Investment Objectives

Diversifying into alternative asset classes is becoming increasingly important. With interest rates at all-time lows and investors seeking returns, equities are looking more attractive.  The CC Global Opportunities Fund aims to achieve a higher level of return for investors by investing, mainly, in a diversified portfolio of blue-chip equities (such as stocks and shares).
 
The CC Global Opportunities fund invests in Blue Chip companies trading on major world markets. Blue Chip companies are known to weather downturns and operate profitably in the face of adverse economic conditions, which helps to contribute to their long record of stable and reliable growth.

Investor Profile

A typical investor in the CC 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 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

Commentary

June 2021

The phrase “a lot may happen in a year” seems fitting for both financial markets and economic data. Financial markets, then recovering from significant declines, have improved. Equity markets headed to all-time highs while credit markets, previously witnessing credit spreads reaching significant highs of over 1000bps, recouped. Economic data, dampened as coronavirus-inflicted restrictions weighed, improved.

Economic data, in line with expectations maintained its recent pace, proving strong. The vaccination rollout in many developed countries, being well underway, allowing for the unlocking of economies and a gradual return to normality, combined with sizeable fiscal support is facilitating a big bounce in economic activity. A scenario everyone has longed for. The pick-up in economic activity has however, been partly overshadowed by a sharp pickup in inflation and a rising concern that this could lead to central banks withdrawing some of their stimulatory policies.

Commodities continued to show persistent strength across the asset class, with natural gas and molybdenum being among the top-performing assets.  Crude oil, conditioned by the OPEC+ decisions in regards to the level of output, also witnessed notable gains for the month. 

In June, US equities gained 2.22% on expectation of stronger economic growth. Meanwhile in Europe, the EuroStoxx 50 and the DAX rose 0.61% and 0.71%, respectively, as vaccination campaigns continued to accelerate. The coronavirus vaccination programmes in Europe have seemingly gained track, and is now catching up with the US and the UK, the latter being among the first to initiate its vaccination programme.

In the month of June, the CC Global Opportunities Fund increased by 2.34%. Throughout the month the Manager continued to seek pockets of value by looking into attractive equity stories. Indeed, the Manager increased its position to the value trade, namely in selective discretionary sectors, while the growth allocation was also increased reflecting selective attractive names.

The economic outlook for the second half of the year looks bright, particularly for those countries which are far along in their vaccine rollouts. As more countries step-up efforts to vaccinate their populations, the economic recovery should broaden out. The question isn’t whether or not growth will be strong, but more how strong it will be. The concern for markets has been in understanding how central banks will react to potential further upside surprises on economic growth, particularly inflation.  The sustained or rather transitory proposition continues to condition investors’ sensitive.

The Investment Manager believes that equities should do well in an environment of modestly rising inflation, as rising sales tend to offset higher input prices, which can be passed onto customers when demand is strong. Looking for areas within equity markets that stand to benefit both from the cyclical rebound is imperative. Value sectors usually fit the bill in that respect. Overall, equities have had a strong start to the year, and while we wouldn’t be surprised to see a few wobbles along the way conditioned by the delta variant, we believe the outlook remains relatively positive. However, we remain very mindful that certain value trades will take longer to materialise as cases increase. To this end, close monitoring and possible tweaks in allocation are imperative, depending on market conditions.

A Quick Introduction to Our Euro Equity Fund.

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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

Equity

MIN. INITIAL INVESTMENT

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

38.36%

*View Performance History below
Inception Date: 01 Nov 2013
ISIN: MT7000009031
Bloomberg Ticker: CCFEEAE MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 3.01%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €8.2 mn
Month end NAV in EUR: 138.36
Number of Holdings: 34
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 43.25

Performance To Date (EUR)

Top 10 Holdings

iShares S&P 500 Financials
5.2%
BGF SUSTAIN ENRGY - D2 EUR
4.0%
Trowe Price US Blue CH-Q EUR
3.9%
Comgest Growth Euro Opp-EURZ
3.7%
MSIF Europe Opp-Z EUR
3.5%
Lyxor Stoxx600 Industrial Good&Serv
3.3%
Schroder International Great China
3.2%
Schroder International Climate Change
3.0%
Lyxor Stoxx Europe600 Banks
2.2%
iShares MSCI EM Asia Acc
2.2%

Major Sector Breakdown

Consumer Discretionary
20.8%
Information Technology
17.2%
Energy
10.7%
Financials
9.7%
Industrials
8.7%
ETFs
8.6%
Data for maturity buckets is not available for this fund.
Data for credit ratings is not available for this fund.

Risk & Reward Profile

1
2
3
4
5
6
7
Lower Risk

Potentialy Lower Reward

Higher Risk

Potentialy Higher Reward

Top Holdings by Country*

United States
44.4%
Europe
14.3%
France
14.1%
Germany
11.1%
China
7.4%
Netherlands
3.5%
United Kingdom
1.2%
*including exposures to ETFs

Asset Allocation

Cash 3.9%
Equities 46.4%
ETF 21.9%
Fund 27.8%

Performance History (EUR)*

YTD

13.01%

1-month

2.34%

3-month

5.18%

6-month

13.01%

12-month

18.48%

Ananualised Since Inception*

4.32%

*The Global Opportunities Fund (previously known as the Euro Equity Fund) was launched on 31 October 2013.

Currency Allocation

Euro 46.0%
USD 51.4%
GBP 2.6%
Data for risk statistics is not available for this fund.

Interested in this product?

  • Investment Objectives

    Diversifying into alternative asset classes is becoming increasingly important. With interest rates at all-time lows and investors seeking returns, equities are looking more attractive.  The CC Global Opportunities Fund aims to achieve a higher level of return for investors by investing, mainly, in a diversified portfolio of blue-chip equities (such as stocks and shares).
     
    The CC Global Opportunities fund invests in Blue Chip companies trading on major world markets. Blue Chip companies are known to weather downturns and operate profitably in the face of adverse economic conditions, which helps to contribute to their long record of stable and reliable growth.
  • Investor profile

    A typical investor in the CC Global Opportunities Funds is:

    • Seeking to achieve capital growth over time.
    • Seeking an actively managed & diversified equity portfolio in Global blue-chip companies
    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

    • 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

    June 2021

    The phrase “a lot may happen in a year” seems fitting for both financial markets and economic data. Financial markets, then recovering from significant declines, have improved. Equity markets headed to all-time highs while credit markets, previously witnessing credit spreads reaching significant highs of over 1000bps, recouped. Economic data, dampened as coronavirus-inflicted restrictions weighed, improved.

    Economic data, in line with expectations maintained its recent pace, proving strong. The vaccination rollout in many developed countries, being well underway, allowing for the unlocking of economies and a gradual return to normality, combined with sizeable fiscal support is facilitating a big bounce in economic activity. A scenario everyone has longed for. The pick-up in economic activity has however, been partly overshadowed by a sharp pickup in inflation and a rising concern that this could lead to central banks withdrawing some of their stimulatory policies.

    Commodities continued to show persistent strength across the asset class, with natural gas and molybdenum being among the top-performing assets.  Crude oil, conditioned by the OPEC+ decisions in regards to the level of output, also witnessed notable gains for the month. 

    In June, US equities gained 2.22% on expectation of stronger economic growth. Meanwhile in Europe, the EuroStoxx 50 and the DAX rose 0.61% and 0.71%, respectively, as vaccination campaigns continued to accelerate. The coronavirus vaccination programmes in Europe have seemingly gained track, and is now catching up with the US and the UK, the latter being among the first to initiate its vaccination programme.

    In the month of June, the CC Global Opportunities Fund increased by 2.34%. Throughout the month the Manager continued to seek pockets of value by looking into attractive equity stories. Indeed, the Manager increased its position to the value trade, namely in selective discretionary sectors, while the growth allocation was also increased reflecting selective attractive names.

    The economic outlook for the second half of the year looks bright, particularly for those countries which are far along in their vaccine rollouts. As more countries step-up efforts to vaccinate their populations, the economic recovery should broaden out. The question isn’t whether or not growth will be strong, but more how strong it will be. The concern for markets has been in understanding how central banks will react to potential further upside surprises on economic growth, particularly inflation.  The sustained or rather transitory proposition continues to condition investors’ sensitive.

    The Investment Manager believes that equities should do well in an environment of modestly rising inflation, as rising sales tend to offset higher input prices, which can be passed onto customers when demand is strong. Looking for areas within equity markets that stand to benefit both from the cyclical rebound is imperative. Value sectors usually fit the bill in that respect. Overall, equities have had a strong start to the year, and while we wouldn’t be surprised to see a few wobbles along the way conditioned by the delta variant, we believe the outlook remains relatively positive. However, we remain very mindful that certain value trades will take longer to materialise as cases increase. To this end, close monitoring and possible tweaks in allocation are imperative, depending on market conditions.

  • 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

    Equity

    MIN. INITIAL INVESTMENT

    €2500

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    38.36%

    *View Performance History below
    Inception Date: 01 Nov 2013
    ISIN: MT7000009031
    Bloomberg Ticker: CCFEEAE MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 3.01%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €8.2 mn
    Month end NAV in EUR: 138.36
    Number of Holdings: 34
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 43.25

    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 S&P 500 Financials
    5.2%
    BGF SUSTAIN ENRGY - D2 EUR
    4.0%
    Trowe Price US Blue CH-Q EUR
    3.9%
    Comgest Growth Euro Opp-EURZ
    3.7%
    MSIF Europe Opp-Z EUR
    3.5%
    Lyxor Stoxx600 Industrial Good&Serv
    3.3%
    Schroder International Great China
    3.2%
    Schroder International Climate Change
    3.0%
    Lyxor Stoxx Europe600 Banks
    2.2%
    iShares MSCI EM Asia Acc
    2.2%

    Top Holdings by Country*

    United States
    44.4%
    Europe
    14.3%
    France
    14.1%
    Germany
    11.1%
    China
    7.4%
    Netherlands
    3.5%
    United Kingdom
    1.2%
    *including exposures to ETFs

    Major Sector Breakdown

    Consumer Discretionary
    20.8%
    Information Technology
    17.2%
    Energy
    10.7%
    Financials
    9.7%
    Industrials
    8.7%
    ETFs
    8.6%

    Asset Allocation

    Cash 3.9%
    Equities 46.4%
    ETF 21.9%
    Fund 27.8%

    Performance History (EUR)*

    YTD

    13.01%

    1-month

    2.34%

    3-month

    5.18%

    6-month

    13.01%

    12-month

    18.48%

    Ananualised Since Inception*

    4.32%

    *The Global Opportunities Fund (previously known as the Euro Equity Fund) was launched on 31 October 2013.

    Currency Allocation

    Euro 46.0%
    USD 51.4%
    GBP 2.6%
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