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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

July 2019 Commentary

Markets saw a mixed sentiment throughout the whole of July; uncertainties revolving around the Fed’s decision to a rate cut along with ECB’s Mario Draghi hinting at easing were the stars of the month. Needless to say, investors were seen to take a cautious approach during the month after the rally seen in the month of June. By the end of July, the Fed cut rates by 25bps, a move which was not digested positively by markets that expected a more aggressive stance. On the other hand, Mario Draghi left rates unchanged, however indicated that the downward trend in data will be monitored and easing actions will be taken if deemed necessary.

Apart from the Fed and the ECB’s statement at the end of the month, markets saw top U.S and Chinese trade officials meet in Shanghai for talks in a bid to end a yearlong trade war, despite low expectations for progress and combative remarks from the US President. The next round of talks are scheduled for September.

Indeed, due to the mixed sentiment in markets throughout July, the 10-Year U.S. Treasury yield traded in the range of 1.97% – 2.02%, while U.S. High Yield only gained 0.51 percent. In spread terms, U.S. High Yield tightened from 407bps in June to 393 bps as at end of July.

During July, the Manager opted to de-risk the portfolio by trimming from positions that reported weak results. On the contrary, the Manager opted in opening a position in CSN, the Brazilian steel company, in anticipation of its second quarter results based on a spike in iron ore prices, another segment in their revenue stream. Going forward, the Manager will continue to seek risk-reward positions, in addition to the protection of the year-to-date performance.

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 $18.1 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 2013 2012 2011*** Since Inception***
    Share Class D – Total Return 3.11 11.99  -1.05 36.42
    Calendar Year Performance YTD 2018 2017 2016
    Share Class D- Total Return 7.67 -3.22 5.70 10.02
    Rolling 12 month performance to last month end 25/07/18 

    31/07/19

    		 26/07/17 

    25/07/18

    		 27/07/16 

    26/07/17

    		 29/07/15 

    27/07/16
    Share Class D- Total Return 6.39 -0.56 7.07 2.47

    *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 21.1
    Russia 15.01
    Brazil 14.1
    UK 8.3
    Turkey 4.4
    Indonesia 4.2
    China 3.5
    Switzerland 3.0
    France 2.2
    Italy 2.2

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 68.5
    5 – 10 years 11.6
    10 years+ 2.8

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 4.0
    7.00% KB Home 2021 3.6
    5.375% Petrobras 2021 2.9
    4.75% Lennar 2022 2.9
    5.625% Ineos 2024 2.8
    5.299% Petrobras 2025 2.4
    6.25% IGT 2022 2.3
    5.25% Sberbank 2023 2.3
    7.25% JBS 2024 2.3
    4.375% Ford Motors 2023 2.3

    By Credit Rating*

    Credit Rating %
    BBB 26.8
    BB 38.6
    B 21.3
    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 12.0
    Bonds 84.0
    CIS/ETFs 4.0

    Sector Breakdown*

    Sector %
    Financial 23.6
    Basic Materials 13.9
    Consumer, Cyclical 13.4
    Energy 8.7
    Communications 8.7
    Consumer, Non-Cyclical 7.7
    Industrial 2.3
    Government 2.2
    Technology 2.2

    *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 (01/04/2018 - 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.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.