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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

September 2019 Commentary

In September investors were primarily focused on the Fed’s statement, rather than the rate cut, which was already being priced-in by market participants. As a matter of formality, the Fed cut the federal fund rate by 25bps sighting increased pressures on the macro-economic front. In its statement, the Fed sounded more dovish despite the fact that job gains remained solid, while the unemployment rate remained at low levels, however it sighted the weakness in business fixed investment and exports.

From the data front, the U.S. experienced weakness in both leading and lagging indicators – possibly a sign of coolness in the economy as the trade-war saga continues to put pressure on investors’ sentiment. In fact, the ISM non-manufacturing PMI slumped to 52.6, the lowest level since August 2016. Likewise, the ISM manufacturing PMI dropped to 47.8 levels, missing expectations of 50.1. This was the steepest contraction in the manufacturing sector since 2009. In addition, as sentiment continues to be damped by the trade-war saga, the ‘economic optimism index’ fell to 50.8, the lowest since February.

In the month of September, Global HY recorded a total return of +0.46 percent, with gains being solely locked from the carry trade, as investors continue to be wary of the geopolitical tensions which are also being reflected in economic data. Given that Global HY holds weighting in EM debt, the latter mitigated the downside experienced in U.S. HY.

The fund continues to outperform its internal benchmark with a monthly gain of +0.54 percent, while it continues to preserve its strong risk-adjusted metrics. Going forward, the Investment Manager will continue to manage its risk-adjusted metrics in line with the dynamic macro environment that is being negatively impacted by geopolitical tensions.

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 $17.9 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 37.56
    Calendar Year Performance YTD 2018 2017 2016
    Share Class D- Total Return 8.57 -3.22 5.70 10.02
    Rolling 12 month performance to last month end 26/09/18 25/09/19 27/09/17  26/09/18 28/09/16  27/09/17 30/09/15   28/09/16
    Share Class D- Total Return 7.15 -1.16 6.84 7.18

    *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 25.3
    Russia 15.3
    Brazil 12.1
    UK 8.5
    Turkey 4.5
    Indonesia 4.2
    Switzerland 3.0
    China 3.0
    Italy 2.3
    France 2.3

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 65.6
    5 – 10 years 9.5
    10 years+ 2.9

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 6.1
    7.00% KB Home 2021 3.6
    4.75% Lennar 2022 2.9
    5.375% Petrobras 2021 2.9
    5.625% Ineos 2024 2.9
    5.299% Petrobras 2025 2.4
    6.25% IGT 2022 2.4
    5.25% Sberbank 2023 2.4
    8.00% Unicredit Perp 2.3
    4.10% MMC Norilsk 2023 2.3

    By Credit Rating*

    Credit Rating %
    BBB 24.7
    BB 34.7
    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

    Currency %
    Cash 12.7
    Bonds 79.3
    CIS/ETFs 8.0

    Sector Breakdown*

    Sector %
    Financial 20.1
    Basic Materials 14.1
    Consumer, Cyclical 13.6
    Communications 9.0
    Energy 8.9
    Consumer, Non-Cyclical 5.6
    Industrial 2.3
    Government 2.3
    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.