• CC FUNDS 2017_WEB BANNER USD-02

High Income Bond Fund USD 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
→ Dividend Re-Payment
→ Monitoring and Pricing
→ Entry and Exit Fees
→ Minimum Investment
→ Fund Rules at a Glance
→ Target Dividend
→ Other Information

Commentary

August 2018 Commentary

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.

U.S. High yield, continues to be supported by better than expected data in the U.S. In fact, data released over the summer showed that the US economy accelerated to 4.2% on an annualised quarterly basis in Q2, its fastest pace in nearly four years. These positive numbers and other macroeconomic indicators remain broadly supportive for the Federal Reserve’s plan in tightening its policies. In fact, as expected the comfort being brought forward from an economic front is cheering investors who are exposed to U.S. High yield debt which to-date registered a just below 2 percent gain, while in the month of August it traded flat at 0.053 percent gain. As expected U.S. Treasuries continue to be pressured the perceived interest rate hikes.

It is no secret that from a monetary tightening perspective, credit markets dislike interest rate hikes and this is why we believe that the asset class will suffer in the short-term. In this regard, is it also imperative to be very selective within the fixed-income asset class. However, we still believe that the recent volatility is at times overshooting when considering that the market is being very sensitive not to decisions or rumors, but mainly to tweets.

Factsheet

  • NAV/Price: Click here for latest price

    Sub-Fund Name High Income Bond Fund – USD
    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 USD ($)
    Dealing Frequency Weekly
    Fund Size $18.5 mn
    Number of Holdings 53
    Initial Charge up to 2.5%
    Management Fee 1%
    Dividend Payment Dates 31 March
    30 September
    ISIN numbers USD - MT7000007753
    Minimum Initial Investment $ 3,000
    Minimum Additional Investment $ 500

    Historical Performance to Date (USD)

    Performance History **

     Calendar Year Performance YTD 2017 2016 2015 Since
    Inception *
    Share Class A – Total Return -2.49 5.71 10.01 -2.59 12.67
    Rolling 12 month performance to last month end 30/08/17

    29/08/18

    31/08/16

    30/08/17

    26/08/15

    31/08/16

    Share Class A- Total Return -1.34 6.16 5.59

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

    Top 10 By Country*

    Country %
    United States 22.2
    Russia 12.3
    Brazil 9.7
    Great Britain 6.5
    Germany 5.2
    Luxembourg 3.7
    Indonesia 3.7
    China 3.6
    France 3.1
    Switzerland 2.8

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 68.7
    5 – 10 years 17.2
    10 years+ 2.5

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    5.625% Ineos 2024 3.7
    7.00% KB Home 2021 3.4
    5.375% Petrobras 2021 2.8
    4.75% Lennar 2022 2.7
    6.25% IGT 2022 2.2
    6.00% Icahn Ent. 2020 2.2
    6.25% GTH Finance 2020 2.2
    5.625% HSBC Holdings 2167 2.2
    4.25% Jaguar LandRover 2019 2.2
    1.25% KFW 2018 2.2

    By Credit Rating*

    Credit Rating %
    BBB 27.2
    BB 41.9
    B 25.1
    CCC+ 0.0
    Less than CCC+ 0.0
    Not Rated 0.0
    Average Credit Rating BB-

    *excluding exposures to CIS

    Currency Allocation

    Currency %
    USD 100.0
    Others 0.0

    Asset Allocation

    Currency %
    Cash 7.1
    Bonds 89.7
    CIS/ETFs 3.2

    Sector Breakdown*

    Sector %
    Financial 30.4
    Basic Materials 14.4
    Consumer, Cyclical 12.9
    Energy 9.7
    Communications 8.9
    Consumer, Non-Cyclical 8.5
    Government 2.2
    Industrial 1.7
    Utilities 1.1

    *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 (01.04.2017-31.03.2018) 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.