• CC FUNDS_OCTOBER_2018_ITALIAN WEB BANNER USD-01

Fondi Obbligazionari USD ad Alto Rendimento

  • OBIETTIVI DI INVESTIMENTO

    L’obiettivo del Fondo è di massimizzare il profitto per gli investitori, grazie ad investimenti realizzati su diversi portafogli obbligazionari. Per raggiungere tale obiettivo, il Gestore degli Investimenti investe principalmente in un portafoglio diversificato nel medio termine, comprensivo di titoli societari e governativi con scadenza massima di 10 anni.

    STRUTTURA

    Il Fondo è amministrato secondo la struttura dell’OICVM, che è divenuta lo standard per i fondi di investimento nell’UE, per gli investitori al dettaglio. I fondi OICVM sono ideali per gli investitori al dettaglio, poichè sono stati progettati appositamente per garantire diversificazione e liquidità attraverso specifici parametri, imponendo classi di attività e restrizioni agli investimenti secondo quanto stabilito dal diritto comunitario.

    GESTIONE

    I fondi sono amministrati da un gruppo di investitori professionale presso Calamatta Cuschieri Investment Management Ltd, i quali controllano quotidianamente i loro sviluppi.

Panoramica

→ Profilo dell'Investitore
→ Valute disponibili
→ Versamento dei Dividendi
→ Rimborso dei Dividendi
→ Monitoraggio e Pricing
→ Commissioni di Entrata e di Uscita
→ Investimento Minimo
→ Il vademecum del Regolamento dei Fondi
→ Target del Dividendo
→ Informazioni Aggiuntive

Commentario

January 2019 Commentary

The long awaited boost in markets occurred in January; the dovish approach taken by both the Federal Reserve (Fed) and the European Central Bank (ECB) allowed markets to have a positive retracement. Indeed, credit markets were in need of some sort of comfort being from a monetary aspect or from the geopolitical front following a negative 2018. In fact, markets applauded the dovish stance amid concerns of slow global growth and geopolitical uncertainty.

Latest data from China continued to display signs of softness specifically inflation being less than expected, while manufacturing activity contracted for the second time in January. In this regard, we should continue to see further stimulus from the fiscal and monetary front. Other regions have also showed weakness with Germany facing the consequences of the Trade War. This was witnessed in the latest industrial figures that registered its worst performance in more than 5 years.

Moreover, Brexit and Italy are other uncertainties for 2019. The latter was dragged into a recession with uncertainty increasing due to the very unpopular economic measures being implemented by the populist government, which are however seen to be very welcomed by southern Italy citizens.

A positive for credit markets in January was the Fed’s dovish tone with the market now pricing no interest rate hikes for 2019.This led to a tighter U.S. Treasury Curve and a weaker dollar. Furthermore, the ECB also softened its tone on the back of geopolitical issues.

For 2019, we are more constructive given the recent supporting monetary stance, which should be a positive trigger for HY debt. In the month of January, the fund outperformed the market as the Managers opted in dipping into credit that was harshly impacted in 2018. The Managers will continue to seek value in credit stories with attractive valuations and adjust the cash levels accordingly.

Scheda

  • NAV/Prezzo: Clicca qui per i prezzi aggiornati

    Nome Comparto High Income Bond Fund – USD (Distributor)
    Gestore Investimenti Calamatta Cuschieri Investment Management Ltd
    Consulente Fondo DF – Asset Allocation (Lugano, Switzerland)
    Depositario Sparkasse Bank Malta p.l.c.
    Amministratore Fondo Calamatta Cuschieri Fund Services Ltd.
    Revisori Deloitte Malta
    Consulenti Legali Ganado & Associates
    Data di Lancio 1st September 2011
    Sede Malta
    Valuta USD ($)
    Frequenza Negoziazioni Settimanale
    Dimensione Fondo $17.8 mn
    Numero Titoli 52
    Tassa Iniziale up to 1.5%
    Commissione Gestione 1%
    Data pagamento Dividendi 31 March
    30 September
    Numero ISIN USD – MT7000003067
    Investimento Minimo Iniziale $ 3,000
    Investimento Minimo Addizionale $ 500

     

    Performance ad Oggi (USD)

    Performance History **

    Calendar Year Performance 2013 2012 2011*** Since Inception***
    Share Class D – Total Return 3.11 11.99  -1.05  29.80
    Calendar Year Performance YTD 2018 2017 2016
    Share Class D- Total Return 2.44 -3.22 5.70 10.02
    Rolling 12 month performance to last month end 31/01/1830/01/19 25/01/1731/01/18 27/01/1625/01/17 28/01/1527/01/16
    Share Class D- Total Return -1.07 5.49  12.40  -4.42

    *Data in the chart does not include any dividends distributed since the Fund was launched on 1st September 2011.

    **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 Distributor Share Class (Class D) was launched on 01 September 2011.

    Top 10 By Country*

    Country %
    USA 19.1
    Russia 15.0
    Brazil 13.6
    UK 9.2
    Turkey 4.1
    Indonesia 4.0
    China 3.6
    Switzerland 2.8
    France 2.1
    Italy 2.0

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 70.0
    5 – 10 years 16.4
    10 years+ 2.5

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    5.625% Ineos 2024 3.7
    7.00% KB Home 2021 3.5
    5.375% Petrobras 2021 2.8
    4.75% Lennar 2022 2.8
    6.25% IGT 2022 2.3
    7.25% JBS 2024 2.3
    6.25% GTH Finance 2020 2.2
    6.00% Icahn Ent. 2020 2.2
    5.25% Sberbank 2023 2.2
    5.299% Petrobras 2025 2.2

    By Credit Rating*

    Credit Rating %
    BBB 31.5
    BB 45.5
    B 17.9
    CCC+ 0.0
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 100.0
    Others 0.0

    Asset Allocation

    Currency %
    Cash 8.1
    Bonds 90.2
    CIS/ETFs 1.7

    Sector Breakdown*

    Sector %
    Financial 28.2
    Consumer, Cyclical 14.1
    Basic Materials 13.5
    Communications 10.6
    Energy 10.1
    Consumer, Non-Cyclical 8.7
    Technology 2.2
    Industrial 1.6

    *excluding exposures to CIS

Informazioni Legali

THIS DOCUMENT HAS BEEN ISSUED BY CALAMATTA CUSCHIERI INVESTMENT SERVICES LTD (“CCIS”). 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. 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. 

*LAST 12 MONTHS DISTRIBUTION YIELD (01/10/2017 – 30/09/2018) 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.

CALAMATTA CUSCHIERI INVESTMENT SERVICES LTD. (CCIS) IS LICENSED BY THE MFSA. THE CC HIGH INCOME BOND FUND IS A SUB FUND OF CALAMATTA CUSCHIERI FUND SICAV PLC AND IS AUTHORISED BY THE MFSA. INVESTORS MAY INCUR A SUBSCRIPTION CHARGE AND MAY BE SUBJECT TO TAX ON DISTRIBUTIONS. INVESTMENT SHOULD BE BASED ON THE PROSPECTUS AND KIID DOCUMENT, WHICH MAY BE OBTAINED FROM CCIS OFFICES.

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.