• Italian_Emerging Market Bond Fund_EMBF_April 2019-04

Distributore 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

Commentario

July 2019 Commentary

Markets saw a mixed sentiment throughout the whole of July; uncertainties revolving around the Fed’s decision to a cut rates along with ECB’s Mario Draghi hinting at easing were the stars of the month. Needless to say, investors were seen to take a cautious approach during the month after the rally seen in the month of June. By the end of July, the Fed cut rates by 25bps, a move which was not digested positively by markets that expected a more aggressive stance. On the other hand, Mario Draghi left rates unchanged, however indicated that the downward trend in data will be monitored and easing actions will be taken if deemed necessary.

In the Emerging Market world, Turkey’s consumer inflation slowed to its lowest level in June due to a high base effect from the prior year and a drop in food prices. This potentially led Turkey’s central bank to sharply cut its key interest rates by a more than expected, 425bps after the central bank governor was fired.

We also saw China’s factory activity shrink for the third month in a row in July and Q2 GDP was the weakest data seen in 27 years, underlining the growing strains placed on the world’s second largest economy. In addition, China‘s June surplus widened to USD 50.98 billion from USD 40.91 billion as exports fell by 1.3 percent, while imports decreased at a faster pace of 7.3 percent. In the month of July, tables turned as the U.S economy improved and the Chinese economy deteriorated. That being said, the People’s Bank of China (PBOC) has finally started to ease monetary policy conditions for consumers and businesses. In order to maintain growth following the U.S tariffs, the PBOC produced a coordinated response in the form of liquidity stimulus and fiscal measures. To underline its easing bias, the PBOC provided another 100bps cut to its reserve requirement ratio, injecting further liquidity.

The emerging market that outshined during the month of July was Brazil especially due to the news that the government plans to go ahead with the pension reform that could result savings amounting to USD 900 billion. Trump has also offered Brazil the chance to negotiate a free trade deal that the country was keen on accepting. In addition to, Brazil’s poultry exports increased by 64 percent in June and hence, revenue increased by 76.6 percent year-on-year. This resulted in a positive for the Brazilian names our fund holds.

Furthermore, in anticipation of the Fed’s rate cut, emerging market countries followed the steps of the Fed and cut rates. The Central Bank of Russia, South Korea’s central bank and the Bank of Indonesia all cut their rates by 25bps and hinted that more cuts were likely this year. The Reserve Bank of India also hinted that markets should see a series of rate cuts equivalent to 100bps depending on the economic data produced.

In the month, Emerging markets saw a 1 percent gain in the month of July, once again beating European High Yield and U.S High Yield. Emerging markets have shown more resilience to the ongoing trade war uncertainties due to reporting overall positive economic data from various EMs, in addition to a relatively stable dollar currency.

The Manager believes that emerging market valuations possibly still offer value. However, the Manager in the month opted in de-risking the portfolio from specifics, while it opted to seek value in other geographical regions in which the Manager believed there is value, with the likes of CSN that benefitted from iron ore prices.

Factsheet

  • NAV/Prezzo: Clicca qui per i prezzi aggiornati

    Nome Comparto Emerging Market Bond Fund – Class D (Distributor) – 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 $11.1 m
    Numero Titoli 40
    Tassa Iniziale fino a 2.50%
    Commissione di Gestione 1.10%
    Data Pagamento Dividendi 31 marzo e 30 settembre
    Numero ISIN MT7000021259
    Investimento Minimo Iniziale €2500
    Investimento Minimo Addizionale €500

    Top 10 By Country*

    Country %
    Brazil 15.7
    Malta (incl. cash) 11.8
    China 11.6
    Russia 11.4
    Turkey 8.9
    Indonesia 8.8
    Netherlands 3.8
    United States 3.8
    Mexico 3.7
    Argentina 3.5

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 68.6
    5 – 10 years 10.6
    10 years+ 7.5

    * based on the Next Call Date

    Performance History **

    Calendar Year Performance  YTD 2018 2017 *** 2016 Since
    Inception ***
    Share Class D – Total Return 5.70 -9.25 -1.34 - -5.37
    Total Return 1-month 3-month 6-month 9-month 12-month
    Share Class D – Total Return -0.25 1.00 2.89 5.35  2.01

    * Data in the chart does not include any dividends distributed since the Fund was launched on 03 November 2017.
    ** Performance figures are calculated using the Value Added Monthly Index “VAMI” principle. The VAMI calculates the total return gained by
    an investor from reinvestment of any dividends and additional interest gained through compounding.
    *** The EUR Distributor Share Class (Class D) was launched on 03 November 2017.

  • Historical Performance to Date *

    Top 10 Exposures %

    Exposure %
    5.299% Petrobras 2025 4.4
    6.50% Global Ports 2023 3.9
    4.95% Veon Holdings 2024 3.8
    4.95% Gazprom Capital 2022 3.8
    7.25% JBS 2024 3.7
    6.625% Tupy Overseas 2024 3.7
    8.125% Global Liman 2021 3.6
    6.95% Moderland 2024 3.5
    6.90% Yestar Healthcare 2021 3.1
    5.00% Nidda 2025 3.0

    By Credit Rating *

    Credit Rating %
    Investment Grade 18.9
    BB 40.7
    B 26.6
    CCC+ 1.8
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 93.6
    EUR 6.4
    TRY 0.0

    Asset Allocation

    Currency %
    Cash 11.1
    Bonds (incl. ETFs) 86.7
    Equities (incl. ETFs) 2.2

    Sector Breakdown*

    Sector %
    Consumer, Non-Cyclical 19.6
    Communications 13.1
    Government 13.0
    Financial 11.6
    Energy 10.9
    Consumer, Cyclical 9.1
    Basic Materials 7.5
    Industrial 3.1

    *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.

*LAST 12 MONTHS DISTRIBUTION YIELD (01/04/2018 - 31/03/2019) SOURCE: CALAMATTA CUSCHIERI INVESTMENT MANAGEMENT. 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.