Investment Objectives

The Growth Strategy Fund aims to achieve capital growth with a diversified portfolio of Funds and ETFs that invest in a broad range of assets, including bonds and stocks.

The Fund is actively managed and aims to build a diversified portfolio spread across several industries and sectors.

Investor Profile

A typical investor in the Growth Strategy Fund is:

  • Seeking to achieve long-term capital appreciation
  • Seeking an actively managed & diversified investment in stocks and bonds
  • Planning to hold their investment for at least 5 years 

Fund Rules

Here is where the Growth Strategy Fund can invest.

Up to 40% in Money market instruments
Up to 30% in Investment-grade bonds.
Up to 50% in High yield bonds
Up to 100% in Stocks

*The Strategy Fund invests in Funds or ETFs that invest 65% or more in the above asset classes.

Commentary

July 2025

Introduction

July continued the bullish momentum form last month as global markets reached fresh highs based on strong corporate earnings and easing trade concerns – especially following the US – EU tariff deal lowering rates to 15% and a temporary US – China tariff truce. Additional trade deals closed by the US with other main Asian economies like Japan, Korea and Vietnam also fuelled investor optimism. Fiscal developments added to the benevolent backdrop as the One Big Beautiful Bill Act passed through the US Congress introducing more expansive tax cuts and spending. On the geopolitical front, a ceasefire between Israel and Iran in the final week of the month helped stabilized oil market and ease inflation pressures, however rising yields in global government bonds reminded that fiscal sustainability concerns remain. The slowly overriding sentiment is that the Trump administration agenda despite being challenged initially from all corners has somehow managed overcoming all obstacles and might already claim victory having proven doubters wrong. All initial targets seem to have been checked: US tariffs have been successful levied without any retribution except from China, financial markets sentiment has fully recovered, the US dollar and energy prices weakened and the economy has not been hurt. However, history is a flux, not a snapshot, just like financial markets. Winning over the short term might prove just a transition to a bleaker long-term outcome. Of course, hoping it will not eventually happen is a human reflex. That is no excuse for not being prepared should it ultimately happen.

From the monetary front, the FED held rates steady, maintaining its “wait-and-see” approach amid tariff uncertainty and mixed data. The main obstacle to adopting a more dovish approach is the fact that determining how tariffs will affect inflation will require ongoing observation. However, dissenters within the FOMC have led a shift in the tone of monetary policy, and analysts are already aligning forecasting more rate cuts for this year. In Europe, the ECB also opted keeping interest rates unchanged, marking the first pause in a yearlong sequence of rate cuts – eight in total since the half of 2024. Such decision has been backed by the fact that in spite of inflation stabilizing at the 2% target, the economic backdrop remains uncertain, with risks stemming from trade tensions, a strong euro and potential import-driven disinflation.

July turned better for equity markets as the earnings season progressed as initial fears of first blows from tariffs proved to be unfounded and companies managed to exceed expectations on a higher than usual ratio, albeit from a very low basis one should admit. But this really was not the whole story, as technology and communication names (essentially Magnificent 7 names) have managed shadowing the more restrained if not disappointing numbers coming from businesses having direct contact with the consumer. This has brought back the old matter of concentrated market performance in very few names, which usually means that momentum will last as long as these high flyers keep on delivering. An old feeling reminiscent of 2021 is in the air, with a very familiar, although not that vividly coloured view. Risk-on appetite filled with retail buy-the-dip episodes, a revival of the IPO market with exceptional listing day performances, semiconductor stocks rallying, sky-high valuation for the new kids on the block (read Palantir), and everything else that would qualify markets as “giddy”. Long gone are the days when markets were staring into the abyss of trade wars-led de-globalization, bond vigilantes could spoil the markets when asking uncomfortable questions about public debt deficits financing. It looks like financial markets have managed a workaround on commercial tariffs and are happy to look to the opposite direction when somebody is pointing to frothy valuations. What could go wrong here?

Market Environment and Performance

In the Euro area, GDP growth slowed to 0.1% in Q2, down from the 0.6% performance in Q1 2025, as per preliminary estimates. While slightly ahead of expectations, it does mark the weakest pace since late 2023. The deceleration reflects a more cautious stance by consumers, who are weighting easing inflation and lower interest rates against rising trade-related uncertainty, particularly stemming from US tariff policy. Business activity showed modest improvement, as the monthly Composite PMI rose to 51.0, its highest reading in 11 months, driven by strength in services and a less pessimistic tone in manufacturing. Headline inflation held steady at 2.0%, slightly above expectations and in line with the ECB’s target.

In the US, the economy expanded at a stronger than expected 3.0% annualized pace in Q2, recovering from a 0.5% contraction in Q1. The rebound was driven largely by a plunge in imports, which followed a front-loaded surge in Q1 as businesses and consumers rushed to secure goods ahead of anticipated tariff hikes. Forward-looking indicators suggest economic momentum carried into Q3. The July Composite PMI rose to 54.6 from 52.9 in June, the strongest reading this year. The improvement was led by a pickup in services activity, while manufacturing posted moderate gains.

In July, global equity markets put on a stunning rally led decisively by the US and in particular by its technology behemoths. While the earnings season provided some stellar results in particular from Meta Platforms and Microsoft, this has conveyed the message that AI capex does seem to worth after all in terms of revenue growth and operating margins improvement. This brought new life to the AI-related stocks frenzy, with Nvidia becoming the first public company to reach a $4 trillion market valuation. The risk-on sentiment has pushed indexes performance up, but index performance breath down, resulting in a US market even more concentrated compared to the latest bubble, namely 2021. As the US dollar found a bottom and started recovering some of the ground lost in the last quarter, it gave an even more competitive advantage to the US market. The US market outperformed again Europe, while China outperformed its emerging market peers, and Japan was the laggard during the period. The S&P 500 index gained a whopping 5.21% in EUR terms driven by the Magnificent 7 plus Oracle, Broadcom and Palantir. European markets delivered a decent, but by no means impressive performance. The EuroStoxx50 gained 0.31% while the DAX gained 0.65% as energy, financials and industrials sectors outperformed.

Fund Performance

Performance for the month of July proved positive, noting a 1.44% gain for the CC Growth Strategy Fund.

Market and Investment Outlook

Going forward, the Manager believes that the economic landscape appears to show some initial signs of weakness, and this could accelerate in the near future as the impact form the US tariffs will slowly creep into the global trade and supply chains. While in particular the inflation situation might deteriorate going forward, a potential support could be expected form a swift change in attitude from the FED delivering interest rate cuts sooner than previously expected. Nevertheless, it is rather unclear how much this could help consumer sentiment, particularly in the short term, thus diminishing expectations for a positive economic outlook to the end of the year. There is a general sense that we are yet to see the worst part of the negative impact on the global macroeconomic landscape from the US tariffs. Consequently, the Manager remains cautious as regards the current momentum in equity markets as this does not seem to reflect any potential incoming upheaval, while the unfavourable seasonality factor remains in place. 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 during episodes of market overshooting.

A quick introduction to our Growth Strategy Fund

Watch Video

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

Mixed

MIN. INITIAL INVESTMENT

€5000

FUND TYPE

UCITS

BASE CURRENCY

EUR

5 year performance*

0%

*View Performance History below
Inception Date: 03 Nov 2021
ISIN: MT7000030672
Bloomberg Ticker: CCPGSCA MV
Distribution Yield (%): -
Underlying Yield (%): -
Distribution: Nil
Total Net Assets: €5.17 mn
Month end NAV in EUR: 104.88
Number of Holdings: 15
Auditors: Grant Thornton
Legal Advisor: GANADO Advocates
Custodian: Sparkasse Bank Malta p.l.c.

Performance To Date (EUR)

Top 10 Holdings

Morgan Stanley Investment Fund
11.0%
Invesco Pan European Equity Fund
8.8%
CC Funds SICAV plc - High Income Bond Fund
8.8%
CC Funds SICAV plc - Global Opportunities Fund
8.6%
Fundsmith SICAV - Equity Fund
7.2%
Comgest Growth plc - Europe Opportunities
6.9%
UBS (Lux) Bond Fund - Euro High Yield
6.8%
FTGF ClearBridge US Value Fund
5.9%
Robeco BP US Large Cap Equities
5.7%
CT Lux Global Focus Fund
5.5%
Data for major sector breakdown is not available for this fund.
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

European Region
36.6%
Global
36.4%
U.S.
22.6%
International
12.4%

Asset Allocation

Fund 97.9%
Cash 2.1%
ETF 0.0%

Performance History (EUR)*

1 Year

4.56%

3 Year

22.11%

* The Accumulator Share Class (Class A) was launched on 3 November 2021
** Returns quoted net of TER. Entry and exit charges may reduce returns for investors.

Currency Allocation

Euro 94.3%
USD 5.7%
GBP 0.0%
Data for risk statistics is not available for this fund.

Interested in this product?

  • Investment Objectives

    The Growth Strategy Fund aims to achieve capital growth with a diversified portfolio of Funds and ETFs that invest in a broad range of assets, including bonds and stocks.

    The Fund is actively managed and aims to build a diversified portfolio spread across several industries and sectors.

  • Investor profile

    A typical investor in the Growth Strategy Fund is:

    • Seeking to achieve long-term capital appreciation
    • Seeking an actively managed & diversified investment in stocks and bonds
    • Planning to hold their investment for at least 5 years 
    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

  • Commentary

    July 2025

    Introduction

    July continued the bullish momentum form last month as global markets reached fresh highs based on strong corporate earnings and easing trade concerns – especially following the US – EU tariff deal lowering rates to 15% and a temporary US – China tariff truce. Additional trade deals closed by the US with other main Asian economies like Japan, Korea and Vietnam also fuelled investor optimism. Fiscal developments added to the benevolent backdrop as the One Big Beautiful Bill Act passed through the US Congress introducing more expansive tax cuts and spending. On the geopolitical front, a ceasefire between Israel and Iran in the final week of the month helped stabilized oil market and ease inflation pressures, however rising yields in global government bonds reminded that fiscal sustainability concerns remain. The slowly overriding sentiment is that the Trump administration agenda despite being challenged initially from all corners has somehow managed overcoming all obstacles and might already claim victory having proven doubters wrong. All initial targets seem to have been checked: US tariffs have been successful levied without any retribution except from China, financial markets sentiment has fully recovered, the US dollar and energy prices weakened and the economy has not been hurt. However, history is a flux, not a snapshot, just like financial markets. Winning over the short term might prove just a transition to a bleaker long-term outcome. Of course, hoping it will not eventually happen is a human reflex. That is no excuse for not being prepared should it ultimately happen.

    From the monetary front, the FED held rates steady, maintaining its “wait-and-see” approach amid tariff uncertainty and mixed data. The main obstacle to adopting a more dovish approach is the fact that determining how tariffs will affect inflation will require ongoing observation. However, dissenters within the FOMC have led a shift in the tone of monetary policy, and analysts are already aligning forecasting more rate cuts for this year. In Europe, the ECB also opted keeping interest rates unchanged, marking the first pause in a yearlong sequence of rate cuts – eight in total since the half of 2024. Such decision has been backed by the fact that in spite of inflation stabilizing at the 2% target, the economic backdrop remains uncertain, with risks stemming from trade tensions, a strong euro and potential import-driven disinflation.

    July turned better for equity markets as the earnings season progressed as initial fears of first blows from tariffs proved to be unfounded and companies managed to exceed expectations on a higher than usual ratio, albeit from a very low basis one should admit. But this really was not the whole story, as technology and communication names (essentially Magnificent 7 names) have managed shadowing the more restrained if not disappointing numbers coming from businesses having direct contact with the consumer. This has brought back the old matter of concentrated market performance in very few names, which usually means that momentum will last as long as these high flyers keep on delivering. An old feeling reminiscent of 2021 is in the air, with a very familiar, although not that vividly coloured view. Risk-on appetite filled with retail buy-the-dip episodes, a revival of the IPO market with exceptional listing day performances, semiconductor stocks rallying, sky-high valuation for the new kids on the block (read Palantir), and everything else that would qualify markets as “giddy”. Long gone are the days when markets were staring into the abyss of trade wars-led de-globalization, bond vigilantes could spoil the markets when asking uncomfortable questions about public debt deficits financing. It looks like financial markets have managed a workaround on commercial tariffs and are happy to look to the opposite direction when somebody is pointing to frothy valuations. What could go wrong here?

    Market Environment and Performance

    In the Euro area, GDP growth slowed to 0.1% in Q2, down from the 0.6% performance in Q1 2025, as per preliminary estimates. While slightly ahead of expectations, it does mark the weakest pace since late 2023. The deceleration reflects a more cautious stance by consumers, who are weighting easing inflation and lower interest rates against rising trade-related uncertainty, particularly stemming from US tariff policy. Business activity showed modest improvement, as the monthly Composite PMI rose to 51.0, its highest reading in 11 months, driven by strength in services and a less pessimistic tone in manufacturing. Headline inflation held steady at 2.0%, slightly above expectations and in line with the ECB’s target.

    In the US, the economy expanded at a stronger than expected 3.0% annualized pace in Q2, recovering from a 0.5% contraction in Q1. The rebound was driven largely by a plunge in imports, which followed a front-loaded surge in Q1 as businesses and consumers rushed to secure goods ahead of anticipated tariff hikes. Forward-looking indicators suggest economic momentum carried into Q3. The July Composite PMI rose to 54.6 from 52.9 in June, the strongest reading this year. The improvement was led by a pickup in services activity, while manufacturing posted moderate gains.

    In July, global equity markets put on a stunning rally led decisively by the US and in particular by its technology behemoths. While the earnings season provided some stellar results in particular from Meta Platforms and Microsoft, this has conveyed the message that AI capex does seem to worth after all in terms of revenue growth and operating margins improvement. This brought new life to the AI-related stocks frenzy, with Nvidia becoming the first public company to reach a $4 trillion market valuation. The risk-on sentiment has pushed indexes performance up, but index performance breath down, resulting in a US market even more concentrated compared to the latest bubble, namely 2021. As the US dollar found a bottom and started recovering some of the ground lost in the last quarter, it gave an even more competitive advantage to the US market. The US market outperformed again Europe, while China outperformed its emerging market peers, and Japan was the laggard during the period. The S&P 500 index gained a whopping 5.21% in EUR terms driven by the Magnificent 7 plus Oracle, Broadcom and Palantir. European markets delivered a decent, but by no means impressive performance. The EuroStoxx50 gained 0.31% while the DAX gained 0.65% as energy, financials and industrials sectors outperformed.

    Fund Performance

    Performance for the month of July proved positive, noting a 1.44% gain for the CC Growth Strategy Fund.

    Market and Investment Outlook

    Going forward, the Manager believes that the economic landscape appears to show some initial signs of weakness, and this could accelerate in the near future as the impact form the US tariffs will slowly creep into the global trade and supply chains. While in particular the inflation situation might deteriorate going forward, a potential support could be expected form a swift change in attitude from the FED delivering interest rate cuts sooner than previously expected. Nevertheless, it is rather unclear how much this could help consumer sentiment, particularly in the short term, thus diminishing expectations for a positive economic outlook to the end of the year. There is a general sense that we are yet to see the worst part of the negative impact on the global macroeconomic landscape from the US tariffs. Consequently, the Manager remains cautious as regards the current momentum in equity markets as this does not seem to reflect any potential incoming upheaval, while the unfavourable seasonality factor remains in place. 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 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

    Mixed

    MIN. INITIAL INVESTMENT

    €5000

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    5 year performance*

    0%

    *View Performance History below
    Inception Date: 03 Nov 2021
    ISIN: MT7000030672
    Bloomberg Ticker: CCPGSCA MV
    Distribution Yield (%): -
    Underlying Yield (%): -
    Distribution: Nil
    Total Net Assets: €5.17 mn
    Month end NAV in EUR: 104.88
    Number of Holdings: 15
    Auditors: Grant Thornton
    Legal Advisor: GANADO Advocates
    Custodian: Sparkasse Bank Malta p.l.c.

    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

    Morgan Stanley Investment Fund
    11.0%
    Invesco Pan European Equity Fund
    8.8%
    CC Funds SICAV plc - High Income Bond Fund
    8.8%
    CC Funds SICAV plc - Global Opportunities Fund
    8.6%
    Fundsmith SICAV - Equity Fund
    7.2%
    Comgest Growth plc - Europe Opportunities
    6.9%
    UBS (Lux) Bond Fund - Euro High Yield
    6.8%
    FTGF ClearBridge US Value Fund
    5.9%
    Robeco BP US Large Cap Equities
    5.7%
    CT Lux Global Focus Fund
    5.5%

    Top Holdings by Country

    European Region
    36.6%
    Global
    36.4%
    U.S.
    22.6%
    International
    12.4%

    Asset Allocation

    Fund 97.9%
    Cash 2.1%
    ETF 0.0%

    Performance History (EUR)*

    1 Year

    4.56%

    3 Year

    22.11%

    * The Accumulator Share Class (Class A) was launched on 3 November 2021
    ** Returns quoted net of TER. Entry and exit charges may reduce returns for investors.

    Currency Allocation

    Euro 94.3%
    USD 5.7%
    GBP 0.0%
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