consequently, holdings in Salesforce Inc and PayPal Holdings have been liquidated on decreased upside potential and negative market sentiment going forward. Cash levels have remained constant.
Market and Investment Outlook
Going forward, the Manager notes that the economic environment is beginning to exhibit early signs of weakness, which may intensify as the effects of US tariffs gradually permeate global trade and supply chains. Inflationary pressures, in particular, could worsen, but also the US labour market might further depreciate; however, potential support might come from an anticipated easing action from the FED, the size of which remains uncertain at this point. Nevertheless, there are limiting prospects for a constructive economic outlook through year-end. Consequently, it is rather unclear how much this could help consumer sentiment, particularly in the short term, thus diminishing expectations for a positive economic outlook to the end of the year. Against this context, the Manager remains cautious, as current equity market momentum appears misaligned with looming risks, particularly given the persistence of unfavourable seasonality. The portfolio strategy continues to emphasize long-term convictions in high-quality companies benefiting from secular growth drivers that are less dependent on cyclical macroeconomic conditions. Capital will be deployed opportunistically across selected sectors, as necessary including the possibly switches into names which pose attractive entry levels.