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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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→ Investor Profile
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→ Entry and exit Fee
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→ Fund Rules at a Glance
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January 2019 Commentary

The first month of 2019 proved to be substantial for equities. Investors got to experience a dovish Fed and European Central Bank. Weaker Chinese growth and weaker figures in Germany were still present. That being said, market signals of talking regarding the Trade War and the stances the major central banks took led Equities to go up 6% in January. Investors are now putting their cash to work once again given the calmer waters and attractive valuations.

Valuations of stocks have been uplifted. However, in January, markets kept witnessing further deterioration out of China – lower than expected inflation and manufacturing activity contracting for the second time in a month – which could result in a revision of Price Targets lower. At this stage of the business cycle, the US elections up in 2 years and China’s economy showing signs of weakness, the Investment Manager is of the view that a Trade War agreement will be reached. In addition to, the Chinese government and the People’s bank of China have already taken measures to stimulate growth.

For credit markets, the month of January boosted bond prices. US High Yield markets increased by 4.59%; European High Yield markets increased by 2.19%; Global Emerging Markets increased by 4.38%. The major event that sent bond prices uptrend were the Fed and the ECB announcing a dovish stance.

Investment Grade bonds with a short duration are once again attractive, EMs remain to perform well due to a weaker dollar and strong data figures especially from Turkey, Brazil, Russia and Indonesia. China and the Eurozone remain under the impact of the Trade War in terms of figures but much less than 2018.

The Investment Managers (IMs) has built positions in high conviction names in both credit and equities. They are of the opinion that the stocks and bonds in the portfolio should generate alpha for the fund and improve performance as we ride through 2019.


  • 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 Calamatta Cuschieri Fund Services Ltd.
    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 €6.3 mn
    Number of Holdings 41

    Performance History

    Calendar Year Performance YTD 2018 2017 2016 Since
    Total Return 4.01 -15.14 8.67 1.58 -1.50
    Calendar YearPerformance 1 -month 3 -month 6 -month 9 -month  12 – month
    Total Return 4.01 -1.30 -8.88 -11.74  -14.57

    *The Global Balanced Income Fund was launched on 30 August 2015.

    Top By Country*

     Country %
    Germany 26.5
    United States 12.6
    France 11.5
    Luxembourg 9.1
    Global 7.8
    Netherlands 7.0
    Spain 3.0
    Brazil 2.7
    India 2.5

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0.0
    BB 11.3
    B 17.7
    Less than B-  0.0
    Not Rated  2.4

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    ASML Holdings NV 5.4
    iShares MSCI EM ASIA ACC 4.8
    Renault SA 3.3
    iShares EUR HY ETF 3.2
    4.00% Ineos 2023 3.2
    4.00% Chemours 2026 3.1
    6.50% Lecta 2023 3.0
    iShares MSCI EM ACC 3.0
    4.125% Pelzer 2024 2.9
    5.00% Nidda 2025 2.9

    Currency Allocation

    Currency %
    EUR 75.0
    USD 24.9
    GBP 0.0

    Asset Allocation*

    Asset %
    Cash 9.0
    Bonds 36.0
    Equities 55.0

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 12.8
    5 – 10 years 18.6
    10 years + 0.0

    Sector Breakdown

    Sector %
    ETFs 27.9
    Consumer, Cyclical 18.8
    Basic Materials 11.7
    Financial 9.8
    Technology 7.5
    Consumer, Non-Cyclical 5.8
    Energy 4.6
    Industrial 3.2
    Communications 1.8

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.