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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 CC 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 CC 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

August 2019 Commentary

Markets have seen equities enjoy a substantial climb for most of the year and even though August was a volatile month, the Eurostoxx 50 is still up 14.49% year-to-date, on track for its fourth-best calendar year since the financial crisis.

The month of August proved to be turbulent due to increased uncertainties surrounding the trade war saga. Indeed, it kicked-off with the U.S. slapping a 10% tariff on $300 billion of Chinese imports from September, while China retaliated by announcing a further 5-10% on $75 billion worth of goods by the beginning of September.

These moves were the latest punches that spooked investors and raised fears that the global economy will dip into a recession. This led to a downbeat mood that hit risky assets, while the U.S yield curve inverted as investors continued to fear a downturn in the global economy. Elsewhere, in Europe, ECB officials considered a stimulus package, as the trade war saga continued to pose risks on global growth. Proposals being discussed are a further cut into the deposit rate, while possibly re-activating the quantitative easing programme.

In addition, the euro-area was also faced with political disruptions, namely in Italy with a fall in the coalition government, which triggered an upward move in Italian yields and to other peripherals. That said, towards the end of the month we saw some form of stabilization following the high odds of a new coalition government formed by the Five Star Movement and the Democratic party.

More concerning signs came from the data front, which ultimately will put more pressure on the ECB to take the necessary easing decisions. In fact, the German economy contracted 0.1 percent quarter on quarter and net external demand contributed negatively to the GDP, as exports decreased with a higher magnitude than imports.

Brexit continues to be topical with the Sterling slumping to lower levels, after Boris Johnson said he would schedule the formal reopening of parliament for Oct 14 – a highly controversial move that would restrict parliamentary time before the Brexit deadline and increase the chances of U.K leaving EU with no deal.

The Investment Manager (IM) remains of the opinion that names held in the fund have further to gain as talks between the U.S and China will commence again in October. Nonetheless, investors should remain cautious due to the uncertainties from the Trade War. The (IM) has built positions in high conviction names and further aims to benefit the portfolio by adapting to the market scenario. With this in mind, the IM is confident that the stocks in the portfolio should generate alpha for the fund and boost performance.

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 CC Fund Services (Malta) Limited.
    Auditors Deloitte Malta
    Legal Advisors Ganado & Associates
    Launch Date 1st November 2013
    Domicile Malta
    Currency Euro (€)
    Dealing Frequency Daily
    Fund Size €7.1 M
    Number of Holdings 23
    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 44.5
    France 29.8
    Malta 10.9
    United States 7.8
    Netherlands 4.5

    *including exposures to ETFs

    Top Equities

    Equity %
    Allianz SE 6.5
    SAP SE 5.0
    L’Oreal 4.9
    Deutsche Post 4.8
    BMIT Technologies 4.8

     

    Top ETFs

    ETF %
    Lyxor ETF Eurostoxx 600 H-care 7.0
    iShares Eur600 Oil&Gas 5.6
    iShares Eur600 BasicResources 4.0
    Lyxor ETF Eurostoxx 600 Tech 3.8
    Lyxor DAX ETF 3.2

     

  • Historical Performance to Date (EUR)

    Performance History

    Calendar Year Performance YTD 2018 2017 2016 Since
    Inception*
    Total Return 15.80 -18.36 10.39 -0.93  11.78
    Calendar Year Performance 1-month 3-month 6-month 9-month 12-month
    Total Return -1.56 3.82 3.61 8.13 -4.01

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

    Currency Allocation

    Currency %
    EUR 92.4
    USD 7.6
    GBP 0.0

    Asset Allocation

    Asset %
    Cash 6.1
    Equities 93.9

    Sector Breakdown

    Sector %
    ETFs 23.5
    Financial 18.5
    Technology 17.0
    Consumer, Non-Cyclical 12.7
    Consumer, Cyclical 9.1
    Industrial 9.0
    Communications 4.0

     

Legal Information

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 CC Euro Equity Fund is a sub fund of  CCFundsSicav 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 CCFunds Sicav 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 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.
 
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.