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

January 2021

After a strong start to the month, most equity markets gave up their gains as the month came to a close. Developed market equities ended the month down 1%, although emerging markets significantly outperformed, ending January up about 3%. Initially, the global roll out of vaccinations and the promise of further fiscal and monetary stimulus helped the market to overlook concerns about virus driven restrictions. Stimulus expectations rose after the surprise Democratic sweep in the run-off election for the two Senate seats in Georgia, which completed Biden’s blue wave.

Over the month though concerns about delays to the supply of vaccines to Europe increased, raising the possibility that the “bridge over troubled waters” might have to be longer than expected. A group of relatively small and heavily shorted stocks also rallied strongly as a group of retail investors coordinated a short squeeze, forcing some hedge funds to close out their shorts while also selling some of their long positions.

This technically driven sell-off helps explain the slump in equities towards the end of the month and, in our opinion, is not a reason for concern for long term investors given the likely strong rebound in growth that will accompany the rollout of vaccines. Despite delays in Europe the vaccine rollout is progressing well in the UK and US and there was positive news from both the Novavax and Johnson & Johnson vaccine trials, particularly in relation to preventing hospitalisation.

Robust economic data and a moderate winter wave of Covid infections continued to support risky assets in north Asia. Strong returns from Greater China contributed to the outperformance of emerging market equities.

The news flow in January reminded us of two tales. First, governments and central banks are fully committed to support the economy with massive fiscal stimulus and very easy financing conditions. Secondly, January showed us that Covid remains a risk towards normalisation. New highly infectious strains and the risk that existing vaccines might be less effective against some mutations reminded investors that the bridge to the post-Covid world might be longer than we all wish for, at least in some parts of the world.

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

Equity

MIN. INITIAL INVESTMENT

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

22.19%

*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: €7.3 mn
Month end NAV in EUR: 122.19
Number of Holdings: 32
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 48.79

Performance To Date (EUR)

Top 10 Holdings

iShares Edge EM Asia
5.9%
iShares MSCI World
5.8%
iShares Edge MSCI World Min Vol
4.5%
iShares S&P 500
4.2%
Lyxor STOXX Europe600 Healthcare
4.0%
Lyxor STOXX Europe600 Industrial
3.1%
iShares Global Clean Energy
1.9%
Lyxor STOXX Europe600 Banks
1.9%
Lyxor DAX DR
1.7%
Lyxor STOXX Europe600 Technology
1.5%

Major Sector Breakdown

ETFs
23.6%
Information Technology
19.5%
Consumer Discretionary
13.9%
Financials
8.5%
Industrials
7.3%
Consumer Staples
5.5%
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
15.0%
France
13.3%
Germany
8.1%
China
5.1%
Netherlands
4.6%
Malta
1.7%
Great Britain
1.2%
*including exposures to ETFs

Asset Allocation

Cash 4.4%
Equities 49.1%
ETF 46.6%

Performance History (EUR)*

YTD

-0.20%

1-month

-0.20%

3-month

8.71%

6-month

4.55%

12-month

0.12%

Ananualised Since Inception*

2.80%

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

Currency Allocation

Euro 41.4%
USD 55.5%
GBP 3.1%
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

    January 2021

    After a strong start to the month, most equity markets gave up their gains as the month came to a close. Developed market equities ended the month down 1%, although emerging markets significantly outperformed, ending January up about 3%. Initially, the global roll out of vaccinations and the promise of further fiscal and monetary stimulus helped the market to overlook concerns about virus driven restrictions. Stimulus expectations rose after the surprise Democratic sweep in the run-off election for the two Senate seats in Georgia, which completed Biden’s blue wave.

    Over the month though concerns about delays to the supply of vaccines to Europe increased, raising the possibility that the “bridge over troubled waters” might have to be longer than expected. A group of relatively small and heavily shorted stocks also rallied strongly as a group of retail investors coordinated a short squeeze, forcing some hedge funds to close out their shorts while also selling some of their long positions.

    This technically driven sell-off helps explain the slump in equities towards the end of the month and, in our opinion, is not a reason for concern for long term investors given the likely strong rebound in growth that will accompany the rollout of vaccines. Despite delays in Europe the vaccine rollout is progressing well in the UK and US and there was positive news from both the Novavax and Johnson & Johnson vaccine trials, particularly in relation to preventing hospitalisation.

    Robust economic data and a moderate winter wave of Covid infections continued to support risky assets in north Asia. Strong returns from Greater China contributed to the outperformance of emerging market equities.

    The news flow in January reminded us of two tales. First, governments and central banks are fully committed to support the economy with massive fiscal stimulus and very easy financing conditions. Secondly, January showed us that Covid remains a risk towards normalisation. New highly infectious strains and the risk that existing vaccines might be less effective against some mutations reminded investors that the bridge to the post-Covid world might be longer than we all wish for, at least in some parts of the world.

    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

    Equity

    MIN. INITIAL INVESTMENT

    €2500

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    22.19%

    *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: €7.3 mn
    Month end NAV in EUR: 122.19
    Number of Holdings: 32
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 48.79

    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 Edge EM Asia
    5.9%
    iShares MSCI World
    5.8%
    iShares Edge MSCI World Min Vol
    4.5%
    iShares S&P 500
    4.2%
    Lyxor STOXX Europe600 Healthcare
    4.0%
    Lyxor STOXX Europe600 Industrial
    3.1%
    iShares Global Clean Energy
    1.9%
    Lyxor STOXX Europe600 Banks
    1.9%
    Lyxor DAX DR
    1.7%
    Lyxor STOXX Europe600 Technology
    1.5%

    Top Holdings by Country*

    United States
    15.0%
    France
    13.3%
    Germany
    8.1%
    China
    5.1%
    Netherlands
    4.6%
    Malta
    1.7%
    Great Britain
    1.2%
    *including exposures to ETFs

    Major Sector Breakdown

    ETFs
    23.6%
    Information Technology
    19.5%
    Consumer Discretionary
    13.9%
    Financials
    8.5%
    Industrials
    7.3%
    Consumer Staples
    5.5%

    Asset Allocation

    Cash 4.4%
    Equities 49.1%
    ETF 46.6%

    Performance History (EUR)*

    YTD

    -0.20%

    1-month

    -0.20%

    3-month

    8.71%

    6-month

    4.55%

    12-month

    0.12%

    Ananualised Since Inception*

    2.80%

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

    Currency Allocation

    Euro 41.4%
    USD 55.5%
    GBP 3.1%
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