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Euro Equity Fund

  • INVESTMENT OBJECTIVES

    Diversifying into alternative asset classes is becoming increasingly important. With interest rates at all-time lows and investors seeking returns, equities are looking more attractive.  The Euro Equity Fund aims to achieve a higher level of return for investors by investing, mainly, in a diversified portfolio of blue-chip equities (such as stocks and shares). The Euro Equity Fund invests in Blue Chip companies trading on major European markets. Blue Chip companies are known to weather downturns and operate profitably in the face of adverse economic conditions, which helps to contribute to their long record of stable and reliable growth.

    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
→ Top up
→ Monitoring and Pricing
→ Entry and Exit Fees
→ Minimum Investment
→ Fund Rules at a glance
→ Target dividend
→ Other Information

Commentary

December 2018 Commentary

The final quarter of 2018 was not good for equity markets. Investors have had to contend with rising US central bank interest rates, a sharp slowdown in Eurozone business confidence, weaker Chinese growth and rising geopolitical concerns (including Brexit, Italian politics and the ongoing trade conflict between the US and China). This all proved an indigestible cocktail for investors.

Valuations of stocks in general are attractive at these levels. However, further deterioration out of China will result in a revision of Price Targets lower. At this stage of the business cycle, the US elections up in 2 years and China’s economy showing signs of weakness, the Investment Manager is of the view that measures will be taken to stimulate growth.

If this is the case, we should see prices recover from here. If no measures are taken and additional tariffs are put into place then the situation changes. (a binary event – which in the short term will result in increased volatility).

However, so far, the high volatility seen Q418 and moving into Q119 was caused by increased negative sentiment pricing in a deteriorating scenario (moving into recession at a much faster pace) rather than the deterioration itself. Somethings that we had seen end 2015 to beginning 2016 and did not materialise resulting in a strong rebound in equity prices without any measures put in place.

The Investment Manager (IM) has built positions in high conviction names. He is of the opinion that the stocks in the portfolio should generate alpha for the fund and improve performance as we head into 2019.

Factsheet

  • NAV/Price: Click Here for latest price

    Sub-Fund Name Euro Equity Fund
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Advisor n/a
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator Calamatta Cuschieri Fund Services Ltd.
    Auditors Deloitte Malta
    Legal Advisors Ganado & Associates
    Launch Date 1st November 2013
    Domicile Malta
    Currency Euro (€)
    Dealing Frequency Daily
    Fund Size €6.7 M
    Number of Holdings 24
    Initial Charge up to 2.5%
    Management Fee 1.35%
    Dividend Payment Dates N/A
    ISIN numbers EUR – MT7000009031
    Minimum Initial Investment € 2,500
    Minimum Additional Investment € 500

    Country Exposure*

    Country %
    Germany 50.0
    France 29.6
    Netherlands 7.1
    United States 7.0
    China 4.0
    Malta 2.3

    *including exposures to ETFs

    Top Equities

    Equity %
    ASML NV 7.1
    LVMH 6.2
    Allianz 5.8
    Renault SA 5.6
    DeutschePost AG 5.3

    Top ETFs

    ETF %
    Lyxor ETF Eurostoxx 600 Tech 7.3
    Lyxor ETF Eurostoxx 600 H-care 6.6
    Lyxor ETF Eurostoxx 600 Banks 4.8
    iShares Eur600 BasicResources 4.5
    iShares Eur 600 Oil&Gas 4.0
  • Historical Performance to Date (EUR)

    Performance History

    Calendar Year Performance YTD 2017 2016 2015 2014 Since
    Inception *
    Total Return -18.36 10.39 -0.93 5.37  1.27 -3.47
    Calendar Year Performance 1-month 3-month 6-month 9-month 12-month
    Total Return -6.63 -16.59 -16.57 -17.69 -18.36

    * The Euro Equity Fund was launched on 31 October 2013.

    Currency Allocation

    Currency %
    EUR 91.8
    USD 8.2
    GBP 0.0

    Asset Allocation

    Asset %
    Cash 0.2
    Equities 99.8

    Sector Breakdown

    Sector %
    ETFs 29.9
    Financial 22.7
    Consumer, Cyclical 19.8
    Technology 9.8
    Industrial 8.1
    Consumer, Non-Cyclical 4.3
    Communications 4.2
    Energy 1.8

Legal Information

* The Fund achieved a performance increase of 10.92% during the period 1st November 2013- 31st October 2015 (Source: Calamatta Cuschieri Fund Services). Calamatta Cuschieri Investment Services (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. The Euro Equity Fund is a sub fund of Calamatta Cuschieri Funds Sicav plc and is authorised by the MFSA. Performance figures quoted refer to the past and are not a guarantee for future performance. The value of the investment may rise as well as fall. Investors may incur a subscription charge and may be subject to tax on distributions. Investment should be based on the CCFS PLC prospectus and KIID document, which may be obtained from CCIS offices. Issued by CCIS.
 
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. CC 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 CC.
 
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