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Global Balanced Income Fund Distributor

  • INVESTMENT OBJECTIVES

    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

Overview

→ Why CC Global Balanced Income Fund?
→ Investor Profile
→ Currencies Available
→ Entry and exit Fee
→ Minimum Investment
→ Monitoring and Pricing
→ Fund Rules at a Glance
→ Dividend Payment
→ Other Information

Commentary

December 2019 Commentary

Last Christmas, the markets gave investors a fright. This year, to save us from tears, the central banks gave us something special. Equity markets delivered fantastic returns in 2019. The MSCI World Index was up 28%, led by US equities (+31%), with European equities (+27%) in hot pursuit.

The first four months of 2019 brought a strong rebound, as central banks signalled that rather than raise interest rates they would provide yet more stimulus to try to keep the economic expansion intact. Equities clearly believed the central banks would succeed.

Then, from the end of April to the end of September, global equities broadly traded sideways with some bumps in the road, as investors digested the ebbs and flows in the trade negotiations between the US and China, and the continued deterioration in macroeconomic indicators.

Remarkably, by the end of September, the 20+ year Treasury index was up 20%, while the MSCI World was up 18%. The flood of central bank liquidity had lifted all boats. Such strong returns for both traditional risk-off and risk-on assets, at the same time, is unusual.

However, the fourth quarter has tilted the year in favour of the bulls. Global equities rose 9% in the last three months of the year, while developed market government bonds gave up some of their gains.

Global HY bonds closed-off the year on a strong note, as investors re-shifted their assets to the more risky segments.

Moving into 2020, the Investment Manager remains of the opinion that the names held within the fund have further to gain. Nonetheless, the IM remains cautious and continues to monitor the developments in the U.S-China trade war, the Brexit saga and general economic conditions, with the aim to adjust the Fund’s positioning to further benefit from market developments.

Factsheet

  • NAV/Price: Latest Price available here

    Sub-Fund Name Global Balanced Income Fund (Distributor)
    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 19.11.2018
    Domicile Malta
    Dealing Frequency Daily
    Initial Charge up to 2%
    Management Fee 1.25%
    Currency Euro (€)
    ISIN numbers EUR - MT7000023891
    Minimum Initial Investment EUR 2,500
    Minimum Additional Investment EUR 500
    Fund Size €7.0 mn
    Number of Holdings 40

    Performance History

    Calendar Year Performance YTD 2018* 2017 2016 Since
    Inception*
    Total Return 14.78 -3.86 8.22
    Calendar Year Performance 1 -month 3 – month 6 -month 9 -month 12- month
    Total Return 2.07 3.29  4.20 5.34  14.78

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

    Top By Country*

     Country %
    Germany 23.1
    France 14.3
    United States 10.0
    Global 7.9
    Netherlands 7.2
    Luxembourg 5.9
    China 4.1
    Spain 2.9
    Brazil 2.8

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0.0
    BB 7.1
    B 17.3
    Less than B- 0.0
    Not Rated 8.7

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    ASML NV 5.9
    iShares MSCI EM Asia 5.0
    BMIT Technologies plc 4.6
    SAP SE 4.3
    Lyxor CAC 40 3.5
    Lyxor Eurostoxx 60 Tech 3.4
    iShares Core S&P 500 3.3
    Lyxor EurStx600 Healthcare 3.1
    iShares EURO HY 3.0
     5% Nidda 2025 3.0

    Currency Allocation

    Currency %
    EUR 73.2
    USD 26.7
    GBP 0.1

    Asset Allocation*

    Asset %
    Cash 4.4
    Bonds 38.9
    Equities 56.6

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 13.1
    5 – 10 years 16.2
    10 years + 3.8

    Sector Breakdown

    Sector %
    ETFs 29.4
    Technology 16.5
    Financial 14.2
    Consumer, Cyclical 8.0
    Industrial 5.3
    Consumer, Non-Cyclical 5.2
    Basic Materials 4.9
    Communications 4.1
    Energy 2.8

Legal Information

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 GLOBAL BALANCED INCOME FUND IS A SUB FUND OF CCFUNDS 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. ADVERT ISSUED BY CCIS.