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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

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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

October 2019 Commentary

Financial markets welcomed signs of an easing in geopolitical tensions in October, with risk assets generally outperforming traditional safe havens. The U.S and Chinese authorities moved closer to agreeing a partial deal on trade, while the UK once again edged back from the precipice of a no-deal Brexit. Global central banks reiterated their dovish stances and the U.S Federal Reserve cut interest rates for the third time this year.

The U.S earnings season for the third quarter of the year is well underway, with companies so far doing better than expected. Earnings per share and sales are growing at 1 percent and 4 percent year on year, respectively on the S&P 500. However, U.S companies continue to give lower guidance for next year’s earnings, with the trade dispute an ongoing theme.

In the Euro bond market, despite the upward movements in the last week of October, government bond yields closed the month on a positive note following strong gains in the first weeks of the month. Thus topping their impressive run on a year-to-date basis. European High Yield traded relatively flat on a total return basis given the supportive income stream, while from a price return perspective, throughout the month spreads widened as weakness in economic data persisted.

 

U.S HY was up by 0.23 percent as the risk-off mode experience in the initial days of the month swayed off as investors digested the news that a phase 1 trade deal is to be signed. Treasury yields trended higher, while the more risky credit inched higher in terms of price levels.

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 US-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 10.77 -3.86 6.50
    Calendar Year Performance 1 -month 3 – month 6 -month 9 -month
    Total Return 1.65 1.45  -0.10  6.50

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

    Top By Country*

     Country %
    Germany 27.5
    France 14.7
    United States 10.1
    Global 7.6
    Netherlands 6.8
    Luxembourg 5.8
    China 3.7
    Spain 2.9
    Brazil 2.9

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0.0
    BB 9.8
    B 14.3
    Less than B- 0.0
    Not Rated 9.1

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    ASML NV 5.4
    BMIT Technologies 4.8
    iShares MSCI EM Asia 4.7
    Kering 4.7
    SAP SE 4.3
    iShares Eurostoxx 600 Oil&Gas 3.6
    Lyxor EurStx600 Tech 3.2
    iShares Core S&P 500 3.1
    iShares Euro HY 3.0
    Lyxor EurStx600 Healthcare 3.0

    Currency Allocation

    Currency %
    EUR 74.0
    USD 26.1
    GBP 0.1

    Asset Allocation*

    Asset %
    Cash 4.4
    Bonds 39.2
    Equities 59.1

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 12.7
    5 – 10 years 16.7
    10 years + 3.8

    Sector Breakdown

    Sector %
    ETFs 30.3
    Technology 14.6
    Financial 14.5
    Consumer, Cyclical 10.1
    Industrial 6.9
    Consumer, Non-Cyclical 5.3
    Basic Materials 5.1
    Communications 3.7
    Energy 2.9

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.

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