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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

May 2020 Commentary

The rebound in equity markets extended into May. The impact of the COVID-19 pandemic continued to dominate markets, with an increasing focus on how countries would begin to relax their lockdown measures and how this would affect the economy. Volatility declined and the more moderate market moves compared to April suggest that investors are being watchful of how the situation develops.

Many countries began some level of reopening. The S&P 500 climbed to end the month 4.8% higher and is now just 10% below the February peak. The infection rate across the major European economies has fallen significantly, though the infection rate in the UK still remains high relative to its European peers. Many states in the US began some level of reopening, though the daily infection rate has only fallen to around 65% of the peak infection rate from mid-April.

Credit markets have seen healthier liquidity in secondary markets, as continued central bank support measures played their part coupled with stronger participation from market participants. The primary market increased pace throughout the month of May following a standstill month in March. The liquidity injected by Central Banks is trickling into riskier assets as risk abates. Furthermore, bond issuance should slow down going forward. This is a quite positive technical background for the credit markets. Fund flows remained strong throughout the month of May, particularly in the investment grade space, following sharp outflows throughout the month of March.

Investors appeared to become somewhat more optimistic about the outlook after initial signs of success in human trials of a vaccine against COVID-19. Growth stocks outperformed value stocks while global government bond markets were broadly flat. European and Japanese stock markets, typically cyclical markets, also ended the month higher. Despite the first steps being taken to exit lockdown and some positive news on a potential vaccine, it’s still too early to say with confidence how the public health outlook will evolve.

Despite May’s market rebound, considerable uncertainty remains over the trajectory of global growth over the coming quarters. A lot will depend on the extent to which economies can successfully reopen. For this reason, the investment managers remain prudent and expect further volatility. However, they acknowledge that the unprecedented policy response – particularly the willingness of central banks to intervene in credit markets – has shifted the balance of risks.

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 €5.9 mn
    Number of Holdings 44

    Performance History

    Calendar Year Performance YTD 2019 2018* 2017 Since
    Inception*
    Total Return -11.07 14.90  -3.86  - -1.76
    Calendar Year Performance 1 -month 3 – month 6 -month 9 -month 12-  month
    Total Return 2.38 -9.89 -9.14 -2.85  -3.43

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

    Top By Country*

     Country %
    Germany 22.0
    Malta 14.1
    France 9.0
    Luxembourg 8.4
    United States 8.2
    Netherlands 6.3
    China 5.4
    Brazil 5.3
    Spain 2.9

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0.0
    BB 7.7
    B 13.3
    Less than B- 4.6
    Not Rated 10.3

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    ASML NV 5.1
    BMIT Technologies plc 4.8
    Lyxor Eurostoxx 600 Tech 3.9
    Lyxor Eurostoxx 600 Health 3.9
    iShares Core S&P 500 3.7
     SAP SE 3.3
    5% Nidda BondCo GMBH 2025 3.3
    5.299% Petrobras 2025 3.2
    iShares Euro High Yield Corp 3.2
    7.5% garfunkelux HoldCo 2022 3.0

    Currency Allocation

    Currency %
    EUR 75.5
    USD 24.4
    GBP 0.1

    Asset Allocation*

    Asset %
    Cash 14.1
    Bonds 41.4
    Equities 44.6

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 14.5
    5 – 10 years 17.5
    10 years + 3.9

    Sector Breakdown

    Sector %
    ETFs 21.1
    Financial 15.5
    Technology 13.2
    Basic Materials 6.5
    Consumer, Non-Cyclical 5.8
    Industrial 5.5
    Communications 5.4
    Consumer, Cyclical 3.6
    Energy 3.2

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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