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

August 2020

The Global Opportunities fund was up 3.66% for the month of August and down 1.85% for the year. This performance is a result of the prudent stance of the Manager to invest in stocks, which continue to do well in uncertain times whilst also slowly building a position in those stocks in beaten down industries a longer-term view on their valuations.

At the start of the summer, when lockdowns were gradually lifted, some hoped that the Covid-19 pandemic would recede during the hotter summer months. However, even though record temperatures were registered in August, the virus has unfortunately continued to spread.

Even though the number of new daily cases in the US has started to decline, some regions- including Europe-are now facing a second wave. So far, better testing and tracing capacity has allowed European policymakers to treat this second wave with targeted measures, including travel restrictions or the requirement to wear a face mask in public, instead of national lockdowns.

On the economic front, high-frequency data, such as travel and navigation app usage, point to continued global growth over the third quarter, albeit at a more moderate pace, particularly in the US, than in May and June. However, these challenges haven’t dented investors’ enthusiasm, which seems to have been lifted by a better-than-expected second-quarter earnings season and by the potential for a viable Covid-19 vaccine in the coming months.

In this context, risk assets continued to rally. Over the month, the MSCI Emerging Markets Index rose by 2.2% and the MSCI Developed Market Index rose by 6.7%.

The swift and sizeable Covid-19 policy response from central banks and governments has managed to cushion the economic shock and lift markets, as policymakers aimed to build a bridge to the other side of the virus. However, the second wave in Europe reminds us that the battle is far from over and until a vaccine is widely available, economies will likely remain constrained by measures aimed at slowing the spread of the virus. It is therefore important that governments continue to support consumer incomes and businesses until a vaccine is available or until the virus is brought under control by other means. The extent to which they do so will be key to the outlook from here.

Given the high degree of uncertainty around the outlook for the virus and a vaccine the Investment Manager continues to believe it makes sense to aim for a defensive portfolio taking up selective positions in cyclical stocks with long term value. In this environment, the Investment Manager favours an up-in-quality approach across for stocks with a focus on valuations relative to fundamentals.

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)*

20.79%

*View Performance History below
Inception Date: 01 Nov 2013
ISIN: MT7000009031
Bloomberg Ticker: CCFEEAE MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.21%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €7.3 m
Month end NAV in EUR: 120.79
Number of Holdings: 21
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 63.63

Performance To Date (EUR)

Top 10 Holdings

iShares MSCI World Min Vol
13.1%
Lyxor EuroStoxx600 Tecnology
7.8%
iShares Core Euro Stoxx50 DE
6.3%
Alibaba Group
6.0%
Lyxor EuroStoxx600 Healthcare
5.5%
iShares MSCI World UCITS ETF
5.4%
Lyxor STOXX Europe 600 Industrial
5.4%
L'Oreal
5.3%
Microsoft Corp
4.7%
Mastercard
4.1%

Major Sector Breakdown

ETFs
43.5%
Information Technology
17.7%
Consumer Discretionary
14.9%
Consumer Staples
7.6%
Financials
5.0%
Health Care
3.5%
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
16.2%
France
12.8%
Germany
8.8%
China
6.0%
Netherlands
3.3%
Jersey
1.9%
Malta
1.7%
*including exposures to ETFs

Asset Allocation

Cash 5.8%
Equities 50.7%
ETF 43.5%

Performance History (EUR)*

YTD

-1.85%

1-month

0.22%

3-month

6.28%

6-month

-4.52%

9-month

-0.77%

Inception*

20.79%

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

Currency Allocation

Euro 75.9%
USD 24.1%
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

    August 2020

    The Global Opportunities fund was up 3.66% for the month of August and down 1.85% for the year. This performance is a result of the prudent stance of the Manager to invest in stocks, which continue to do well in uncertain times whilst also slowly building a position in those stocks in beaten down industries a longer-term view on their valuations.

    At the start of the summer, when lockdowns were gradually lifted, some hoped that the Covid-19 pandemic would recede during the hotter summer months. However, even though record temperatures were registered in August, the virus has unfortunately continued to spread.

    Even though the number of new daily cases in the US has started to decline, some regions- including Europe-are now facing a second wave. So far, better testing and tracing capacity has allowed European policymakers to treat this second wave with targeted measures, including travel restrictions or the requirement to wear a face mask in public, instead of national lockdowns.

    On the economic front, high-frequency data, such as travel and navigation app usage, point to continued global growth over the third quarter, albeit at a more moderate pace, particularly in the US, than in May and June. However, these challenges haven’t dented investors’ enthusiasm, which seems to have been lifted by a better-than-expected second-quarter earnings season and by the potential for a viable Covid-19 vaccine in the coming months.

    In this context, risk assets continued to rally. Over the month, the MSCI Emerging Markets Index rose by 2.2% and the MSCI Developed Market Index rose by 6.7%.

    The swift and sizeable Covid-19 policy response from central banks and governments has managed to cushion the economic shock and lift markets, as policymakers aimed to build a bridge to the other side of the virus. However, the second wave in Europe reminds us that the battle is far from over and until a vaccine is widely available, economies will likely remain constrained by measures aimed at slowing the spread of the virus. It is therefore important that governments continue to support consumer incomes and businesses until a vaccine is available or until the virus is brought under control by other means. The extent to which they do so will be key to the outlook from here.

    Given the high degree of uncertainty around the outlook for the virus and a vaccine the Investment Manager continues to believe it makes sense to aim for a defensive portfolio taking up selective positions in cyclical stocks with long term value. In this environment, the Investment Manager favours an up-in-quality approach across for stocks with a focus on valuations relative to fundamentals.

  • 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)*

    20.79%

    *View Performance History below
    Inception Date: 01 Nov 2013
    ISIN: MT7000009031
    Bloomberg Ticker: CCFEEAE MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 2.21%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €7.3 m
    Month end NAV in EUR: 120.79
    Number of Holdings: 21
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 63.63

    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 MSCI World Min Vol
    13.1%
    Lyxor EuroStoxx600 Tecnology
    7.8%
    iShares Core Euro Stoxx50 DE
    6.3%
    Alibaba Group
    6.0%
    Lyxor EuroStoxx600 Healthcare
    5.5%
    iShares MSCI World UCITS ETF
    5.4%
    Lyxor STOXX Europe 600 Industrial
    5.4%
    L'Oreal
    5.3%
    Microsoft Corp
    4.7%
    Mastercard
    4.1%

    Top Holdings by Country*

    United States
    16.2%
    France
    12.8%
    Germany
    8.8%
    China
    6.0%
    Netherlands
    3.3%
    Jersey
    1.9%
    Malta
    1.7%
    *including exposures to ETFs

    Major Sector Breakdown

    ETFs
    43.5%
    Information Technology
    17.7%
    Consumer Discretionary
    14.9%
    Consumer Staples
    7.6%
    Financials
    5.0%
    Health Care
    3.5%

    Asset Allocation

    Cash 5.8%
    Equities 50.7%
    ETF 43.5%

    Performance History (EUR)*

    YTD

    -1.85%

    1-month

    0.22%

    3-month

    6.28%

    6-month

    -4.52%

    9-month

    -0.77%

    Inception*

    20.79%

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

    Currency Allocation

    Euro 75.9%
    USD 24.1%
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