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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

April 2019 Commentary

Another month passed by and yet another positive month for risky assets across the spectrum. One would not have been at fault at presuming that, following the positive start to the year and the positive momentum seen in the first quarter. Sell offs took centre stage in April and to a certain extent, April did have its fair share of bouts of heightened volatility as well, as investors were swift to take profits, resulting in muted weakness. Overall, April was once again a positive month for credit and risky assets, with spreads on high yield bonds across both sides of the Atlantic tightening further.

It must be said that the euphoria we had seen in the first three months of the year seemingly dissipated in April, but was nonetheless strong enough to clock in yet another positive month. No major news updates. No particular surprising economic data releases, but merely an extension of the positive sentiment bolstered in January by the ECB and US Federal Reserve. With earnings season in full swing, investors had much to closely scrutinise, but there were no major surprises; corporates remain in good shape, earnings robust, and more importantly, balance sheets remain healthy.

US corporate balance sheets are more leveraged than their European counterparts as the QE trade lasted longer in the US than it did in the eurozone. With benchmark yields in Europe markedly lower, and with credit better bid for the better part of the year so far, we have seen a fresh wave of bond issuers, particularly the higher yielding ones, take advantage of market conditions by refinancing their outstanding bonds at significantly lower borrowing rates, a trend which was almost inexistent in 2018.

In the month what was positive were the re-affirmations of the Chinese Government which continue to pledge support in order to stabilize the economy. Previous attempts in doing so might have been reflected in the GDP data issued as at the end of March, in which China recorded an annualized growth of 6.4 percent versus consensus of 6.3 percent.

April saw a marked rise of bond issuers, as issuers took the opportunity of the more dovish Central Banks by refinancing at more attractive levels. Indeed, in the month the Manager was faced with redemptions from Ineos, the U.K. chemical company and Eircom the Irish telecom operator. Going forward the refinancing aspect will be important in continuing to generate high returns in Europe. This is one of the prime reasons why in previous commentaries we have pointed out the fact of Europe being nowadays a low yielding environment and that the carry trade is crucial. That send over the past months, the Manager took the initiative to circumvent the low yielding European HY, by taking capped positions in EM hard currency names to beef returns, while at the same time hedging currency risk.

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 €46 mn
    Numero Titoli 96
    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 2016 Since Inception*
    Share Class A – Total Return 5.35 -6.45 5.32 4.96 13.76
    Rolling 12 month performance to last month end 25/04/18

    30/04/19

    26/04/17

    25/04/18

    27/04/16

    26/04/17

    29/04/15

    27/04/16

    Share Class A – Total Return -0.86 2.29 5.72  -2.36

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

    Top 10 By Country*

    Country %
    France 12.8
    Germany 9.6
    Spain 8.5
    Malta 7.4
    Brazil 6.0
    UK 5.1
    USA 4.7
    Switzerland 4.5
    Russia 3.0
    Ireland 2.7

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 53.7
    5 – 10 years 15.0
    10 years+ 0.3

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    4.125% HP Pelzer 2024 2.4
    4.00% Chemours 202 2.3
    4.00% Ineos 2023 2.2
    5.00% Nidda Bondco 2025 2.1
    6.00% Loxam 2025 2.0
    5.00% Tendam 2024 1.8
    6.75% Promontoria 2023 1.8
    5.875% Selecta 2024 1.8
    6.25% Synlab 2022 1.8
    6.75% Promontoria 2023 1.6

    By Credit Rating*

    Credit Rating %
    BBB 15.5
    BB 26.5
    B 34.3
    CCC+ 2.4
    Less than CCC+ 0.7
    Not Rated 8.8
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 85.6
    USD 14.4
    Others 0.0

    Asset Allocation

    Currency %
    Cash 8.3
    Bonds 88.1
    CIS/ETFs 3.6

    Sector Breakdown*

    Sector %
    Financial 23.1
    Consumer, Cyclical 14.7
    Consumer, Non-Cyclical 11.5
    Basic Materials 11.0
    Industrial 9.7
    Communications 7.2
    Energy 4.8
    Government 3.5
    Utilities 1.7

    *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. 

*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.