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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

December 2019 Commentary

With the December 15th deadline looming large and UK elections on the brink of taking place, December, as expected, proved to be an eventful month on the political front.

As anticipated, tensions between the U.S. and China significantly eased towards the end of the year, when the two nations agreed a phase-one deal to ratchet down the trade war, this boosting confidence and lessening uncertainty across markets. The news came after 20 months of on-and-off negotiations and tariff escalations that unsettled markets and damped global economic growth.

The agreement between the world’s two largest economies, amongst other, commits China to; buy at least $40bn worth of U.S. agricultural goods annually, tighten protection for U.S. intellectual property, and prohibits the forced transfer of technology from U.S. corporations. In exchange, Washington agreed to cut back on tariffs previously introduced, whilst agreeing not to proceed with a new escalation in levies on Chinese consumer goods.

Although a phase-one deal proved important to avoid a direct impact on the consumer at large, some of the biggest sources of strain in the bilateral relationship, such as China’s use of industrial subsidies and state-owned enterprises were left at bay, leaving these thorny issues to a later stage.

From the macroeconomic front, the U.S. reported a slightly lower Manufacturing PMI to 52.4 from 52.5 in December. Meanwhile, U.S. services PMI was revised higher to a five-month high of 52.8 from a preliminary estimate of 52.2, and higher than November’s final reading of 51.6. In addition, from the employment front, the number of Americans filing for unemployment benefits edged down by 2,000 people, to 224,000, beating market expectations.

Meanwhile, the U.S. Treasury Yields continued to trade within a range, with the 10-year reaching a high of 1.954 percent for the month, following the risk-on mode on a U.S.-China phase one agreement. Albeit hovering at higher levels when compared to recent months, the U.S. Treasury yields are relatively still depressed, when compared to the levels at the beginning of the year, mainly following the announcement by the Fed that rate hikes will be paused, thus maintaining a more accommodative stance. Global HY bonds closed-off the year on a strong note, as investors re-shifted their assets to the more risky segments.

The CC Global High Income fund closed the month up 0.93 percent, while on a year-to-date basis it posted a 10.3 percent gain with strong risk adjusted metrics when compared to its peers. In the month, the Manager opened an exposure in Extended Stay Hospitality, a classified REIT, which operates within the budget hotel industry. A BB- rated credit story with cash flow visibility, which translates in benign credit metrics. Furthermore, additional weightings to the meat industry were added through Marfrig, as the credit story continues to improve on the basis of a turnaround in the Brazilian economy, in addition to the boost in sales triggered through the Asian swine flu, which impacted positively the sector.

Moving in 2020, the Manager believes that the EM space might offer more pockets of value. Given a maintained accommodative monetary stance, a stance which EM Central Banks are also following suite, EM HY bonds should continue to offer value. Furthermore, selective U.S. HY will continue to offer value and thus the Manager believes that through a diligent bond picking process, the fund should continue to perform well in 2020.

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 $17.7 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 2018 2017 2016 Since
    Inception*
    Share Class A – Total Return 10.23 -3.22 5.71 10.01 22.73
    Rolling 12 month performance to last month end 31/12/18 31/12/19 31/12/17 31/12/18 31/12/16 31/12/17 31/12/15   31/12/16 
    Share Class A- Total Return 10.23 -3.22 5.71 10.01

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

    Top 10 By Country*

    Country %
    USA 27.4
    Russia 20.2
    Brazil 11.5
    UK 5.1
    Turkey 4.7
    Indonesia 4.0
    France 3.7
    Switzerland 3.1
    China 3.0
    Italy 2.5

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 64.0
    5 – 10 years 15.8
    10 years+ 3.0

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 6.1
    7.00% KB Home 2021 3.6
    4.75% Lennar 2022 3.0
    5.625% Ineos 2024 2.9
    6.75% Societe Generale Perp 2.5
    8.00% Unicredit Perp 2.5
    5.299% Petrobras 2025 2.5
    5.25% Sberbank 2023 2.4
    6.25% IGT 2022 2.4
    6.35% Republic of Turkey 2.4

    By Credit Rating*

    Credit Rating %
    BBB 26.3
    BB 37.2
    B 22.8
    CCC+ 0.0
    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 6.8
    Bonds 85.2
    CIS/ETFs 8.0

    Sector Breakdown*

    Sector %
    Financial 23.2
    Basic Materials 15.6
    Consumer, Cyclical 13.3
    Communications 8.9
    Energy 8.3
    Consumer, Non-Cyclical 7.6
    Government 2.4
    Industrial 2.4
    Technology 2.3

    *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.