• NEW_CC FUNDS 2017_ITALIAN WEB BANNER EURO-02

Fondo Obbligazionaro Euro ad Alto Rendimento (Accumulatore)

  • 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
→ Monitoraggio e Pricing
→ Commissione di Entrata e di Uscita
→ Investimento Minimo
→ Il vademecum del Regolamento dei Fondi
→ Target del Dividendo
→ Informazioni Aggiuntive

Commento

August 2018 Commentary

Reflecting on the performance in credit markets for the month of August, one should not be surprised that the asset class per se continues to be conditioned by both monetary decisions, and the political turmoil, which seems to be non-exhaustive. The month of August was characterized by the asset class per se trading sideways as investors were partially comforted by the trade agreement reached between Mexico and the U.S., in addition to some hope that the China-U.S. trade war issues might pave the way for more promising discussions.

The euro-zone area is experiencing a different path, despite an initial second quarter GDP growth print of 0.3% quarter-on-quarter, in line with the pace seen in the first three months of the year. This was supported by a rebound in economic activity in Germany as well as the Netherlands and Portugal. By contrast, economic growth in Italy was weaker relative to the first quarter. Italy’s political and banking instability continues to loom on Italian assets, which lately pushed Fitch to revise its outlook to negative, while reaffirming its BBB rating. On a year-to-date basis European HY is down 0.13 per cent, medium dated sovereign bonds are down 1.1 percent, while long dated sovereign debt closed flat in the month, while on a year-to-date basis are up by circa 1.4 percent.

It is no secret that from a monetary tightening perspective, credit markets dislike interest rate hikes and this is why we believe that the asset class will suffer in the short-term. In this regard, is it also imperative to be very selective within the fixed-income asset class. However, we still believe that the recent volatility is at times overshooting when considering that the market is being very sensitive not to decisions or rumors, but mainly to tweets.

Scheda

  • NAV/Prezzo: Clicca qui per i prezzi aggiornati

    Nome Comparto High Income Bond Fund – EUR (Accumulator)
    Investment Manager 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 Euro (€)
    Frequenza Negoziazioni Settimanale
    Dimensione Fondo €49.7 mn
    Numero Titoli 93
    Tassa Iniziale fino a 2.5%
    Commissione di Gestione 1%
    Data Pagamento Dividendi 31 March
    30 September
    Numero ISIN EUR – MT7000003059
    Investimento Minimo Iniziale € 2,500
    Investimento Minimo Addizionale € 500

    Performance ad Oggi (EUR)

    Performance History **

    Calendar Year Performance  YTD 2017 2016 2015 Since
    Inception *
    Share Class A – Total Return -2.30 5.32 4.96 -0.89 12.77
    Rolling 12 month performance to last month end 30/08/17

    29/08/18

    31/08/16

    30/08/18

    26/08/15

    31/08/16

    27/08/14

    26/08/15

    Share Class A – Total Return -0.12 5.05  3.27  -1.92

    * The Accumulator Share Class (Class A) was launched on 29 May 2013.

    Top 10 By Country*

    Country %
    Germany 10.4
    France 9.4
    Spain 8.0
    Malta 7.3
    Luxembourg 6.8
    Great Britain 5.9
    United States 5.3
    Brazil 5.3
    Netherlands 4.4
    Switzerland 3.9

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 53.7
    5 – 10 years 18.7
    10 years+ 1.9

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    4.125% HP Pelzer 2024 2.2
    4.00% Ineos 2023 2.1
    4.00% Chemours 2026 2.0
    6.50% Lecta 2023 1.9
    7.25% Aldesa 2021 1.7
    6.25% Sylnab 2022 1.7
    7.50% Garfunkelux 2022 1.6
    6.50% CMA 2022 1.6
    5.00% Nidda Bondco 2025 1.6
    4.00% Sappi Papier 2023 1.5

    By Credit Rating*

    Credit Rating %
    BBB 17.8
    BB 26.3
    B 33.2
    CCC+ 1.2
    Less than CCC+ 1.3
    Not Rated 6.6
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 87.9
    USD 12.1
    Others 0.0

    Asset Allocation

    Currency %
    Cash 9.1
    Bonds 87.5
    CIS/ETFs 3.3

    Sector Breakdown*

    Sector %
    Financial 24.3
    Consumer, Cyclical 14.8
    Consumer, Non-Cyclical 10.9
    Industrial 10.7
    Basic Materials 10.5
    Communications 6.6
    Energy 4.5
    Utilities 2.9
    Government 1.9

    *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 (01.04.2017-31.03.2018) 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 CALAMATTA CUSCHIERI FUND 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.