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Fondi Obbligazionari Europei ad Alto Rendimento

  • INVESTMENT OBJECTIVES

    The objective of the Fund is to maximize profit for investors, thanks to investments directed to different bond portfolios. To achieve this, the Investment Manager invests primarily in a diversified medium-term portfolio, including corporate and government securities with a maximum maturity of 10 years.

    STRUCTURE

    The Fund is administered according to the structure of the UCITS, 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 specifically to guarantee diversification and liquidity through specific parameters, allowing classes of assets 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 monitor their developments on a daily basis.

Panoramica

→ Profilo dell’Investitore
→ Valute Disponibili
→ Versamento dei Dividendi
→ Rimborso 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

May 2020 Commentary

Risky assets have continued to rally throughout the month of May as the gradual re-opening of economies increased optimism for a V-shaped economic recovery from the virus induced turmoil. The strength of the asset price recovery continues to be buoyed by ongoing strong government policy and central bank interventions. That said, in our view, the propagation of the shock to financial markets due to the virus outbreak remains directly linked to the evolution of the virus and the dynamics of the containment measures.

Credit markets have seen healthier liquidity in secondary markets, as continued central bank support measures played their part coupled with stronger participation from market participants. The primary market increased pace throughout the month of May following a standstill month in March, as many corporates were comforted by central banks intervention which kept volatility low, while appetite in the primary re-emerged.

In Europe, the Franco-German recovery deal made the headlines following months of a standstill position. The proposed package of 500 billion euros by Europe’s largest economies was well accepted as market participants were buoyed following the news despite the so-called frugal four members, Austria, Demark, Netherlands and Sweden showing resistance. In addition, another positive soundwave was the unveiled recovery plan of 750 billion euros by the European Commission to help the EU recover from covid-19. The latter will aid also states with the primarily focus on the harsher hit such as Italy and Spain.

From the data front, Europe commenced feeling the pinch of covid-19 with economic numbers showing depressed activity levels. Looking at Europe’s largest economy, Germany, PMIs remain subdued reflecting the weak economic conditions brought about by covid-19. For the month of May Manufacturing PMI, increased slightly to 36.6, compared to a consensus estimate of 36.8, and a previous reading of 34.5, thus still way below the 50 expansionary level. Meanwhile, unemployment ticked higher to 6.3% compared to 5.8% in April, while leading indicators such as the German business expectations surprised to the upside, coming in at 80.1 compared to a forecast of 75.0 and a previous reading of 69.4.

Meanwhile, the Euro Area’s Manufacturing PMI, pointing to a continued contraction in factory activity, albeit showing signs of recovery, with a reading of 39.4 compared to 33.4 in the previous month, however still far below February’s one year high of 49.2. Similarly, Euro Area’s services PMI was 30.5 in its latest reading, significantly higher than the 12.0 recorded in the previous month, however well below February’s 52.6. Moreover, consumer confidence within the Euro area remained weak at -18.8 from -22.0 in the previous month. The slight improvement is attributed to gradual easing of social restrictions, however remains tentative at best. Unemployment continued its upward trajectory to 7.3% from a revised estimate of 7.1%, significantly below economists’ expectations of 8.2%.

Looking at sovereign yields on Europe’s mostly sought benchmark, the 10-year German Bund, closed wider than the previous month at -0.448 compared to -0.589 at the end of last month. Yields across all of the curve widened, with a slightly wider movement in the longer end of the curve largely attributed to a risk-on approach, in addition to possibly initial signs of inflationary market expectations following the announced fiscal measures. Within the HY asset space, yields in May generally tightened, following the risk on approach by the markets that is interpreting a much more swift economic recovery, in addition to support measures taken by both fiscal and monetary politicians to ease the current liquidity fears.

The CC Euro High Income fund, bounced higher by 3.1 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 reduced exposure to bonds listed on the Malta Stock Exchange with the scope of re-allocating to selective higher beta names, which offered significant opportunities. Furthermore, following the remarkable widening within the European IG space, the Manager opted in opening an exposure given the relatively attractive entry levels. Moving forward the Managers believe that credit markets will be aided by the support of primarily monetary politicians, In terms of bond picking the Manager will continue to monitor the current environment and take opportunities in attractive credit stories.

Factsheet

  • NAV/Prezzo: Clicca qui per i prezzi aggiornati

    Nome Comparto High Income Bond Fund – EUR (Distributor)
    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 €39.42 mn
    Numero Titoli 98
    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 2013 2012 2011*** Since Inception***
    Share Class D – Total Return 6.43  17.07  -0.75 27.22
    Calendar Year Performance YTD 2019 2018 2017
    Share Class D- Total Return -8.38 7.47 -6.44 5.31
    Rolling 12 month performance to last month end 29/05/19   29/05/20 30/05/18   29/05/19 31/05/17   30/05/18 25/05/16  31/05/17
    Share Class D- Total Return -8.58 -4.41 -4.08 1.70

    *Data in the chart does not include any dividends distributed since the Fund was launched on 1st September 2011.

    **Performance figures are calculated using the Value Added Monthly Index “VAMI” principle. The VAMI calculates the total return gained by an investor from reinvestment of any dividends and additional interest gained through compounding.

    *** The Distributor Share Class (Class D) was launched on 01 September 2011.

    Top 10 By Country*

    Country %
    Malta 13.9
    France 11.8
    Germany 9.0
    Brazil 7.4
    USA 5.4
    UK 5.0
    Switzerland 4.6
    Russia 3.6
    Spain 3.5
    Mexico 3.3

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 59.1
    5 – 10 years 22.1
    10 years+ 4.4

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    Ishares Euro HIY Corp 3.0
    Ishares Euro Large Capital 2.9
    2.25% Portugal Treasury 2034 2.6
    5% Nidda BondCo 2025 2.5
    4% Chemours Co 2026 2.2
    4.625% Cemex Finance 2024 2.0
    6% Loxam SAS 2025 1.9
    7.50% Garfunkelux 2022 1.9
    7% Marb BondCo 2024 1.9
    5.375% Ineos Group 2024 1.8

    By Credit Rating*

    Credit Rating %
    BBB 21.9
    BB 25.7
    B 21.1
    CCC+ 6.5
    Less than CCC+ 0.2
    Not Rated 10.2
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 84.2
    USD 15.8
    Others 0.0

    Asset Allocation

    Currency %
    Cash 6.2
    Bonds 85.6
    CIS/ETFs 8.0

    Sector Breakdown*

    Sector %
    Financial 24.1
    Consumer, Non-Cyclical 11.4
    Consumer, Cyclical 11.2
    Communications 8.8
    Basic Materials 7.8
    Government 7.1
    Industrial 6.3
    Energy 5.4
    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 6 MONTHS DISTRIBUTION YIELD (ANNUALISED) (31/03/2019 – 30/09/2019) 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.