Investment Objectives
The investment objective of the Fund is to endeavour to maximise the total level of return for investors through investment, primarily, in a diversified portfolio of equity securities. In seeking to achieve the Fund’s investment objective, the Investment Manager will invest at least 80% of its assets in equity securities.
Investments in equity securities may include, but are not limited to, dividend-paying securities, equities, Collective Investment Schemes (CISs) including exchange traded funds and preferred shares of global issuers. The Fund will invest a substantial proportion of its assets in other UCITSs, including ETFs, and other eligible CISs.
The Fund is actively managed, not managed by reference to any index.
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 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
A Quick Introduction to Our Euro Equity Fund.
Key Facts & Performance
Fund Manager
Jordan Portelli
Jordan is CIO at CC Finance Group. He has extensive experience in research and portfolio management with various institutions. Today he is responsible of the group’s investment strategy and manages credit and multi-asset strategies.
PRICE (EUR)
€
ASSET CLASS
Equity
MIN. INITIAL INVESTMENT
€100000
FUND TYPE
UCITS
BASE CURRENCY
EUR
5 year performance*
20.94%
*View Performance History below
Inception Date: 05 Feb 2020
ISIN: MT7000026506
Bloomberg Ticker: CCFEEBE MV
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €8.9 mn
Month end NAV in EUR: 135.47
Number of Holdings: 35
Auditors: Grant Thornton
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
Performance To Date (EUR)
Top 10 Holdings
6.2%
6.2%
4.7%
4.5%
4.0%
3.9%
3.9%
3.8%
3.5%
3.4%
Major Sector Breakdown
Information Technology
23.4%
Consumer Discretionary
19.2%
Financials
18.9%
Industrials
15.5%
Communications
9.5%
Health Care
3.9%
Risk & Reward Profile
Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top Holdings by Country*
66.2%
7.1%
6.2%
5.3%
4.5%
4.0%
2.5%
0.7%
Asset Allocation
Performance History (EUR)*
1 Year
9.59%
3 Year
9.59%
5 Year
20.94%
Currency Allocation
Interested in this product?
-
Investment Objectives
The investment objective of the Fund is to endeavour to maximise the total level of return for investors through investment, primarily, in a diversified portfolio of equity securities. In seeking to achieve the Fund’s investment objective, the Investment Manager will invest at least 80% of its assets in equity securities.
Investments in equity securities may include, but are not limited to, dividend-paying securities, equities, Collective Investment Schemes (CISs) including exchange traded funds and preferred shares of global issuers. The Fund will invest a substantial proportion of its assets in other UCITSs, including ETFs, and other eligible CISs.
The Fund is actively managed, not managed by reference to any index.
-
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 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
May 2025
Introduction
May has brought with it a new favoured acronym in markets – the TACO trade. While having nothing to do with Mexican flavours, the “Trump Always Chickens Out” strategy has offered market participants quick profits particularly in equities by just buying the market panic caused by any Trump warning, having the certainty that he will eventually backtrack. The prime example of this was an aggressive stance initiated toward levying a blanket 50% tariff on all EU-originated imports that took a full weekend to backtrack on. Thus, markets squeezed out bear positions as well as non-believers in the ongoing rally, making life extremely difficult for the most diligent analysts out there. Another rather positive quarterly reporting season has pushed improvements in forward earnings expectations in some quarters, taking off another argument from the pessimist toolbox. Leading macro indicators also improved on both sides of the Atlantic, while trading data from China continued making a mockery out of the insane tariffs levied on Liberation Day. Just in time, the Trump administration is now focusing on a new tax bill that is supposed not only to extend current tax cuts introduced in the first Trump mandate, but also including new ones. Overall, should such a bill pass in the current proposed form, the US fiscal deficit would likely explode within the next decade. So far, pessimists are running short of worries to cling on, while staying on the side-lines builds up an increasing opportunity cost relative to equity markets. However, at some point the so-called bond vigilantes might come to their rescue and turn the volatility pressure on equities and bonds alike. And maybe then we will have another good buying opportunity on our hands, or maybe not. The Trump uncertainty dilemma continues.
From the monetary front, the FOMC unanimously decided to keep the federal funds rate steady during its May meeting noting that the economic activity continued growing solidly, while inflation was somewhat elevated. It also noted that risks have increased to both sides of their dual mandate (inflation and employment), but pledge to the continuation of reducing the balance sheet holdings through runoff. The ensuing meeting minutes highlighted the considerable uncertainty around the recently levied tariffs, indicating no rush in shifting monetary policy. In Europe, the ECB did not have a monetary meeting during the month, however was quite indicative of measures it was expecting to take during the next such meeting, namely another 25bps interest rate cut. As inflation in the Eurozone is already under the ECB target, policy makers cited disinflationary forces – including a stronger Euro, declining energy prices, and a fallout from global trade tensions – as key factors for further easing. Nevertheless, the policy approach is to remain flexible amid global uncertainty.
May brought back in equity markets the joy that has been lost after the inauguration of the second Trump mandate. The rally has managed to push markets very close to their all-time highs, notably in the US. Beyond the speediness of this move that has been equated with the unwavering trust of retail investors in the “buy the dip” strategy, we have now returned to the same old questions about valuation metrics. Markets look as expensive as they did 6 months ago, this time with diminished economic growth prospects and slightly higher bond yields. Why should such high valuations make sense now more than they did in the past? While markets may easily be excused on the premise of looking forward positively to the tax cuts and deregulation promises that came with the new Trump mandate, the actual benefits for equities are still eluding the most analytical investors. One potential though more counterintuitive argument could be found in bonds. While at first glance the higher yield would warrant more attractiveness for fixed income as an investment class, actually the long-term upward trend in yields warranted by higher inflation on average would make bonds less attractive as a long-term investment. Hence, the comparative advantage for equities becomes compelling. This is a theoretical argument that has not been actually tested during a fully-blown economic recession. It remains to be seen how it will work under such scenario.
Market Environment and Performance
In the Euro area economic growth continued to expand for a fifth consecutive month, though the pace of growth was only marginal – the weakest since February. The monthly Composite PMI remained in expansionary territory, albeit easing slightly to 50.2 from 50.4 in April. A decline in new business, particularly within the services sector, marked the most pronounced deterioration in demand in six months. Inflation across the bloc also moderated, easing to 1.9% year-on-year falling from the 2.2% level in April, while core inflation also eased to 2.3% from the 2.7% level in the previous month.
While earlier leading indicators had pointed to a slowdown, more recent data showed signs of improvement, suggesting a rebound in activity. Notably, the May Composite PMI was revised up to 53.0, well above the April’ 19-month low of 50.6. The reading signals solid expansion across both services and manufacturing sectors, underpinned by increased client spending, particularly from domestic customers. The headline inflation posted a 2.4% reading in March, slightly below market expectations. Core inflation remained anchored at 2.8% for the third consecutive month.
In May, global equity markets had the best period of the year managing the complete reversal of the post Liberation Day tariffs market collapse, and turning the US protectionist agenda into irrelevance from the market participants’ perspective. Moreover, the initiation of a formal dialogue between the US and China targeting a new commercial relationship framework, allowed markets to shift their focus to the next worry on the agenda – the US deficit. Markets performed coordinated sector-wise with the noticeable exception of health care, which was stung by reports of the US contemplating caps on domestic prices. The US market led the charge outperforming its developed peers, as well as emerging markets, being supported by its high exposure to tech names. The S&P 500 index gained 6.21% as industrials and financials responded very well to the risk-on mode and validated the still positive economic indicators releases. European markets have continued performing well helped by better than expected economic data. The EuroStoxx50 gained 4.00% while the DAX gained 6.67% helped in particular by banks and the defence sector.
Fund Performance
In the month of May, the Global Opportunities Fund registered a 5.67 per cent gain. During the month the Fund’s allocation has not been changed as the Manager considered it was aligned to the overriding market sentiment. Cash levels have decreased passively.
Market and Investment Outlook
Going forward, the Manager believes that while the macroeconomic indicators have continued to come in stronger than generally expected, we could see in the summer some of the negative hard data driven by the tariffs imposed by the Trump administration on most of the US imports. While businesses have so far had the advantage of somewhat avoiding most of the negative spill over by pilling up inventories, thus protecting labour markets and keeping pricing pressures to the end consumer at bay, there is a natural limitation to such workarounds. The probability of more benevolent monetary policy, particularly in the US, will be very much dependant on such negative development, which means that any interest rate cuts expectation should move towards the year end. Consequently, the Manager sees the positive momentum from the April lows as a little overplayed by market participants who seem to have been getting ahead of themselves. Given the above, the Manager remains in line with the overriding market sentiment, however being ready for any sudden reversal of fortunes. The strategic allocation remains based on long-term convictions to quality companies benefitting from secular growth trends agnostic to specific macroeconomic developments. The Manager shall deploy capital opportunistically in specific sectors, and using cash levels as dry powder to be used during episodes of market overshooting.
-
Key facts & performance
Fund Manager
Jordan Portelli
Jordan is CIO at CC Finance Group. He has extensive experience in research and portfolio management with various institutions. Today he is responsible of the group’s investment strategy and manages credit and multi-asset strategies.
PRICE (EUR)
€
ASSET CLASS
Equity
MIN. INITIAL INVESTMENT
€100000
FUND TYPE
UCITS
BASE CURRENCY
EUR
5 year performance*
20.94%
*View Performance History below
Inception Date: 05 Feb 2020
ISIN: MT7000026506
Bloomberg Ticker: CCFEEBE MV
Distribution Yield (%): N/A
Underlying Yield (%): N/A
Distribution: N/A
Total Net Assets: €8.9 mn
Month end NAV in EUR: 135.47
Number of Holdings: 35
Auditors: Grant Thornton
Legal Advisor: Ganado & Associates
Custodian: Sparkasse Bank Malta p.l.c.
Performance To Date (EUR)
Risk & Reward Profile
1234567Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top 10 Holdings
Uber Technologies Inc6.2%
Mercadolibre Inc6.2%
Alphabet Inc4.7%
Amazon.com Inc4.5%
Microsoft Corp4.0%
Airbnb Inc3.9%
Bristol-Myers Squibb Co3.9%
Salesforce Inc3.8%
Mastercard Inc3.5%
LAM Research Corp3.4%
Top Holdings by Country*
United States66.2%
France7.1%
Brazil6.2%
Asia5.3%
Germany4.5%
Europe4.0%
Netherlands2.5%
Australia0.7%
*including exposures to ETFs. Does not adopt a look- through approach.Major Sector Breakdown
Information Technology
23.4%
Consumer Discretionary
19.2%
Financials
18.9%
Industrials
15.5%
Communications
9.5%
Health Care
3.9%
Asset Allocation
Cash 3.4%Equities 90.9%ETF 4.0%Fund 1.7%Performance History (EUR)*
1 Year
9.59%
3 Year
9.59%
5 Year
20.94%
* The Euro Equity Fund Institutional Share Class B was launched on 5 February 2020 and eventually changed its name to the Global Oppportunities Fund Institutional Share Class B on 14 May 2020.** The Annualised rate is an indication of the average growth of the Fund over one year. The value of the investment and the income yield derived from the investment, if any, may go down as well as up and past performance is not necessarily indicative of future performance, nor a reliable guide to future performance. Hence returns may not be achieved and you may lose all or part of your investment in the Fund. Currency fluctuations may affect the value of investments and any derived income.*** Returns quoted net of TER. Entry and exit charges may reduce returns for investors.Currency Allocation
Euro 18.7%USD 80.5%GBP 0.8% -
Downloads
Commentary
May 2025
Introduction
May has brought with it a new favoured acronym in markets – the TACO trade. While having nothing to do with Mexican flavours, the “Trump Always Chickens Out” strategy has offered market participants quick profits particularly in equities by just buying the market panic caused by any Trump warning, having the certainty that he will eventually backtrack. The prime example of this was an aggressive stance initiated toward levying a blanket 50% tariff on all EU-originated imports that took a full weekend to backtrack on. Thus, markets squeezed out bear positions as well as non-believers in the ongoing rally, making life extremely difficult for the most diligent analysts out there. Another rather positive quarterly reporting season has pushed improvements in forward earnings expectations in some quarters, taking off another argument from the pessimist toolbox. Leading macro indicators also improved on both sides of the Atlantic, while trading data from China continued making a mockery out of the insane tariffs levied on Liberation Day. Just in time, the Trump administration is now focusing on a new tax bill that is supposed not only to extend current tax cuts introduced in the first Trump mandate, but also including new ones. Overall, should such a bill pass in the current proposed form, the US fiscal deficit would likely explode within the next decade. So far, pessimists are running short of worries to cling on, while staying on the side-lines builds up an increasing opportunity cost relative to equity markets. However, at some point the so-called bond vigilantes might come to their rescue and turn the volatility pressure on equities and bonds alike. And maybe then we will have another good buying opportunity on our hands, or maybe not. The Trump uncertainty dilemma continues.
From the monetary front, the FOMC unanimously decided to keep the federal funds rate steady during its May meeting noting that the economic activity continued growing solidly, while inflation was somewhat elevated. It also noted that risks have increased to both sides of their dual mandate (inflation and employment), but pledge to the continuation of reducing the balance sheet holdings through runoff. The ensuing meeting minutes highlighted the considerable uncertainty around the recently levied tariffs, indicating no rush in shifting monetary policy. In Europe, the ECB did not have a monetary meeting during the month, however was quite indicative of measures it was expecting to take during the next such meeting, namely another 25bps interest rate cut. As inflation in the Eurozone is already under the ECB target, policy makers cited disinflationary forces – including a stronger Euro, declining energy prices, and a fallout from global trade tensions – as key factors for further easing. Nevertheless, the policy approach is to remain flexible amid global uncertainty.
May brought back in equity markets the joy that has been lost after the inauguration of the second Trump mandate. The rally has managed to push markets very close to their all-time highs, notably in the US. Beyond the speediness of this move that has been equated with the unwavering trust of retail investors in the “buy the dip” strategy, we have now returned to the same old questions about valuation metrics. Markets look as expensive as they did 6 months ago, this time with diminished economic growth prospects and slightly higher bond yields. Why should such high valuations make sense now more than they did in the past? While markets may easily be excused on the premise of looking forward positively to the tax cuts and deregulation promises that came with the new Trump mandate, the actual benefits for equities are still eluding the most analytical investors. One potential though more counterintuitive argument could be found in bonds. While at first glance the higher yield would warrant more attractiveness for fixed income as an investment class, actually the long-term upward trend in yields warranted by higher inflation on average would make bonds less attractive as a long-term investment. Hence, the comparative advantage for equities becomes compelling. This is a theoretical argument that has not been actually tested during a fully-blown economic recession. It remains to be seen how it will work under such scenario.
Market Environment and Performance
In the Euro area economic growth continued to expand for a fifth consecutive month, though the pace of growth was only marginal – the weakest since February. The monthly Composite PMI remained in expansionary territory, albeit easing slightly to 50.2 from 50.4 in April. A decline in new business, particularly within the services sector, marked the most pronounced deterioration in demand in six months. Inflation across the bloc also moderated, easing to 1.9% year-on-year falling from the 2.2% level in April, while core inflation also eased to 2.3% from the 2.7% level in the previous month.
While earlier leading indicators had pointed to a slowdown, more recent data showed signs of improvement, suggesting a rebound in activity. Notably, the May Composite PMI was revised up to 53.0, well above the April’ 19-month low of 50.6. The reading signals solid expansion across both services and manufacturing sectors, underpinned by increased client spending, particularly from domestic customers. The headline inflation posted a 2.4% reading in March, slightly below market expectations. Core inflation remained anchored at 2.8% for the third consecutive month.
In May, global equity markets had the best period of the year managing the complete reversal of the post Liberation Day tariffs market collapse, and turning the US protectionist agenda into irrelevance from the market participants’ perspective. Moreover, the initiation of a formal dialogue between the US and China targeting a new commercial relationship framework, allowed markets to shift their focus to the next worry on the agenda – the US deficit. Markets performed coordinated sector-wise with the noticeable exception of health care, which was stung by reports of the US contemplating caps on domestic prices. The US market led the charge outperforming its developed peers, as well as emerging markets, being supported by its high exposure to tech names. The S&P 500 index gained 6.21% as industrials and financials responded very well to the risk-on mode and validated the still positive economic indicators releases. European markets have continued performing well helped by better than expected economic data. The EuroStoxx50 gained 4.00% while the DAX gained 6.67% helped in particular by banks and the defence sector.
Fund Performance
In the month of May, the Global Opportunities Fund registered a 5.67 per cent gain. During the month the Fund’s allocation has not been changed as the Manager considered it was aligned to the overriding market sentiment. Cash levels have decreased passively.
Market and Investment Outlook
Going forward, the Manager believes that while the macroeconomic indicators have continued to come in stronger than generally expected, we could see in the summer some of the negative hard data driven by the tariffs imposed by the Trump administration on most of the US imports. While businesses have so far had the advantage of somewhat avoiding most of the negative spill over by pilling up inventories, thus protecting labour markets and keeping pricing pressures to the end consumer at bay, there is a natural limitation to such workarounds. The probability of more benevolent monetary policy, particularly in the US, will be very much dependant on such negative development, which means that any interest rate cuts expectation should move towards the year end. Consequently, the Manager sees the positive momentum from the April lows as a little overplayed by market participants who seem to have been getting ahead of themselves. Given the above, the Manager remains in line with the overriding market sentiment, however being ready for any sudden reversal of fortunes. The strategic allocation remains based on long-term convictions to quality companies benefitting from secular growth trends agnostic to specific macroeconomic developments. The Manager shall deploy capital opportunistically in specific sectors, and using cash levels as dry powder to be used during episodes of market overshooting.