• Emerging Market Bond Fund Nov 2019_WEB BANNER EURO

EM Bond Fund EUR Distributor

  • Investment Objectives

    The Fund aims to maximise the total level of return for investors through investment primarily, in a well-diversified portfolio of fixed-income investments.

    Key Features of the Fund

    The Fund aims to maximise the total level of return for investors through investment, primarily, but not solely in a diversified portfolio of Emerging Market Corporate fixed income securities and Emerging Market Government fixed income securities with maturities of 10 years or less, rated at the time of investment “Baa1” to “Caa1” by Moody’s or “BBB+” to “CCC+” by S&P, or in bonds determined to be of comparable quality by the Investment Manager. The Investment Manager may also invest up to 10% of the Net Assets of the Sub-Fund in unrated fixed income securities. The Investment Manager is expected to focus on Emerging Market fixed income securities, corporate and/or government, and seek to maintain an average credit quality of “B3” by Moody’s or “B-” by S&P, although issues may be rated lower or higher. The Investment Manager may also invest up to 15% of the Net Assets of the Sub-Fund in Emerging Market equities. The Investment Manager will not be targeting equities of a particular market capitalisation.

    Structure

    The Sub-Fund forms part of the CCFunds™ Sicav plc and operates under the UCITS structure which has become the gold standard for EU investment funds for retail investors. UCITS funds are ideal for retail investors as they have been specifically designed to ensure diversification and liquidity through distinct parameters, permitted asset classes and investment restrictions as set out in EU law.

    Management

    The CC Emerging Market Bond Fund is managed by a group of investment professionals at Calamatta Cuschieri Investment Management Limited who monitor market developments on a daily basis.

  • Related Downloads

Overview

→ Investor Profile
→ Currencies Available
→ Dividend Payment
→ Monitoring and Pricing
→ Entry and Exit Fee
→ Minimum Investment
→ Fund Rules at a Glance
→ Other Information

Commentary

October 2019 Commentary

The emerging market world, continued to track the ongoing signals from the trade war saga with EM equities cheering the news that a phase one deal should be signed in the coming days. From the data front, China’s real GDP eased to 6.0 percent for the third quarter, down from 6.2 percent in the previous quarter. The said weakness in growth is slowing Chinese demand for external goods, with imports falling 8.5 percent year-on-year in September. While on a more positive note, retail sales and industrial production were the surprises for the month.

In the month, EM debt was up 1.6 percent with investors piling in the region as reflected from the price returns, which amount 1.1 percent from the total return figure for the month. As opposed to namely European peers, EM debt continue to outperform its peers given the recent risk-on mode and the selectively better fundamentals.

The CC EMBF was up by 0.53 percent in the month of October, reflecting the more cautious approach taken by the Manager. In addition, the fund reported good inflows-which will be invested accordingly in credit stories, which offer attractive entry levels.

Factsheet

  • NAV/Price: Latest Price available here

    Sub-Fund Name Emerging Market Bond Fund – Class D (Distributor) – EUR
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Advisor N/A
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator CC Fund Services (Malta) Limited.
    Auditors Deloitte Malta
    Legal Advisors Ganado Advocates
    Launch Date 02 November 2017
    Domicile Malta
    Currency Euro (€)
    Dealing Frequency Daily
    Fund Size $11.8 m
    Number of Holdings 39
    Initial Charge up to 2.50%
    Management Fee 1.10%
    Dividend Payment Dates 31 March – 30 September
    ISIN number MT7000021259
    Minimum Initial Investment €2,500
    Minimum Additional Investment €500

    Top 10 By Country*

    Country %
    Malta (incl. cash) 21.5
    Brazil 14.9
    China 11.9
    Russia 10.8
    Turkey 8.5
    Indonesia 6.3
    Netherlands 3.6
    Mexico 3.6
    Germany 2.9
    Argentina 2.8

    *including exposures to CIS, using look-through.

    Maturity Buckets*

    Age %
    0 – 5 years 61.2
    5 – 10 years 10.0
    10 years+ 5.4

    * based on the Next Call Date

    Performance History **

    Calendar Year Performance  YTD 2018 2017 *** 2016 Since
    Inception ***
    Share Class D – Total Return 5.23 -9.25 -1.34 - -5.79
    Total Return 1-month 3-month 6-month 9-month 12-month
    Share Class D – Total Return 0.18 -0.45 0.55 2.43 4.88

    * Data in the chart does not include any dividends distributed since the Fund was launched on 03 November 2017.
    ** 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 EUR Distributor Share Class (Class D) was launched on 03 November 2017.

  • Historical Performance to Date *

    Top 10 Exposures %

    Exposure %
    5.299% Petrobras 2025 4.2
    6.50% Global Ports 2023 3.7
    4.95% Veon Holdings 2024 3.6
    4.95% Gazprom Capital 2022 3.6
    6.625% Tupy Overseas 2024 3.5
    8.125% Global Liman 2021 3.3
    6.90% Yestar Healthcare 2021 3.2
    6.95% Moderland 2024 3.0
    5.00% Nidda 2025 2.9
    iShares JPM USD EM 2.7

    By Credit Rating *

    Credit Rating %
    Investment Grade 19.7
    BB 35.3
    B 23.8
    CCC+ 0.5
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB

    * excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 86.5
    EUR 13.5
    TRY 0.0

    Asset Allocation

    Currency %
    Cash 17.1
    Bonds (incl. ETFs) 80.9
    Equities (incl. ETFs) 2.0

    Sector Breakdown*

    Sector %
    Consumer, Non-Cyclical 17.0
    Government 12.4
    Communications 10.7
    Financial 10.4
    Energy 10.3
    Basic Materials 8.7
    Consumer, Cyclical 7.1
    Industrial 2.6

    *excluding exposures to CIS

Legal Information

CALAMATTA CUSCHIERI INVESTMENT SERVICES (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. THE CC EMERGING MARKET BOND FUND IS A SUB FUND OF CCFUNDS™ SICAV PLC AND IS AUTHORISED BY THE MFSA. PERFORMANCE FIGURES QUOTED REFER TO THE PAST AND ARE NOT A GUARANTEE FOR FUTURE PERFORMANCE. THE VALUE OF THE INVESTMENT MAY RISE AS WELL AS FALL. INVESTORS MAY INCUR A SUBSCRIPTION CHARGE AND MAY BE SUBJECT TO TAX ON DISTRIBUTIONS. INVESTMENT SHOULD BE BASED ON THE CCFUNDS™ SICAV PLC PROSPECTUS AND KIID DOCUMENT, WHICH MAY BE OBTAINED FROM CCIS OFFICES. ISSUED BY CCIS.

*LAST 12 MONTHS DISTRIBUTION YIELD (01/04/2018 - 31/03/2019) 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.

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.

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.