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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


August 2018 Commentary

Since the global financial crisis, August has regularly proved difficult for financial markets. This summer was no exception. Investors had to digest the reintroduction of US sanctions against Iran, new tensions between Turkey and the US, a deterioration of trade talks between the US and China, and volatility in the Italian government bond market. Most equity markets and risk assets sold off, with the notable exception of the S&P 500, where extraordinarily strong macro data, and a general absence of any inflation concerns, once again pushed the index higher. Amid the geopolitical turmoil, the search for a safe haven helped push government bond prices up, with the 10-year US Treasury yield falling by 10 basis points (bps) to 2.86%.

In Europe, August provided some further evidence that the soft patch in economic activity seen at the start of the year was temporary. Some rebound in the second half of the year appears likely.

Trade tensions and a strong dollar continued to dominate the headlines in emerging markets. At the start of August trade relations between the US and China deteriorated further as the US threatened to apply a 25% tariff on USD 200 billion of Chinese goods (these goods were already going to be subject to a 10% tariff). This sits on top of the 25% tariff on USD 16 billion of Chinese imports, which came into force on 23 August.

Reflecting on the performance in credit markets for the month of August, one should not be surprised that the asset class per se continues to be conditioned by both monetary decisions, and the political turmoil, which seems to be non-exhaustive. The month of August was characterized by the asset class per se trading sideways as investors were partially comforted by the trade agreement reached between Mexico and the U.S., in addition to some hope that the China-U.S. trade war issues might pave the way for more promising discussions.

All in all, the economic data for August points to a global economy that is still growing above trend, which should support corporate earnings globally. But geopolitical headlines continue to create considerable volatility around this generally positive trend. In this context it seems reasonable to remain pro-risk, while seeking at the same time low correlation assets to provide some protection as the cycle ages.


  • 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 €6.4 mn
    Number of Holdings 37

    Performance History

    Calendar Year Performance YTD 2017 2016 2015 2014 Since
    Inception *
    Total Return -3.85 8.67 1.58 - - 7.30
    Calendar Year Performance 1 -month 3 -month 6 -month 9 -month 12 -month
    Total Return -0.74 -3.68 -4.28 -3.85 -0.56

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

    Top By Country*

     Country %
    Germany 21.1
    United States 13.9
    France 13.7
    Luxembourg 9.6
    Global 7.8
    Netherlands 4.4
    Spain 3.2
    India 2.4
    Greece 2.4

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0.0
    BB  9.9
    B  14.2
    Less than B-  0.0
    Not Rated  2.4

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    iShares MSCI EM ACC 4.9
    ASML Holdings NV 4.4
    Renault SA 4.0
    Lyxor DAX ETF 3.7
    iShares EUR HY ETF 3.3
    6.50% Lecta 2023 3.2
    4.00% Ineos 2023 3.2
    4.00% Chemours 2026 3.2
    BMW AG 3.1
    7.50% Garfunkelux 2022 3.1

    Currency Allocation

    Currency %
    EUR 73.8
    USD 26.2
    GBP 0.1

    Asset Allocation*

    Asset %
    Cash 13.2
    Bonds 31.3
    Equities 55.6

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 11.8
    5 – 10 years 14.8
    10 years + 0.0

    Sector Breakdown

    Sector %
    ETFs 25.1
    Consumer, Cyclical 18.2
    Basic Materials 12.0
    Financial 10.7
    Technology 7.1
    Consumer, Non-Cyclical 6.0
    Energy 3.6
    Communications 2.3
    Industrial 2.0

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.