Investment Objectives

The CC Global High Income Bond Fund Distributor aims to maximise the total level of return for investors through investment in a diversified portfolio of Bonds. To achieve this objective, the Investment Manager invests primarily in a diversified portfolio of over 65 intermediate term, corporate & government bonds with maturities of 10 years and less.

Investor Profile

A typical investor in the CC Global High Income Bond Fund Distributor is:

  • Seeking to earn a high level of regular Income
  • Seeking an actively managed & diversified investment in high-yield bonds

Fund Rules

The Investment Manager of the CC Global 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 of the fund. Some of the restrictions include

  • The fund may not invest more than 10% of its assets in the same company
  • 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 other fund
  • The fund may not carry out uncovered sales (naked short-selling) of securities or other financial instruments

Commentary

October 2019

In the month of October, markets welcomed signs of easing tensions between the U.S. and China, with a remarkable progress in terms of signing phase one of a trade deal, while the Federal Reserve cut interest rates for the third time in 2019. From the GDP front, real GDP growth for the third quarter showed that the US economy had not slowed as much as had been expected and grew at an annualised pace of 1.9 percent.

Furthermore, data out of the U.S continued to lose steam with the U.S economy showing signs of weakness. The more concerning development of late, however, has been that the manufacturing weakness seems to be gradually seeping into the broader economy, with cracks beginning to appear in the U.S consumer.

In the month of October, U.S. HY was up by 0.23 percent as the risk-off mode experience in the initial days of the month swayed off as investors digested the news that a phase 1 trade deal was to be signed. Treasury yields trended higher, while the more risky credit inched higher in terms of price levels.

The fund maintained its upward trend with a monthly gain of 0.36 percent, closing the month with a year-to-date gain of 8.92 percent. In the month, the Manager opted in increasing its Russian exposure by participating in the newly issued Veon- the third largest Telco in Russia with exposures also to other attractive geographical allocations. Going forward the Manager will continue to focus to maintain the fund’s favourable risk-adjusted returns.

A quick introduction to our Global High Income Bond Fund

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Key Facts & Performance

Fund Manager

Jordan Portelli

Jordan is an Investment Manager at Calamatta Cuschieri and is the Head of the Fixed Income desk. Jordan has over 10 years’ experience in High Yield debt. He is a member on a number of Investment Committees and is also a member on the House View Committee of Calamatta Cuschieri. He obtained a Diploma in Business and Management from Cambridge College in the U.K. He also obtained his BSc (Hons) in Economics from the London School of Economics.

PRICE (USD)

$

ASSET CLASS

Bonds

MIN. INITIAL INVESTMENT

$3000

FUND TYPE

UCITS

BASE CURRENCY

USD

RETURN (SINCE INCEPTION)*

38.01%

*View Performance History below
Inception Date: 01 Sep 2011
ISIN: MT7000003067
Bloomberg Ticker: CALCHIU MV
Entry Charge: None
Total Expense Ratio: 1.48%
Exit Charge: None
Distribution Yield (%): 4.900
Underlying Yield (%): 4.60
Distribution: 31/03 and 30/09
Total Net Assets: $17.6 m
Month end NAV in USD: 90.95
Number of Holdings: 45
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 30.2

Performance To Date (USD)

Top 10 Holdings

iShared USD HY Corp
6.2%
7.00% KB Home 2021
3.7%
4.75% Lennar 2022
3.0%
5.625% Ineos 2024
2.9%
5.299% Petrobras 2025
2.5%
5.299% Petr5.25% Sberbank 2023obras 2025
2.4%
6.25% IGT 2022
2.4%
8.00% Unicredit Perp
2.4%
6.35% Republic of Turkey
2.4%
4.10% MMC Norilsk 2023
2.3%

Major Sector Breakdown*

Financials
20.2%
Materials
15.6%
Consumer Discretionary
13.9%
Asset 7
Communications
9.0%
Energy
8.2%
Consumer Staples
5.7%
*excluding exposures to CIS

Maturity Buckets*

64.7%
0-5 Years
11.0%
5-10 Years
3.0%
10 Years+
*based on the Next Call Date

Credit Ratings*

Average Credit Rating: BB-
*excluding exposures to CIS

Risk & Reward Profile

1
2
3
4
5
6
7
Lower Risk

Potentialy Lower Reward

Higher Risk

Potentialy Higher Reward

Top Holdings by Country*

USA
25.9%
Russia
16.7%
Brazil
11.5%
UK
7.5%
Turkey
4.6%
Indonesia
4.0%
China
3.1%
Switzerland
3.1%
Italy
2.4%
France
2.4%
*including exposures to CIS

Asset Allocation

Cash 11.0%
Bonds 80.9%
CIS/ETFs 8.2%

Performance History (EUR)*

YTD

8.92%

2018

-3.22%

2017

5.70%

2016

10.02%

2015

-2.59%

Inception***

38.01%

*Data in the chart does not include any dividends distributed since the Fund was launched on 1st September 2011.
**Performance figures are calculated using the Value Added Monthly Index "VAMI" principle. The VAMI calculates the total return gained by an investor from reinvestment of any dividends and additional interest gained through compounding
***The Distributor Share Class (Class D) was launched on 01 September 2011.

Currency Allocation

USD 100.0%
Other 0.0%

Risk Statistics

Sharpe Ratio
0.60 (3Y)
0.31 (5Y)
Std. Deviation
2.72 (3Y)
3.62 (5Y)

Interested in this product?

  • Investment Objectives

    The CC Global High Income Bond Fund Distributor aims to maximise the total level of return for investors through investment in a diversified portfolio of Bonds. To achieve this objective, the Investment Manager invests primarily in a diversified portfolio of over 65 intermediate term, corporate & government bonds with maturities of 10 years and less.

  • Investor profile

    A typical investor in the CC Global High Income Bond Fund Distributor is:

    • Seeking to earn a high level of regular Income
    • Seeking an actively managed & diversified investment in high-yield bonds
    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 the same company
    • 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 other fund
    • The fund may not carry out uncovered sales (naked short-selling) of securities or other financial instruments
  • Commentary

    October 2019

    In the month of October, markets welcomed signs of easing tensions between the U.S. and China, with a remarkable progress in terms of signing phase one of a trade deal, while the Federal Reserve cut interest rates for the third time in 2019. From the GDP front, real GDP growth for the third quarter showed that the US economy had not slowed as much as had been expected and grew at an annualised pace of 1.9 percent.

    Furthermore, data out of the U.S continued to lose steam with the U.S economy showing signs of weakness. The more concerning development of late, however, has been that the manufacturing weakness seems to be gradually seeping into the broader economy, with cracks beginning to appear in the U.S consumer.

    In the month of October, U.S. HY was up by 0.23 percent as the risk-off mode experience in the initial days of the month swayed off as investors digested the news that a phase 1 trade deal was to be signed. Treasury yields trended higher, while the more risky credit inched higher in terms of price levels.

    The fund maintained its upward trend with a monthly gain of 0.36 percent, closing the month with a year-to-date gain of 8.92 percent. In the month, the Manager opted in increasing its Russian exposure by participating in the newly issued Veon- the third largest Telco in Russia with exposures also to other attractive geographical allocations. Going forward the Manager will continue to focus to maintain the fund’s favourable risk-adjusted returns.

  • Key facts & performance

    Fund Manager

    Jordan Portelli

    Jordan is an Investment Manager at Calamatta Cuschieri and is the Head of the Fixed Income desk. Jordan has over 10 years’ experience in High Yield debt. He is a member on a number of Investment Committees and is also a member on the House View Committee of Calamatta Cuschieri. He obtained a Diploma in Business and Management from Cambridge College in the U.K. He also obtained his BSc (Hons) in Economics from the London School of Economics.

    PRICE (USD)

    $

    ASSET CLASS

    Bonds

    MIN. INITIAL INVESTMENT

    $3000

    FUND TYPE

    UCITS

    BASE CURRENCY

    USD

    RETURN (SINCE INCEPTION)*

    38.01%

    *View Performance History below
    Inception Date: 01 Sep 2011
    ISIN: MT7000003067
    Bloomberg Ticker: CALCHIU MV
    Entry Charge: None
    Total Expense Ratio: 1.48%
    Exit Charge: None
    Distribution Yield (%): 4.900
    Underlying Yield (%): 4.60
    Distribution: 31/03 and 30/09
    Total Net Assets: $17.6 m
    Month end NAV in USD: 90.95
    Number of Holdings: 45
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 30.2

    Performance To Date (USD)

    Risk & Reward Profile

    1
    2
    3
    4
    5
    6
    7
    Lower Risk

    Potentialy Lower Reward

    Higher Risk

    Potentialy Higher Reward

    Top 10 Holdings

    iShared USD HY Corp
    6.2%
    7.00% KB Home 2021
    3.7%
    4.75% Lennar 2022
    3.0%
    5.625% Ineos 2024
    2.9%
    5.299% Petrobras 2025
    2.5%
    5.299% Petr5.25% Sberbank 2023obras 2025
    2.4%
    6.25% IGT 2022
    2.4%
    8.00% Unicredit Perp
    2.4%
    6.35% Republic of Turkey
    2.4%
    4.10% MMC Norilsk 2023
    2.3%

    Top Holdings by Country*

    USA
    25.9%
    Russia
    16.7%
    Brazil
    11.5%
    UK
    7.5%
    Turkey
    4.6%
    Indonesia
    4.0%
    China
    3.1%
    Switzerland
    3.1%
    Italy
    2.4%
    France
    2.4%
    *including exposures to CIS

    Major Sector Breakdown*

    Financials
    20.2%
    Materials
    15.6%
    Consumer Discretionary
    13.9%
    Asset 7
    Communications
    9.0%
    Energy
    8.2%
    Consumer Staples
    5.7%
    *excluding exposures to CIS

    Asset Allocation

    Cash 11.0%
    Bonds 80.9%
    CIS/ETFs 8.2%

    Maturity Buckets*

    64.7%
    0-5 Years
    11.0%
    5-10 Years
    3.0%
    10 Years+
    *based on the Next Call Date

    Performance History (EUR)*

    YTD

    8.92%

    2018

    -3.22%

    2017

    5.70%

    2016

    10.02%

    2015

    -2.59%

    Inception***

    38.01%

    *Data in the chart does not include any dividends distributed since the Fund was launched on 1st September 2011.
    **Performance figures are calculated using the Value Added Monthly Index "VAMI" principle. The VAMI calculates the total return gained by an investor from reinvestment of any dividends and additional interest gained through compounding
    ***The Distributor Share Class (Class D) was launched on 01 September 2011.

    Credit Ratings*

    Average Credit Rating: BB-
    *excluding exposures to CIS

    Currency Allocation

    USD 100.0%
    Other 0.0%

    Risk Statistics

    Sharpe Ratio
    0.60 (3Y)
    0.31 (5Y)
    Std. Deviation
    2.72 (3Y)
    3.62 (5Y)
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