• Italian_Global High Income Bond Fund_Banner-02

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

September 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 the summer season in the northern hemisphere. This has not materialised, and the renewed government imposed restrictions in some countries, including France and Britain, in September weighed on sentiment. Indeed the factors that influenced markets throughout the month were the virus, economic data and the US election.
The data is becoming increasingly crucial as the market worries about the strength of the recovery, particularly in light of the announcements of further restrictions throughout the month. The latest data has been mixed highlighting the challenging situation world economies are facing. On a more positive note, vaccine trials have been progressing, with the Oxford trial recommencing quickly after a brief pause.
Even though the number of new daily cases in the US has started to decline, the situation remains challenging as the economy is still weakening. This has been the focus of the ongoing presidential election debate between President Trump and Joe Biden. Biden, considered by analysts to be more moderate than his counterpart, is the odds favourite to win. However, polls are now suggesting that Trump has gained ground in some key swing states, such as Florida and North Carolina, but still needs to make further gains in at least two of the other key swing states of Arizona, Michigan, Pennsylvania and Wisconsin if he is to retain the presidency.
On the monetary policy front, the big news over the quarter was the Federal Reserve’s shift to average inflation targeting, allowing inflation to run above target for a while to compensate for periods of below-target inflation. The key implication is that rates are likely to remain lower for even longer.
From the macroeconomic data front, the U.S. reported an expansion in manufacturing, albeit below expectations, with the PMI expanding to 53.2 from 53.1 in the previous month. Similarly, U.S. Services PMI were in expansionary territory at 54.6, marginally lower than the 55.0 in the previous month. This gives confidence to the notion that activity has tentatively bottomed out, and we are initiating the road towards a resumption of economic activity more in line with previous norms.
The CC Global High income fund fell 0.61%, outperforming its benchmark by circa 126bps comparatively given its underweight position in Energy names, albeit with a much lower level of volatility. US high yield spreads widened on virus concerns throughout September. Going forward the Manager believes that credit markets will continue to be supported by the actions taken by the Fed as well as the uplift from the sequential easing of Covid-19 restrictions. The outlook for the energy sector remains mixed as the US rig count remains at record lows due to persistently low price of crude oil. To this end, the Manager believes that the fund is well positioned to navigate the current volatile environment.

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 Daily
    Dimensione Fondo $16.16 mn
    Numero Titoli 47
    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 -1.29 10.23 -3.22 5.71 21.15
    Rolling 12 month performance to last month end 25/09/19 30/09/20 26/09/18 25/09/19 27/09/17 26/09/18 28/09/16  27/09/17  30/09/15   28/09/16
    Share Class A- Total Return 0.21 7.15 -1.15 6.84 7.18

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

    Top 10 By Country*

    Country %
    USA 26.8
    Russia 26.0
    Brazil 12.7
    UK 5.7
    France 5.3
    Turkey 5.0
    Italy 4.1
    Germany 3.8
    Switzerland 3.5
    Indonesia 1.1

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 63.4
    5 – 10 years 20.5
    10 years+ 4.6

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 7.7
    8.00% Unicredit perp 4.1
    7% KB Home 2021 4.0
    6.75% Societe Generale perp 4.0
    4.75% Lennar Corp 2022 3.3
    5.625% Ineos Group 2024 3.2
    5.299% Petrobras 2025 2.7
    5.25% Sberbank 2023 2.7
    4.1% MMC Norilsk 2023 2.6
    4.00% Veon Holdings 2025 2.6

    By Credit Rating*

    Credit Rating %
    AAA to BBB- 21.4
    BB+ to BB- 44.7
    B+ to B- 19.7
    CCC+ 0.0
    Less than CCC+ 2.6
    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 2.4
    Bonds 88.5
    CIS/ETFs 9.1

    Sector Breakdown*

    Sector %
    Financial 21.5
    Basic Materials 17.1
    Consumer, Cyclical 13.5
    Communications 11.1
    Consumer, Non-Cyclical 9.0
    Energy 8.9
    Industrial 3.6
    Government 2.5
    Utilities 1.3

    *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.