• 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

October 2018 Commentary

Emerging Markets (EM) continued to bear the brunt of the risk off mode witnessed across all credit markets, and all risky assets (including equities). As a matter of fact, all risky assets sold off during the month of October, and EM was not spared any of this negative sentiment and move in asset prices.

The month of October mirrored events, which characterised 2018 as a whole, especially for credit markets. U.S. High Yield markets declined by 1.61%; European High Yield Markets declined by 1.00%; Global Emerging Markets declined by 0.60%; and, resulted in a marked increase in risk aversion. Interest rates of European Sovereign Bonds declined marginally during October, with the total return on Malta Government Stocks, as registered by the CC Malta Government Bond Index being a positive 0.30%. Credit spreads kept widening on thin volumes. The U.S Dollar has fallen below the $1.14 level against the euro. Investment Grade Corporates in EUR and USD have been out of favour for quite some time now whilst the moves registered in equities, particularly since mid-October, have left investors gasping for some air. In all fairness, the last couple of trading sessions of the month did offer some respite but it little to tame investors’ wariness.

EM economies remain in good shape, but with the Dollar hovering below the $1.14 level, financing costs now appear to be pinching their pockets. On the positive side of things, after Brazil’s presidential election towards the end of month, the focus will turn to the composition of the government team and members’ speeches. Newly president elect, Jair Bolsonaro, has been recently forming his cabinet of ministers, and prospects to turn around the Brazilian economy seem to be shaping up pretty well, as sentiment around Brazilian names had ticked up notably over recent trading sessions.

The Investment Managers believe that the exodus seen within the asset class is an over-reaction, primarily when considering the fact that major EM economies are much better positioned than the taper tantrum period in 2013.

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 $10.1 m
    Numero Titoli 38
    Tassa Iniziale fino a 2.50%
    Commissione di Gestione 0.011%
    Data Pagamento Dividendi N/A
    Numero ISIN MT7000021242
    Investimento Minimo Iniziale €2500
    Investimento Minimo Addizionale €500

    Top 10 By Country*

    Country %
    China 13.1
    Brazil 13.1
    Russia 11.8
    Malta (incl. cash) 10.9
    Turkey 8.2
    Indonesia 6.5
    Germany 6.2
    Mexico 5.8
    Spain 4.8
    United States 4.0

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 74.5
    5 – 10 years 10.5
    10 years+ 2.1

    * based on the Next Call Date

    Performance History

    Calendar Year Performance  YTD 2017 *** 2016 2015 Since
    Inception ***
    Share Class C – Total Return -8.79 -1.24 - - -9.92
    Total Return 1-

    month

    3-

    month

    6-

    month

    9-

    month

    Share Class C – Total Return -2.01 -3.03 -5.53  -9.31

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

  • Historical Performance to Date

    Top 10 Exposures %

    Exposure %
    6.90% Yestar Healthcare 2021 4.2
    6.50% Global Ports 2023 4.0
    6.625% Tupy Overseas 2024 4.0
    7.25% JBS Investments 2024 4.0
    4.95% Gazprom Capital 2022 4.0
    6.375% Banco Santander 2167 3.9
    8.125% Global Liman 2021 3.8
    4.95% Veon Holdings 2024 3.8
    6.50% Minerva 2026 3.7
    5.299% Petrobras 2025 3.3

    By Credit Rating *

    Credit Rating %
    Investment Grade 21.4
    BB 47.8
    B 20.1
    CCC+ 1.9
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 90.5
    EUR 9.5
    TRY 0.0

    Asset Allocation

    Currency %
    Cash 10.9
    Bonds (incl. ETFs) 87.1
    Equities (incl. ETFs) 2.0

    Sector Breakdown*

    Sector %
    Consumer, Non-Cyclical 23.2
    Financial 17.9
    Communications 13.2
    Consumer, Cyclical 11.7
    Energy 9.3
    Basic Materials 5.7
    Government 5.0
    Industrial 2.3

    *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