• 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

November 2020 Commentary

In emerging markets (EM), China’s recovery has continued to positively surprise as the latest Manufacturing PMI came in above expectations, being the highest print since September 2017. Nevertheless, a succession of at least partly state owned companies’ defaults has rattled China’s $15 trillion bond market and is raising concerns about the country’s financial health.
China is an important part of EM growth dynamics. The world’s second-largest economy is leading the global restart in activity, with its growth already at, or very close to, its pre-Covid trend. This bodes well for the rest of the EM world. Yet EM economies are also susceptible to the policy direction of China. Throughout the month of November Asia Pacific nations including China, Japan and South Korea signed the world’s largest regional free-trade agreement, representing nearly a third of the world’s population and gross domestic product.
EM assets have underperformed their developed market (DM) peers for most of 2020, and have been playing catch-up in recent weeks. A string of positive news reports on Covid vaccines boosted confidence in an accelerated restart during the course of 2021, setting up a positive overall backdrop for risk assets. Encouraging early results on the effectiveness of a Covid-19 vaccine that may offer lower costs and easier distribution bode particularly well for the EM world.
From the data front in the emerging market world, China reported stronger results in its leading indicators, as business activity normalises further, following widespread company shutdowns and travel restrictions earlier in the year. China’s Manufacturing PMIs bounced up to 52.1 in November from October’s 51.4. The latest GDP growth reading stands at 4.9% for the third quarter of 2020.
From the Latin America region, economic data in Brazil remained encouraging, with manufacturing PMIs reporting at 64.0 from 66.7 in October and similarly services remaining in growth territory at 50.9.
Most EM assets have now delivered positive year-to-date returns after the recent rally. EM local-currency debt has lagged the market recovery in U.S. dollar terms, dragged down by heavy currency depreciation in many emerging markets. From a technical perspective, EM debt is expected to keep pace with high yield credit in developed markets, as higher yielding debt looks attractive to investors in search of income.
In the month of October, the CC EMBF increased by 3.57% on positive vaccine news and presidential election news. Going forward, the Manager will continue to assess the EM space scenario even on the basis of further monetary policy actions taken by Central Banks, which seem to follow the Fed’s easing stance, primarily by cutting interest rates.

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 $12.7 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 %
    Malta (incl. Cash) 24.3
    Brazil 19.5
    China 11.0
    Mexico 7.8
    Turkey 7.5
    Russia 6.9
    Germany 4.9
    Netherlands 3.6
    Indonesia 3.3
    India 2.8

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 47.9
    5 – 10 years 20.5
    10 years+ 7.2

    * based on the Next Call Date

    Performance History **

    Calendar Year Performance  YTD 2019 2018 2017 *** Annualised Since
    Inception***
    Share Class B – Total Return -2.27 10.40 -6.16 -0.22 0.33
    Total Return 1-month 3-month 6-month 9-month 12-month
    Share Class B – Total Return 3.57 2.43 8.06 -0.80 -0.72

    * 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 6.6
    iShares JPM USD Emerging Mkt. 6.2
    4.95% Veon Holdings 2024 3.6
    6.5% Global Ports 2023 3.5
    5.45% Cemex 2029 3.5
    5.8% Turkcell 2028 3.4
    6.625% TUPY Overseas SA 2024 3.4
    5.299% Petrobras 2025 2.8
    6.625% NBM 2029 2.8
    3% Republic of Poland 2023 2.6

    By Credit Rating *

    Credit Rating %
    Investment Grade 15.2
    BB 40.6
    B 12.6
    CCC+ 2.0
    Less than CCC+ 5.3
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 91.5
    EUR 8.5
    Other 0.0

    Asset Allocation

    Asset Allocation %
    Cash 10.4
    Bonds (incl. ETFs) 89.6
    Equities (incl. ETFs) 0.0

    Sector Breakdown*

    Sector %
    Sovereign 20.7
    Telecommunications 12.0
    Real Estate 9.0
    Commercial Services 7.3
    Auto Parts & Equipment 5.1
    Pharmaceuticals 4.7
    Food 4.5
    Transportation 4.4

    *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.