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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

November 2020 Commentary

November will likely be marked as a turning point in the markets for 2020. The announcement of three vaccines that are effective against the virus drove a risk-on mood in markets and added fuel to the post-US election rally, eclipsing worries about the near-term economic outlook. Equity markets cheered the light at the end of the tunnel, with this year’s biggest losers gaining the most in November: MSCI Europe ex-UK and FTSE All-Share indices returned 14.2% and 12.7%, respectively. The year-to-date star performers, Asia ex-Japan and the US, still made impressive monthly gains of 8.0% and 11.0%. Global value stocks returned 15.1%, outperforming growth, which returned 10.9%.
An end to the Covid-19 crisis is now in sight, but the path to recovery may still be bumpy over the coming quarters as governments grapple to control the virus, particularly as seasonal factors make this more difficult through the winter. In Europe, significant restrictions to curb the spread of the virus look to have been effective, with new infections now falling sharply from their latest peak. In the US, the situation has continued to escalate, with new cases continuing to rise and deaths following. High-frequency activity data shows the stark effect that the restrictions in Europe have had in slowing the economy. The question now is whether Europe is once again a bellwether for the US, and whether new restrictions and therefore a decline in services activity will be needed to contain the virus there.
That said, markets are likely to digest near-term economic developments in the context of better times on the horizon, just as they did this month.
Within the HY asset space, US high yield performed in line with its European counterparts, closing off a strong month at 4.10 percent. The asset class benefitted from the Biden victory, vaccine news and subsequent risk-on mode for assets, particularly in the energy sector, which saw a steep recovery on the back of a marked increase in the price of oil.
With vaccine news signalling that there is light at the end of the tunnel, uncertainty around the length of the Covid-19 crisis is beginning to fade, which in turn is brightening the outlook for risk assets – despite the difficult winter ahead for the economy.
Within equities, the outperformance this month of this year’s losers makes sense, with a return to normality now on the horizon. As the economic recovery plays out, earnings expectations should continue to recover providing continued support for equities.

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 €6.3 mn
    Number of Holdings 51

    Performance History

    Calendar Year Performance YTD 2019 2018* 2017 Annualised Since
    Inception*
    Total Return 1.37 14.90  -3.86  - 5.62
    Calendar Year Performance 1 -month 3 – month 6 -month 9 -month 12-  month
    Total Return 1.09 1.66 2.72 3.91 5.94

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

    Top By Country*

     Country %
    Germany 22.9
    Luxembourg 9.7
    France 8.0
    Brazil 5.9
    Global 5.9
    Netherlands 5.1
    United States 3.9
    Spain 3.4
    China 3.2

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    AAA to BBB- 0.0
    BB+ to BB- 10.4
    B+ to B- 15.7
    CCC+ to CCC 2.9
    Not Rated 9.8

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    BMIT Technologies plc 4.5
    Lyx Stoxx 600 Industrials Goods 4.1
    iShares Core S&P 500 3.8
    ASML Holding NV 3.6
    6% Raiffeisen Bank 2168 3.4
    6.5% CMA CGM 2022 3.3
    7.5% Garfunkelux 2022 3.3
    Alibaba Group 3.2
    4% Chemours 2026 3.2
    4.75% Banco Santander 3.2

    Currency Allocation

    Currency %
    EUR 73.1
    USD 25.1
    GBP 1.7

    Asset Allocation*

    Asset %
    Cash 4.4
    Bonds 43.0
    Equities 52.6

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 16.4
    5 – 10 years 14.8
    10 years + 7.6

    Sector Breakdown

    Sector %
    Financial 20.0
    Diversified 14.4
    Technology 12.9
    Funds 10.5
    Industrials 8.2
    Basic Materials 7.7
    Consumer, Non-Cyclical 7.0
    Real Estate 5.8
    Consumer, Cyclical 3.7

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.