• 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

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 macroeconomic front, U.S GDP for the third quarter surprised as it grew at 2.1 percent from a consensus of 1.9 percent, as consumer spending continues to be supportive for economic growth. Leading indicators such as the manufacturing PMI increased to 52.6 from October’s 51.3 levels, while beating consensus levels of 52.2. From the employment front, the number of Americans filling for unemployment benefits decreased by 15 thousand to 213 thousand.

Looking at U.S. credit markets Treasury Yields reached 1.7758 percent from the 1.688 percent levels in October, while highs of 1.944 percent were tested throughout the month, as trade war fears were eased on tweets from Donald Trump that negotiations are going very well. U.S. HY Spreads tightened by 16bps from 430bps to 414bps due to improved economic sentiment and a relatively more risk-averse mode, in line with gains being registered by equity markets. The CC Global High Income fund, maintained its positive pace with a 0.26 percent gain and registered gains in line with its comparable benchmarks. In the month, the Manager opted in participating in the newly issued investment grade rated Braskem bond, the petro-chemical company.

Going forward, the Manager is of the view that the month of December should continue to be supportive for credit markets and the CC Global High Income should close-off with another good year, with the strategy throughout the year being the preservation of its risk-adjusted metrics.

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 $17.6 mn
    Numero Titoli 45
    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 38.36
    Calendar Year Performance YTD 2018 2017 2016
    Share Class D- Total Return 9.20 -3.22 5.70 10.02
    Rolling 12 month performance to last month end 28/11/18  27/11/19 29/11/17  28/11/18 30/11/16  29/11/17 25/11/15  30/11/16
    Share Class D- Total Return 9.39 -3.33 7.20 6.45

    *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 25.6
    Russia 16.8
    Brazil 11.4
    UK 5.2
    Turkey 4.7
    Indonesia 4.0
    Switzerland 3.1
    China 3.1
    Italy 2.4
    France 2.4

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 62.5
    5 – 10 years 11.0
    10 years+ 3.0

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 6.1
    7.00% KB Home 2021 3.7
    4.75% Lennar 2022 3.0
    5.625% Ineos 2024 2.9
    5.299% Petrobras 2025 2.5
    8.00% Unicredit Perp 2.4
    5.25% Sberbank 2023 2.4
    6.25% IGT 2022 2.4
    6.35% Republic of Turkey 2.4
    4.10% MMC Norilsk 2023 2.3

    By Credit Rating*

    Credit Rating %
    BBB 26.3
    BB 34.4
    B 19.0
    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 13.4
    Bonds 78.6
    CIS/ETFs 8.0

    Sector Breakdown*

    Sector %
    Financial 20.4
    Basic Materials 15.4
    Consumer, Cyclical 11.6
    Communications 9.0
    Energy 8.2
    Consumer, Non-Cyclical 5.7
    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.