• 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

October 2017 Commentary

Despite the fact that scepticism continued to prevail over whether the credit cycle is over, once again credit markets continued to add gains across the segmental fixed income asset class. Clearly, the monetary decision taken by the ECB mainly conditioned the long end of the sovereign curve, with price returns ticking higher by 2.2 percentage points. In fact, markets reacted positively, despite the ECB announcing a reduction in monthly bond purchases, presumably on the basis that notwithstanding the trim in monthly purchases, the program was extended.

Likewise, European High Yield (HY) debt continued to experience yield compression, as investors were willing to hold on to good credit stories in search for the much desired credit trade. Obviously, markets also positively digested the fact that the ECB once again highlighted that it would be accommodative if market conditions deteriorate further, which, rationally speaking, would also possibly delay a rate hike in Europe – a positive for credit markets. Furthermore, credit participants were also entertained by the fact that despite the Eurozone continued to show a recovery in terms of economic growth, inflation trended lower in the month, triggering an indecisive reaction in terms of tightening monetary policy, once again another indirect position.

Elsewhere, in the U.S. HY was conditioned by the unclear rate hike path. In fact, in price returns U.S. HY locked a negative 0.13 percent. On the contrary, Emerging Market debt continued to experience inflows, as investors continued their search for yield. Rationally speaking, holding an exposure selectively in EM debt is indeed a positive for investors. On a year-to-date basis, EM returned just below 9 percent-the best performing within the asset class.

Moving forward the Investment Manager believes that given any unforeseen circumstances, credit markets will continue to tighten in terms of yield, primarily through the carry trade. In Europe, we do not expect much further price appreciation, while both in the U.S. and EM, selective sectors still offer the possibility of upward price triggers.

In the month, the fund returned a strong 1.3 percent, primarily due to its exposure in Financials, which continued to rally. Other sectors did also have their share in terms of positive performance. Additions in the month were exposures in the retail business and the pharmaceutical sector, which in the IM’s view were offering good relative value.

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 2016 2015 2014 Since
    Inception *
    Share Class A – Total Return 5.23 4.96 -0.89 1.72 15.32
    Rolling 12 month performance to last month end 26/10/16

    25/10/17

    28/10/15

    26/10/16

    29/10/14

    28/10/15

    30/10/13

    29/10/14 

    Share Class A – Total Return 5.87 2.69  -0.02  3.48

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

    Top 10 By Country*

    Country %
    Germany 11.3
    France 9.2
    Spain 7.0
    Great Britain 6.6
    Luxembourg 5.7
    Brazil 4.5
    Italy 4.4
    Malta 4.4
    United States 4.0
    Switzerland 3.3

    *including exposures to CIS

    By Credit Rating*

    Credit Rating %
    BBB 15.2
    BB 23.7
    B 37.7
    CCC+ 0.4
    Less than CCC+ 1.2
    Not Rated 3.7
    Average Credit Rating BB

    *excluding exposures to CIS

  • Top 10 Exposures %

    Exposure %
    4.125% HP Pelzer 2024 2.1
    6.125% Chemours 2023 2.0
    4.00% Ineos 2023 1.9
    6.50% Lecta 2023 1.8
    5.25% Intralot 2024 1.7
    7.50% Garfunkelux 2022 1.6
    6.25% Synlab Bondco 2022 1.6
    6.25% Banco Santander 2166 1.6
    7.00% Wind 2021 1.5
    5.00% Nidda Bondco 2025 1.5

    Performance ad Oggi (EUR)

    Currency Allocation

    Currency %
    EUR 90.9
    USD 9.1
    Others 0.0

     

     

    Asset Allocation

    Currency %
    Cash 12.1
    Bonds 83.4
    CIS/ETFs 4.5

     

     

    Maturity Buckets*

    Age %
    0 – 5 years 56.2
    5 – 10 years 14.3
    10 years+ 2.7

    *based on the Next Call Date

    Sector Breakdown*

    Sector %
    Financial 25.4
    Consumer, Cyclical 11.9
    Consumer, Non-Cyclical 11.1
    Basic Materials 10.2
    Communications 8.8
    Industrial 7.4
    Energy 4.0
    Utilities 2.8
    Government 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.
 

*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