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Global Balanced Income Fund Accumulator


    The Fund seeks to provide stable, long-term capital appreciation by investing in a diversified portfolio of local and international bonds, equities and other income-generating assets. The Investment Manager shall diversify the assets of the Fund among different asset classes. The manager may invest in both Investment Grade and High Yield bonds rated at the time of investment at least “B-” by S&P, or in bonds determined to be of comparable quality, provided that the Fund may invest up 10% in non-rated bonds, whilst maintain an exposure to direct rated bonds of at least 25% of the value of the Fund. Investments in equities may include but are not limited to dividend-paying securities, equities, exchange traded funds as well as through the use of Collective Investment Schemes.

    Key Features of the Fund

    • Flexibility to invest in all regions around the world
    • Provide capital appreciation, stability and growth over the medium-to-long term
    • Flexibility to switch between different asset types (eg. Bonds / Equities / Money Market Instruments / ETFs / CIS / alternative securities) depending on market outlook
    • Investment Manager will base asset allocation decisions based on key current themes and best opportunities to generate return
    • Asset Allocation Diversification by Security Type, Credit Rating, Country, Sector and by Currency
    • Best of both worlds – lower volatility of bond market vs growth potential via equities
    • OPTIMAL INVESTMENT MIX depending on market conditions
    • Efficient and Effective strategy to be able to withstand periods of adverse market movements
    • FX exposures will be generally hedged, underlying investor will not be exposed to any FX risk


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→ Entry and exit Fee
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→ Monitoring and Pricing
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→ Fund Rules at a Glance
→ Other Information


February 2020 Commentary

In the first couple of weeks of February, equity markets shrugged off concerns about the outbreak, supported by a better-than-expected US Q4 earnings season, improving business surveys for January, and the expectation that negative effects of the coronavirus would be temporary and localised. However, the increase in cases outside China led to a sharp selloff towards the end of the month. Developed market equites fell sharply, with the S&P 500 ending the month down 8.2%. From a regional perspective, emerging market equities outperformed developed markets, despite the fact that most COVID-19 infections are currently in Asia, as investors factored in declining rates of new infection in China compared with increasing infections outside China.

The increased demand for safer assets, and reflecting expectations of a possible rate cut, the U.S. mostly sought benchmark; the 10-year Treasury Yield tumbled by 37.8 basis points, for the month of February and headed downwards to the 1 per cent levels, closing the month at 1.126 per cent.

Notably, due to the latter shift towards less risky assets, Global HY bond spreads over treasuries significantly widened, closing-off the month on a much weaker note.

The Investment Manager is of the view that in the short term the markets will experience high volatility. For this reason, the cash levels in the fund have increased to take advantage of any opportunities that arise. The Investment Manager remains of the opinion that the names held within the fund will continue to benefit in the medium to long term.


  • NAV/Price: Latest Price available here

    Sub-Fund Name Global Balanced Income Fund
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Type UCITS
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator CC Fund Services (Malta) Limited.
    Auditors Deloitte Malta
    Legal Advisors Ganado Advocates
    Launch Date 1st September 2015
    Domicile Malta
    Dealing Frequency Weekly
    Initial Charge 2%
    Management Fee 1.25%
    Currency Euro (€)
    ISIN numbers EUR – MT7000014445
    Minimum Initial Investment EUR 2,500
    Minimum Additional Investment EUR 500
    Fund Size €6.7 mn
    Number of Holdings 43

    Performance History

    Calendar Year Performance YTD 2019 2018 2017 Since
    Total Return -1.20 14.78 -15.14 8.67 7.40
    Calendar Year Performance 1 -month 3 – month 6 -month 9 -month 12 - month
    Total Return -0.37 0.85  7.83 7.19 5.60

    *The Global Balanced Income Fund (Share Class B) was launched on 19 November 2018.

    Top By Country*

     Country %
    Germany 21.0
    France 9.7
    Luxembourg 8.9
    United States 8.0
    Brazil 5.9
    Netherlands 5.6
    China 4.6
    Spain 3.2
    India 2.5

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0.0
    BB 11.3
    B 17.9
    Less than B- 3.1
    Not Rated 9.5

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    BMIT Technologies plc 5.0
    ASML NV 4.2
    Lyxor Eurostoxx 600 Tech 3.7
    iShares Core S&P 500 3.6
    Lyxor EurStx600 Healthcare 3.4
    SAP SE 3.2
    iShares EURO HY 3.2
    4.75% Banco Santander Perp 3.2
    5.299% Petrobras 2025 3.1
    5% Nidda 2025 3.1

    Currency Allocation

    Currency %
    EUR 71.4
    USD 29.3
    GBP 0.1

    Asset Allocation*

    Asset %
    Cash 15.2
    Bonds 44.1
    Equities 41.4

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 20.4
    5 – 10 years 17.2
    10 years + 4.2

    Sector Breakdown

    Sector %
    ETFs 19.8
    Funds 18.5
    Technology 12.5
    Consumer, Non-Cyclical 5.5
    Industrial 5.4
    Consumer, Cyclical 5.3
    Basic Materials 5.3
    Communications 4.6
    Energy 3.1

Legal Information

This document has been issued by Calamatta Cuschieri Investment Services (“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 CC 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.