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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

May 2020 Commentary

Risk assets have continued to rally throughout the month of May as the gradual re-opening of economies increased optimism for a V-shaped economic recovery from the virus induced turmoil. The strength of the asset price recovery continues to be buoyed by ongoing strong government policy and central bank interventions. That said, in our view, the propagation of the shock to financial markets due to the virus outbreak remains directly linked to the evolution of the virus and the dynamics of the containment measures.

Credit markets have seen healthier liquidity in secondary markets, as continued central bank support measures played their part coupled with stronger participation from market participants. The primary market increased pace throughout the month of May following a standstill month in March, as many corporates were comforted by central banks intervention which kept volatility low, while appetite in the primary re-emerged.

The more agile approach from the U.S. remains crucial in transmitting market confidence. The U.S. launched an additional $484 billion relief package, including a $321 billion top-up of its funding for small businesses. That takes the fiscal support passed by Congress to nearly $3 trillion to tackle pandemic woes. Moreover, the Federal Reserve built on its “whatever it takes“ approach to help the economy through the coronavirus shock and ensuring markets function properly. According to economists worldwide, the Fed’s balance sheet will more than double to $11 trillion by year-end. Indeed, central bank policy has moved from mostly alleviating the dysfunction of market pricing and tightening of financial conditions to ensuring credit flows to businesses and local governments. The recently announced extraordinary measures by central banks, including purchases of corporate debt provide a favourable back -drop for credit. Even before these measures have come into effect, risk assets have reversed most of the March lows, with subsequent monetary injections expected to further increase asset prices in the medium term.

Indeed, the Fed intervention is anchoring the front-end of the Treasury curve. However, the long-end has sold off on increasing long term inflation expectations with the 5y5y Inflation swap rate hovering at the 1.6 percent levels, way above the inflationary expectations in Europe. The manager therefore expects spreads to widen consequently, with many long-end investors such as pension funds, life insurance companies and many Asian investors soaking up the volume via their focus on yields.

From the macroeconomic front, the U.S. reported an improvement in Manufacturing, with the PMI increasing to 39.8 from 36.1 in May, pointing to a partial revival in the manufacturing sector. Similarly, U.S. Services PMI bounced, with surveys expecting it to increase to 36.9 from 26.7 in the previous month; however, the reported figure was 37.5. Despite the sharp uptick in asset prices, business confidence remains on the fence. Treasury yields remained hovering around record lows, the U.S. mostly sought benchmark; the 10-year Treasury yield, tightened marginally by 0.5 basis points for the month of May, closing the month at 0.641 per cent.

The CC Global High income fund continues to outperform comparatively given its underweight position in Energy names, despite a recovery in the sector as the price of oil recovered substantially from its multi-year lows. In the month of May the fund registered an 8.4 percent increase and continues to outperform its internal comparative benchmark by circa 150bps. Going forward the Manager believes that credit markets will continue to be supported by the actions taken by the Fed as well as the uplift from the easing covid restrictions. To this end, the Manager believes that the fund is well positioned to navigate the current volatile environment.

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 $16.35 mn
    Numero Titoli 48
    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 3.64
    Calendar Year Performance YTD 2019 2018 2017
    Share Class D- Total Return -4.80 10.22 -3.22 5.70
    Rolling 12 month performance to last month end 29/05/19  29/05/20 30/05/18  29/05/19 31/05/17  30/05/18 25/05/16  31/05/17
    Share Class D- Total Return -4.39 -0.62 -5.15 4.16

    *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 26.6
    Russia 23.8
    Brazil 11.7
    UK 5.5
    Turkey 4.8
    France 4.8
    Italy 3.5
    Switzerland 3.3
    China 3.2
    Germany 2.3

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 64.9
    5 – 10 years 18.3
    10 years+ 3.7

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 5.9
    7% KB Home 2021 3.9
    6.75% Societe General Pe 3.6
    8.00% Unicredit perp 3.5
    4.75% Lennar Corp 2022 3.2
    5.625% Ineos Group 2024 3.0
    5.25% Sberbank 2023 2.6
    4.1% MMC Norilsk 2023 2.6
    4.00% Veon Holdings 2025 2.5
    5.299% Petrobras 2025 2.5

    By Credit Rating*

    Credit Rating %
    BBB 23.1
    BB 42.5
    B 20.5
    CCC+ 0.8
    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 5.9
    Bonds 86.9
    CIS/ETFs 7.2

    Sector Breakdown*

    Sector %
    Financial 22.6
    Basic Materials 15.7
    Consumer, Cyclical 13.0
    Communications 9.5
    Energy 8.6
    Consumer, Non-Cyclical 7.7
    Industrial 3.3
    Technology 2.6
    Government 2.5

    *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.