• 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

January 2018 Commentary

Credit once again posted a steady month, although it could have been much stronger were it not for the correction witnessed in the last week of January. In 2018, the asset class started in the same vein as it left off in 2017 – credit spreads have tightened even further as the upbeat global economy spurred risk assets on. The primary market too started at relatively elevated levels for this time of the year.

To date, the market has managed to absorb the supply in its abundance without causing spreads to widen, sending valuations higher and credit spreads, particularly the higher beta higher yielding segment of the asset class. True, we have seen an element of weakness towards the latter stages of the month, raising concerns of a bond sell off, but in essence, there does not seem to be any imminent event, given the current prevailing market conditions, which has the potential to derail markets any time soon.

The global economy data releases so far this year indicate that the things are shaping up for the global economy to remain on a stable path, albeit with some expected glitches. For example, recent ECB minutes suggest that inflation has stalled but give us reason to believe that QE will continue to be unwound and possibly have a rate hike by the end of the year. Higher inflation, which could result in bond yields in a rate higher than the markets forecast, together with tighter monetary policy. Recent activity in the sovereign bond market gave us a snippet of how fast benchmark yields could rise.

The idea of a weak bond market, particularly within the investment grade space has been dwindling on investors’ minds for some time now. Treasuries and Bunds had, at least till the last quarter of 2017, been stubbornly hovering and anchoring at low levels, but now Bund yields over 0.7% and Treasuries over 2.7%. To date, the rise in benchmark yields has been relatively muted and contained by central bank talk, however, market participants are aware that more monetary policy normalisation is in store in the US and Europe, and may add to investor’s woes about concerns about the longevity of the multi-decade bull market.

What is key at this stage is the way central banks manage to satiate investor expectations on one hand and control the possible spill-over to risk assets. This is going to be key going forward, both to global high yield bonds as well as emerging markets and equity markets.

Since the last quarter of 2016, emerging market credit and equities have been the winning asset class and region, with the performance witnessed in EM bonds very difficult to ignore, and even more so, harder not to participate for an investor not to be participating in. Emerging markets have offered a pick-up in yield and spread terms on a like for like basis in comparison to similar rated and dated High yield issuers, and with a flat yield curve in developed economies, monies are expected to continue to flow into emerging market credit.

How long will bonds continue to rally and, when yields eventually begin to rise, will the move be sharp enough and not give them enough time to exit the market due to the vanishing of bids on the market? This is what is concerning the bond investors of late, and has resulted in a marked repricing in both the sovereign bond market and lower end of the credit spectrum. Tough question but it seems apparent that, now more than ever, markets are paying attention to central banks’ more hawkish tones and warming to that fact that rates will not remain low forever.

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 0.15 5.32 4.96 -0.89 15.59
    Rolling 12 month performance to last month end 25/01/17

    31/01/18

    27/01/16

    25/01/17

    28/01/15

    27/01/16

    29/01/14

    28/01/15

    Share Class A – Total Return 4.93 6.84  -2.99  2.23

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

    Top 10 By Country*

    Country %
    Germany 12.9
    France 9.2
    Spain 8.1
    Great Britain 6.9
    Luxembourg 6.5
    Brazil 5.0
    Malta 5.0
    Switzerland 4.4
    United States 4.0
    Netherlands 3.1

    *including exposures to CIS

    By Credit Rating*

    Credit Rating %
    BBB 20.2
    BB 25.8
    B 38.0
    CCC+ 0.0
    Less than CCC+ 1.2
    Not Rated 4.3
    Average Credit Rating BB-

    *excluding exposures to CIS

  • Top 10 Exposures %

    Exposure %
    4.125% HP Pelzer 2024 2.2
    6.125% Chemours 2023 2.0
    9.25% EIB 2018 2.0
    4.00% Ineos 2023 1.9
    6.50% Lecta 2023 1.8
    5.25% Intralot 2024 1.7
    7.25% Aldesa 2021 1.6
    6.25% Synlab Bondco 2022 1.6
    7.50% Garfunkelux 2022 1.6
    6.25% Banco Santander 2166 1.6

    Performance ad Oggi (EUR)

    Currency Allocation

    Currency %
    EUR 86.9
    USD 11.1
    Others 2.0

     

     

    Asset Allocation

    Currency %
    Cash 7.9
    Bonds 88.9
    CIS/ETFs 3.2

    Maturity Buckets*

    Age %
    0 – 5 years 59.3
    5 – 10 years 13.6
    10 years+ 1.8

    *based on the Next Call Date

    Sector Breakdown*

    Sector %
    Financial 25.4
    Consumer, Cyclical 13.6
    Consumer, Non-Cyclical 11.7
    Basic Materials 10.1
    Industrial 9.1
    Communications 8.6
    Energy 4.0
    Government 3.8
    Utilities 2.7

    *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.
 

*THE MOST RECENT DISTRIBUTION (30TH SEPTEMBER) AS A PERCENTAGE OF THE NAV EXPRESSED ON AN ANNUALISED BASIS (SOURCE: CALAMATTA CUSCHIERI INVESTMENT MANAGEMENT). PERFORMANCE FIGURES QUOTED REFER TO THE PAST AND ARE NOT A GUARANTEE FOR FUTURE PERFORMANCE. THE VALUE OF INVESTMENTS, AND INCOME FROM THEM CAN GO DOWN AS WELL AS UP AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED. ALL ABOVE MENTIONED FUNDS ARE SUB FUNDS OF CALAMATTA CUSCHIERI FUND SICAV PLC AND ARE 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