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Fondi Global Balanced Income – Accumulatore


    The Fund aims to provide a stable long-term capital appreciation by investing in a diversified portfolio of local and international bonds, equities and other income-generating assets. The Manager must diversify the assets of the Fund between the different asset classes. The Manager may invest in both Investment Grade and high nominal yield bonds at the time of the investment of at least “B-” from S & P, or in bonds determined to be of comparable quality, provided that the Fund can invest up to 10% in non-rated bonds, remaining exposed to direct bonds with a rating of at least 25% of the value of the Fund. Investments in equities may include, but are not limited to, securities for dividends, shares,

    Key features of the Fund

    • Flexibility to invest in all regions around the world
    • It provides capital value, stability and growth in the medium to long term
    • Flexibility in switching between different types of assets (eg Bonds / Shares / Money Market Instruments / ETFs / CSIs / alternative securities) depending on market prospects
    • In the selection of the titles the manager will be based on key current issues and on the best opportunities to generate a return
    • Diversification of securities by degree of security, rating, country, sector and by currency
    • The best of both worlds – lower volatility of market bonds versus potential growth through shares
    • EXCELLENT INVESTMENT MIX depending on market conditions
    • Efficient and effective strategy to be able to withstand periods of adverse market movements
    • FX exposures will generally be hedged, the investor will not be exposed to any FX risk

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→ 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


October 2020 Commentary

Positive gains in US and European stocks over the first few weeks of October were erased in the last week of the month, as market volatility spiked in reaction to new lockdowns. The S&P 500 ended October down -2.7%, while Europe ex-UK stocks were the biggest laggard, down -5.4%. Asia was the regional winner, with strong Chinese data helping emerging market stocks to return 2.1% over the month.
Europe is unfortunately suffering a second wave of coronavirus infections with all major economies now reporting new highs in infection rates. The policy response was originally much more targeted than that seen in the spring, with governments imposing local restrictions in a bid to avoid national lockdowns. Sadly this approach appears to have had limited success with a number of countries now re-imposing national level restrictions. Against this backdrop, highfrequency measures of European activity have started to move lower as containment measures take hold. Survey data have also highlighted a bifurcation between the manufacturing sector, which has continued to recover, and service sectors, which are once again subject to restrictions. This will bear watching to see if the trend continues as lockdowns tighten.
In the US, while the virus has remained prevalent the news flow has focused primarily on the upcoming elections. Over the month the Democratic nominee Joe Biden extended his lead in the national polls and ended October eight points ahead, as well as holding his lead in a number of the key swing states. Markets responded positively to polls indicating an increased likelihood of a Democratic sweep of the House, Senate and the presidency against a backdrop of continued gridlock in Washington on a new fiscal package. The pandemic has changed the market’s focus this year. While earlier in the summer the potential for tax hikes under a Democrat sweep were viewed with some caution, a clear-cut outcome that unlocks fiscal stimulus in the near term is now viewed as the most pressing issue.
From the macroeconomic data front, the U.S. reported an expansion in manufacturing, above expectations, with the PMI expanding to 59.3 from 55.4 in the previous month and a forecast of 55.8. Similarly, U.S. Services PMI were in expansionary territory at 56.6, lower than the 57.8 in the previous month. This gives confidence to the notion that activity has tentatively bottomed out, and we are initiating the road towards a resumption of economic activity more in line with previous norms.
Within the HY asset space, US high yield significantly outperformed its European counterparts, closing off the month of October up 0.43 percent. The said performance was buoyed by a projected Biden victory and “Blue wave” which was expected to enable more agile fiscal support as well as less US leadership uncertainty.
Given the high degree of the Investment Manager continues to believe it makes sense to aim for a defensive portfolio taking up selective positions in cyclical stocks with long term value. In this environment, the Investment Manager favours an up-in-quality approach across for stocks with a focus on valuations relative to fundamentals.


  • 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 €6.1 mn
    Number of Holdings 44

    Performance History

    Calendar Year Performance YTD 2019 2018 2017 Since Inception*
    Total Return -3.22 14.78 -15.14 8.67 5.20
    Calendar Year Performance 1 -month 3 – month 6 -month 9 -month 12 - month
    Total Return -2.05 -1.31 -0.57 11.09 -2.41

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

    Top By Country*

     Country %
    Germany 22.1
    Luxembourg 10.7
    France 9.3
    United States 8.5
    China 6.9
    Brazil 6.0
    Netherlands 4.6
    Malta 3.5
    Spain 3.0

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    AAA to BBB- 0.0
    BB+ to BB- 7.6
    B+ to B- 16.1
    CCC+ to CCC 2.8
    Not Rated 10.2

    *excluding exposures to ETFs

  • Performance ad Oggi (Euro)

    Top 10 Exposures

     Exposure %
    BMIT Technologies plc 4.7
    Alibaba Group 3.9
    Lyxor Eur Stoxx600 Technology 3.8
    iShares Core S&P 50 3.8
    Lyxor Healthcare ETF 3.4
    6.5% CMA CGM 2022 3.4
    7.5% Garfunkelux 2022 3.2
    4% Chemours 2026 3.2
    iShares Euro HY Corp 3.2
    ASML Holding NV 3.2

    Currency Allocation

    Currency %
    EUR 73.6
    USD 26.4
    GBP 0.1

    Asset Allocation*

    Asset %
    Cash 8.3
    Bonds 44.1
    Equities 47.7

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 17.4
    5 – 10 years 15.3
    10 years + 4.0

    Sector Breakdown

    Sector %
    ETFs 21.9
    Financial 15.7
    Technology 14.5
    Industrials 8.2
    Basic Materials 7.9
    Real Estate 6.1
    Consumer, Non-Cyclical 4.5
    Consumer, Cyclical 4.2
    Healthcare 3.4

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.