• Italian_Emerging Market Bond Fund_EMBF_April 2019-01

Distributore di fondi obbligazionari in USD 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

Commento

February 2020 Commentary

With growth settling back to the roughly 2% pace prevailed during the decade-old economic expansion, fears of a global recession lessening, and the manufacturing cycle seemingly heading for a turnaround following a ‘phase one’ agreement between US and China, outlook for 2020 vis-à-vis economic growth seemed positive. Economic data had started to improve whilst yields started to portray the possibility of a broad economic recovery.

Albeit the initial uptick in January, treasury yields traded downwards, as investors; worried about the potential impact on global economic growth and corporate earnings, as a protectionist measure against economic downturn, shunned global equities, wiping out months of gains, and sought the relative safety of sovereigns. Subsequent to the increased demand for safer assets, and reflecting expectations of a possible rate cut, the U.S. 10-year Treasury Yield tumbled by 37.8 basis points, for the month of February and closed the month at 1.126 per cent.

Notably, due to the latter shift towards less risky assets, High Yield bond spreads over treasuries significantly widened, closing-off the month on a much weaker note.

From the data front in the emerging market world, China reported significant drops in its leading indicators, specifically in the Manufacturing and Services PMIs. China’s Manufacturing PMI plunged to 40.3 in February, the lowest level since the survey began in April 2004, and well below preliminary estimates of 45.7. With Chinese authorities imposing restrictions on movement and businesses extending Lunar New Year shutdowns, China’s output supply chain came to a standstill. New orders and employment fell at the steepest rates on record. Exports shrank sharply on the back of shipping restrictions and order cancellations.

Similarly, Services PMI plunged to a record low of 26.5 from 51.8 in the previous month, amid company closures and travel restrictions.

In an attempt to lower financing costs for companies and inject more liquidity into the financial markets, the People’s Bank of China lowered its benchmark 1-year Loan Prime Rate by 10 basis points to 4.05 per cent, and 10 basis points higher than market estimates.

From Latin America, published economic data further affirmed Brazil’s positive run. Notably, albeit slightly lower, business confidence in Brazil remained on a high at 64.80. Among sectors, business confidence weakened in manufacturing and construction, while strengthening in mining.

Meanwhile, Brazil reported a higher Manufacturing PMI for the month, at 52.3 when compared to that of January, standing at 51. The latter reading pointed towards sharpest expansion in factory activity in three months, as output rose amid strong demand, improved economic conditions and stock building initiatives.

In the month of February, the CC EMBF was down just below 2 percent following the remarkable movements seen due to the Covid-19 outbreak. In the month, the Manager continued to raise cash levels based on possibly further widening. The more resilient names were Turkcell, the Turkish telecommunications company, which maintained relatively stable levels on the back of positive operational numbers.

Fact Sheet

  • NAV/Prezzo: Clicca qui per i prezzi aggiornati

    Nome Comparto Emerging Market Bond Fund – Class B (Distributor) – USD
    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 USD ($)
    Frequenza Negoziazioni Quotidianamente
    Dimensione Fondo $12.0 mn
    Numero Titoli 40
    Tassa Iniziale fino a 2.50%
    Commissione di Gestione 0.011%
    Data Pagamento Dividendi 31 marzo e 30 settembre
    Numero ISIN MT7000021234
    Investimento Minimo Iniziale $3000
    Investimento Minimo Addizionale $500

    Top 10 By Country*

    Country %
    Brazil 19.0
    Malta (incl. cash) 16.1
    China 12.2
    Russia 10.6
    Turkey 9.9
    Mexico 9.1
    Indonesia 4.9
    Netherlands 3.5
    Germany 2.7
    Argentina 2.7

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 63.8
    5 – 10 years 15.5
    10 years+ 7.4

    * based on the Next Call Date

    Performance History **

    Calendar Year Performance  YTD 2019 2018 2017 *** Since
    Inception***
    Share Class B – Total Return -1.48 10.40 -6.16 -0.22 1.84
    Total Return 1-month 3-month 6-month 9-month 12-month
    Share Class B – Total Return -1.97 0.08 1.26 3.01 4.50

    * 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 USD Distributor Share Class (Class B) was launched on 03 November 2017.

  • Historical Performance to Date *

    Top 10 Exposures %

    Exposure %
    iShares JPM EM Bond Fund 5.4
    6.50% Global Ports 2023 3.7
    4.95% Veon Holdings 2024 3.5
    4.95% Gazprom Capital 2022 3.5
    6.625% Tupy Overseas 2024 3.4
    5.45% Cemex 2029 3.3
    5.80% Turkcell 2028 3.3
    8.125% Global Liman 2021 3.2
    6.95% Moderland 2024 3.2
    6.90% Yestar Healthcare 2021 3.0

    By Credit Rating *

    Credit Rating %
    Investment Grade 18.6
    BB 45.0
    B 23.1
    CCC+ 0.0
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 92.0
    EUR 8.0
    TRY 0.0

    Asset Allocation

    Asset Allocation %
    Cash 9.3
    Bonds (incl. ETFs) 90.7
    Equities (incl. ETFs) 0.0

    Sector Breakdown*

    Sector %
    Consumer, Non-Cyclical 20.8
    Communications 12.2
    Financial 10.9
    Government 9.7
    Consumer, Cyclical 9.2
    Energy 8.7
    Basic Materials 8.4
    Industrial 5.4

    *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.