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Fondi Obbligazionari USD ad Alto Rendimento (Accumulatore)

  • INVESTMENT OBJECTIVES

    The objective of the Fund is to maximize the profit for investors, thanks to investments made in various 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 specifically 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 monitor their developments on a daily basis.

Overview

→ 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

April 2020 Commentary

Risk assets have rallied throughout the month of April as the fear and panic associated with the outbreak of the COVID-19 virus, which lead to black-swan events in March were eased by government policy interventions. In our view, the propagation of the shock to financial markets due to the virus outbreak is directly linked to the evolution of the virus and the duration of the containment measures.

Indeed the swift actions taken primarily by Federal Reserve (Fed), emerged is crucial in calming waters across the credit space. Despite that initially markets were not impressed by actions taken by major central banks, the decision taken by the Fed on the 9th of April, in which it expanded its list of eligible bonds, was a clear signal that monetary politicians will do whatever it takes. The move eased both market and corporate liquidity tensions. In fact, following the announcement we’ve saw healthier liquidity in secondary markets, while the primary market re-opened following a standstill month in March.

The more agile approach from the U.S. was also crucial in transmitting market confidence. The U.S. launched an additional $484 billion relief package, including a $321 billion top-up of its funding for small businesses. That takes the fiscal support passed by Congress to nearly $3 trillion in the past two months. Moreover, the Federal Reserve built on its “whatever it takes“ approach to help the economy through the coronavirus shock and ensuring markets function properly. According to economists worldwide, the Fed’s balance sheet will more than double to $11 trillion by year-end. Indeed, central bank policy has moved from mostly alleviating the dysfunction of market pricing and tightening of financial conditions to ensuring credit flows to businesses and local governments. The recently announced extraordinary measures by central banks, including purchases of corporate debt provide a favourable back -drop for credit.

From the macroeconomic front, the U.S. reported a contraction in Manufacturing, with the PMI deteriorating to 36.1 from 48.5 in March, pointing to a continued contraction in the manufacturing sector, the worst since August of 2009. Similarly, U.S. Services PMI continued its decline, with surveys expecting it to drop to 30.0 from 39.8 in the previous month. New business contracted at a record pace, with exports also falling sharply, as the coronavirus pandemic led to business closures and sharply reduced client demand. From the employment front, the number of Americans filling for unemployment benefits resumed its record breaking pace, with claims piling up in the month of April at record levels, with 5.2 million claims in the second week and 4.4 million claims in the 3rd week of April.

Yields remained hovering around record lows, the U.S. mostly sought benchmark; the 10-year Treasury yield, tightened marginally by 3.8 basis points for the month of April after tightening considerably during the third week of April, closing the month at .642 per cent.

The CC Global High income fund continues to outperform comparatively given its underweight position in Energy names. In the month of April the fund recouped 4.8 percent and continues to outperform its internal comparative benchmark by circa 350bps. Throughout the month, the fund continued to benefit from its underweight exposure to the energy sector, which continued to experience volatile sessions which are now more aligned to the demand woes brought about by covid-19. Going forward the Manager believes that credit markets will continue to be supported by the actions taken by the Fed. To this end the Manager believes that the fund is well positioned.

Scheda

  • NAV/Prezzo: Clicca qui per i prezzi aggiornati

    Nome Comparto High Income Bond Fund – USD (Accumulator)
    Gestore Investimenti Calamatta Cuschieri Investment Management Ltd
    Consulente Fondo DF – Asset Allocation (Lugano, Switzerland)
    Depositario Sparkasse Bank Malta p.l.c.
    Amministratore Fondo CC Fund Services (Malta) Limited
    Revisori Deloitte Malta
    Consulenti Legali Ganado & Associates
    Data di Lancio 30th May 2013
    Sede Malta
    Valuta USD ($)
    Frequenza Negoziazioni Settimanale
    Dimensione Fondo $15.61 mn
    Numero Titoli 48
    Commissione Iniziale fino a 2.5%
    Commissione Gestione 1%
    Data Pagamento Dividendi 31 March
    30 September
    Numero ISIN USD – MT7000003067
    Investimento Minimo Iniziale $3,000
    Investimento Minimo Addizzionale $500

     

    Performance ad Oggi (USD)

    Performance History **

     Calendar Year Performance YTD 2019 2018 2017 Since
    Inception*
    Share Class A – Total Return -7.64 10.23 -3.22 5.71 0.55
    Rolling 12 month performance to last month end 30/04/19 30/04/20 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 -3.82 3.97 1.11 9.79 -2.09

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

    Top 10 By Country*

    Country %
    USA 28.8
    Russia 24.4
    Brazil 11.7
    Turkey 5.0
    France 4.9
    Italy 3.6
    China 3.5
    Switzerland 3.5
    UK 3.2
    Germany 2.3

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 66.1
    5 – 10 years 17.9
    10 years+ 3.4

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 6.1
    7% KB Home 2021 4.1
    6.75% Societe General Perp 3.6
    8.00% Unicredit perp 3.6
    4.75% Lennar Corp 2022 3.3
    5.625% Ineos Group 2024 3.2
    5.25% Sberbank 2023 2.7
     4.1% MMC Norilsk 2023 2.7
    4.00% Veon Holdings 2025 2.6
    2.25% Apple Inc. 2021 2.6

    By Credit Rating*

    Credit Rating %
    BBB 22.5
    BB 46.8
    B 17.1
    CCC+ 1.0
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 100.0
    Others 0.0

    Asset Allocation

    Asset %
    Cash 5.2
    Bonds 87.4
    CIS/ETFs 7.4

    Sector Breakdown*

    Sector %
    Financial 20.8
    Basic Materials 15.5
    Consumer, Cyclical 13.3
    Communications 9.9
    Energy 8.7
    Consumer, Non-Cyclical 7.9
    Technology 4.1
    Government 3.5
    Industrial 2.5

    *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 (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.