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Global Balanced Income Fund


    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


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


April 2018 Commentary

Volatility in markets continued through the month of April as the US announced details of a proposed 25% tariff hike on some imports from China; China reacted by announcing its own plan for similar tariffs.

Equities temporarily rebounded as investors came to realize that some sort of negotiated solution was most likely, only to come under renewed pressure as Trump threatened tariffs on additional Chinese exports. Credit was relatively muted as earnings announcements of high yield issuers did not move the market, while the primary market, despite showing some signs of revival, remained tepid.

Meanwhile, missile strikes in Syria continued to add to concerns that the recent global economic recovery was coming under threat. The worry list for investors already includes the risk of wider conflict in the Middle East, confrontation with Russia, North Korea, Trade disputes and Brexit.

However, by the third week politics become less dominant as economic developments took hold. US data was generally positive; retail sales growth was better than expected, consumer confidence and other leading indicators are still rising and manufacturing readings strong in important regions. On the other hand, European data disappointed with headline inflation being revised down, but still, consumer confidence was up.

In its rate-setting meeting, the ECB remained market friendly as Draghi issued no major announcements regarding the end of the QE program or any major shifts in policy. Elsewhere in the US, earnings season is in full swing and this is infiltrating in the performance of credit and equity markets over recent sessions. But the investor’s key focus was the FOMC meeting which carried significant importance, particularly following the spike in the US 10-year Treasury to above the 3.00% level and the marked strengthening of the US dollar of late.

European equities crawled up through this roller coaster ride of political events and economic data ending the month up by 5.21%. On the Credit side, fundamentally, not much has changed. And this could prove supportive, in the shorter term, aiding spreads tighter slowly across the board. We do not expect issuance volumes to pick up from here and all looks set for a smooth transition into the quieter summer months, but nonetheless, we do acknowledge that credit markets remain extremely fluid.

The Calamatta Cuschieri Global Balanced income fund recovered nearly 2 % during the month, thus pushing the fund’s performance close to positive territory for the year. Going forward The Investment Managers intend to continue distributing risk between the various asset classes in line with the changing market expectations and economic environment.


  • 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 from 0% up to 2.5%
    Management Fee 1.25%
    Currency Euro (€)
    ISIN numbers EUR – MT7000014445
    Minimum Initial Investment EUR 2,500
    Minimum Additional Investment EUR 500
    Fund Size €4.8mn
    Number of Holdings 27

    Performance History

    Calendar Year Performance YTD 2017 2016 2015 2014 Since
    Inception *
    Total Return 0.00 8.67 1.58 - - 11.60
    Calendar Year Performance 1 -month 3 -month 6 -month 9 -month 12 -month
    Total Return 1.92 -3.21 -0.53 2.76 3.72

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

    Top By Country*

     Country %
    Germany 19.8
    France 18.1
    Luxembourg 9.9
    United States 9.1
    Global 8.6
    Asia 5.2
    Spain 4.9
    Great Britain 3.6
    Italy 3.4

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0.0
    BB 10.4
    B 17.3
    Less than B- 0.0
    Not Rated 2.5

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    iShares MSCI EM ETF 8.6
    iShares MSCI EM Asia ETF 5.2
    Lyxor CAC 40 ETF 4.2
    Lyxor DAX ETF 3.8
    Valeo SA 3.5
    6.75% Unicredit SpA 2167 3.4
    Renault SA 3.4
    iShares Euro HY Corp ETF 3.4
    7.50% Garfunkelux 2022 3.3
    6.50% Lecta 2023 3.3

    Currency Allocation

    Currency %
    EUR 69.6
    USD 26.3
    GBP 3.8

    Asset Allocation*

    Asset %
    Cash 2.8
    Bonds 34.9
    Equities 62.3

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 10.7
    5 – 10 years 16.0
    10 years + 3.4

    Sector Breakdown

    Sector %
    ETFs 37.0
    Consumer, Cyclical 22.1
    Financial 17.0
    Basic Materials 10.7
    Consumer, Non-Cyclical 4.6
    Technology 4.5
    Energy 1.3

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.