• 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 2019 Commentary

The tensions between the U.S. and China persisted in the month of November, namely triggered by the decision of President Donald Trump to sign two bills into law in support of Hong Kong protests that led China to threaten to retaliate. The protests, along with Trump’s decision to sign those measures, came as a surprise as both parties were willing to close-off on a phase one deal imminently, in order to halt the introduction of additional tariffs as the December 15 deadline continues to loom over financial markets.

From the data front in the emerging market world, China surprised with a stronger-than-expected PMI, following months of weakness. In addition, China’s trade surplus widened to USD 42.81 billion. This was the largest trade surplus since July, as exports declined 0.9 percent year-on-year to USD 212.93 billion, while imports dropped at a faster 6.4 percent to USD 170.12 billion. Furthermore, China’s annual inflation rose to 3.8 percent in October, a reading which was published in early November, from 3 percent in the previous month and above market expectations of 3.3 percent. This was the highest inflation rate since January 2012, mainly due to persistently high pork prices following an outbreak of African swine fever.

Due to the latter, Brazil and its meat producers were main benefactors as the main Brazilian meat producers got approval for 13 plants for China exports.

On another positive note following political turmoil surrounding the region, Turkey’s outlook was revised from negative to stable.

At the end of the month, EM debt was up 0.73 percent with investors piling in the region as reflected namely from a price returns perspective. EM debt continue to outperform its peers given the recent risk-on mode and the hunger for yield even based on selectively better fundamentals.

The CC EMBF was up by 0.24 percent in the month of November reflecting, namely, the subscriptions received in the fund that the Manager will deploy accordingly at attractive valuation levels. That said the Manager was active in dipping into attractive valuations, by opening a position into the second largest meat producer, Marfrig that lately issued its first sustainable bond under the ESG guidelines. In addition, the Manager opted to participate into the newly issued Cemex bond. Cemex is one of the largest cement producers trading on relatively benign yield levels and as a benefit, the company is determined to dispose of non-core assets in order to reduce leverage.

Going forward, the Manager still believes that selective EM names still offer value based on better fundamentals when compared to other geographical peers.

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 $11.9 mn
    Numero Titoli 42
    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) 22.5
    Brazil 14.6
    China 11.6
    Russia 10.7
    Turkey 8.4
    Indonesia 6.3
    Netherlands 3.6
    Mexico 3.5
    Germany 2.9
    Argentina 2.8

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 60.4
    5 – 10 years   9.9
    10 years+   5.2

    * based on the Next Call Date

    Performance History **

    Calendar Year Performance  YTD 2018 2017*** 2016 Since
    Inception***
    Share Class B – Total Return 8.67 -6.16 -0.22 - 1.76
    Total Return 1-month 3-month 6-month 9-month 12-month
    Share Class B – Total Return 0.23 1.18 2.93 4.41 9.52

    * 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 %
    5.299% Petrobras 2025 4.1
    6.50% Global Ports 2023 3.7
    4.95% Veon Holdings 2024 3.6
    4.95% Gazprom Capital 2022 3.6
    6.625% Tupy Overseas 2024 3.5
    8.125% Global Liman 2021 3.3
    6.90% Yestar Healthcare 2021 3.1
    6.95% Moderland 2024 3.0
    5.00% Nidda 2025 2.9
    6.625% NBM US Holdings 2029 2.6

    By Credit Rating *

    Credit Rating %
    Investment Grade 19.5
    BB 39.2
    B 23.6
    CCC+ 0.5
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 90.6
    EUR  9.4
    TRY 0.0

    Asset Allocation

    Currency %
    Cash 13.9
    Bonds (incl. ETFs) 84.1
    Equities (incl. ETFs) 2.0

    Sector Breakdown*

    Sector %
    Consumer, Non-Cyclical 19.5
    Government 12.2
    Communications 10.6
    Financial 10.3
    Energy 10.2
    Basic Materials 8.5
    Consumer, Cyclical 7.0
    Industrial 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.