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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


February 2018 Commentary

After the peaks seen in January, February was a difficult month for global equity markets. The main European index fell 4.7% while the benchmark US equity index fell 3.9%. Core European investment regions were also negative with the German index suffering a decline of 5.7% and the French equity index losing 2.9%.

These declines were triggered as US hourly earnings annual growth came out at 2.9%, the biggest since June 2009, suggesting inflation is accelerating. The US 10year benchmark yield soon approached the critical 3% boundary. Volatility then took centre stage, with many observers questioning the upside potential of developed equity markets.

While High Yield Bonds also sold-off, the interesting fact is that the spill-over effect on HY credit was quite contained. One of the reasons for the contained correction is more in line with investors’ perception that High Yield credit names are stronger fundamentally than ever before and thus in reality market participants are unwilling to let go of their coupons.

From a fundamental perspective, both the Eurozone and US economies are in pretty good shape, and are still on its recovery trajectory. There have been upwards revisions, both in economic data and inflationary numbers, and the sanity and state of the economy is intact. Upgrades are outshining credit rating downgrades whilst earnings have, on average, been satisfactory.

The Calamatta Cuschieri Global Balanced Income fund has gained 0.45% year to date which is well balanced under the difficult market circumstances. 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 0.45 8.67 1.58 - - 12.10
    Calendar Year Performance 1 -month 3 -month 6 -month 9 -month 12 -month
    Total Return -2.78 0.45 3.89 2.84 8.20

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

    Top By Country*

     Country %
    France 17.6
    Germany 16.9
    Luxembourg 10.0
    United States 9.3
    Global 8.8
    Asia 5.2
    Spain 5.0
    Great Britain 3.8
    Italy 3.5

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0.0
    BB 10.5
    B 17.7
    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 8.8
    iShares MSCI EM Asia ETF 5.2
    Lyxor ETF DAX 3.8
    6.75% Unicredit 2166 3.5
    Renault SA 3.4
    Valeo SA 3.4
    iShares Euro HY ETF 3.4
    6.50% Lecta 2023 3.3
    7.50% Garfunkelux 2022 3.3
    4.00% Ineos 2023 3.3

    Currency Allocation

    Currency %
    EUR 69.1
    USD 27.0
    GBP 3.9


    Asset Allocation*

    Asset %
    Cash 4.8
    Bonds 35.5
    Equities 59.7

    *including exposures to ETFs

    Maturity Buckets

    Number of Years %
    0 – 5 years 26.9
    5 – 10 years 3.8
    10 years + 0.0

    Sector Breakdown

    Sector %
    ETFs 35.5
    Consumer, Cyclical 19.1
    Financial 19.1
    Basic Materials 11.0
    Technology 4.7
    Consumer, Non-Cyclical 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.