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

March 2021

US equities gained in Q1, despite starting uncertainly. Unusual, highly targeted trading activity saw markets rattled in January, before recovering as optimism over significant government stimulus took root.

President Biden first confirmed a fiscal stimulus package of $1.9 trillion, which was followed up with an additional promise of $2 trillion in infrastructure spending. Energy, financials and industrials made strong gains. Technology and consumer staples lagged.

European equities advanced in Q1. Hopes of global economic recovery supported sectors that fared poorly in 2020, such as energy and financials. Consumer discretionary stocks also performed well, notably car makers as Volkswagen announced ambitious electric vehicle targets. Underperformers were defensive areas that are less tied into the economic recovery, such as utilities and real estate.

The flash manufacturing purchasing manager’s index (PMI) for March reached a record high of 62.4, signalling strong growth. However, rising Covid infection rates in some countries, and new lockdown curbs, cast doubt on the prospects for services, notably tourism. (The PMI indices, produced by IHS Markit, are based on survey data from companies in the manufacturing and services sectors. A reading above 50 signals expansion).   

Emerging market equities (EM) registered a positive return in Q1. This was despite weakness later in the quarter as EM vaccine programmes lagged developed markets. A pick-up in daily new cases of Covid-19 led to renewed activity restrictions in some countries. Meanwhile, a marked increase in US Treasury bond yields pressured higher growth areas of the equity markets and accompanying US dollar strength was also a headwind for EM.

Chile, aided by copper price strength, and a strong start to vaccine roll-out, was the best-performing index market. Turkey, where the central bank governor was unexpectedly replaced, recorded a sharp fall and was the weakest index market. Brazil and China also finished in negative territory.   

Overall, the stocks that benefited most from Covid have been underperforming since November as the Covid losers have played catch up.

The Investment Manager believes that the trade has further to run and that Treasury yields can still move higher by the end of the year. With equity markets having risen significantly over the last year, the gains from here are likely to be at a slower pace and with some bumps in the road. However, assuming the vaccines are effective at preventing hospitalisation against all variants of the virus, growth should be set to boom as soon as restrictions can be lifted. Against that backdrop, the Investment Manager remains positive on the outlook 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)

ASSET CLASS

Equity

MIN. INITIAL INVESTMENT

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

31.55%

*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: €7.7 mn
Month end NAV in EUR: 131.55
Number of Holdings: 31
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 44.93

Performance To Date (EUR)

Top 10 Holdings

iShares S&P 500 Financials
5.2%
BGF SUSTAIN ENRGY - D2 EUR
4.0%
Lyxor Stoxx Europe600 Healthcare
3.8%
Trowe Price US Blue CH-Q EUR
3.7%
Comgest Growth Euro
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
2.3%
ishares MSCI EM Asia
2.2%

Major Sector Breakdown

Information Technology
19.9%
Consumer Discretionary
19.6%
Financials
12.0%
Energy
11.1%
Industrials
9.0%
Consumer Staples
6.0%
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
40.0%
Europe
14.5%
France
13.1%
Germany
10.0%
China
10.0%
Netherlands
5.2%
United Kingdom
1.3%
*including exposures to ETFs

Asset Allocation

Cash 5.9%
Equities 50.6%
ETF 26.0%
CIS 17.5%

Performance History (EUR)*

YTD

7.45%

1-month

5.61%

3-month

7.45%

6-month

11.04%

12-month

29.55%

Ananualised Since Inception*

3.77%

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

Currency Allocation

Euro 49.5%
USD 47.8%
GBP 2.7%
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

    March 2021

    US equities gained in Q1, despite starting uncertainly. Unusual, highly targeted trading activity saw markets rattled in January, before recovering as optimism over significant government stimulus took root.

    President Biden first confirmed a fiscal stimulus package of $1.9 trillion, which was followed up with an additional promise of $2 trillion in infrastructure spending. Energy, financials and industrials made strong gains. Technology and consumer staples lagged.

    European equities advanced in Q1. Hopes of global economic recovery supported sectors that fared poorly in 2020, such as energy and financials. Consumer discretionary stocks also performed well, notably car makers as Volkswagen announced ambitious electric vehicle targets. Underperformers were defensive areas that are less tied into the economic recovery, such as utilities and real estate.

    The flash manufacturing purchasing manager’s index (PMI) for March reached a record high of 62.4, signalling strong growth. However, rising Covid infection rates in some countries, and new lockdown curbs, cast doubt on the prospects for services, notably tourism. (The PMI indices, produced by IHS Markit, are based on survey data from companies in the manufacturing and services sectors. A reading above 50 signals expansion).   

    Emerging market equities (EM) registered a positive return in Q1. This was despite weakness later in the quarter as EM vaccine programmes lagged developed markets. A pick-up in daily new cases of Covid-19 led to renewed activity restrictions in some countries. Meanwhile, a marked increase in US Treasury bond yields pressured higher growth areas of the equity markets and accompanying US dollar strength was also a headwind for EM.

    Chile, aided by copper price strength, and a strong start to vaccine roll-out, was the best-performing index market. Turkey, where the central bank governor was unexpectedly replaced, recorded a sharp fall and was the weakest index market. Brazil and China also finished in negative territory.   

    Overall, the stocks that benefited most from Covid have been underperforming since November as the Covid losers have played catch up.

    The Investment Manager believes that the trade has further to run and that Treasury yields can still move higher by the end of the year. With equity markets having risen significantly over the last year, the gains from here are likely to be at a slower pace and with some bumps in the road. However, assuming the vaccines are effective at preventing hospitalisation against all variants of the virus, growth should be set to boom as soon as restrictions can be lifted. Against that backdrop, the Investment Manager remains positive on the outlook 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)

    ASSET CLASS

    Equity

    MIN. INITIAL INVESTMENT

    €2500

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    31.55%

    *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: €7.7 mn
    Month end NAV in EUR: 131.55
    Number of Holdings: 31
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 44.93

    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%
    Lyxor Stoxx Europe600 Healthcare
    3.8%
    Trowe Price US Blue CH-Q EUR
    3.7%
    Comgest Growth Euro
    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
    2.3%
    ishares MSCI EM Asia
    2.2%

    Top Holdings by Country*

    United States
    40.0%
    Europe
    14.5%
    France
    13.1%
    Germany
    10.0%
    China
    10.0%
    Netherlands
    5.2%
    United Kingdom
    1.3%
    *including exposures to ETFs

    Major Sector Breakdown

    Information Technology
    19.9%
    Consumer Discretionary
    19.6%
    Financials
    12.0%
    Energy
    11.1%
    Industrials
    9.0%
    Consumer Staples
    6.0%

    Asset Allocation

    Cash 5.9%
    Equities 50.6%
    ETF 26.0%
    CIS 17.5%

    Performance History (EUR)*

    YTD

    7.45%

    1-month

    5.61%

    3-month

    7.45%

    6-month

    11.04%

    12-month

    29.55%

    Ananualised Since Inception*

    3.77%

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

    Currency Allocation

    Euro 49.5%
    USD 47.8%
    GBP 2.7%
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