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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

August 2020 Commentary

Policymakers hoped that the Covid-19 pandemic would recede during the hotter summer months, instigating policymakers to gradually lift restrictions at the start of summer season in the northern hemisphere. However, even though record temperatures were registered in August, the virus has unfortunately continued to spread. There have now been over 25 million cases globally, up from 10 million at the start of July.

Even though the number of new daily cases in the US has started to decline, some regions, including Europe, are now facing a second wave where the daily increase in cases is back close to the levels seen at the height of the crisis in March and April. So far, better testing and tracing capacity has allowed European policymakers to treat this second wave with targeted measures, including travel restrictions or the requirement to wear a face mask in public, instead of national lockdowns. This was done in an effort to better balance public health policies with economic policies.

On the economic front, high-frequency data, such as travel and navigation app usage, point to continued global growth over the third quarter, albeit at a more moderate pace, particularly in the US, than in May and June. However, these challenges haven’t dented investors’ enthusiasm, which seems to have been lifted by a better-than-expected second-quarter earnings season and by the potential for a viable Covid-19 vaccine in the coming months. In this context, risk assets continued to rally while government bonds retreated.

European data showed continued signs of recovery despite the second wave, as economic activity continued to build on July’s initial expansion. Looking at Europe’s largest economy, Germany, PMIs indicated an expansion during the month of August, with Manufacturing PMI, increasing to 52.2, compared to a consensus estimate of 53.0, and a previousreading of 51.0. Services PMI also registered a solid 52.5 compared to expectations of 50.8, however lower than July’s reading of 55.6. Unemployment remained steady at 6.4%.

Consumer confidence remained weak, with leading indicators such as the Eurozone Consumer Confidence improving marginally to -14.7 from -15.0 in the previous month. Meanwhile, the Euro Area’s Manufacturing PMI indicated an expansion to 51.7 compared to 51.8 in the previous month. Euro Area’s services PMI remained in expansionary territory, albeit at a slower pace, at 50.5 in its latest reading. Unemployment edged upward to 7.9% from 7.7%. Collectively the indicators are suggesting that we are still at the very beginning of a fragile economic recovery.

European risk assets continued to benefit from the European Council agreement in July to establish a €750 billion European Union (EU) recovery fund, which has reassured investors about the future of the EU. European equity and bonds markets registered positive investor flows in July and August. In this context, the euro rose 1.1% versus the dollar.

Looking at sovereign yields on the 10-year German Bund, Europe’s mostly sought benchmark closed wider than the previous month at -0.398 compared to -0.531 at the end of last month, with most of the tightening occurring during the last week of August. The yield curve steepened, with a larger movement in the longer end of the curve largely attributed to more confidence about the speed of economic recovery. These moves were also experienced in European peripheral sovereigns.

Within the HY asset space, spreads in August generally tightened, following the risk on approach by the markets that is interpreting a much more swift economic recovery, following the re-opening of a number of economic sectors, in addition to continued supportive fiscal and monetary support measures in place.

The CC Euro High Income fund, bounced higher by 1.6 percent, in line with the upward market moves. On a year-to-date basis, the fund is slightly underperforming on a net basis due to the lower beta of the portfolio, albeit the volatility of the fund has been markedly lower than average. Throughout the month, the manager continued to selective high beta names, including the financial sector, which offered significant opportunities. Moving 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 Settimanale
    Dimensione Fondo €41.13 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 2019 2018 Since Inception*
    Share Class A – Total Return -3.80 7.48 -6.45 11.64
    Rolling 12 month performance to last month end 28/08/19  31/08/20 29/08/18 28/08/19 30/08/17  29/08/18 31/08/16  30/08/17
    Share Class A – Total Return -1.68 0.69 -1.12 5..05

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

    Top 10 By Country*

    Country %
    France 14.1
    Malta 12.3
    Germany 11.0
    Brazil 7.0
    USA 5.7
    UK 4.8
    Switzerland 4.0
    Spain 3.8
    Mexico 3.2
    Ireland 3.0

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 59.1
    5 – 10 years 21.8
    10 years+ 3.9

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShares Euro Corp Large Cap 3.9
    iShares Euro HY Corp 3.0
    2.25% Portugal Treasury 2034 2.5
    5% Nidda BondCo 2025 2.5
    6.5% CMA CGM 2022 2.4
    4% Chemours Co. 2026 2.4
    6% Loxam SAS 2025 2.1
    4.625% Cemex 2024 2.0
    7.5% Garfunkelux 2022 1.9
    5.25% HSBC 2169 1.8

    By Credit Rating*

    Credit Rating %
    AAA to BBB- 18.3
    BB+ to BB- 28.2
    B+ to B- 21.7
    CCC+ 6.9
    Less than CCC+ 1.0
    Not Rated 8.7
    Average Credit Rating  BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 84.9
    USD 15.1
    Others 0.0

    Asset Allocation

    Asset %
    Cash 6.2
    Bonds 84.8
    CIS/ETFs 9.0

    Sector Breakdown*

    Sector %
    Financial 21.1
    Consumer, Cyclical 13.1
    Consumer, Non-Cyclical 11.5
    Communications 10.5
    Basic Materials 8.3
    Industrial 7.1
    Government 6.9
    Energy 3.5
    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.