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Global High Income Bond Fund

  • INVESTMENT OBJECTIVES

    The CC Global High Income Bond Fund Distributor 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

October 2019 Commentary

In the month of October, markets welcomed signs of easing tensions between the U.S. and China, with a remarkable progress in terms of signing phase one of a trade deal, while the Federal Reserve cut interest rates for the third time in 2019. From the GDP front, real GDP growth for the third quarter showed that the US economy had not slowed as much as had been expected and grew at an annualised pace of 1.9 percent.

Furthermore, data out of the U.S continue

d to lose steam with the U.S economy showing signs of weakness. The more concerning development of late, however, has been that the manufacturing weakness seems to be gradually seeping into the broader economy, with cracks beginning to appear in the U.S consumer.

In the month of October, U.S. HY was up by 0.23 percent as the risk-off mode experience in the initial days of the month swayed off as investors digested the news that a phase 1 trade deal was to be signed. Treasury yields trended higher, while the more risky credit inched higher in terms of price levels.

The fund maintained its upward trend with a monthly gain of 0.36 percent, closing the month with a year-to-date gain of 8.92 percent. In the month, the Manager opted in increasing its Russian exposure by participating in the newly issued Veon- the third largest Telco in Russia with exposures also to other attractive geographical allocations. Going forward the Manager will continue to focus to maintain the fund’s favourable risk-adjusted returns.

Factsheet

  • NAV/Price: Click here for latest price

    Sub-Fund Name Global High Income Bond Fund (Distributor)
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Advisor DF – Asset Allocation (Lugano, Switzerland)
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator CC Fund Services (Malta) Limited
    Auditors Deloitte Malta
    Legal Advisors Ganado & Associates
    Launch Date 1st September 2011
    Domicile Malta
    Currency USD ($)
    Dealing Frequency Weekly
    Fund Size $17.6 mn
    Number of Holdings 45
    Initial Charge up to 2.5%
    Management Fee 1%
    Dividend Payment Dates 31 March 30 September
    ISIN numbers USD – MT7000003067
    Minimum Initial Investment $ 3,000
    Minimum Additional Investment $ 500

    Historical Performance to Date (USD)

    Performance History **

    Calendar Year Performance 2013 2012 2011*** Since Inception***
    Share Class D – Total Return 3.11 11.99  -1.05 38.01
    Calendar Year Performance YTD 2018 2017 2016
    Share Class D- Total Return 8.92 -3.22 5.70 10.02
    Rolling 12 month performance to last month end 31/10/18

     30/10/19

    25/10/17

     31/10/18

    26/10/16

     25/10/17

    28/10/15

     26/10/16

    Share Class D- Total Return 8.45 -2.69 6.55 5.53

    *Data in the chart does not include any dividends distributed since the Fund was launched on 1st September 2011.

    **Performance figures are calculated using the Value Added Monthly Index “VAMI” principle. The VAMI calculates the total return gained by an investor from reinvestment of any dividends and additional interest gained through compounding.

    *** The Distributor Share Class (Class D) was launched on 01 September 2011.

    Top 10 By Country*

    Country %
    USA 25.9
    Russia 16.7
    Brazil 11.5
    UK 7.5
    Turkey 4.6
    Indonesia 4.0
    China 3.1
    Switzerland 3.1
    Italy 2.4
    France 2.4

    *including exposures to CIS

  • Maturity Buckets*

    Age %
    0 – 5 years 64.7
    5 – 10 years 11.0
    10 years+ 3.0

    *based on the Next Call Date

    Top 10 Exposures %

    Exposure %
    iShared USD HY Corp 6.2
    7.00% KB Home 2021 3.7
    4.75% Lennar 2022 3.0
    5.625% Ineos 2024 2.9
    5.299% Petrobras 2025 2.5
    5.25% Sberbank 2023 2.4
    6.25% IGT 2022 2.4
    8.00% Unicredit Perp 2.4
    6.35% Republic of Turkey 2.4
    4.10% MMC Norilsk 2023 2.3

    By Credit Rating*

    Credit Rating %
    BBB 26.3
    BB 34.5
    B 21.2
    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 11.0
    Bonds 80.9
    CIS/ETFs 8.2

    Sector Breakdown*

    Sector %
    Financial 20.2
    Basic Materials 15.6
    Consumer, Cyclical 13.9
    Communications 9.0
    Energy 8.2
    Consumer, Non-Cyclical 5.7
    Government 2.4
    Industrial 2.3
    Technology 2.3

    *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 6 MONTHS DISTRIBUTION YIELD (ANNUALISED) (31/03/2019 – 30/09/2019) 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 CCFUNDS 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.