• Italian_Global-High-Income-Bond-Fund_Banner-01

Fondi Obbligazionari USD ad Alto Rendimento

  • INVESTMENT OBJECTIVES

    The objective of fundraising for investors, thanks to investments made in various bonds portfolios. To achieve this, the Investment Manager invests primarily in diversified medium-term portfolio, including corporate and government securities with a maximum maturity of 10 years.

    STRUCTURE

    The Fund is administered according to the structure of the UCITS, which has become the standard for investment funds in the EU, for retail investors. The UCITS Funds are ideal for retail investors, as well as for the provision of diversification and liquidity through specific parameters.

    MANAGEMENT

    The funds are managed by a group of professional investors at Calamatta Cuschieri Investment Management Ltd, who monitor their developments on a daily basis.

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

February 2020 Commentary

With growth settling back to the roughly 2% pace prevailed during the decade-old economic expansion, fears of a global recession lessening, and the manufacturing cycle seemingly heading for a turnaround following a ‘phase one’ agreement between US and China, outlook for 2020 vis-à-vis economic growth seemed positive. Economic data had started to improve whilst yields started to portray the possibility of a broad economic recovery.

Albeit the initial uptick in January, treasury yields traded downwards, as investors; worried about the potential impact on global economic growth and corporate earnings, as a protectionist measure against economic downturn, shunned global equities, wiping out months of gains, and sought the relative safety of sovereigns.

Subsequent to the increased demand for safer assets, and reflecting expectations of a possible rate cut, the U.S. mostly sought benchmark; the 10-year Treasury Yield tumbled by 37.8 basis points, for the month of February and headed downwards to the 1 per cent levels, closing the month at 1.126 per cent.

Notably, due to the latter shift towards less risky assets, Global HY bond spreads over treasuries significantly widened, closing-off the month on a much weaker note.

From the macroeconomic front, the U.S. reported a slightly lower Manufacturing PMI to 50.7 from 51.90 in January, pointing to the slowest expansion in factory activity in six months, amid historically subdued gains in output and new orders. Similarly, U.S. Services PMI dropped to 49.4 from 53.2 in the previous month, and well below market expectations of 53, shown in a preliminary estimate.

The CC Global High income fund continued to preserve its capital with monthly loss of 0.03 percent despite the notable widening in spreads. Internal comparable indices were down 1.8 percent as volatility prevailed. In line with the downward trend in yields, the Manager opted to go long the UST curve and benefit from the yield tightening in sovereigns, while limiting downside risk by raising cash levels in the more risky bit of the asset class.

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 $17.4 mn
    Numero Titoli 46
    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 2016 2015 2014 Since Inception***
    Share Class D – Total Return 10.02 -2.59  1.15 40.76
    Calendar Year Performance YTD 2019 2018 2017
    Share Class D- Total Return 0.79 10.22 -3.22 5.70
    Rolling 12 month performance to last month end 27/02/19  26/02/20 28/02/18  27/02/19 22/02/17  28/02/18 24/02/16  22/02/17
    Share Class D- Total Return 8.48 -1.07 5.49 12.40

    *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 25.5
    Russia 19.3
    Brazil 11.8
    France 5.1
    Turkey 4.8
    Switzerland 3.1
    China 3.1
    UK 2.9
    Italy 2.5
    Germany 2.4

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 61.2
    5 – 10 years 16.8
    10 years+ 4.0

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 4.1
    6.75% Societe Generale Perp 3.9
    7% KB Home 2021 3.7
    4.75% Lennar Corp 2022 3.0
    Ishares USD Treasury 20+ yrs 3.0
    5.625% Ineos Group 2024 2.9
    5.299% Petrobras 2025 2.5
    8.00% Unicredit Spa Perp 2.5
    5.25% Sberbank 2023 2.5
    6.35% Republic of Turkey 2024 2.4

    By Credit Rating*

    Credit Rating %
    BBB 23.4
    BB 37.4
    B 21.1
    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

    Asset %
    Cash 11.1
    Bonds 81.9
    CIS/ETFs 7.1

    Sector Breakdown*

    Sector %
    Financial 20.9
    Basic Materials 15.9
    Consumer, Cyclical 13.8
    Energy 8.4
    Consumer, Non-Cyclical 7.7
    Communications 6.8
    Government 2.4
    Industrial 2.4
    Technology 2.3

    *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 6 MONTHS DISTRIBUTION YIELD (ANNUALISED) (31/03/2019 – 30/09/2019) 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.CALAMATTA CUSCHIERI INVESTMENT SERVICES LTD. (CCIS) IS LICENSED BY THE MFSA. THE CC HIGH INCOME BOND FUND IS A SUB FUND OF CCFUNDS 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.