• Italian_Euro High Income Bond Fund_Banner-02

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 2019 Commentary

The tensions between the U.S. and China persisted in the month of November, namely triggered by the decision of President Donald Trump to sign two bills into law in support of Hong Kong protests that led China to threaten to retaliate. The protests, along with Trump’s decision to sign those measures, came as a surprise as both parties were willing to close-off on a phase one deal imminently, in order to halt the introduction of additional tariffs as the December 15 deadline continues to loom over financial markets.

In Europe, markets were eagerly awaiting economic data points, which could shed further light on the direction of economy. Manufacturing PMI within the area improved from a flash reading of 46.6 to 46.9. Namely, the main contributors were the two largest economies in Europe Germany and France, which reported levels at 44.1 from 43.8 and 51.7 from 51.6 respectively.

Despite the said positive economic data points, the Euro area economy still faces a depressed scenario with increasing pressures for fiscal stimulus to kick-in, with the newly elected ECB President being vocal in this regard. In addition, Christine Lagarde reiterated that monetary policy will continue to support the economy in response to future risks.

Furthermore, markets continue to monitor closely UK’s current political turmoil. With the general election being held on 12 December, Boris Johnson seeks a new parliamentary majority to pass his Brexit deal. Polls as the of November showed a 41% in favour of Conservatives and 34% in favour of labour indicating Boris heading for big majority.

Looking at the fixed income asset class per se, government bond yields continued to trade within a range, as investors continued to be conditioned by the better than expected PMIs to the upside, while negatively impacted by the fears that a phase one deal will be delayed. Indeed, the mostly sought benchmark, the German Bund closed the month at -0.36 percent, while it flattered around highs of -0.24 percent in the initial week of November. The more risky bit within the fixed-income asset class, European High Yield (EHY), registered a mere tightening in spreads, circa 30 bps, as the hunger for yield prevailed despite the area continues to offer very low risk-adjusted returns. EHY closed the month with a spread of 362 bps from the 392 bps registered in October.

The CC Euro High Income fund closed the month up by 0.82 percent, slightly below its comparable benchmarks given the more prudent approach being taken by the Manager in the very tight spread scenario. Throughout the month, the Manager continued to seek value and deploy cash into attractive credit stories. In fact, throughout the month the Manager opened a position in Unicredit, the Italian bank following a set of solid results, in addition to its reduction of non-performing loans. While another positive was the active management in trimming its exposures to Italian government bonds. Furthermore, the Manager opted to participate in the newly issued bonds by Sazka, a Czech gaming company, which generates circa 70 percent of revenues from numerical lotteries-a more resilient segment within the industry even in economic downturns. In addition, following weak results by Sappi, the paper producer, due to structural issues within the segment, the Manager trimmed its position remarkably.

Going forward, given any unexpected developments from the trade war saga, the month of December for credit markets should be benign and close-off 2019 on a strong tone when compared to the chaos experienced in 2018.

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 €43.5 mn
    Numero Titoli 95
    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 2018 2017 Since Inception*
    Share Class A – Total Return 5.84 -6.45 5.32 4.96
    Rolling 12 month performance to last month end 28/11/18   27/11/19 29/11/17 28/11/18 30/11/16  29/11/17 25/11/15  30/11/16
    Share Class A – Total Return 5.27 -6.00 6.88 1.79

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

    Top 10 By Country*

    Country %
    Malta 13.4
    France 13.0
    Germany 11.1
    Spain 8.6
    Brazil 7.9
    USA 5.4
    Switzerland 4.9
    Russia 3.5
    Ireland 3.0
    UK 2.8

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 50.2
    5 – 10 years 19.0
    10 years+ 0.3

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    5.00% Nidda Bondco 2025 2.4
    4.125% HP Pelzer 2024 2.4
    6.00% Loxam 2025 2.2
    5.00% Tendam Brands 2024 2.2
    2.25% Portugal Gov’n 2034 2.1
    4.00% Chemours 2026 2.1
    5.875% Selecta 2024 1.9
    7.50% Garfunkelux 2022 1.8
    7.00% Marb Bondco 2024 1.8
    6.75% Promontoria 2023 1.7

    By Credit Rating*

    Credit Rating %
    BBB 19.0
    BB 27.9
    B 29.2
    CCC+ 2.5
    Less than CCC+ 0.0
    Not Rated 10.7
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 83.6
    USD 16.4
    Others 0.0

    Asset Allocation

    Currency %
    Cash 5.2
    Bonds 89.1
    CIS/ETFs 5.7

    Sector Breakdown*

    Sector %
    Financial 26.6
    Consumer, Cyclical 16.2
    Consumer, Non-Cyclical 11.0
    Industrial 8.9
    Communications 7.6
    Basic Materials 7.1
    Energy 5.3
    Government 4.7
    Utilities 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 (01/10/2017 – 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.