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Fondi Global Balanced Income – Accumulatore

  • OBIETTIVI DI INVESTIMENTO

    Il Fondo si propone di fornire una rivalutazione del capitale stabile a lungo termine, investendo in un portafoglio diversificato di obbligazioni locali e  internazionali, azioni e altre attivita’ generatrici di reddito. Il Gestore deve diversificare le attivita’ del Fondo tra le diverse classi di attivita’. Il Gestore può investire sia in Investment Grade che in obbligazioni ad alto rendimento nominale al momento dell’investimento di almeno “B-” da S & P, o in obbligazioni determinati ad essere di qualità paragonabile, a condizione che il Fondo possa investire fino al 10% in obbligazioni non-rated, mantenendosi esposto a dirigere obbligazioni con rating pari ad almeno il 25% del valore del Fondo. Gli investimenti in azioni possono includere, ma non sono limitati a, titoli per dividendi, azioni, fondi indicizzati quotati, nonché attraverso l’utilizzo di investimenti collettivi di capitale.

    Caratteristiche chiave del Fondo

    • Flessibilità di investire in tutte le regioni in tutto il mondo
    • Fornisce valore del capitale, stabilità e crescita nel medio-lungo termine
    • Flessibilità nel passare tra i diversi tipi di attività ( ad es . Obbligazioni / Azioni / Strumenti del mercato monetario / ETF / CSI / titoli alternativi ) a seconda delle prospettive di mercato
    • Nella selezione dei titoli il gestore si basera’ su temi chiave di attualità  e sulle migliori opportunità per generare un rendimento
    • Diversificazione dei titoli per grado di sicurezza , rating, paese, settore e per valuta
    • Il meglio dei due mondi – minore volatilità dellle obbligazioni di mercato  vs crescita potenziale attraverso azioni
    • OTTIMO MIX D’INVESTIMENTO  a seconda delle condizioni di mercato
    • Strategia efficiente ed efficace per essere in grado di sopportare periodi di movimenti del mercato avversi
    • Esposizioni FX saranno generalmente coperte , l’investitore non sarà esposto ad alcun rischio FX

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Panoramica

→ Perche' scegliere il Fondo CC Global Balanced Income Fund?
→ Profilo dell'Investitore
→ Valute Disponibili
→ Commissione d'entrata e di uscita
→ Monitoraggio e Pricing
→ Investimento Minimo
→ Ideale per i regimi di accumulazione
→ Regolamento del fondo in breve
→ Altre informazioni

Commento

July 2019 Commentary

July was a month full of mixed sentiment revolving around uncertainties regarding the Fed’s decision to cut rates along with ECB’s Mario Draghi hinting at easing. Needless to say, investors were seen to take a cautious approach during the month after the rally of June. By the end of July, the Fed cut rates by 25bps and Mario Draghi left rates unchanged after markets had already priced in stimulus as at end July.

The mixed sentiment during July, led the stock market’s performance to be flattish month on month whereas year to date, the stock market is up 19.91%.

Specifically in the Eurozone area, Greece’s election proved to be a positive for the country as the New Democracy party rose to power; the party has promised tax cuts financed by spending cuts in attempt to support growth. On another note, Italy has continued to avoid censure from Brussels over the size of its deficit. In contrast, Brexit remains a major problem for Europe given the new Prime Minister, Boris Johnson’s target to leave the EU by end October with or without a deal.

On a more general note, the ECB kept rates on hold with the main refinancing rate remaining at 0 and the deposit rate at -0.4 percent, but changed its forward guidance to say that it expects rates to remain the same or at lower levels at least through the first half of 2020. The bank has also pointed that is already making preparations for more quantitative easing. Since markets had already reacted positively to Draghi hinting to a July rate cut which led to a decrease in negative yields, yields made a U-turn after the ECB suggested otherwise. Indeed, we saw the 10-year Bund tumbling to even lower negative levels of circa 0.44 percent from the positive 0.2 percent levels in January and the negative 0.20 percent mid-month.

There were limited developments on the Trade War front apart from a meeting at end of July where it was agreed that talks would resume in September. That being said, macroeconomic data in the U.S improved whereas China’s deteriorated. Due to this, the People’s Bank of China (PBOC) has finally started to ease monetary policy conditions for consumers and businesses. In order to maintain growth following the U.S tariffs, the PBOC produced a coordinated response in the form of liquidity stimulus and fiscal measures. To underline its easing bias, the PBOC provided another 100bps cut to its reserve requirement ratio, injecting further liquidity.

European High Yield gained 0.794 percent and saw tighter spreads than the U.S from 371bps, in the previous month, to 369bps. U.S High Yield experienced a gain of 0.512 percent and the 10-Year U.S. Treasury yield remained at roughly the same levels as at end June, ending at 2.0144 percent. The U.S bond markets saw spreads tighten from 407bps last month to 393bps, but much less than of its Eurozone counterparts.

The Investment Manager (IM) remains of the opinion that names held in the fund have further to gain as we are in earnings season. Nonetheless, investors should remain cautious due to the uncertainties from the Trade War. The IM has built positions in high conviction names and further aims to benefit the portfolio by adapting to the market scenario. With this in mind, the IM is confident that the stocks in the portfolio should generate alpha for the fund and boost performance.

Scheda

  • 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 from 0% up to 2.5%
    Management Fee 1.25%
    Currency Euro (€)
    ISIN numbers EUR – MT7000014445
    Minimum Initial Investment EUR 2,500
    Minimum Additional Investment EUR 500
    Fund Size €7 mn
    Number of Holdings 42

    Performance History

    Calendar Year Performance YTD 2018 2017 2016 Since
    Inception*
    Total Return 9.19 -15.14 8.67 1.58 3.40
    Calendar Year Performance 1 -month 3 – month 6 -month 9 -month  12 – month
    Total Return 0.00 3.19 1.67 4.87 -3.63

    *The Global Balanced Income Fund was launched on 30 August 2015.

    Top By Country*

     Country %
    Germany 24.3
    France 13.2
    United States 10.1
    Global 7.4
    Netherlands 5.9
    Luxembourg 5.8
    China 3.7
    Brazil 2.8
    Spain 2.8

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0.0
    BB 9.7
    B 14.6
    Less than B- 0.0
    Not Rated 10.0

    *excluding exposures to ETFs

  • Performance ad Oggi (Euro)

    Top 10 Exposures

     Exposure %
    BMIT Technologies 4.8
    iShares MSCI EM Asia 4.6
    ASML NV 4.6
    iShares Eur600 Oil&Gas 3.6
    Lyxor EurStx600 Tech 3.1
    iShares Core S&P500 3.1
    iShares Euro HY 3.0
    5.00% Nidda Bondco 2025 2.9
    3.75% TUM 2029 2.9
    iShares USD HY ETF 2.9

    Currency Allocation

    Currency %
    EUR 72.6
    USD 27.4
    GBP 0.0

    Asset Allocation*

    Asset %
    Cash 5.8
    Bonds 40.2
    Equities 54.0

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 10.6
    5 – 10 years 20.0
    10 years + 3.7

    Sector Breakdown

    Sector %
    ETFs 29.4
    Financial 13.7
    Technology 11.4
    Consumer, Cyclical 8.7
    Industrial 7.0
    Basic Materials 5.2
    Consumer, Non-Cyclical 5.0
    Energy 4.1
    Communications 3.7

Informazioni Legali

Questo documento è stato pubblicato da Calamatta Cuschieri Investment Services (“CCIS”). CCIS è un membro fondatore della Borsa di Malta ed è stato autorizzato a svolgere servizi di investimento mobiliare a Malta, dall’autorità finanziaria del governo di Malta. Questo documento è stato redatto per puro scopo informativo e non deve essere interpretato come una consulenza finanziaria. Questo documento non costituisce un’offerta o un invito, da parte di CCIS, rivolto a qualsiasi persona a comprare o vedere alcun strumento finanziario. CCIS ha stilato questo documento basandosi sulle informazioni ottenute da risorse che si ritiene siano affidabili, ma sulle quali non è stata compiuta una verifica personale. Questo documento non può essere riprodotto ne per intero ne in parte, senza un’autorizzazione scritta da parte di CCIS.