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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


May 2017 Commentary

The French presidential election turn out even better than we expected with Macron winning 66% of the votes. Coming on the back from the Spanish, Austrian and Dutch elections it is clear that Eurozone countries continue to reject the nationalism and populism evident in the Brexit and US elections. France under Macron is likely to move towards economic reform, openness and working with
Germany to strengthen the Eurozone.

However, the European equity index closed the month flat as most global share markets fell over the last two weeks on the back of the political crisis around President Trump.

The rally in credit markets witnessed during the first four months of the year showed no signs of abating during the month of May, with fixed income markets, particularly the higher yielding credit-based sectors within the asset class remained well in demand.

From European to US High Yield and Emerging Market Credit, and to a lesser extent European and US Investment Grade markets, credit remained better bid for most of the trading sessions within the calendar month, as the global search for yield, within an asset class, which has so far remained robust and offered minimal volatility, intensified.

To date, emerging market credit has been the clear winner, with the performance witnessed in EM bonds very difficult to ignore, and even more so, harder not to participate for an investor not to be participating in. Emerging markets have offered a pick-up in yield and spread terms on a like for like basis in comparison to similar rated and dated High yield issuers, and with a flat yield curve in developed economies, monies are expected to continue to flow into emerging market credit.

In this environment, the Calamatta Cuschieri Balanced Fund gained 1.3% during the month. Year to date the Fund is up 6.1%.

Going forward we expect a short period of uncertainty as doubts surrounding the ‘Trump trade’ re-emerge. Meanwhile, Eurozone GDP data was solid in the March quarter and December quarter growth was revised up with business conditions indicators pointing to a further improvement ahead. Unemployment was unchanged at 9.5% in March, which is well down from its 2013 high of 12.1%.

Eurozone March quarter profits are running at a 24% level of increase year-on-year. Eurozone business conditions Purchasing Managers’ Index data remained very strong in April and business confidence rose in Germany and France, which is all consistent with strengthening growth in Europe.

The improving European economic environment provides optimism towards our pro-EU investment stance. We expect the June earnings season to be supportive towards our long-term investment strategy.


  • 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 (expressed in % terms)

    Calendar Year Performance YTD 2016 2015 2014 2013 Since
    Inception *
    Total Return 6.13 1.58 - - - 9.00
    Calendar Year Performance 1 month 3 month 6 month 9 month 12 month
    Total Return 1.3 5.21 9.55 11.22 12.49

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

    Top By Country*

     Country %
    France 20.9
    United States 18.8
    Global 9.7
    Germany 9.5
    Luxembourg 8.4
    Spain 6.4
    Malta 5.9
    Great Britain 4.1
    Greece 4.0
    Italy 3.9

    *including exposures to ETFs

    By Credit Rating*

    Holding %
    BBB 0
    BB 11.2
    B 19.6
    Less than B- 0.0
    Not Rated 2.9

    *excluding exposures to ETFs

  • Performance to Date (Euro)

    Top 10 Exposures

     Exposure %
    iShares Core S&P 500 ETF 9.7
    iShares S&P 500 6.4
    6.50% Lecta 2023 4.3
    7.50% Garfunkelux 2022 4.2
    iShares Euro HY Bond ETF 4.2
    Monsanto Co 4.1
    4.00% Ineos 2023 4.1
    6.00% Intralot 2021 4.0
    6.75% Unicredit 2166 3.9
    iShares MSCI EM ASIA ETF 3.5


    Currency Allocation

    Currency %
    EUR 69.7
    USD 30.3
    GBP 0.0


    Asset Allocation*

    Asset %
    Cash 2.9
    Bonds 39.8
    Equities 57.3

    *including exposures to ETFs

    Maturity Brackets

    Number of Years %
    0 – 5 years 30.8
    5 – 10 years 2.9
    10 years + 0.0


    Sector Breakdown

    Sector %
    ETFs 30.8
    Consumer, Cyclical 22.9
    Financial 17.6
    Basic Materials 14.6
    Consumer, Non-Cyclical 4.3
    Technology 2.4
    Energy 2.3
    Industrial 2.1


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.