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

August 2025

Introduction

August managed maintaining the benevolent momentum in financial markets as resilient earnings, moderating inflation prints, and improved geopolitical stability continued to support investor sentiment. The US new commercial policy marked notable progress as the temporary tariff truce with China was extended into year-end, and trade negotiations with India advanced toward a preliminary deal covering technology and services. On the geopolitical front, the implementation of a durable monitoring mechanism in the Middle East helped maintaining the ceasefire between Israel and Iran, removing a major source of volatility for oil markets. Brent crude traded within a narrow band, alleviating immediate concerns over imported inflation. The prevailing narrative is increasingly one of cautious optimism – policymakers appear to have regained control of both inflation and geopolitical flashpoints, while global trade flows are gradually normalizing. However, increased attacks from the Trump administration over the FED independence including over FOMC members, and against other independent agencies keeps markets on their toes. What feels now like an enduring win for the US administration – easing tariffs tensions, steering fiscal expansion without derailing growth, benefiting from soft commodity prices – could just as easily morph into a fragile outcome if policy missteps are generated by too much self-confidence unchecked by other stakeholders. So far, economists’ forecasts as regards the negative impact on the global economy of the new tariff policies have been contradicted in real life. This has become quite a familiar view in recent years as economists failed to forecast the post Covid inflationary pressures while duly forecasting a recession in 2023 following the fast interest rates hiking cycle. However, that does not mean market participants should completely discount economists’ views. Sometimes they do get it right.

From the monetary front, the FED action was mainly concentrated during its famous Jackson Hole summit where Chairman Powell signalled a possible interest rate cut during the September meeting, noting that risks to the job market were rising but also noting that inflation remained a threat. While many analysists now anticipate that the FED will resume its easing policy, the timing and magnitude of cuts remain uncertain. In Europe, the ECB did not take any specific actions, while its focus on maintaining price stability and managing inflation is currently in check with its 2% target. The main issue remains the global economic uncertainty despite the EU striking a trade agreement with the US, as the growth in the euro zone has remained sluggish even as rated have come down.

August proved a more complicated month for global equity markets, where the first real signs of tariff headwinds began to surface. While headline indices narrowly escaped deeper losses, the undercurrents were less reassuring. Technology and AI-linked names, which until recently carried the rally almost single-handedly, finally lost some steam as investors started questioning whether valuation metrics stretched to 2021-like extremes could still be justified. Year-to-date, the global technology sector was left essentially flat—a rather striking outcome considering the constant buzz around artificial intelligence in 2025. The broader feeling was one of markets caught between two narratives: on one hand, retail enthusiasm, IPO euphoria, and buy-the-dip reflexes kept the risk-on mood alive; on the other, the dawning realization that tariffs, higher bond yields, and fragile consumer sentiment could eventually bite. In short, the party was still going, but the music no longer played with the same unshakable rhythm—leaving investors to wonder whether this was just a pause in the exuberance, or the first cracks in a fragile façade. The next market reflex will most likely be riding the tailwind of fresh interest rate cuts on offer from the FED, under more or less political pressure from the Trump administration. While this positive impact on equity markets will be more swiftly by effectively providing more liquidity, the same reach over the real economy should take considerably longer. In the meantime, it is more likely that the overriding disparity between the stock market and the real economy will only grow larger.        

Market Environment and Performance

In the Euro area, business activity continued to expand in August, with the Composite PMI rising to 51.1, up from 50.9 in July and above expectations of 50.7. Growth was driven by a third consecutive expansion in services (50.7 vs. 51) and a notable rebound in manufacturing (50.5 vs. 49.8), marking the first growth in this sector in over three years. Aggregate new orders increased for the first time in 14 months, supporting a sixth consecutive month of job growth, even as new export orders fell. Headline inflation held steady at 2.0%, slightly above expectations. This represents the second consecutive month in which inflation aligned with the ECB’s official target.

The U.S. economy grew at an annualized rate of 3.3% in Q2 2025, rebounding sharply from a 0.5% contraction in Q1, according to second estimates. Forward-looking indicators suggest economic momentum carried into Q3. The S&P Global U.S. Composite PMI rose to 55.4 in August, up from 55.1 in July, marking the fastest pace of growth this year. The services sector maintained solid expansion, while manufacturing rebounded strongly, with the PMI climbing to 53.3 from 49.8 in July, its highest level since May 2022.

In August, global equity markets narrowly avoided their first monthly decline since Liberation Day, as sector rotation helped offset profit-taking in technology stocks. This dynamic created a somewhat unexpected outcome: despite the sustained enthusiasm around the AI investment theme in 2025, global technology sector was effectively flat by month-end. This does not signal a reversal of growth factor outperformance, but rather a pause, as investors reassessed whether current valuation levels remain justified. At the same time, recent AI breakthroughs by domestic technology firms fuelled a sharp rally in Chinese equities, evoking parallels with speculative episodes seen in 2015 and 2021. The S&P 500 index fell 0.51%, with gains in consumer discretionary and value sectors partly offsetting losses in technology and industrials. European markets were more balanced: the EuroStoxx50 advanced 0.60%, while the DAX declined 0.68%, supported by relative strength in staples, healthcare, and energy.

Fund Performance

Performance for the month of August proved negative, noting a 0.33% loss for the CC Growth Strategy Fund.

Market and Investment Outlook

Going forward, the Manager notes that the economic environment is beginning to exhibit early signs of weakness, which may intensify as the effects of US tariffs gradually permeate global trade and supply chains. Inflationary pressures, in particular, could worsen, but also the US labour market might further depreciate; however, potential support might come from an anticipated easing action from the FED, the size of which remains uncertain at this point. Nevertheless, there are limiting prospects for a constructive economic outlook through year-end. Consequently, 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. Against this context, the Manager remains cautious, as current equity market momentum appears misaligned with looming risks, particularly given the persistence of unfavourable seasonality. The portfolio strategy continues to emphasize long-term convictions in high-quality companies benefiting from secular growth drivers that are less dependent on cyclical macroeconomic conditions. Capital will be deployed opportunistically across selected sectors, as necessary including the possibly switches into names which pose attractive entry levels.

A quick introduction to our Growth Strategy Fund

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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: €5.71 mn
Month end NAV in EUR: 104.53
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
9.9%
CC Funds SICAV plc - Global Opportunities Fund
9.1%
Invesco Pan European Equity Fund
8.1%
CC Funds SICAV plc - High Income Bond Fund
8.0%
Fundsmith SICAV - Equity Fund
6.6%
UBS (Lux) Bond Fund - Euro High Yield
6.2%
Comgest Growth plc - Europe Opportunities
6.0%
FTGF ClearBridge US Value Fund
5.4%
Robeco BP US Large Cap Equities
5.2%
UBS (Lux) Equity Fund - European Shares
5.0%
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
34.3%
Global
23.8%
U.S.
20.5%
International
11.2%

Asset Allocation

Fund 89.8%
Cash 10.2%
ETF 0.0%

Performance History (EUR)*

1 Year

3.53%

3 Year

18.91%

* 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 94.8%
USD 5.2%
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

    August 2025

    Introduction

    August managed maintaining the benevolent momentum in financial markets as resilient earnings, moderating inflation prints, and improved geopolitical stability continued to support investor sentiment. The US new commercial policy marked notable progress as the temporary tariff truce with China was extended into year-end, and trade negotiations with India advanced toward a preliminary deal covering technology and services. On the geopolitical front, the implementation of a durable monitoring mechanism in the Middle East helped maintaining the ceasefire between Israel and Iran, removing a major source of volatility for oil markets. Brent crude traded within a narrow band, alleviating immediate concerns over imported inflation. The prevailing narrative is increasingly one of cautious optimism – policymakers appear to have regained control of both inflation and geopolitical flashpoints, while global trade flows are gradually normalizing. However, increased attacks from the Trump administration over the FED independence including over FOMC members, and against other independent agencies keeps markets on their toes. What feels now like an enduring win for the US administration – easing tariffs tensions, steering fiscal expansion without derailing growth, benefiting from soft commodity prices – could just as easily morph into a fragile outcome if policy missteps are generated by too much self-confidence unchecked by other stakeholders. So far, economists’ forecasts as regards the negative impact on the global economy of the new tariff policies have been contradicted in real life. This has become quite a familiar view in recent years as economists failed to forecast the post Covid inflationary pressures while duly forecasting a recession in 2023 following the fast interest rates hiking cycle. However, that does not mean market participants should completely discount economists’ views. Sometimes they do get it right.

    From the monetary front, the FED action was mainly concentrated during its famous Jackson Hole summit where Chairman Powell signalled a possible interest rate cut during the September meeting, noting that risks to the job market were rising but also noting that inflation remained a threat. While many analysists now anticipate that the FED will resume its easing policy, the timing and magnitude of cuts remain uncertain. In Europe, the ECB did not take any specific actions, while its focus on maintaining price stability and managing inflation is currently in check with its 2% target. The main issue remains the global economic uncertainty despite the EU striking a trade agreement with the US, as the growth in the euro zone has remained sluggish even as rated have come down.

    August proved a more complicated month for global equity markets, where the first real signs of tariff headwinds began to surface. While headline indices narrowly escaped deeper losses, the undercurrents were less reassuring. Technology and AI-linked names, which until recently carried the rally almost single-handedly, finally lost some steam as investors started questioning whether valuation metrics stretched to 2021-like extremes could still be justified. Year-to-date, the global technology sector was left essentially flat—a rather striking outcome considering the constant buzz around artificial intelligence in 2025. The broader feeling was one of markets caught between two narratives: on one hand, retail enthusiasm, IPO euphoria, and buy-the-dip reflexes kept the risk-on mood alive; on the other, the dawning realization that tariffs, higher bond yields, and fragile consumer sentiment could eventually bite. In short, the party was still going, but the music no longer played with the same unshakable rhythm—leaving investors to wonder whether this was just a pause in the exuberance, or the first cracks in a fragile façade. The next market reflex will most likely be riding the tailwind of fresh interest rate cuts on offer from the FED, under more or less political pressure from the Trump administration. While this positive impact on equity markets will be more swiftly by effectively providing more liquidity, the same reach over the real economy should take considerably longer. In the meantime, it is more likely that the overriding disparity between the stock market and the real economy will only grow larger.        

    Market Environment and Performance

    In the Euro area, business activity continued to expand in August, with the Composite PMI rising to 51.1, up from 50.9 in July and above expectations of 50.7. Growth was driven by a third consecutive expansion in services (50.7 vs. 51) and a notable rebound in manufacturing (50.5 vs. 49.8), marking the first growth in this sector in over three years. Aggregate new orders increased for the first time in 14 months, supporting a sixth consecutive month of job growth, even as new export orders fell. Headline inflation held steady at 2.0%, slightly above expectations. This represents the second consecutive month in which inflation aligned with the ECB’s official target.

    The U.S. economy grew at an annualized rate of 3.3% in Q2 2025, rebounding sharply from a 0.5% contraction in Q1, according to second estimates. Forward-looking indicators suggest economic momentum carried into Q3. The S&P Global U.S. Composite PMI rose to 55.4 in August, up from 55.1 in July, marking the fastest pace of growth this year. The services sector maintained solid expansion, while manufacturing rebounded strongly, with the PMI climbing to 53.3 from 49.8 in July, its highest level since May 2022.

    In August, global equity markets narrowly avoided their first monthly decline since Liberation Day, as sector rotation helped offset profit-taking in technology stocks. This dynamic created a somewhat unexpected outcome: despite the sustained enthusiasm around the AI investment theme in 2025, global technology sector was effectively flat by month-end. This does not signal a reversal of growth factor outperformance, but rather a pause, as investors reassessed whether current valuation levels remain justified. At the same time, recent AI breakthroughs by domestic technology firms fuelled a sharp rally in Chinese equities, evoking parallels with speculative episodes seen in 2015 and 2021. The S&P 500 index fell 0.51%, with gains in consumer discretionary and value sectors partly offsetting losses in technology and industrials. European markets were more balanced: the EuroStoxx50 advanced 0.60%, while the DAX declined 0.68%, supported by relative strength in staples, healthcare, and energy.

    Fund Performance

    Performance for the month of August proved negative, noting a 0.33% loss for the CC Growth Strategy Fund.

    Market and Investment Outlook

    Going forward, the Manager notes that the economic environment is beginning to exhibit early signs of weakness, which may intensify as the effects of US tariffs gradually permeate global trade and supply chains. Inflationary pressures, in particular, could worsen, but also the US labour market might further depreciate; however, potential support might come from an anticipated easing action from the FED, the size of which remains uncertain at this point. Nevertheless, there are limiting prospects for a constructive economic outlook through year-end. Consequently, 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. Against this context, the Manager remains cautious, as current equity market momentum appears misaligned with looming risks, particularly given the persistence of unfavourable seasonality. The portfolio strategy continues to emphasize long-term convictions in high-quality companies benefiting from secular growth drivers that are less dependent on cyclical macroeconomic conditions. Capital will be deployed opportunistically across selected sectors, as necessary including the possibly switches into names which pose attractive entry levels.

  • 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: €5.71 mn
    Month end NAV in EUR: 104.53
    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
    9.9%
    CC Funds SICAV plc - Global Opportunities Fund
    9.1%
    Invesco Pan European Equity Fund
    8.1%
    CC Funds SICAV plc - High Income Bond Fund
    8.0%
    Fundsmith SICAV - Equity Fund
    6.6%
    UBS (Lux) Bond Fund - Euro High Yield
    6.2%
    Comgest Growth plc - Europe Opportunities
    6.0%
    FTGF ClearBridge US Value Fund
    5.4%
    Robeco BP US Large Cap Equities
    5.2%
    UBS (Lux) Equity Fund - European Shares
    5.0%

    Top Holdings by Country

    European Region
    34.3%
    Global
    23.8%
    U.S.
    20.5%
    International
    11.2%

    Asset Allocation

    Fund 89.8%
    Cash 10.2%
    ETF 0.0%

    Performance History (EUR)*

    1 Year

    3.53%

    3 Year

    18.91%

    * 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 94.8%
    USD 5.2%
    GBP 0.0%
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