• 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

May 2020 Commentary

Risk assets have continued to rally throughout the month of May as the gradual re-opening of economies increased optimism for a V-shaped economic recovery from the virus induced turmoil. The strength of the asset price recovery continues to be buoyed by ongoing strong government policy and central bank interventions. That said, in our view, the propagation of the shock to financial markets due to the virus outbreak remains directly linked to the evolution of the virus and the dynamics of the containment measures.

Credit markets have seen healthier liquidity in secondary markets, as continued central bank support measures played their part coupled with stronger participation from market participants. The primary market increased pace throughout the month of May following a standstill month in March, as many corporates were comforted by central banks intervention which kept volatility low, while appetite in the primary re-emerged.

Emerging markets were also conditioned by the oil price collapse earlier in March, partly caused by the ongoing drop in demand caused by the economic contraction, in addition to supply cut disruptions brought about by OPEC members From the data front in the emerging market world, China reported mixed results in its leading indicators, as business activity attempts to normalise, following widespread company shutdowns and travel restrictions in February. China’s Manufacturing PMI declined to 50.6 in May from April’s 50.8.

From Latin America, published economic data in Brazil marked a slight improvement in activity. Notably, Manufacturing PMIs increased to 38.3 from 36.0 in April and similarly increasing to 27.6 from 27.4 for services, highlighting a slight increase in activity, however not to the extent of other continents as the country continues to struggle with the spread of the virus. Together with other countries such as Mexico, Brazil continue to report increasing daily deaths, therefore are considered further back in the cycle, behind their peak.

In the month of May, the CC EMBF continued its resurgence, up 3.86% as credit spreads tightened in line with the wider risk-on approach by market participants. 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 $11.3 mn
    Numero Titoli 39
    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) 21.2
    Brazil 18.7
    China 12.4
    Russia 11.1
    Turkey 9.1
    Mexico 7.5
    Indonesia 3.9
    Netherlands 3.8
    Germany 2.9
    Poland 2.8

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 58.2
    5 – 10 years 16.0
    10 years+ 7.5

    * based on the Next Call Date

    Performance History **

    Calendar Year Performance  YTD 2019 2018 2017 *** Since
    Inception***
    Share Class B – Total Return -9.55 10.40 -6.16 -0.22 -6.51
    Total Return 1-month 3-month 6-month 9-month 12-month
    Share Class B – Total Return 3.71 -8.20 -8.12 -7.04 -5.43

    * 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 6.8
    6.50% Global Ports 2023 3.8
    4.95% Veon Holdings 2024 3.8
    4.95% Gazprom 2022 3.8
    6.625% Tupy Overseas 2024 3.5
    5.8% Turkcell 2028 3.4
    5.45% Cemex 2029 3.3
     5% Nidda BondCo 2025 2.9
    3% Republic of Poland 2023 2.8
    6.9% Yestar Healthcare 2021 2.7

    By Credit Rating *

    Credit Rating %
    Investment Grade 19.4
    BB 40.1
    B 17.8
    CCC+ 4.4
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 89.8
    EUR 10.2
    TRY 0.0

    Asset Allocation

    Asset Allocation %
    Cash 12.7
    Bonds (incl. ETFs) 87.3
    Equities (incl. ETFs) 0.0

    Sector Breakdown*

    Sector %
    Consumer, Non-Cyclical 19.5
    Communications 12.6
    Financial 10.2
    Government 10.1
    Energy 8.9
    Consumer, Cyclical 7.8
    Basic Materials 7.7
    Industrial 3.3

    *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 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.