• CC FUNDS 2017_WEB BANNER EURO-02

High Income Euro Accumulator

  • INVESTMENT OBJECTIVES

    The CC High Income Bond Fund Accumulator aims to maximise the total level of return for investors through investment in a diversified portfolio of Bonds. To achieve this objective, the Investment Manager invests primarily in a diversified portfolio of over 65 intermediate term, corporate & government bonds with maturities of 10 years and less.

    STRUCTURE

    The Fund operates under the UCTIS structure which has become the gold standard for EU investment funds for retail investors. UCITS funds are ideal for retail investors as they have been specifically designed to ensure diversification and liquidity through distinct parameters, permitted asset classes and investment restrictions as set out in EU law.

    MANAGEMENT

    The Funds are managed by a group of investment professionals at Calamatta Cuschieri Investment Management Limited who monitor developments on a daily basis.

Overview

→ Investor Profile
→ Currencies Available
→ Dividend Payment
→ Monitoring and Pricing
→ Entry and Exit Fees
→ Minimum Investment
→ Fund Rules at a glance
→ Target dividend
→ Other Information

Commentary

October 2018 Commentary

If the first ten months of the year is anything to go by, then the final straight of 2018 is expected to keep investors edgy, as the trajectory of global assets seems as uncertain as they have been in recent years.

The month of October mirrored events, which characterised 2018 as a whole, especially for credit markets. US High Yield markets declined by 1.61%; European High Yield markets declined by 1.00%; Global Emerging Markets declined by 0.60%; and, as a result in a marked increase in risk aversion, interest rates European Sovereign bonds declined marginally during the October, with the total return on Malta Government Stocks, as registered by the CC Malta Government Bond Index being a positive 0.30%. Credit spreads keep widening on thin volumes. The US dollar has fallen below the 1.14 level against the euro. Investment Grade Corporates in EUR and USD have been out of favour for quite some time now whilst the moves registered in equities, particularly since mid-October, have left investor gasping for some air. In all fairness, the last couple of trading sessions of the month did offer some respite but it did little to tame investor’s wariness.

The world’s leading economies, the US and the Eurozone, do appear to be in good shape albeit some weak numbers have begun to cripple in. But it is Emerging Markets, the impact the strong US dollar has had on these economies this year, and the ramifications the trade wars are having on EM’s largest economy, China, which seems to be causing most of the jitters.

Credit investors have been relatively patient for most of the year in the hope of some form of good news, or market positivity to turn around investor sentiment but now they seemingly feel that time is running. 2018 has been extremely challenging, and the next 2 months are not expected to be any different. If markets continue to correct or if they rise from this point forth, the next question, or rather challenge would be how best to position portfolios for 2019.

With the lingering uncertainty caused by external factors in what could be described to be a healthy global economy (the US is moving from strength to strength, the Eurozone is timidly improving whilst EM economies remain robust), markets have become extremely fluid. Trade wars, Brexit talk, uncertainty emanating from Italy and Argentina continue to linger on. These are only a few of the ever-ending list of issues, which grapple the markets today and are expected to shape the remainder of 2019.

Factsheet

  • NAV/Price: Click here for latest Price

    Sub-Fund Name High Income Bond Fund – EUR (Accumulator)
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Advisor DF – Asset Allocation (Lugano, Switzerland)
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator Calamatta Cuschieri Fund Services Ltd.
    Auditors Deloitte Malta
    Legal Advisors Ganado & Associates
    Launch Date 30th May 2013
    Domicile Malta
    Currency Euro (€)
    Dealing Frequency Weekly
    Fund Size €47.2 mn
    Number of Holdings 92
    Initial Charge up to 2.5%
    Management Fee 1%
    Dividend Payment Dates 31 March
    30 September
    ISIN numbers EUR – MT7000007761
    Minimum Initial Investment € 2,500
    Minimum Additional Investment € 500

    Historical Performance to Date (Euro)

    Performance History **

    Calendar Year Performance  YTD 2017 2016 2015 Since
    Inception *
    Share Class A – Total Return -3.80 5.32 4.96 -0.89 11.03
    Rolling 12 month performance to last month end 25/10/17

    31/10/18

    26/10/16

    25/10/18

    28/10/15

    26/10/16

    29/10/14

    28/10/15

    Share Class A – Total Return -3.71 5.87  2.69  -0.02

    * The Accumulator Share Class (Class A) was launched on 29 May 2013.

    Top 10 By Country*

    Country %
    Germany 9.1
    France 8.9
    Spain 8.0
    Malta 7.6
    Great Britain 5.8
    Brazil 5.7
    Luxembourg 5.7
    United States 5.3
    Netherlands 4.2
    Switzerland 4.0

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 54.6
    5 – 10 years 17.5
    10 years+ 0.9

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    4.125% HP Pelzer 2024 2.2
    4.00% Ineos 2023 2.2
    4.00% Chemours 2026 2.0
    6.50% Lecta 2023 2.0
    6.25% Sylnab 2022 1.8
    7.50% Garfunkelux 2022 1.6
    5.00% Nidda Bondco 2025 1.6
    6.5% CMA cgm 2022 1.6
    4.00% Sappi Papier 2023 1.5
    7.25% Aldesa 2021 1.5

    By Credit Rating*

    Credit Rating %
    BBB 14.8
    BB 28.5
    B 31.6
    CCC+ 1.3
    Less than CCC+ 1.3
    Not Rated 6.8
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 86.9
    USD 13.1
    Others 0.0

    Asset Allocation

    Currency %
    Cash 10.0
    Bonds 86.6
    CIS/ETFs 3.5

    Sector Breakdown*

    Sector %
    Financial 23.7
    Consumer, Cyclical 13.7
    Consumer, Non-Cyclical 11.1
    Basic Materials 11.0
    Industrial 9.5
    Communications 6.3
    Energy 4.8
    Government 3.0
    Utilities 3.0

    *excluding exposures to CIS

Legal Information

THIS DOCUMENT HAS BEEN ISSUED BY CALAMATTA CUSCHIERI INVESTMENT SERVICES LTD (“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 CCIS 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. 

*LAST 12 MONTHS DISTRIBUTION YIELD (01/10/2017 – 30/09/2018) SOURCE: CALAMATTA CUSCHIERI INVESTMENT MANAGEMENT. PERFORMANCE FIGURES QUOTED REFER TO THE PAST AND ARE NOT A GUARANTEE FOR FUTURE PERFORMANCE. 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 HIGH INCOME BOND FUND IS A SUB FUND OF CALAMATTA CUSCHIERI FUND 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.