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 2021

Even on the presumption that markets have already got accustomed to the idea of a normalizing pre-covid monetary pace scenario, over the medium term this seems to be welcomed more importantly on the basis of an improved economic scenario following the Covid-19 pandemic dent. The financial reporting season depicted overall a robust pick-up in activity, as expected, however investors’ concerns might have been more aligned to the outlook for the last quarter of the year. Indeed, while the consumers have been so far able to absorb inflationary forces, possibly more supported by public spending programmes, and other stimulus it is still unclear what would be the consumer behaviour once easy money is tightened On the backdrop of  still high commodities and food supplies prices, the negative impact on the global economy from supply chain disruption perspective is expected to continue well into the next year. Such headwinds for inflationary forces are mixed with an employment landscape dominated by diminishing recovery of jobs lost during the pandemic as people worldwide adopt a different attitude toward work. All this depict a potentially troublesome social reality into the future. 

From the monetary front, the prevalent view among economists remain that inflationary pressures will prove transitory and we’ll see price pressures diminish as we move through next year, hence enabling a steady lift-off in rates from central banks. If in emerging markets central banks have already buckled and started hiking interest rates, in developed economies it seems that the orthodoxy of not permitting inflation to stay above its long term target will be shelved ad interim. This is due not only to the fact that it is not clear how much of the current inflation is generated by worldwide supply chain disruptions, but also because generally some inflation will do well to alleviate public debt burdens which increased strongly in the last 2 years.

From the pandemic front as Merck and Pfizer announced more breakthroughs in the treatment against SARS-CoV-2 infection, recent bouts of new cases in developed economies have been met by markets with constant indifference. Markets are now more focused on navigating through the troubled waters of the post economic recovery world. Nonetheless, an exponential increase in cases might re-trigger some forms of restrictions, which can ultimately result in a change in market sentiment.

Market Environment and Performance

Business activity in the Eurozone, previously witnessing a strong recovery momentum and reaching its peak in July, continued moderating as October’s Composite PMI data – a useful gauge of economic health in the two key sectors – was revised slightly lower to 54.2, from a preliminary estimate of 54.3 and lower than the previous month reading of 56.2. Although revolving in expansionary territory, October’s reading maintained the recent downward trend, pointing to the slowest growth in private sector activity in six months.

Eurozone inflation was estimated at 4.1 per cent in October, higher than September’s actual 3.4 per cent and above economist expectations of 3.7 per cent. October’s flash reading is the highest since July 2008, further raising concerns about the ECB’s narrative that recent price spikes are seen as temporary and that the economy requires low borrowing costs. Month-on-month, inflation increased by 0.8 per cent – the highest monthly pace since March 2021, preliminary estimates showed.

Aggregate business activity in the US, as measured by the Composite Purchasing Managers Index (PMI), was revised higher to 57.6 in October, from a preliminary estimate of 57.3. October’s reading, supported by a sharper service sector upturn, pointed to the fastest pace of expansion in private sector activity since July.

Annual inflation rate in the U.S. surged to 6.2 per cent in October, above forecasts of 5.8 per cent, and higher from 5.4 per cent in the previous month. Upward pressure was broad-based, with energy costs recording the biggest gain. 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.

Equity markets in October rebounded strongly following a nightmarish September. Tesla led the consumer discretionary charge into the month, accompanied by the strong rebound in the technology sector and follow on performance from large energy caps. Developed markets equities ended the month higher, pointing to a clear gap between them and EM equities. The S&P 500 managed a whopping 7.21%, as investors deemed the last month’s slump as a good entry point. All sectors rallied, but those with the highest market capitalization within the index performed better (consumer discretionary and technology). In Europe, the EuroStoxx50 and the DAX gained 5.00% and 2.81% respectively, as good macro indicators and positive financial releases from the corporate sector construed to a general feel-good market sentiment, led by consumer discretionary and technology.

Fund Performance

In the month of October the Global Opportunities Fund registered a 6.01 per cent gain. On a year-to-date basis the fund’s performance closed with a 17.69 per cent gain. Following recent excess market volatility, the Manager continued to gradually reposition the Fund toward a more stable allocation and a better hedge on interest rate volatility. The Fund’s geographical tilt towards Europe has been reduced to rebalance the US exposure, as the fundamental conviction is aligned to a better economic performance in the latter going forward. As well, the Manager decreased the “reflationary trade”-related tactical allocation, taking some profits from its Home Depot, Volkswagen and Total Energies positions.  

Market and Investment Outlook

Going forward, the Manager is of the view that the economic growth momentum shall continue subsiding, albeit remaining on a positive note, on the backdrop of continuing inflationary pressures stemming from high commodity prices spilling over to products and services pricing, as well as renewed supply chain disruptions. However, the general macro environment is expected to remain supportive in spite of covid-19 cases rising. More positively new legislation from the US Congress (already passed) or easing fiscal conditions in China are bound to slowly take over the baton from monetary policies and further sustain economic growth. In Europe, combined action toward capping the rampant climb in energy prices is expected to give consumers some breathing room. All in all, the Manager believes that in the medium term, economic conditions might be still supportive, however consumer trend behaviours on the back of the increased prices should be monitored .given their high sensitivity to global growth.

The Manager believes that the current economic phase and market sentiment continue favouring equities to the detriment of other asset classes, the more so as real interest rates sink deeper into negative territory. Although good markets performance this year has been clearly driven by earnings expansion (albeit from a strong base effect), amongst others, there is a common understanding that earnings expectations going forward will hardly be able to match the recent historical levels. This lays a natural cap to potential market returns going forward which pushes the Manager possibly towards its stance of cautiousness regarding sector and stock selection. Nonetheless, the Manager is of the view that the current fund allocation is well positioned to respond to market challenges ahead.

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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 (EUR)

ASSET CLASS

Equity

MIN. INITIAL INVESTMENT

€100000

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

15.23%

*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: €8.3 mn
Month end NAV in EUR: 144.09
Number of Holdings: 33
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 42.69

Performance To Date (EUR)

Top 10 Holdings

iShares S&P 500 Financials
6.1%
T. Rowe Price US Blue CH-Q EUR
5.4%
JP Morgan US Value
5.4%
BGF Sustain Energy USD
4.6%
JP Morgan US Growth
4.3%
Comgest Growth Euro Opp
4.0%
MSIF Europe Opp
3.9%
Schroder International Climate Change
3.3%
Schroder International Great China
3.1%
Lyxor Euro Stoxx600 Banks
2.6%

Major Sector Breakdown

Information Technology
17.1%
ETFs
16.7%
Consumer Discretionary
14.5%
Financials
11.1%
Energy
10.8%
ETFs
7.9%
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
47.3%
China
19.7%
Europe
13.9%
France
10.9%
Germany
4.0%
Netherlands
2.6%
United Kingdom
1.3%
*including exposures to ETFs

Asset Allocation

Cash 0.3%
Equities 39.6%
ETF 22.5%
Fund 37.5%

Performance History (EUR)*

YTD

18.28%

1-month

6.07%

3-month

3.78%

6-month

7.01%

12-month

28.97%

Annualised Since Inception*

8.53%

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

Currency Allocation

Euro 39.4%
USD 57.6%
GBP 2.9%
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 2021

    Even on the presumption that markets have already got accustomed to the idea of a normalizing pre-covid monetary pace scenario, over the medium term this seems to be welcomed more importantly on the basis of an improved economic scenario following the Covid-19 pandemic dent. The financial reporting season depicted overall a robust pick-up in activity, as expected, however investors’ concerns might have been more aligned to the outlook for the last quarter of the year. Indeed, while the consumers have been so far able to absorb inflationary forces, possibly more supported by public spending programmes, and other stimulus it is still unclear what would be the consumer behaviour once easy money is tightened On the backdrop of  still high commodities and food supplies prices, the negative impact on the global economy from supply chain disruption perspective is expected to continue well into the next year. Such headwinds for inflationary forces are mixed with an employment landscape dominated by diminishing recovery of jobs lost during the pandemic as people worldwide adopt a different attitude toward work. All this depict a potentially troublesome social reality into the future. 

    From the monetary front, the prevalent view among economists remain that inflationary pressures will prove transitory and we’ll see price pressures diminish as we move through next year, hence enabling a steady lift-off in rates from central banks. If in emerging markets central banks have already buckled and started hiking interest rates, in developed economies it seems that the orthodoxy of not permitting inflation to stay above its long term target will be shelved ad interim. This is due not only to the fact that it is not clear how much of the current inflation is generated by worldwide supply chain disruptions, but also because generally some inflation will do well to alleviate public debt burdens which increased strongly in the last 2 years.

    From the pandemic front as Merck and Pfizer announced more breakthroughs in the treatment against SARS-CoV-2 infection, recent bouts of new cases in developed economies have been met by markets with constant indifference. Markets are now more focused on navigating through the troubled waters of the post economic recovery world. Nonetheless, an exponential increase in cases might re-trigger some forms of restrictions, which can ultimately result in a change in market sentiment.

    Market Environment and Performance

    Business activity in the Eurozone, previously witnessing a strong recovery momentum and reaching its peak in July, continued moderating as October’s Composite PMI data – a useful gauge of economic health in the two key sectors – was revised slightly lower to 54.2, from a preliminary estimate of 54.3 and lower than the previous month reading of 56.2. Although revolving in expansionary territory, October’s reading maintained the recent downward trend, pointing to the slowest growth in private sector activity in six months.

    Eurozone inflation was estimated at 4.1 per cent in October, higher than September’s actual 3.4 per cent and above economist expectations of 3.7 per cent. October’s flash reading is the highest since July 2008, further raising concerns about the ECB’s narrative that recent price spikes are seen as temporary and that the economy requires low borrowing costs. Month-on-month, inflation increased by 0.8 per cent – the highest monthly pace since March 2021, preliminary estimates showed.

    Aggregate business activity in the US, as measured by the Composite Purchasing Managers Index (PMI), was revised higher to 57.6 in October, from a preliminary estimate of 57.3. October’s reading, supported by a sharper service sector upturn, pointed to the fastest pace of expansion in private sector activity since July.

    Annual inflation rate in the U.S. surged to 6.2 per cent in October, above forecasts of 5.8 per cent, and higher from 5.4 per cent in the previous month. Upward pressure was broad-based, with energy costs recording the biggest gain. 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.

    Equity markets in October rebounded strongly following a nightmarish September. Tesla led the consumer discretionary charge into the month, accompanied by the strong rebound in the technology sector and follow on performance from large energy caps. Developed markets equities ended the month higher, pointing to a clear gap between them and EM equities. The S&P 500 managed a whopping 7.21%, as investors deemed the last month’s slump as a good entry point. All sectors rallied, but those with the highest market capitalization within the index performed better (consumer discretionary and technology). In Europe, the EuroStoxx50 and the DAX gained 5.00% and 2.81% respectively, as good macro indicators and positive financial releases from the corporate sector construed to a general feel-good market sentiment, led by consumer discretionary and technology.

    Fund Performance

    In the month of October the Global Opportunities Fund registered a 6.01 per cent gain. On a year-to-date basis the fund’s performance closed with a 17.69 per cent gain. Following recent excess market volatility, the Manager continued to gradually reposition the Fund toward a more stable allocation and a better hedge on interest rate volatility. The Fund’s geographical tilt towards Europe has been reduced to rebalance the US exposure, as the fundamental conviction is aligned to a better economic performance in the latter going forward. As well, the Manager decreased the “reflationary trade”-related tactical allocation, taking some profits from its Home Depot, Volkswagen and Total Energies positions.  

    Market and Investment Outlook

    Going forward, the Manager is of the view that the economic growth momentum shall continue subsiding, albeit remaining on a positive note, on the backdrop of continuing inflationary pressures stemming from high commodity prices spilling over to products and services pricing, as well as renewed supply chain disruptions. However, the general macro environment is expected to remain supportive in spite of covid-19 cases rising. More positively new legislation from the US Congress (already passed) or easing fiscal conditions in China are bound to slowly take over the baton from monetary policies and further sustain economic growth. In Europe, combined action toward capping the rampant climb in energy prices is expected to give consumers some breathing room. All in all, the Manager believes that in the medium term, economic conditions might be still supportive, however consumer trend behaviours on the back of the increased prices should be monitored .given their high sensitivity to global growth.

    The Manager believes that the current economic phase and market sentiment continue favouring equities to the detriment of other asset classes, the more so as real interest rates sink deeper into negative territory. Although good markets performance this year has been clearly driven by earnings expansion (albeit from a strong base effect), amongst others, there is a common understanding that earnings expectations going forward will hardly be able to match the recent historical levels. This lays a natural cap to potential market returns going forward which pushes the Manager possibly towards its stance of cautiousness regarding sector and stock selection. Nonetheless, the Manager is of the view that the current fund allocation is well positioned to respond to market challenges ahead.

  • 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 (EUR)

    ASSET CLASS

    Equity

    MIN. INITIAL INVESTMENT

    €100000

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    15.23%

    *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: €8.3 mn
    Month end NAV in EUR: 144.09
    Number of Holdings: 33
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 42.69

    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
    6.1%
    T. Rowe Price US Blue CH-Q EUR
    5.4%
    JP Morgan US Value
    5.4%
    BGF Sustain Energy USD
    4.6%
    JP Morgan US Growth
    4.3%
    Comgest Growth Euro Opp
    4.0%
    MSIF Europe Opp
    3.9%
    Schroder International Climate Change
    3.3%
    Schroder International Great China
    3.1%
    Lyxor Euro Stoxx600 Banks
    2.6%

    Top Holdings by Country*

    United States
    47.3%
    China
    19.7%
    Europe
    13.9%
    France
    10.9%
    Germany
    4.0%
    Netherlands
    2.6%
    United Kingdom
    1.3%
    *including exposures to ETFs

    Major Sector Breakdown

    Information Technology
    17.1%
    ETFs
    16.7%
    Consumer Discretionary
    14.5%
    Financials
    11.1%
    Energy
    10.8%
    ETFs
    7.9%

    Asset Allocation

    Cash 0.3%
    Equities 39.6%
    ETF 22.5%
    Fund 37.5%

    Performance History (EUR)*

    YTD

    18.28%

    1-month

    6.07%

    3-month

    3.78%

    6-month

    7.01%

    12-month

    28.97%

    Annualised Since Inception*

    8.53%

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

    Currency Allocation

    Euro 39.4%
    USD 57.6%
    GBP 2.9%
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