• Italian_Emerging Market Bond Fund_EMBF_April 2019-03

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 CCFunds 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

September 2019 Commentary

In the emerging market world, investors continued to monitor the ongoing trade-war saga. As opposed to Europe and the U.S., EM debt outperformed its peers, as investors digested positively the decisions taken by monetary politicians and their more dovish stance. The compression in yields was also brought about by EM central banks following the Fed in cutting interest rates. China cut its 1 year loan prime rate to 4.2 percent, an all-time record low, while rate cuts were also seen in Brazil, Russia and Indonesia to name a few.

Leading indicators are showing signs of weakness, while capital spending and business confidence are falling sharply. That said, consumer spending, namely in the U.S., which accounts for more than two-thirds of GDP, continue to show remarkable strength and endurance. Thus, as long as the latter maintains its pace, we should continue to see some form of stabilization in economic data, while one should nevertheless be mindful of the possible prolonged trade war saga. The latter will undoubtedly be a drag globally, with EM also suffering the consequences. This will ultimately be reflected in global growth, given that today EM growth contributes to over 50 percent in weightings towards global growth.

In the month, EM debt recorded a +1.4 percent gain, while the Fund was up +0.4 percent reflecting the very cautious approach taken by the Investment Manager, given the current global uncertainties. The Investment Manager will continue to seek value, while being mindful of the market’s pressures currently being experienced due to the prolonged trade-war saga.

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 CC Fund Services (Malta) Limited.
    Revisori Deloitte Malta
    Consulenti Legali Ganado Advocates
    Data di Lancio 02 novembre 2017
    Sede Malta
    Valuta Euro (€)
    Frequenza Negoziazioni Quotidianamente
    Dimensione Fondo $10.7 m
    Numero Titoli 39
    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 16.2
    Malta (incl. cash) 15.0
    China 12.7
    Russia 11.8
    Turkey 9.2
    Indonesia 7.1
    Netherlands 3.9
    Mexico 3.8
    Germany 3.1
    Argentina 3.0

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 66.3
    5 – 10 years 10.8
    10 years+ 5.8

    * based on the Next Call Date

    Performance History **

    Calendar Year Performance  YTD 2018 2017 *** 2016 Since
    Inception ***
    Share Class C – Total Return 5.03 -9.09 -1.24 - -5.70
    Total Return 1-month 3-month 6-month 9-month 12-month
    Share Class C – Total Return 0.28 -0.87 0.95 5.03 2.58

    * 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 4.5
    6.50% Global Ports 2023 4.0
    4.95% Veon Holdings 2024 3.9
    4.95% Gazprom Capital 2022 3.9
    6.625% Tupy Overseas 2024 3.8
    8.125% Global Liman 2021 3.6
    6.90% Yestar Healthcare 2021 3.5
    6.95% Moderland 2024 3.4
    5.00% Nidda 2025 3.1
    iShares JPM USD EM 2.9

    By Credit Rating *

    Credit Rating %
    Investment Grade 19.6
    BB 38.2
    B 23.9
    CCC+ 2.4
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 91.7
    EUR 8.3
    TRY 0.0

    Asset Allocation

    Currency %
    Cash 12.0
    Bonds (incl. ETFs) 85.9
    Equities (incl. ETFs) 2.1

    Sector Breakdown*

    Sector %
    Consumer, Non-Cyclical 16.3
    Communications 13.6
    Government 13.4
    Financial 11.5
    Energy 11.2
    Consumer, Cyclical 7.7
    Basic Materials 7.6
    Industrial 2.7

    *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 CC EMERGING MARKET BOND FUND IS A SUB FUND OF CCFUNDS™ 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 CCFUNDS™ SICAV PLC PROSPECTUS AND KIID DOCUMENT, WHICH MAY BE OBTAINED FROM CCIS OFFICES. ISSUED BY CCIS.

PERFORMANCE FIGURES QUOTED REFER TO THE PAST AND ARE NOT A GUARANTEE FOR FUTURE PERFORMANCE. THE VALUE OF THE INVESTMENTS INCLUDING CURRENCY FLUCTUATIONS, AND INCOME FROM THEM CAN GO DOWN AS WELL AS UP AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED.

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 CCIS 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.

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.