• Website-banner-global-balanced

Global Balanced Income Fund Accumulator


    The Fund seeks to provide stable, long-term capital appreciation by investing in a diversified portfolio of local and international bonds, equities and other income-generating assets. The Investment Manager shall diversify the assets of the Fund among different asset classes. The manager may invest in both Investment Grade and High Yield bonds rated at the time of investment at least “B-” by S&P, or in bonds determined to be of comparable quality, provided that the Fund may invest up 10% in non-rated bonds, whilst maintain an exposure to direct rated bonds of at least 25% of the value of the Fund. Investments in equities may include but are not limited to dividend-paying securities, equities, exchange traded funds as well as through the use of Collective Investment Schemes.

    Key Features of the Fund

    • Flexibility to invest in all regions around the world
    • Provide capital appreciation, stability and growth over the medium-to-long term
    • Flexibility to switch between different asset types (eg. Bonds / Equities / Money Market Instruments / ETFs / CIS / alternative securities) depending on market outlook
    • Investment Manager will base asset allocation decisions based on key current themes and best opportunities to generate return
    • Asset Allocation Diversification by Security Type, Credit Rating, Country, Sector and by Currency
    • Best of both worlds – lower volatility of bond market vs growth potential via equities
    • OPTIMAL INVESTMENT MIX depending on market conditions
    • Efficient and Effective strategy to be able to withstand periods of adverse market movements
    • FX exposures will be generally hedged, underlying investor will not be exposed to any FX risk


→ Why CC Global Balanced Income Fund?
→ Investor Profile
→ Currencies Available
→ Entry and exit Fee
→ Minimum Investment
→ Monitoring and Pricing
→ Ideal for Accumulation Schemes
→ Fund Rules at a Glance
→ Other Information


December 2020 Commentary

In the fourth quarter, the pandemic took a turn for the worse over the quarter. New infection rates rose significantly in Europe and the US, topping the previous highs. Limits to intensive care unit capacity and outbreaks in nursing homes forced governments to implement new stringent lockdown measures to slow the spread of the virus. In Europe and the UK, services are under pressure from the restrictions. In the US, the vicious autumn wave of the virus began with a time lag to Europe and the restrictions were less stringent. Therefore, negative effects on US GDP growth are likely not to be seen until Q1 of 2021. Manufacturing continues to show more resilience to the pandemic than the service sector – a trend that can be observed globally. Recovering demand for goods and lower sensitivity to social distancing, helped to keep manufacturing purchasing managers’ indices (PMIs) in expansionary territory. This is good news for equity markets, since goods and manufacturing still contribute significantly to index-level earnings.

Concerns over the rising caseload were overshadowed by the announcements from PfizerBioNTech, Moderna and AstraZeneca/Oxford in November, that their vaccines were effective in reducing symptomatic cases of Covid-19. An end to the Covid-19 crisis now appears to be in sight, but the path to recovery may still be bumpy over the coming quarters.

After approval by the authorities, how quickly these vaccines can be manufactured, distributed and administered on a mass scale will be crucial. It is worth noting the logistical challenges of the Pfizer/BioNTech and Moderna vaccines, which both require cold storage and are relatively expensive. Success will also depend on the willingness of the population to get vaccinated and the effectiveness of the vaccines against any mutations in the virus.

For equity markets, the vaccine announcement on November 9 led to one of the largest momentum changes in history. Hard-hit value sectors, such as energy, traditional retail, hotels, airlines and financials rallied, while the pandemic winners, such as online retail, health care and home improvement, lagged.

In the HY asset space, US high yield performed better than its European counterparts, closing off a strong month at 1.14%. The asset class was benefitted from the stimulus package and fed commitment to maintain rates low for the foreseeable future. Movement particularly in the energy sector, whereby a sharp recovery continued to gather pace, with prices of oil being pushed to recent highs.

The first quarter of 2021 is likely to remain challenging for the global economy. Disappointing economic data is likely to coincide with continued pandemic-related restrictions. So far, the market has broadly been willing to look through the near-term weakness thanks to the vaccine news and policy support measures but any disappointment on the vaccine front could lead to increased market volatility.

We start this new economic cycle with valuations that are higher than is normal coming out of a recession. The fall in real rates has supported valuations but, with interest rates closer to their nominal floor, such a repeated boost looks unlikely in the years ahead. More than ever, the emphasis will have to be on identifying the regions, sectors and companies that have the strongest underappreciated earnings prospects.


  • NAV/Price: Latest Price available here

    Sub-Fund Name Global Balanced Income Fund
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Type UCITS
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator CC Fund Services (Malta) Limited.
    Auditors Deloitte Malta
    Legal Advisors Ganado Advocates
    Launch Date 1st September 2015
    Domicile Malta
    Dealing Frequency Weekly
    Initial Charge 2%
    Management Fee 1.25%
    Currency Euro (€)
    ISIN numbers EUR – MT7000014445
    Minimum Initial Investment EUR 2,500
    Minimum Additional Investment EUR 500
    Fund Size €6.4 mn
    Number of Holdings 43

    Performance History

    Calendar Year Performance YTD 2019 2018 2017 Annualised Since
    Total Return 2.48 14.78 -15.14 8.67 2.04
    Calendar Year Performance 1 -month 3 – month 6 -month 9 -month 12 - month
    Total Return 0.36 1.09 2.11 5.89 4.50

    *The Global Balanced Income Fund (Share Class B) was launched on 19 November 2018.

    Top By Country*

     Country %
    Germany 20.2
    France 9.2
    Luxembourg 6.3
    United States 6.0
    Brazil 5.8
    Netherlands 3.5
    Spain 3.4
    India 1.9
    Great Britain 1.2

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    AAA to BBB- 0.0
    BB+ to BB- 10.2
    B+ to B- 16.0
    CCC+ to CCC 3.0
    Not Rated 9.8

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    BMIT Technologies plc 4.5
    Lyx Stoxx 600 Industrial Goods 4.2
    ASML Holding NV 3.9
    iShares Core S&P 500 3.9
    6% Raiffeisen Bank 2168 3.4
    6.5% CMA CGM 2022 3.3
    7.5% Garfunkelux 2022 3.3
    4.75% Banco Santander 3.2
    4% Chemours 2026 3.1
    4.125% Adler Pelzer 2024 3.0

    Currency Allocation

    Currency %
    EUR 73.5
    USD 24.9
    GBP 1.7

    Asset Allocation*

    Asset %
    Cash 4.9
    Bonds 42.1
    Equities 53.0

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 16.6
    5 – 10 years 14.8
    10 years + 7.6

    Sector Breakdown

    Sector %
    Financials 20.0
    Diversified 14.0
    Technology 13.4
    Industrials 8.3
    Basic Materials 7.9
    Funds 7.5
    Consumer, Non-Cyclical 7.1
    Real Estate 5.8
    Consumer, Cyclical 5.7

Legal Information

This document has been issued by Calamatta Cuschieri Investment Services (“CCIS”). CCIS is a founding member of the Malta stock exchange and is licensed to conduct Investment Services in Malta by the Malta Financial Services Authority. This document is prepared for information purposes only and should not be interpreted as investment advice. This document does not constitute an offer or invitation by CC to any person to buy or sell any investment. CCIS has based this document on information obtained from sources it believes to be reliable but which have not been independently verified. This document may not be reproduced either in whole, or in part, without the written permission of CCIS.