• Italian_Emerging Market Bond Fund-04

Accumulatore di fondi obbligazionari in EURO in mercati emergenti

  • OBIETTIVI DI INVESTIMENTO

    L’obiettivo del sotto-fondo è principalmente quello di riuscire a massimizzare il livello totale di rendimento per gli investitori attraverso l’investimento con un portafoglio diversificato di obbligazioni e altri titoli a reddito o interesse fisso.

    CARATTERISTICHE CHIAVE DEL FONDO

    Il fondo punta a massimizzare il livello totale del rendimento per gli investitori attraverso l’investimento, principalmente, ma non esclusivamente, in un portafoglio diversificato di titoli Corporate a reddito fisso  e Titoli di Stato a reddito fisso con maturità a dieci anni o inferiore, classificato al momento dell’investimento tra “Baa1” e “Caa1” da Moody o tra “BBB+” e “CCC+” da S&P, o in titoli che sono stati valutati di qualità equivalente dal gestore dell’investimento. Il gestore dell’investimento potrà anche investire fino al 10% del patrimonio netto del sotto-fondo in titoli a reddito fisso non classificati.  Il gestore dell’investimento si dovrà concentrare sui titoli a reddito fisso dei mercati emergenti, sui titoli corporate e/o Titoli di Stato, cercando di mantenere un livello di  credito medio “B3” secondo Moody o “B-” secondo S&P, sebbene le emissioni possano essere classificate inferiori o superiori. Il gestore dell’investimento potrà inoltre investire fino al 15% del patrimonio netto del sotto-fondo in azioni nei mercati emergenti. Il gestore dell’investimento non punterà alle azioni di una particolare capitalizzazione di mercato.

    STRUTTURA

    Il sotto-fondo fa parte dei fondi di Calamatta Cuschieri Funds Sicav plc  e opera in conformità con UCITS che è oggi la norma di riferimento per gli investimenti nell’UE per gli investitori al dettaglio. I fondi UCTS sono l’ideale per i piccoli investitori poiché sono stati studiati specificatamente per garantire la diversificazione e la liquidità tramite specifici parametri, consentendo classi di attività e restrizioni agli investimenti secondo quanto stabilito dal diritto comunitario.

    GESTIONE

    Il Fondo di investimento in mercati emergenti viene gestito da un gruppo di professionisti di Calamatta Cuschieri Investment Management Limited che esegue un monitoraggio quotidiano degli sviluppi del mercato.

PANORAMICA

→ Profilo dell’Investitore
→ Valute Disponibili
→ Versamento dei Dividendi
→ Monitoraggio e Pricing
→ Commissione di Entrata e di Uscita
→ Investimento Minimo
→ Il vademecum del Regolamento dei Fondi
→ Informazioni aggiuntive

Commentary

January 2019 Commentary

Emerging Market (EM) economies throughout the year were conditioned namely by the geopolitical tensions vis-à-vis the trade war; tensions which pushed investors to re-allocate their assets into safer heavens. EM currencies in 2018 were the primarily driving force of risks within the region as investors opted for safer heavens such as the Japanese Yen and the U.S. dollar. The latter continued to put pressure on EM, which were harshly beaten to levels that weren’t seen since 2013. In January, due to a weakening dollar, which was conditioned by the Fed’s U-turn, EM saw a boost in bond prices and keep outperforming other asset classes. Should no political risk or rather specific risk emerge again, EMs should continue at this pace and credit stories, which were hit harsh in 2018, should outperform other regions. That being said, weak data keeps coming out of China – lower than expected inflation and weak manufacturing data for the second time in the same month. This reflects not only the impact of the Trade War but more so a domestic economic slowdown. Other EMs, specifically Turkey, Brazil, Indonesia and Russia have seen a magnified uplift in performance.

The Investment Managers (IMs) believe that emerging market valuations are attractive and the portfolio is well positioned to benefit from a trade war solution. Indeed, the portfolio benefited from the refinancing of Alam Sutera, the Indonesian property developer, which pushed the sector higher. In addition, other regions such as Brazil and Turkey continued to move higher. The Manager still believes that there is value within the region and in this regard cash will be reduced accordingly in line with opportunities.

Factsheet

  • NAV/Prezzo: Clicca qui per i prezzi aggiornati

    Nome Comparto Emerging Market Bond Fund – Class C (Accumulator) – EUR
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Consulente Fondo N/A
    Depositario Sparkasse Bank Malta p.l.c.
    Amministratore Fondo Calamatta Cuschieri Fund Services Ltd
    Revisori Deloitte Malta
    Consulenti Legali Ganado Advocates
    Data di Lancio 02 novembre 2017
    Sede Malta
    Valuta Euro (€)
    Frequenza Negoziazioni Quotidianamente
    Dimensione Fondo $10.6 m
    Numero Titoli 38
    Tassa Iniziale fino a 2.50%
    Commissione di Gestione 1.10%
    Data Pagamento Dividendi N/A
    Numero ISIN MT7000021242
    Investimento Minimo Iniziale €2500
    Investimento Minimo Addizionale €500

    Top 10 By Country*

    Country %
    Brazil 13.8
    China 13.0
    Russia 11.4
    Malta (incl. cash) 9.3
    Turkey 9.1
    Indonesia 6.9
    Germany 5.8
    Mexico 5.5
    Spain 4.4
    United States 3.9

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 75.1
    5 – 10 years 11.4
    10 years+ 2.0

    * based on the Next Call Date

    Performance History

    Calendar Year Performance  YTD 2018  2017

    ***

    2016 Since
    Inception

    ***

    Share Class C – Total Return 2.73 -9.09 -1.24 - -7.77
    Total Return 1-

    month

    3-

    month

    6-

    month

    9-

    month

    12-

    month

    Share Class C – Total Return 2.73 2.39 -0.71  -3.27  -7.15

    * The EUR Accumulator Share Class (Class C) was launched on 03 November 2017.

  • Historical Performance to Date

    Top 10 Exposures %

    Exposure %
    5.299% Petrobras 2025 4.2
    6.625% Tupy Overseas 2024 3.9
    7.25% JBS Investments 2024 3.9
    6.90% Yestar Healthcare 2021 3.9
    6.50% Global Ports 2023 3.9
    4.95% Gazprom Capital 2022 3.8
    6.375% Banco Santander 2167 3.7
    4.95% Veon Holdings 2024 3.7
    8.125% Global Liman 2021 3.7
    6.50% Minerva 2026 3.6

    By Credit Rating *

    Credit Rating %
    Investment Grade 22.7
    BB 47.1
    B 21.1
    CCC+ 1.8
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 92.9
    EUR 7.1
    TRY 0.0

    Asset Allocation

    Currency %
    Cash 9.4
    Bonds (incl. ETFs) 88.5
    Equities (incl. ETFs) 2.1

    Sector Breakdown*

    Sector %
    Consumer, Non-Cyclical 22.4
    Financial 18.1
    Communications 12.8
    Consumer, Cyclical 11.2
    Energy 10.0
    Government 7.7
    Basic Materials 5.7
    Industrial 2.0

    *excluding exposures to CIS

INFORMAZIONI LEGALI

Calamatta Cuschieri Investment Services (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. The Emerging Market Bond Fund is a sub fund of Calamatta Cuschieri Funds Sicav plc and is authorised by the MFSA. Performance figures quoted refer to the past and are not a guarantee for future performance. The value of the investment may rise as well as fall. Investors may incur a subscription charge and may be subject to tax on distributions. Investment should be based on the CCFS PLC prospectus and KIID document, which may be obtained from CCIS offices. Issued by CCIS.
 
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. CC 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 CC.
 
THIS IS NOT A CAPITAL GUARANTEED PRODUCT ACCORDINGLY THE VALUE OF YOUR INVESTMENT CAN GO DOWN AS WELL AS UP. INVESTORS SHOULD NOTE THAT THE PAYMENT OF DIVIDENDS HAS THE EFFECT OF REDUCING THE NAV PER SHARE