• Italian_Euro-High-Income-Bond-Fund_Banner-01

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

February 2020 Commentary

Prior to the recent COVID-19 outbreak, the outlook for 2020 vis-à-vis economic growth, although limited, seemed positive. Economic data had started to improve whilst yields started to portray the possibility of a broad economic recovery.

The latter was indeed short-lived.

Fearing the economic damage from the fast-spreading pneumonia-like virus, investors, as a protectionist measure against economic downturn, shunned global equities, wiping out months of gains, and sought the relative safety of sovereigns, sending yields to panicky lows. Ensuing to the latter shift, and subsequent increased demand for safe assets, Europe’s mostly sought benchmark; the 10-year German Bund tumbled to -0.623 per cent, the lowest for the month of February. Similarly, the 2-year German Bund edged lower, closing off the month at -0.77 per cent, the lowest since September 2019.

From the data front, markets were also monitoring closely the direction of the European economy in order to have more clarity of any signs of improvement in economic data points.

In terms of growth figures from a European front, a second estimate, published in February showed that the Eurozone grew by only 0.1 per cent in the fourth quarter 2019, in-line with analyst’s expectations, and below the 0.3 per cent expansion reported in the previous three-month period. This, being the weakest pace of growth since a 0.4 per cent contraction in the first quarter of 2013. Similarly, Germany’s gross domestic product (GDP) unexpectedly flatlined in the fourth quarter, producing zero growth, a performance that was below analysts’ expectations and down from an upwardly revised 0.2 per cent growth in the previous quarter.

Meanwhile, the Euro Area’s Manufacturing PMI, pointing to the 13th straight month of contraction in factory activity, revised higher to 49.2 in February 2020, from a preliminary 49.1, and above January’s 47.9. Similarly, Euro Area’s services PMI edged slightly higher to 52.6 in February 2020, compared to January’s 52.5. Moreover, consumer confidence in the Euro Area remained unchanged in February at -6.6 per cent.

Within the HY asset space, yields reacted following the outbreak of the coronavirus with spreads widening in line with a risk-off mode. However, worth noting was the magnitude of spread widening which was less in Europe when compared to other counterparts, as risky assets in Europe continue to be supported by a more easing monetary policy.

The CC Euro High Income fund in line with widening in spreads following the outbreak of Covid-19 declined by 2.5 percent, however still outperforming in general HY European indices on a year-to-date basis. In line with the recent market movements, the Manger opted to raise cash levels in order to reduce downside risk. Going forward we believe that the need for fiscal stimulus is imperative and we believe that markets are awaiting anxiously the way forward in this regard.

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 €43.2 mn
    Numero Titoli 95
    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 38.57
    Calendar Year Performance YTD 2019 2018 2017
    Share Class D- Total Return -0.21 7.47 -6.44 5.31
    Rolling 12 month performance to last month end 27/02/19   26/02/20 28/02/18   27/02/19 22/02/17   28/02/16 24/02/16  22/02/17
    Share Class D- Total Return 3.94 -3.13  3.85  8.89

    *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 12.6
    France 12.2
    Germany 9.9
    Brazil 7.3
    Spain 6.6
    Switzerland 5.8
    USA 5.5
    Russia 3.5
    UK 3.3
    Ireland 2.9

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 61.6
    5 – 10 years 20.7
    10 years+ 5.7

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    5.00% Nidda Bondco 2025 2.4
    2.25% Portugal Treasury 2034 2.2
    6.00% Loxam 2025 2.2
    5.00% Tendam Brands 2024 2.2
    4.00% Chemours 2026 2.1
    Ishares Euro HY Corp 2.0
    7.50% Garfunkelux 2022 1.9
    5.875% Selecta Group 2024 1.9
    7.00% Marb Bondco 2024 1.8
    4.75% Alitce Finco SA 2028 1.7

    By Credit Rating*

    Credit Rating %
    BBB 19.3
    BB 26.7
    B 27.0
    CCC+ 4.9
    Less than CCC+ 0.0
    Not Rated 10.2
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 83.9
    USD 16.1
    Others 0.0

    Asset Allocation

    Currency %
    Cash 5.3
    Bonds 88.0
    CIS/ETFs 6.7

    Sector Breakdown*

    Sector %
    Financial 24.4
    Consumer, Cyclical 14.4
    Consumer, Non-Cyclical 11.0
    Industrial 7.7
    Communications 7.7
    Basic Materials 7.6
    Government 6.2
    Energy 5.4
    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 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.