• 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

May 2018 Commentary

Sell in May…you can say that again. What a rollercoaster month it has been, all for the wrong reasons. Spreads widened significantly as the Italian political saga took its toll on investor sentiment, with Italian assets leading the decline with the higher beta sectors following suit.

Apart from the political tensions, investors had mixed economic data to contend with. The PMI indices in the Eurozone came in much lower than expected, and this was also reflected in weaker PMIs in other counties. On the other hand, Eurozone HICP inflation increased markedly to 1.9% in May, up from 1.2% in April, exceeding market expectations. On the corporate side of things, whilst there have no been any major upsets in earnings releases, it is ever more apparent that growth in earnings is somewhat abating, across both sides of the Atlantic. Add a stronger dollar to the equation, and investors exposed to those US companies which are highly dependent on exports might already begin to feel the jitters. It might be a bit too premature to throw in the towel and significantly reduce risk, but what is certain is that the strong momentum witnessed at the start of the year is clearly starting to fade.

The Eurozone economy however seems to have peaked in the last quarter of 2017, however ECB’s Draghi’s tone remained upbeat about the outlook for the Eurozone. Having said that, yields are expected to rise from current lows. For its part, the ECB is likely to remain cautious. Having said that, delaying the end of QE beyond December this year could spark controversy but is a scenario which cannot be ruled out at this stage. The situation is fluid and the ECB is expected to take cue from developments in Italy.

Many questions remained unanswered regarding Italy and other issues, and credit was unable to withstand market forces, succumbing to a significant widening in spreads, with Italian assets and financials leading the way. In fact, Italian bank’s debt and other peripheral bank bonds were amongst the worst hit. The flight to quality trade resulted in core European sovereigns being the winning asset for the month.

US assets, although not being immune to the market turmoil, fared well, yet are expected to remain susceptible to the movement in U.S. benchmark yields on the back of positive numbers from the economic front. May was indeed characterised by geopolitical fears, which in turn gave a boost to risk aversion, thereby pushing credit spreads markedly wider. Indeed, global market jitters, coupled with a stronger US dollar, has resulted in investor uneasiness within the emerging market space, causing EM assets to sell of significantly during the month.

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 €49.8 million
    Numero Titoli 78
    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 History **

    Calendar Year Performance  YTD 2017 2016 2015 Since Inception ***
    Share Class A- Total Return -2.31 5.32 4.96 -0.89 12.75
    Rolling 12 month performance to last month end 31/05/17

    30/05/18

    25/05/16

    31/05/17

    27/05/15

    25/05/16

    28/05/14

    27/05/15

    Share Class A- Total Return -0.32 6.48  -1.44  0.17

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

    Top 10 By Country*

    Country %
    Germany 13.2
    France 9.7
    Spain 8.1
    Luxembourg 6.6
    Malta 6.3
    Great Britain 6.2
    Brazil 5.2
    United States 5.1
    Switzerland 3.7
    Netherlands 3.1

    *including exposures to CIS

    By Credit Rating*

    Credit Rating %
    BBB 21.0
    BB 26.6
    B 36.1
    CCC+ 1.2
    Less than CCC+ 1.2
    Not Rated 5.5
    Average Credit Rating BB-

    *excluding exposures to CIS

  • Top 10 Exposures %

    Exposure %
    4.125% HP Pelzer 2024 2.2
    6.125% Chemours 2023 2.1
    4.00% Ineos 2023 2.0
    9.25% EIB 2018 1.8
    6.50% Lecta 2023 1.7
    5.25% Intralot 2024 1.7
    6.25% Sylnab 2022 1.6
    6.25% Banco Santander 2166 1.6
    7.25% Aldesa 2021 1.6
    7.50% Garfunkelux 2022 1.6

    Performance ad Oggi (EUR)

    Currency Allocation

    Currency %
    EUR 86.4
    USD 11.7
    Others 1.8

    Asset Allocation

    Currency %
    Cash 7.0
    Bonds 89.7
    CIS/ETFs 3.2

    Maturity Buckets*

    Age %
    0 – 5 years 56.6
    5 – 10 years 15.2
    10 years+ 1.8

    *based on the Next Call Date

    Sector Breakdown*

    Sector %
    Financial 25.2
    Consumer, Cyclical 14.8
    Basic Materials 11.2
    Consumer, Non-Cyclical 11.2
    Industrial 9.2
    Communications 7.2
    Energy 4.4
    Government 3.7
    Utilities 2.8

    *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.