• 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

August 2020 Commentary

Policymakers hoped that the Covid-19 pandemic would recede during the hotter summer months, instigating policymakers to gradually lift restrictions at the start of summer season in the northern hemisphere. However, even though record temperatures were registered in August, the virus has unfortunately continued to spread. There have now been over 25 million cases globally, up from 10 million at the start of July.

Even though the number of new daily cases in the US has started to decline, some regions, including Europe, are now facing a second wave where the daily increase in cases is back close to the levels seen at the height of the crisis in March and April. So far, better testing and tracing capacity has allowed European policymakers to treat this second wave with targeted measures, including travel restrictions or the requirement to wear a face mask in public, instead of national lockdowns. This was done in an effort to better balance public health policies with economic policies.

The negotiations relating to a new coronavirus relief bill have continued to stall in Washington. For millions of Americans, the delay in passing another stimulus package could have painful consequences. Thanks to the CARES Act, passed in March, an extra $600 per week of unemployment benefit was provided to workers who qualified for unemployment insurance but this extra financial support expired on 31 July. Since the beginning of August, those who have lost their jobs are back on normal, much less generous, unemployment benefits. Moving forward, without further fiscal stimulus or a vaccine, the jobless are likely to struggle in the face of a potential prolonged period of inactivity due to the pandemic.

From the political arena, the presidential campaign has continued to gather steam with the nomination of Kamala Harris as Joe Biden’s running mate and the official nomination of Donald Trump as the Republican nominee. So far, the most recent polls continue to point to a victory for the Democrats.

From the macroeconomic data front, the U.S. reported a continued improvement in manufacturing, with the PMI expanding to 56.0 from 54.2 in the previous month. Similarly, U.S. Services PMI bounced, with surveys expecting it to increase to 54.8 from 50.0 in the previous month; however, the reported figure was at the expansionary level of 55.0. This gives confidence to the notion that activity has bottomed out, and we are initiating the road towards a resumption of economic activity more in line with previous norms.

The CC Global High income fund advanced 1.4%, lagging its benchmark by circa 200bps comparatively given its underweight position in Energy names, albeit with a much lower level of volatility. US high yield spreads narrowed on a more positive outlook. 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 sequential easing of Covid-19 restrictions. The outlook for the energy sector remains mixed as the US rig count remains at record lows due to persistently low price of crude oil. 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 $16.86 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 8.13
    Calendar Year Performance YTD 2019 2018 2017
    Share Class D- Total Return -0.68 10.22 -3.22 5.70
    Rolling 12 month performance to last month end 28/08/19  31/08/20 29/08/18  28/08/19 30/08/17  29/08/18 31/08/16  30/08/17
    Share Class D- Total Return -2.85 2.00 -6.05 0.95

    *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 25.8
    Russia 25.1
    Brazil 12.2
    UK 5.5
    France 5.0
    Turkey 4.8
    Italy 3.9
    Switzerland 3.3
    Germany 2.3
    China 1.3

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 61.6
    5 – 10 years 17.9
    10 years+ 4.4

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 7.5
    8.00% Unicredit perp 3.9
    7% KB Home 2021 3.8
    6.75% Societe Generale perp 3.8
    4.75% Lennar Corp 2022 3.2
    5.625% Ineos Group 2024 3.0
    5.299% Petrobras 2025 2.6
    5.25% Sberbank 2023 2.6
    4.1% MMC Norilsk 2023 2.5
    4.00% Veon Holdings 2025 2.5

    By Credit Rating*

    Credit Rating %
    AAA to BBB- 20.7
    BB+ to BB- 41.6
    B+ to B- 19.3
    CCC+ 0.0
    Less than CCC+ 2.3
    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 7.3
    Bonds 83.9
    CIS/ETFs 8.8

    Sector Breakdown*

    Sector %
    Financial 20.6
    Basic Materials 16.4
    Consumer, Cyclical 12.8
    Communications 9.4
    Consumer, Non-Cyclical 9.0
    Energy 8.6
    Industrial 3.4
    Government 2.4
    Utilities 1.2

    *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 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.