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

October 2020

Positive gains in US and European stocks over the first few weeks of October were erased in the last week of the month, as market volatility spiked in reaction to new lockdowns. The S&P 500 ended October down -2.7%, while Europe ex-UK stocks were the biggest laggard, down -5.4%. Asia was the regional winner, with strong Chinese data helping emerging market stocks to return 2.1% over the month.

Europe is unfortunately suffering a second wave of coronavirus infections with all major economies now reporting new highs in infection rates. The policy response was originally much more targeted than that seen in the spring, with governments imposing local restrictions in a bid to avoid national lockdowns. Sadly this approach appears to have had limited success with a number of countries now re-imposing national-level restrictions. Against this backdrop, high-frequency measures of European activity have started to move lower as containment measures take hold. Survey data have also highlighted a bifurcation between the manufacturing sector, which has continued to recover, and service sectors, which are once again subject to restrictions. This will bear watching to see if the trend continues as lockdowns tighten.

In the US, while the virus has remained prevalent the news flow has focused primarily on the upcoming elections. Over the month the Democratic nominee Joe Biden extended his lead in the national polls and ended October eight points ahead, as well as holding his lead in a number of the key swing states. Markets responded positively to polls indicating an increased likelihood of a Democratic sweep of the House, Senate, and the presidency against a backdrop of continued gridlock in Washington on a new fiscal package. The pandemic has changed the market’s focus this year. While earlier in the summer the potential for tax hikes under a Democrat sweep was viewed with some caution, a clear-cut outcome that unlocks fiscal stimulus in the near term is now viewed as the most pressing issue.

 

Given the high degree uncertainty, 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

€100000

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

-10.66%

*View Performance History below
Inception Date: 05 Feb 2020
ISIN: MT7000026506
Bloomberg Ticker: CCFEEBE MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 1.60%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €6.8 mn
Month end NAV in EUR: 112.77
Number of Holdings: 24
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 62.29

Performance To Date (EUR)

Top 10 Holdings

iShares MSCI World Min Vol
12.9%
Lyxor EuroStoxx600 Technology
7.2%
Alibaba Group
7.0%
L'Oreal SA
5.8%
Lyxor Stoxx Europe600 Industrials
5.6%
iShares MSCI World UCITS ETF
5.6%
Lyxor STOXX Europe600 Healthcare
5.5%
Microsoft Corp
4.6%
iShares Core S&P 500 UCITS ETF
3.2%
Amazon
3.9%

Major Sector Breakdown

ETFs
29.8%
Information Technology
16.4%
Consumer Discretionary
16.1%
Consumer Staples
7.9%
Industrials
7.8%
Health Care
6.7%
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*

Global
46.2%
United States
15.6%
France
12.9%
Germany
7.2%
China
7.0%
Netherlands
3.6%
Jersey
2.0%
*including exposures to ETFs

Asset Allocation

Cash 3.7%
Equities 48.1%
ETF 48.2%

Performance History (EUR)*

YTD

-10.66%

1-month

-5.31%

3-month

-3.40%

6-month

4.09%

9-month

-%

Inception*

-10.66%

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

Currency Allocation

Euro 47.9%
USD 53.1%
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

    October 2020

    Positive gains in US and European stocks over the first few weeks of October were erased in the last week of the month, as market volatility spiked in reaction to new lockdowns. The S&P 500 ended October down -2.7%, while Europe ex-UK stocks were the biggest laggard, down -5.4%. Asia was the regional winner, with strong Chinese data helping emerging market stocks to return 2.1% over the month.

    Europe is unfortunately suffering a second wave of coronavirus infections with all major economies now reporting new highs in infection rates. The policy response was originally much more targeted than that seen in the spring, with governments imposing local restrictions in a bid to avoid national lockdowns. Sadly this approach appears to have had limited success with a number of countries now re-imposing national-level restrictions. Against this backdrop, high-frequency measures of European activity have started to move lower as containment measures take hold. Survey data have also highlighted a bifurcation between the manufacturing sector, which has continued to recover, and service sectors, which are once again subject to restrictions. This will bear watching to see if the trend continues as lockdowns tighten.

    In the US, while the virus has remained prevalent the news flow has focused primarily on the upcoming elections. Over the month the Democratic nominee Joe Biden extended his lead in the national polls and ended October eight points ahead, as well as holding his lead in a number of the key swing states. Markets responded positively to polls indicating an increased likelihood of a Democratic sweep of the House, Senate, and the presidency against a backdrop of continued gridlock in Washington on a new fiscal package. The pandemic has changed the market’s focus this year. While earlier in the summer the potential for tax hikes under a Democrat sweep was viewed with some caution, a clear-cut outcome that unlocks fiscal stimulus in the near term is now viewed as the most pressing issue.

     

    Given the high degree uncertainty, 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

    €100000

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    -10.66%

    *View Performance History below
    Inception Date: 05 Feb 2020
    ISIN: MT7000026506
    Bloomberg Ticker: CCFEEBE MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 1.60%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): N/A
    Distribution: N/A
    Total Net Assets: €6.8 mn
    Month end NAV in EUR: 112.77
    Number of Holdings: 24
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 62.29

    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
    12.9%
    Lyxor EuroStoxx600 Technology
    7.2%
    Alibaba Group
    7.0%
    L'Oreal SA
    5.8%
    Lyxor Stoxx Europe600 Industrials
    5.6%
    iShares MSCI World UCITS ETF
    5.6%
    Lyxor STOXX Europe600 Healthcare
    5.5%
    Microsoft Corp
    4.6%
    iShares Core S&P 500 UCITS ETF
    3.2%
    Amazon
    3.9%

    Top Holdings by Country*

    Global
    46.2%
    United States
    15.6%
    France
    12.9%
    Germany
    7.2%
    China
    7.0%
    Netherlands
    3.6%
    Jersey
    2.0%
    *including exposures to ETFs

    Major Sector Breakdown

    ETFs
    29.8%
    Information Technology
    16.4%
    Consumer Discretionary
    16.1%
    Consumer Staples
    7.9%
    Industrials
    7.8%
    Health Care
    6.7%

    Asset Allocation

    Cash 3.7%
    Equities 48.1%
    ETF 48.2%

    Performance History (EUR)*

    YTD

    -10.66%

    1-month

    -5.31%

    3-month

    -3.40%

    6-month

    4.09%

    9-month

    -%

    Inception*

    -10.66%

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

    Currency Allocation

    Euro 47.9%
    USD 53.1%
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