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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
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→ Monitoraggio e Pricing
→ Investimento Minimo
→ Ideale per i regimi di accumulazione
→ Regolamento del fondo in breve
→ Altre informazioni


June 2020 Commentary

It’s been a very strong quarter for equities as central banks and governments provided enormous amounts of stimulus and economies started to reopen.

As economies have started to reopen, economic data has shown signs of a sharp rebound. For example, US retail sales rose 17% month on month in May, while UK retail sales rebounded by 12%. While sales are still down 6% and 13% year on year respectively, the speed and magnitude of the bounce back is a clear positive.

The S&P 500 looks to be pricing in a V-shaped economic recovery, but it is worth noting that sector performance tells a more differentiated story. For example, online retailers are up very strongly year to date, while department stores are down sharply, along with other sectors that have been most affected by the virus, such as hotels, airlines, retail REITS, energy companies and banks. While most of the worst-performing sectors year to date have also lagged during the rally since late March, energy companies have actually been one of the best-performing sectors, as oil prices partially recovered. And some of the best-performing sectors year to date, such as food retailers and supermarkets, have lagged the most during the rally. So it is important to look beneath the index level for both opportunities and risks, and to be aware that many companies aren’t starting the second half of this year where they were at the beginning of the year, even though some indices may give that impression. Value stocks are down 17% this year, while growth stocks are up 6%.

Credit markets bounced as they continued to provide a healthy level of liquidity in secondary markets, as continued central bank support measures played their part coupled with stronger participation from market participants. The primary market continued its show of strength during the month of June, as corporates took advantage of the supportive environment to sure up funding for the foreseeable future. Indeed, primary issuance is expected to taper towards the end of H2 on a comparative basis, as most the corporate funding needs would have been met.

Overall, the market has rallied on the back of fiscal and monetary stimulus, combined with the reopening of economies. We believe the monetary support is here to stay, but that in some countries there is a risk that fiscal stimulus may become less generous. Meanwhile, rising infection rates could lead to further social distancing measures being imposed or voluntarily adopted. We therefore favour a flexible and active approach to investing, currently with a focus on quality companies that can survive even if some of the risks do materialise in the second half of the year.

Despite May’s market rebound, considerable uncertainty remains over the trajectory of global growth over the coming quarters. A lot will depend on the extent to which economies can successfully reopen. For this reason, the investment managers remain prudent and expect further volatility. However, they acknowledge that the unprecedented policy response – particularly the willingness of central banks to intervene in credit markets – has shifted the balance of risks.


  • 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 €6.3 mn
    Number of Holdings 44

    Performance History

    Calendar Year Performance YTD 2019 2018 2017 Since
    Total Return -4.23 14.78 -15.14 8.67 4.10
    Calendar Year Performance 1 -month 3 – month 6 -month 9 -month 12 - month
    Total Return 7.32 16.05 -4.23 0.77 1.76

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

    Top By Country*

     Country %
    Germany 22.5
    Malta 14.2
    France 9.0
    Luxembourg 8.4
    United States 7.8
    Brazil 5.5
    China 5.3
    Netherlands 4.5
    Spain 2.9

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    AAA to BBB- 0.0
    BB+ to BB- 7.3
    B+ to B- 14.9
    CCC+ to CCC 5.5
    Not Rated 9.8

    *excluding exposures to ETFs

  • Performance ad Oggi (Euro)

    Top 10 Exposures

     Exposure %
    BMIT Technologies plc 4.8
    Lyxor Eurostoxx 600 Tech 3.9
    Lyxor Eurostoxx 600 Health 3.5
    iShares Core S&P 500 3.4
    SAP SE 3.4
    ASML Holding NV 3.2
     5% Nidda BondCo GMBH 2025 3.2
    7.5% Garfunkelux HoldCo 2022 3.1
    iShares Euro HY Corp 3.0
    6.5% CMA CGM 2022 3.0

    Currency Allocation

    Currency %
    EUR 75.9
    USD 24.0
    GBP 0.1

    Asset Allocation*

    Asset %
    Cash 12.9
    Bonds 42.8
    Equities 44.3

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 16.3
    5 – 10 years 17.4
    10 years + 3.8

    Sector Breakdown

    Sector %
    ETFs 23.0
    Financial 15.7
    Technology 11.4
    Basic Materials 7.4
    Industrial 5.9
    Consumer, Non-Cyclical 5.9
    Communications 5.3
    Consumer, Cyclical 3.8
    Energy 3.0

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.