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Fondo Obbligazionaro Euro ad Alto Rendimento (Accumulatore)

  • 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 UCITS framework, which has become the standard for investment funds in the EU, for retail investors. The UCITS funds are ideal for retail investors, as they have been designed to guarantee diversification and liquidity through specific parameters, imposing asset classes and investment restrictions in accordance with EU law. 

     

    MANAGEMENT

    The funds are managed by a group of professional investors at Calamatta Cuschieri Investment Management Ltd, who monitors their developments on a daily basis.

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

November 2020 Commentary

The US election saga and positive vaccine news-flow were the main drivers of the markets during the month of November. Joe Biden has been elected as the new US president and cabinet appointments, with Ms Yellen back on the fore front, seems to promise a return to policy-making normality, with closer coordination between fiscal and monetary policy. The first coronavirus vaccines are on track for international deployment within weeks on both sides of the Atlantic. This improves the prospects for a recovery in the global economy, and this has subsequently been reflected in asset prices worldwide.
An agreement between the UK and the European Union over a trade deal following the UK’s exit at the turn of the New Year remains elusive. Both sides remain pushing a hard bargain, but are steadfast in keeping the communication channels open in order to arrive to a solution sooner rather than later.
Despite the positive undertones for 2021, the immediate picture remains strained, with record virus cases in the United States, and selectively in Europe. The resultant lockdowns and social distancing measures have upended the momentum in risk assets following the announcement of the multiple vaccines and rollout plans thereof. Additionally, President Donald Trump has refused to throw in the title and is making avail of all of his legal avenues to claw onto the presidency. Despite this, the market at large expects a smooth transition come January.
Data has become a very sensitive element for market participants as it depicts the strength of the recovery, particularly in light of the current restrictions in place in the West. Despite economic data confirming that the pace of recovery stalled over the summer, we are nowhere near the levels experienced during the first lockdown.
Indeed recent data reveals that mobility in Europe has held up rather well during the second round “lighter” version of lockdown restrictions. The use of cars has been hit much less than in March/April. In addition, trucking activity in Europe seems unaffected by the re-imposed lockdowns, in contrast to what happened earlier in the year.
Data has largely reflected the mood in the marketplace and unfolded as expected. Looking at Europe’s largest economy, Germany, PMIs indicated a consistent expansion during the month of November, with Manufacturing PMI at 57.8, compared to a consensus estimate of 57.9, and a previous reading of 57.9. Services PMI were less impressive, coming in at 46, signalling a renewed contraction, compared to 49.5 in the previous month.
Meanwhile, the Euro Area’s Manufacturing PMI indicated an expansion to 53.8, slightly above expectations of 53.6, while services PMI deteriorated further to 41.7 from a previous reading of 46.9. Services are expected to remain depressed until economies open up at full capacity again.
On the unemployment front, within the Eurozone area it inched downwards to 8.4% from a revised estimate of 8.5%. Moreover, consumer confidence remained stagnant, with readings coming in at -17.6. Collectively, despite some positive signs, indicators are suggesting that we are still at the very beginning of a fragile economic recovery.

Sovereign yields were conditioned by the risk-on mode with the German sovereign 10-year yield trading wider than the previous month at -0.571 compared to -0.625 at the end of last month. General sovereign rates were rangy and spread compression continued with credit tighter on both rating spectrums. These moves were more visible in peripheral sovereign debt on the prospect of further asset purchases by the European Central Bank. Portugal’s 10-year bond yield dropped below zero, temporarily joining the negative yield club.
Hybrids, both financials and non-financials, enjoyed decent total return. Primary markets were active with a flurry of new issues flooding the markets. There is still a lot of cash in the market to be invested, which should act as a strong bid for credit as an asset class.
The CC Euro High Income fund increased by 3.36 percent, underperforming the broader market, which increased 4.31 percent throughout the month of November. On a year-to-date basis, the fund is underperforming on a net basis due to the lower beta of the portfolio and the subsequent strong market recovery; albeit the volatility of the fund has been markedly lower than average resulting in a favourable Sharpe ratio. Throughout the month, the Manager continued to adjust the portfolio into attractive undervalued credit stories, primary within the AT1 space.
Going forward the Managers believe that credit markets will continue to be aided by the support of primarily monetary politicians, creating a positive technical environment. In terms of bond picking, the Managers will continue to monitor the current environment and take opportunities in attractive credit stories.

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 Daily
    Dimensione Fondo €41.46 mn
    Numero Titoli 90
    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 2019 2018 Annualised Since Inception*
    Share Class A – Total Return -0.92 7.48 -6.45 1.88
    Rolling 12 month performance to last month end 27/11/19  30/10/20 28/11/18 27/11/19 29/11/17  28/11/18 30/11/16  29/11/17
    Share Class A – Total Return 0.61 5.27 -6.00 6.88

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

    Top 10 By Country*

    Country %
    France 17.1
    Germany 13.0
    Malta 10.0
    Brazil 9.0
    USA 5.9
    UK 5.4
    Spain 4.5
    Ireland 3.5
    Turkey 3.5
    Switzerland 2.8

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 60.7
    5 – 10 years 21.7
    10 years+ 3.8

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShares Euro Corp Large Cap 4.0
    iShares Euro HY Corp 3.1
    2.25% Portugal Treasury 2034 2.6
    6.5% CMA CGM 2022 2.5
    5% Nidda Bond Co 2025 2.5
    4% Chemours Co. 2026 2.4
    5.25% HSBC perp. 2.3
    6% Loxam SAS 2025 2.2
    3.5% Eircom 2026 2.0
    5.25% Turkey 2030 1.8

    By Credit Rating*

    Credit Rating %
    AAA to BBB- 18.6
    BB+ to BB- 29.4
    B+ to B- 23.5
    CCC+ 7.7
    Less than CCC+ 1.1
    Not Rated 5.9
    Average Credit Rating  BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 84.0
    USD 16.0
    Others 0.0

    Asset Allocation

    Asset %
    Cash 4.8
    Bonds 86.2
    CIS/ETFs 9.0

    Sector Breakdown*

    Sector %
    Banks 12.1
    Telecommunications 11.1
    Sovereign 6.3
    Gaming 6.0
    Transportation 5.2
    Chemicals 5.0
    Auto Parts & Equipment 4.8
    Pharmaceuticals 4.2
    Food 3.5

    *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 (01/10/2017 – 30/09/2018) 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.