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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

September 2019 Commentary

The market performance during the month of September was primarily driven by the monetary decisions taken by the European Central Bank (ECB) and the Federal Reserve (Fed). Markets anxiously awaited their moves, in addition to the forward-looking tones on whether they hold the capacity and willingness to be more accommodative if the need arises.

Following remarkable pressures on the economic data front, the ECB announced a stimulus package, namely a fresh wave of asset purchases amounting to Eur20bn of bonds per month and a cut in the deposit rate by 10bps to -0.5 percent. The ECB’s rationale was based on expectations that risks remain tilted to the downside, triggered by the prolonged trade tensions and the rise of protectionism. The tone was also dovish due to a downward revision in inflation expectations when compared to previous projections, sighting a weaker growth environment. On the announcement, credit markets reacted positively – a move that faded away as investors continued to digest whether the new package will be enough to trigger the much-needed economic growth.

In the meantime, the economic date in the Eurozone continued to weaken, with the manufacturing PMI falling to 45.7 from the 47 level. This was also reflecting the steepest decline in Germany’s manufacturing PMI since June 2009; a decline which continued to pile pressures on the economic sentiment in the region.

European High yield closed the month relatively flat at -0.1%, due to the income returns, which mitigated the price movements seen in the month. In fact, from a price return perspective, European HY was down -0.4 percent in September, reflecting the widening in spreads on economic growth concerns.

In the month, the fund registered a positive performance of +0.3 percent, mainly reflecting the more prudent positioning of the Investment Manager which reduced the fund’s volatility. Going forward, given the already tight spreads within the HY space and an economic scenario, which is pointing to more downside risks, the Investment Manager shall be looking to maintain a prudent approach.

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 €44.6 mn
    Numero Titoli 94
    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 5.47 -6.45 5.32 13.89
    Rolling 12 month performance to last month end 26/09/18   25/09/19 27/09/17 26/09/18 28/09/16  27/09/17 30/09/15  28/09/16
    Share Class A – Total Return 1.17 -1.63 5.84 4.64

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

    Top 10 By Country*

    Country %
    Malta 13.0
    France 12.3
    Germany 10.0
    Spain 7.5
    Brazil 6.9
    USA 5.3
    Switzerland 4.7
    Russia 3.4
    Ireland 2.9
    UK 2.7

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 49.1
    5 – 10 years 17.5
    10 years+ 0.3

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    4.125% HP Pelzer 2024 2.3
    5.00% Nidda Bondco 2025 2.3
    6.00% Loxam 2025 2.1
    2.25% Portugal Gov’n 2034 2.1
    5.00% Tendam Brands 2024 2.1
    4.00% Chemours 2026 2.1
    5.875% Selecta 2024 1.9
    7.00% Marb Bondco 2024 1.7
    7.50% Garfunkelux 2022 1.7
    6.75% Promontoria 2023 1.7

    By Credit Rating*

    Credit Rating %
    BBB 18.4
    BB 26.6
    B 28.2
    CCC+ 2.2
    Less than CCC+ 0.0
    Not Rated 10.4
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 85.4
    USD 14.6
    Others 0.0

    Asset Allocation

    Currency %
    Cash 8.8
    Bonds 85.8
    CIS/ETFs 5.4

    Sector Breakdown*

    Sector %
    Financial 24.5
    Consumer, Cyclical 14.7
    Consumer, Non-Cyclical 10.6
    Industrial 8.3
    Basic Materials 7.9
    Communications 6.7
    Energy 5.2
    Government 4.6
    Utilities 1.8

    *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 (01/10/2017 – 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.