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 2021

Since first detected in January 2020, the coronavirus pandemic and ensuing global response have dictated economic activity and markets way forward. Markets initially headed significantly lower as the economic landscape, following the imposition of movement restrictions, deteriorated. However, a concerted effort by both Central banks and governments led to what we are witnessing today – a robust economic recovery and upward trajectory in financial markets. 

From an economic viewpoint, the path towards a full recovery, proved bumpier than previously anticipated. A vaccination drive taking long to pick-up speed along with a more severe wave of infections, lessened the pace of the recovery. The outlook, albeit currently faced with a slowdown in growth and a rapid increase in infections, seems benevolent.

The Delta variant, first originated in India and considered to be significantly more transmissible than previous strains, is said to be behind the recent rapid rise in infections. Countries witnessing a rise in infection rate, led their authorities to re-think their way forward, with some resorting to a re-introduction of restrictive measures. Some, also announced booster programmes to deliver third doses to their population.

The Federal Reserve’s (Fed) annual Jackson Hole symposium was highly anticipated. Jerome Powell struck a cautious note in his statement, stating that while the US economy had made progress on some important targets, particularly on inflation, tapering too aggressively may derail progress at a sensitive time, reiterating a desire to see further progress in the labour market. Although broadly perceived as dovish (supporting low-interest rates and an expansionary monetary policy), Powell’s comments were in-line with expectations that tapering could begin this year. The boost to sentiment overshadowed worries over Hurricane Ida and the Delta variant.

Although the developed market world appears to be at or just past the peak rate of growth, economic data has largely remained positive.

In August, aggregate business activity in the U.S., as measured by the Composite Purchasing Managers Index (PMI), was confirmed at 55.4, down from July’s 59.9. The rate of expansion was the softest in 2021 amid a slower overall upturn stemmed from weaker expansions in the manufacturing and service sectors.

Annual inflation rate in the U.S. remained steady at 5.4 per cent. In 2021, inflation has largely been on the rise amid low base effects from an unprecedented 2020 and as the economic recovery picks up, restrictions ease, and demand surges amid widespread vaccination programmes and fiscal support. Month-on-month, the Consumer Price Index (CPI) increased by 0.5 per cent on a seasonally adjusted basis after rising 0.9 per cent in June. 

In regard to the labour market, the US economy added 235,000 jobs in August of 2021, the lowest in 7 months and significantly below forecasts of 750,000. A surge in Coronavirus infections is said to may have discouraged companies from hiring and workers from actively seeking employment. August’s jobs report saw wages rise by 0.6% month over month.

In August, both European and U.S. equities ended the month higher, albeit witnessing some volatility. Jerome Powell’s cautious approach at the annual Jackson Hole symposium, pointing towards continued economic support, steered markets higher. The S&P 500 gained 3.04 per cent while the NASDAQ – having a larger tilt towards the technology sector, generated a 4.09 per cent total return. Meanwhile in Europe, the EuroStoxx 50 and the DAX rose 2.63 and 1.87 per cent, respectively, as vaccination campaigns and easing of coronavirus vaccinations continued to accelerate. The coronavirus vaccination programmes in Europe have seemingly gained track. Generally, vaccination rates across Europe have surpassed the US and the UK, the latter being among the first to initiate its vaccination programme.

In the month of August, the CC Global Opportunities Fund increased by 1.53 per cent. On a year-to-date basis, the sub-fund generated a total return of 15.32 per cent. Throughout the month the Manager continued to seek pockets of value by looking into attractive equity stories.

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 largely positive. We remain very mindful that certain value trades will take longer to materialise as Covid-19 cases increases. 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

€100000

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

12.79%

*View Performance History below
Inception Date: 05 Feb 2020
ISIN: MT7000026506
Bloomberg Ticker: CCFEEBE MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 2.41%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €8.6 mn
Month end NAV in EUR: 142.36
Number of Holdings: 34
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 34.07

Performance To Date (EUR)

Top 10 Holdings

iShares S&P 500 Financials
5.3%
BGF SUSTAIN ENRGY - D2 EUR
4.1%
T. Rowe Price US Blue CH-Q EUR
4.0%
Comgest Growth Euro Opp-EURZ
3.7%
MSIF Europe Opp-Z EUR
3.6%
Lyxor Stoxx600 Industrial Good&Serv
3.3%
Schroder International Climate Change
3.0%
Schroder International Great China
2.8%
Lyxor Stoxx Europe600 Banks
2.1%
iShare S&P 500 Industrials
2.1%

Major Sector Breakdown

Consumer Discretionary
18.9%
Information Technology
17.9%
Energy
10.6%
Financials
9.5%
Industrials
8.8%
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 Diversified
14.3%
China
12.4%
France
10.8%
Germany
7.3%
Netherlands
4.1%
United Kingdom
1.0%
*including exposures to ETFs

Asset Allocation

Cash 5.7%
Equities 45.1%
ETF 21.6%
Fund 27.7%

Performance History (EUR)*

YTD

15.78%

1-month

1.57%

3-month

4.59%

6-month

13.69%

9-month

17.33%

Annualised Since Inception*

7.97%

*The Global Opportunities Fund (previously known as the Euro Equity Fund) Institutional Share Class was launched on 5 February 2020.

Currency Allocation

Euro 48.4%
USD 49.2%
GBP 2.4%
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 2021

    Since first detected in January 2020, the coronavirus pandemic and ensuing global response have dictated economic activity and markets way forward. Markets initially headed significantly lower as the economic landscape, following the imposition of movement restrictions, deteriorated. However, a concerted effort by both Central banks and governments led to what we are witnessing today – a robust economic recovery and upward trajectory in financial markets. 

    From an economic viewpoint, the path towards a full recovery, proved bumpier than previously anticipated. A vaccination drive taking long to pick-up speed along with a more severe wave of infections, lessened the pace of the recovery. The outlook, albeit currently faced with a slowdown in growth and a rapid increase in infections, seems benevolent.

    The Delta variant, first originated in India and considered to be significantly more transmissible than previous strains, is said to be behind the recent rapid rise in infections. Countries witnessing a rise in infection rate, led their authorities to re-think their way forward, with some resorting to a re-introduction of restrictive measures. Some, also announced booster programmes to deliver third doses to their population.

    The Federal Reserve’s (Fed) annual Jackson Hole symposium was highly anticipated. Jerome Powell struck a cautious note in his statement, stating that while the US economy had made progress on some important targets, particularly on inflation, tapering too aggressively may derail progress at a sensitive time, reiterating a desire to see further progress in the labour market. Although broadly perceived as dovish (supporting low-interest rates and an expansionary monetary policy), Powell’s comments were in-line with expectations that tapering could begin this year. The boost to sentiment overshadowed worries over Hurricane Ida and the Delta variant.

    Although the developed market world appears to be at or just past the peak rate of growth, economic data has largely remained positive.

    In August, aggregate business activity in the U.S., as measured by the Composite Purchasing Managers Index (PMI), was confirmed at 55.4, down from July’s 59.9. The rate of expansion was the softest in 2021 amid a slower overall upturn stemmed from weaker expansions in the manufacturing and service sectors.

    Annual inflation rate in the U.S. remained steady at 5.4 per cent. In 2021, inflation has largely been on the rise amid low base effects from an unprecedented 2020 and as the economic recovery picks up, restrictions ease, and demand surges amid widespread vaccination programmes and fiscal support. Month-on-month, the Consumer Price Index (CPI) increased by 0.5 per cent on a seasonally adjusted basis after rising 0.9 per cent in June. 

    In regard to the labour market, the US economy added 235,000 jobs in August of 2021, the lowest in 7 months and significantly below forecasts of 750,000. A surge in Coronavirus infections is said to may have discouraged companies from hiring and workers from actively seeking employment. August’s jobs report saw wages rise by 0.6% month over month.

    In August, both European and U.S. equities ended the month higher, albeit witnessing some volatility. Jerome Powell’s cautious approach at the annual Jackson Hole symposium, pointing towards continued economic support, steered markets higher. The S&P 500 gained 3.04 per cent while the NASDAQ – having a larger tilt towards the technology sector, generated a 4.09 per cent total return. Meanwhile in Europe, the EuroStoxx 50 and the DAX rose 2.63 and 1.87 per cent, respectively, as vaccination campaigns and easing of coronavirus vaccinations continued to accelerate. The coronavirus vaccination programmes in Europe have seemingly gained track. Generally, vaccination rates across Europe have surpassed the US and the UK, the latter being among the first to initiate its vaccination programme.

    In the month of August, the CC Global Opportunities Fund increased by 1.53 per cent. On a year-to-date basis, the sub-fund generated a total return of 15.32 per cent. Throughout the month the Manager continued to seek pockets of value by looking into attractive equity stories.

    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 largely positive. We remain very mindful that certain value trades will take longer to materialise as Covid-19 cases increases. 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

    €100000

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    12.79%

    *View Performance History below
    Inception Date: 05 Feb 2020
    ISIN: MT7000026506
    Bloomberg Ticker: CCFEEBE MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 2.41%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €8.6 mn
    Month end NAV in EUR: 142.36
    Number of Holdings: 34
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 34.07

    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
    5.3%
    BGF SUSTAIN ENRGY - D2 EUR
    4.1%
    T. Rowe Price US Blue CH-Q EUR
    4.0%
    Comgest Growth Euro Opp-EURZ
    3.7%
    MSIF Europe Opp-Z EUR
    3.6%
    Lyxor Stoxx600 Industrial Good&Serv
    3.3%
    Schroder International Climate Change
    3.0%
    Schroder International Great China
    2.8%
    Lyxor Stoxx Europe600 Banks
    2.1%
    iShare S&P 500 Industrials
    2.1%

    Top Holdings by Country*

    United States
    44.4%
    Europe Diversified
    14.3%
    China
    12.4%
    France
    10.8%
    Germany
    7.3%
    Netherlands
    4.1%
    United Kingdom
    1.0%
    *including exposures to ETFs

    Major Sector Breakdown

    Consumer Discretionary
    18.9%
    Information Technology
    17.9%
    Energy
    10.6%
    Financials
    9.5%
    Industrials
    8.8%
    ETFs
    8.6%

    Asset Allocation

    Cash 5.7%
    Equities 45.1%
    ETF 21.6%
    Fund 27.7%

    Performance History (EUR)*

    YTD

    15.78%

    1-month

    1.57%

    3-month

    4.59%

    6-month

    13.69%

    9-month

    17.33%

    Annualised Since Inception*

    7.97%

    *The Global Opportunities Fund (previously known as the Euro Equity Fund) Institutional Share Class was launched on 5 February 2020.

    Currency Allocation

    Euro 48.4%
    USD 49.2%
    GBP 2.4%
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