• 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

January 2019 Commentary

The long awaited boost in markets occurred in January; the dovish approach taken by both the Federal Reserve (Fed) and the European Central Bank (ECB) allowed markets to have a positive retracement. Indeed, credit markets were in need of some sort of comfort being from a monetary aspect or from the geopolitical front following a negative 2018. In fact, markets applauded the dovish stance amid concerns of slow global growth and geopolitical uncertainty.

Latest data from China continued to display signs of softness specifically inflation being less than expected, while manufacturing activity contracted for the second time in January. In this regard, we should continue to see further stimulus from the fiscal and monetary front. Other regions have also showed weakness with Germany facing the consequences of the Trade War. This was witnessed in the latest industrial figures that registered its worst performance in more than 5 years.

Moreover, Brexit and Italy are other uncertainties for 2019. The latter was dragged into a recession with uncertainty increasing due to the very unpopular economic measures being implemented by the populist government, which are however seen to be very welcomed by southern Italy citizens.

A positive for credit markets in January was the Fed’s dovish tone with the market now pricing no interest rate hikes for 2019.This led to a tighter U.S. Treasury Curve and a weaker dollar. Furthermore, the ECB also softened its tone on the back of geopolitical issues.

For 2019, we are more constructive given the recent supporting monetary stance, which should be a positive trigger for HY debt. In the month of January, the fund outperformed the market as the Managers opted in dipping into credit that was harshly impacted in 2018. The Managers will continue to seek value in credit stories with attractive valuations and adjust the cash levels accordingly.

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 €46.1 mn
    Number of Holdings 91
    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 2018 2017 2016 Since
    Inception*
    Share Class A – Total Return 1.92 -6.45 5.32 -0.89 10.05
    Rolling 12 month performance to last month end 31/01/1830/01/19 25/01/1731/01/18 27/01/1625/01/17 28/01/1527/01/16
    Share Class A – Total Return -4.79 4.93 6.84  -2.99

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

    Top 10 By Country*

    Country %
    France 12.0
    Germany 9.5
    Spain 8.0
    Malta 7.8
    Brazil 5.9
    UK 5.6
    USA 4.6
    Switzerland 4.0
    Russia 3.0
    Ireland 2.7

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 51.4
    5 – 10 years 19.4
    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 2.1
    5.00% Nidda Bondco 2025 2.0
    6.50% Lecta 2023 1.9
    5.00% Tendam 2024 1.9
    6.25% Sylnab 2022 1.8
    6.75% Promontoria 2023 1.7
    6.5% CMA CGM 2022 1.6
    4.00% Sappi Papier 2023 1.5

    By Credit Rating*

    Credit Rating %
    BBB 15.8
    BB 26.5
    B 33.9
    CCC+ 1.3
    Less than CCC+ 0.7
    Not Rated 7.7
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    EUR 86.6
    USD 13.4
    Others 0.0

    Asset Allocation

    Currency %
    Cash 10.6
    Bonds 85.8
    CIS/ETFs 3.5

    Sector Breakdown*

    Sector %
    Financial 22.2
    Consumer, Cyclical 13.5
    Basic Materials 11.6
    Consumer, Non-Cyclical 11.5
    Industrial 9.0
    Communications 6.4
    Energy 4.9
    Government 4.7
    Utilities 1.6

    *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.