• 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

April 2019 Commentary

April proved to be yet another positive month for risk assets, the fourth successive month so far this year, and Emerging Markets were no exception to that. Whilst the global search for yield in the first quarter of the year pretty much summed up credit and risky assets per se, activity was muted during the month of April but was still enough to clock in another positive month.

It must be said that the euphoria we had seen in the first three months of the year seemingly dissipated in April. No major news updates. No particular surprising economic data releases, but merely an extension of the positive sentiment bolstered in January by the ECB and US Federal Reserve. With earnings season in full swing, investors had much to closely scrutinise, but there were no major surprises; EM corporates remain in good shape, earnings robust, and more importantly, balance sheets remain healthy. The marginal strength in the US Dollar during the month did little to derail sentiment in EM economies, sending credit spreads within the EM space markedly tighter.

With markets now more than ever expecting a long pause in central bank activity, or even possibly rate cuts at best, the euro and dollar are expected to range trade and provide some form of stability for EM economies. This bodes well as EM economies and subsequently credit as economic conditions are still favourable for EM corporate debt.

April saw a marked rise of bond issuers, even within the Emerging Markets space, redeem or tender their debt before the scheduled maturity date. The most recent example JBS, the Brazilian meat producer, deciding to tender their outstanding bonds earlier than the market was expecting, thereby taking advantage of market conditions.

The Investment Managers (IMs) believe that emerging market valuations are attractive and the portfolio is well positioned to benefit from a trade war solution, particularly because there has been some stability in the USD, and there has not been much strengthening in the currency. Indeed, the portfolio is currently performing in line with the market as it benefits from names that are gives a boost to valuations. The Manager still believes that there remains value within EMs and in this regard, cash will be reduced accordingly in line with opportunities.

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 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 %
    Brazil 15.3
    China 13.0
    Russia 11.2
    Malta (incl. cash) 8.6
    Turkey 8.6
    Indonesia 7.0
    Mexico 5.4
    Spain 4.4
    United States 3.8
    Netherlands 3.7

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 76.3
    5 – 10 years 9.2
    10 years+ 3.7

    * based on the Next Call Date

    Performance History **

    Calendar Year Performance  YTD 2018 2017*** 2016 Since
    Inception***
    Share Class B – Total Return 5.88 -6.16 -0.22 - -0.86
    Total Return 1-month 3-month 6-month 9-month 12-month
    Share Class B – Total Return 0.85 2.73 6.20 3.69 1.86

    * 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 4.2
    6.90% Yestar Healthcare 2021 3.8
    6.50% Global Ports 2023 3.8
    6.625% Tupy Overseas 2024 3.8
    4.95% Gazprom Capital 2022 3.8
    7.25% JBS 2024 3.8
    4.95% Veon Holdings 2024 3.7
    6.375% Banco Santander 2167 3.6
    6.50% Minerva 2026 3.6
    8.125% Global Liman 2021 3.5

    By Credit Rating *

    Credit Rating %
    Investment Grade 16.9
    BB 49.5
    B 22.2
    CCC+ 1.8
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 93.8
    EUR 6.2
    TRY 0.0

    Asset Allocation

    Currency %
    Cash 8.6
    Bonds (incl. ETFs) 89.2
    Equities (incl. ETFs) 2.2

    Sector Breakdown*

    Sector %
    Consumer, Non-Cyclical 21.8
    Financial 15.2
    Communications 14.4
    Consumer, Cyclical 11.1
    Energy 9.9
    Government 9.2
    Basic Materials 5.6
    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.