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

February 2021

The CC Global Opportunities was up 1.90% during the month of February. The ishares MSCI All World Index in EUR was up 2.80% over the same period.

Eurozone equities gained in February, supported by a strong advance for lowly-valued parts of the market such as banks. The energy sector also posted robust gains. Defensive sectors such as utilities and real estate were among the laggards. Eurozone annual inflation was confirmed at 0.9% for January and GDP was down by 0.6% in Q4 2020. The Italian parliament approved the formation of a new government to be led by former European Central Bank chairman Mario Draghi.

US equities survived a bout of turbulence to post gains in February. Fears that a rapid economic recovery would hasten policy tightening rattled bond markets before rippling into equities, especially tech. As the fears receded, markets recovered. Sectors that are most sensitive to the economic cycle – such as energy, financials, and industrials – performed strongly. More traditionally defensive sectors, such as utilities and consumer staples, lagged.

Emerging market (EM) equities recorded small gains. Early progress was driven by vaccine optimism and expectations for US fiscal stimulus, but were partly offset by concerns over stronger growth and higher inflation. A stronger dollar was also a headwind for EM. Argentina was the best-performing market in the EM index. Chile and Peru, aided by commodity price strength, and Greece, where hopes for a recovery in tourism picked up, all outperformed. Brazil was the weakest index market, negatively impacted by political concerns. China also closed in negative territory and underperformed the index, with weakness from internet and IT stocks dragging on performance.

In commodities, the S&P GSCI posted a robust return as the continued roll-out of Covid-19 vaccinations supported the outlook for a strong recovery in global growth. Energy was the best-performing index component as crude oil prices continued to pick up. The industrial metals component performed well, led by strong gains for copper, often viewed as bellwether for the global economy, and aluminium. The agriculture component achieved a modest gain in the month, boosted by higher coffee, sugar and cotton prices. The livestock component posted a moderate return, with a strong gain for live hogs. By contrast, the precious metals component registered a negative return in the month, with both gold and silver weaker.

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 and which are aligned to the sectorial rotation view. Indeed, in the month of February, the Manager opened a position in United Airlines, in line with the proposition of seeing an increase in passenger movements as the vaccine roll-out continues its pace.

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)*

-0.79%

*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: €7.3 mn
Month end NAV in EUR: 122.78
Number of Holdings: 31
Auditors: Deloitte Malta
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 44.93

Performance To Date (EUR)

Top 10 Holdings

BlackRock Global Funds
4.1%
Lyxor Stoxx Europe600 Healthcare
3.9%
T Rowe Price Funds SICAV - US
3.8%
Schroder ISF Greater China
3.6%
Lyxor Stoxx Europe600 Industrial
3.2%
Schroder ISF Global Climate
3.1%
iShares MSCI EM Asia UCITS ETF
2.4%
Lyxor Stoxx Europe600 Banks
2.2%
iShares Global Clean Energy
1.7%
Lyxor Stoxx Europe600 Technology
1.6%

Major Sector Breakdown

Information Technology
18.1%
Consumer Discretionary
16.2%
ETFs
13.4%
Financials
11.8%
Industrials
8.9%
Energy
7.2%
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
40.6%
Europe
14.6%
France
13.0%
China
10.8%
Germany
8.6%
Netherlands
4.9%
Great Britain
1.4%
*including exposures to ETFs

Asset Allocation

Cash 6.1%
Equities 49.3%
ETF 26.4%
CIS 18.2%

Performance History (EUR)*

YTD

1.84%

1-month

1.99%

3-month

3.21%

6-month

2.68%

9-month

11.79%

Annualised Since Inception*

-0.75%

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

Currency Allocation

Euro 46.8%
USD 50.1%
GBP 3.0%
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

    February 2021

    The CC Global Opportunities was up 1.90% during the month of February. The ishares MSCI All World Index in EUR was up 2.80% over the same period.

    Eurozone equities gained in February, supported by a strong advance for lowly-valued parts of the market such as banks. The energy sector also posted robust gains. Defensive sectors such as utilities and real estate were among the laggards. Eurozone annual inflation was confirmed at 0.9% for January and GDP was down by 0.6% in Q4 2020. The Italian parliament approved the formation of a new government to be led by former European Central Bank chairman Mario Draghi.

    US equities survived a bout of turbulence to post gains in February. Fears that a rapid economic recovery would hasten policy tightening rattled bond markets before rippling into equities, especially tech. As the fears receded, markets recovered. Sectors that are most sensitive to the economic cycle – such as energy, financials, and industrials – performed strongly. More traditionally defensive sectors, such as utilities and consumer staples, lagged.

    Emerging market (EM) equities recorded small gains. Early progress was driven by vaccine optimism and expectations for US fiscal stimulus, but were partly offset by concerns over stronger growth and higher inflation. A stronger dollar was also a headwind for EM. Argentina was the best-performing market in the EM index. Chile and Peru, aided by commodity price strength, and Greece, where hopes for a recovery in tourism picked up, all outperformed. Brazil was the weakest index market, negatively impacted by political concerns. China also closed in negative territory and underperformed the index, with weakness from internet and IT stocks dragging on performance.

    In commodities, the S&P GSCI posted a robust return as the continued roll-out of Covid-19 vaccinations supported the outlook for a strong recovery in global growth. Energy was the best-performing index component as crude oil prices continued to pick up. The industrial metals component performed well, led by strong gains for copper, often viewed as bellwether for the global economy, and aluminium. The agriculture component achieved a modest gain in the month, boosted by higher coffee, sugar and cotton prices. The livestock component posted a moderate return, with a strong gain for live hogs. By contrast, the precious metals component registered a negative return in the month, with both gold and silver weaker.

    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 and which are aligned to the sectorial rotation view. Indeed, in the month of February, the Manager opened a position in United Airlines, in line with the proposition of seeing an increase in passenger movements as the vaccine roll-out continues its pace.

  • 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)*

    -0.79%

    *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: €7.3 mn
    Month end NAV in EUR: 122.78
    Number of Holdings: 31
    Auditors: Deloitte Malta
    Legal Advisor: Ganado & Associates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 44.93

    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

    BlackRock Global Funds
    4.1%
    Lyxor Stoxx Europe600 Healthcare
    3.9%
    T Rowe Price Funds SICAV - US
    3.8%
    Schroder ISF Greater China
    3.6%
    Lyxor Stoxx Europe600 Industrial
    3.2%
    Schroder ISF Global Climate
    3.1%
    iShares MSCI EM Asia UCITS ETF
    2.4%
    Lyxor Stoxx Europe600 Banks
    2.2%
    iShares Global Clean Energy
    1.7%
    Lyxor Stoxx Europe600 Technology
    1.6%

    Top Holdings by Country*

    United States
    40.6%
    Europe
    14.6%
    France
    13.0%
    China
    10.8%
    Germany
    8.6%
    Netherlands
    4.9%
    Great Britain
    1.4%
    *including exposures to ETFs

    Major Sector Breakdown

    Information Technology
    18.1%
    Consumer Discretionary
    16.2%
    ETFs
    13.4%
    Financials
    11.8%
    Industrials
    8.9%
    Energy
    7.2%

    Asset Allocation

    Cash 6.1%
    Equities 49.3%
    ETF 26.4%
    CIS 18.2%

    Performance History (EUR)*

    YTD

    1.84%

    1-month

    1.99%

    3-month

    3.21%

    6-month

    2.68%

    9-month

    11.79%

    Annualised Since Inception*

    -0.75%

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

    Currency Allocation

    Euro 46.8%
    USD 50.1%
    GBP 3.0%
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