Investment Objectives
The Fund aims to achieve long-term capital growth by investing in a diversified portfolio of collective investment schemes.
The Investment Manager will invest in collective investment schemes including UCITS, exchange-traded funds and other collective investment undertakings) that invest in a broad range of assets, including debt and equity securities. In instances, this may involve investing in CISs that are managed by the Investment Manager.
The Investment Manager aims to build a diversified portfolio spread across several industries and sectors.
The Fund is actively managed, not managed by reference to any index.
Investor Profile
A typical investor in the CC Growth Strategy Fund is:
- Seeking to achieve long-term capital appreciation
- Seeking an actively managed & diversified investment in equity funds and bond funds
- Planning to hold their investment for at least 5 years
Fund Rules
- The fund may invest up to 40% of its assets in CISs that are permitted to invest 65% or more of their assets in money market instruments.
- The fund may invest up to 30% of its assets in CISs that are permitted to invest 65% or more of their assets in investment-grade bonds.
- The fund may invest up to 50% of its assets in CISs that are permitted to invest 65% or more of their assets in high yield bonds.
- The fund may invest up to 100% of its assets in CISs that are permitted to invest 65% or more of their assets in equity securities.
A quick introduction to our Global High Income Bond Fund
Key Facts & Performance
Fund Manager
Jordan Portelli
Jordan is CIO at CC Finance Group. He has extensive experience in research and portfolio management with various institutions. Today he is responsible of the group’s investment strategy and manages credit and multi-asset strategies.
PRICE (EUR)
€
ASSET CLASS
Mixed
MIN. INITIAL INVESTMENT
€5000
FUND TYPE
UCITS
BASE CURRENCY
EUR
5 year performance*
0%
*View Performance History below
Inception Date: 03 Nov 2021
ISIN: MT7000030672
Bloomberg Ticker: CCPGSCA MV
Distribution Yield (%): -
Underlying Yield (%): -
Distribution: Nil
Total Net Assets: €5.12 mn
Month end NAV in EUR: 103.44
Number of Holdings: 15
Auditors: Deloitte Malta
Legal Advisor: GANADO Advocates
Custodian: Sparkasse Bank Malta p.l.c.
Performance To Date (EUR)
Top 10 Holdings
9.9%
8.7%
8.0%
7.7%
7.3%
6.8%
6.6%
6.4%
5.9%
5.6%
Risk & Reward Profile
Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top Holdings by Country
33.9%
23.2%
22.8%
14.8%
Asset Allocation
Performance History (EUR)*
1 Year
10.63%
3 Year
3.87%
Currency Allocation
Interested in this product?
-
Investment Objectives
The Fund aims to achieve long-term capital growth by investing in a diversified portfolio of collective investment schemes.
The Investment Manager will invest in collective investment schemes including UCITS, exchange-traded funds and other collective investment undertakings) that invest in a broad range of assets, including debt and equity securities. In instances, this may involve investing in CISs that are managed by the Investment Manager.
The Investment Manager aims to build a diversified portfolio spread across several industries and sectors.
The Fund is actively managed, not managed by reference to any index.
-
Investor profile
A typical investor in the CC Growth Strategy Fund is:
- Seeking to achieve long-term capital appreciation
- Seeking an actively managed & diversified investment in equity funds and bond funds
- Planning to hold their investment for at least 5 years
-
Fund Rules
The Investment Manager of the CC High Income Bond Funds – EUR and USD has the duty to ensure that the underlying investments of the funds are well diversified. According to the prospectus, the investment manager has to abide by a number of investment restrictions to safeguard the value of the assets
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Commentary
December 2024
Introduction
December closed a rather positive year for financial markets in a more sombre note, as the world comes to grips to the new reality of a second Trump administration. Uncertainty is the name of the game as the spread between policies announced on the campaign trail and the measures that will become reality through the quagmire of Washington politics will make a very big difference for equity, bonds and currencies markets alike. As it stands, there are several points that should focus market participants’ attention over the coming months. First, there is the US inflation that could be on the up again should tariffs be enforced between the largest trading powerhouses, namely US, China and the Eurozone. Should it happen, there will be no case anymore for the benevolent monetary policies scenario on which markets counted so far for support. Secondly, the Trump policy agenda, how much of it will be enforced and its timeline are of paramount importance particularly for US markets. Immigration policies can become a very large factor in US economic growth, while anything different from the extension of corporate tax cuts enforced during the first Trump term could break the current streak in equity markets. The relationship between the President and the Republican-controlled Congress will be critical in this regard. The resolution of the Ukraine conflict will determine how the Eurozone economy will ultimately behave in the next year. Finally, the option Chinese authorities will choose in terms of dealing with the current domestic economic malaise could shape up the global economic output for the year. Whether it will be through protecting their domestic market via tariffs or pumping domestic output through more public debt, markets will respond in kind. Overall, next year will not be short of eventful.
From the monetary front, the FED maintained a cautious stance reducing its benchmark interest rate by another 25 basis points during its December meeting, as inflation showed signs of cooling. However, the subsequent speech from FED Chair Powell was rather hawkish as it signalled that further rate cuts would be data-dependent and would consider future economic measures taken. In Europe, the ECB cut its deposit rate to 3% marking its fourth reduction of the year. The move was driven by persistent economic uncertainty and reflected the ECB focus on stimulating growth while inflation remains above target. As in Japan and England central bankers did not change their key policy rates during the month, the consensus is that worldwide monetary policies have been set into a waiting mode until the new US administration starts putting into practice its economic agenda.
In equity markets, while December has not played the seasonality factor as expected, it neither delivered a strongly negative performance, thus effectively preserving the impressive performance achieved by global equities in 2024. This was of course another outstanding proof of American exceptionalism in global markets in line with what we have been used to in the last 15 years since the Great Financial Crisis. However, what is really striking is that this is just the fourth time since 1928 that the S&P500 index manages two consecutive years with returns higher than 20%. While very few were expecting this as at the beginning of 2023 (when actually everybody was waiting for the next economic recession in the US), statistically wise, this is not a foregone conclusion for a negative performance in 2025. Notwithstanding the highly elevated valuation levels by historical standards, the underlying economic conditions put the US again in the driving seat as regards market returns expectations for the next calendar year. Analysts seem in agreement that on a more conflict-prone geopolitical landscape set up by protective economic agendas worldwide, on a comparative basis US remains the best geography to deploy capital. Expectations regarding political and economic changes unravelling on the back of a potential trading war triggered by the new US administration point out towards America as the winning economy on a comparative basis. This simulation game, could never really quite catch all potential consequences in all contemplated scenarios, so the above market consensus might eventually turn out to have been wrong. The reality is that right now active managers can hardly find attractive options outside the US.
Market Environment and Performance
In December, Eurozone Composite PMI, albeit revised higher, pointed to a contraction in private business activity as manufacturing (45.1 v 45.2 in November) deteriorated further while services (51.6 v 49.5 in November) pointed to a renewed upturn in output. Overall, new business continued to fall consequent to weak domestic and export demand. On the price front, inflation, accelerated to 2.4% in December 2024. Core inflation remained steady at 2.7% while services inflation edged higher to 4.0. The labour market, a beacon of hope for the Eurozone, remained healthy, with the unemployment rate, still revolving at notable lows.
The US economy continued to demonstrate notable resilience. Leading indicators, notably PMI figures, remained overall robust, indicating a strong monthly rise in overall output, primarily driven by the services sector (PMI at 56.8). Manufacturing extended the contractionary momentum. Meanwhile, inflation marked a third successive increase. On the employment front, the U.S. economy added just 256k jobs, the most in nine months, exceeding expectations. The unemployment rate held steady at 4.1%, confirming US’ labour market resilience.
In December, global equity markets have somewhat disappointed, as the November upward movement in global equities ignited by the US election has fizzled out. As bond yields have also strongly moved upward during the month, the general feeling was a sort of wakening up contemplating the possible outcomes of a Trump administration and a more hawkish monetary stance on financial markets in 2025. As the US dollar continued strengthening, the comparative geographical performance was exactly in reverse of the previous month record, with the US strongly underperforming. The S&P 500 index lost 0.84% based on the usual end of the year “window dressing”, but also on some profit taking on November’s gains. European markets actually went up mostly pushed by German equities as the upcoming snap elections are expected to at least bring some improvements on the current local economic malaise. The EuroStoxx50 gained 1.35% while the DAX gained 1.44%.
Fund Performance
Performance for the month of December proved negative, noting a 1.64% loss for the CC Growth Strategy Fund – in line with the moves witnessed across equity markets at large during such period.
Market and Investment Outlook
Going forward, the Manager believes that recent developments regarding economic data compounded with monetary policy messaging (particularly in the US) and uncertainty regarding the actual policies to be put in place by the new US administration have all contributed to a change of tone in financial markets. While only the positives from expected economic policies seems to have been initially assessed by markets, and more interest rate cuts were deemed as a done deal, now markets believe interest rate hikes are actually in the cards as an answer to new trade wars bringing about renewed inflationary pressures. Therefore, the general approach becomes caution given expected impact on global economic growth and inflation outlook. On such backdrop, the Manager remains sensitive to markets volatility currently unfolding, which might set the tone for the entire 2025. The specific approach combining a diversified allocation with heightened exposure to quality companies and business models benefitting from secular growth trends agnostic to specific macroeconomic developments remains in place. The Manager acts more opportunistically in deploying capital in specific sectors where the overriding sentiment warrants a more attractive upside potential over the shorter timeframe, and using cash levels as dry powder to be used during market overshooting episodes.
-
Key facts & performance
Fund Manager
Jordan Portelli
Jordan is CIO at CC Finance Group. He has extensive experience in research and portfolio management with various institutions. Today he is responsible of the group’s investment strategy and manages credit and multi-asset strategies.
PRICE (EUR)
€
ASSET CLASS
Mixed
MIN. INITIAL INVESTMENT
€5000
FUND TYPE
UCITS
BASE CURRENCY
EUR
5 year performance*
0%
*View Performance History below
Inception Date: 03 Nov 2021
ISIN: MT7000030672
Bloomberg Ticker: CCPGSCA MV
Distribution Yield (%): -
Underlying Yield (%): -
Distribution: Nil
Total Net Assets: €5.12 mn
Month end NAV in EUR: 103.44
Number of Holdings: 15
Auditors: Deloitte Malta
Legal Advisor: GANADO Advocates
Custodian: Sparkasse Bank Malta p.l.c.
Performance To Date (EUR)
Risk & Reward Profile
1234567Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top 10 Holdings
Morgan Stanley Investment Fund9.9%
CC Funds SICAV plc - High Income Bond Fund8.7%
Invesco Pan European Equity Fund8.0%
Fundsmith SICAV - Equity Fund7.7%
Comgest Growth plc - Europe Opportunities7.3%
CC Funds SICAV plc - Global Opportunities Fund6.8%
UBS (Lux) Bond Fund - Euro High Yield6.6%
FTGF ClearBridge US Value Fund6.4%
Robeco BP US Large Cap Equities5.9%
Vontobel Fund - US Equity5.6%
Top Holdings by Country
European Region33.9%
U.S.23.2%
International22.8%
Global14.8%
Asset Allocation
Fund 94.6%Cash 5.4%ETF 0.0%Performance History (EUR)*
1 Year
10.63%
3 Year
3.87%
* The Accumulator Share Class (Class A) was launched on 3 November 2021** Returns quoted net of TER. Entry and exit charges may reduce returns for investors.Currency Allocation
Euro 94.1%USD 5.9%GBP 0.0% -
Downloads
Commentary
December 2024
Introduction
December closed a rather positive year for financial markets in a more sombre note, as the world comes to grips to the new reality of a second Trump administration. Uncertainty is the name of the game as the spread between policies announced on the campaign trail and the measures that will become reality through the quagmire of Washington politics will make a very big difference for equity, bonds and currencies markets alike. As it stands, there are several points that should focus market participants’ attention over the coming months. First, there is the US inflation that could be on the up again should tariffs be enforced between the largest trading powerhouses, namely US, China and the Eurozone. Should it happen, there will be no case anymore for the benevolent monetary policies scenario on which markets counted so far for support. Secondly, the Trump policy agenda, how much of it will be enforced and its timeline are of paramount importance particularly for US markets. Immigration policies can become a very large factor in US economic growth, while anything different from the extension of corporate tax cuts enforced during the first Trump term could break the current streak in equity markets. The relationship between the President and the Republican-controlled Congress will be critical in this regard. The resolution of the Ukraine conflict will determine how the Eurozone economy will ultimately behave in the next year. Finally, the option Chinese authorities will choose in terms of dealing with the current domestic economic malaise could shape up the global economic output for the year. Whether it will be through protecting their domestic market via tariffs or pumping domestic output through more public debt, markets will respond in kind. Overall, next year will not be short of eventful.
From the monetary front, the FED maintained a cautious stance reducing its benchmark interest rate by another 25 basis points during its December meeting, as inflation showed signs of cooling. However, the subsequent speech from FED Chair Powell was rather hawkish as it signalled that further rate cuts would be data-dependent and would consider future economic measures taken. In Europe, the ECB cut its deposit rate to 3% marking its fourth reduction of the year. The move was driven by persistent economic uncertainty and reflected the ECB focus on stimulating growth while inflation remains above target. As in Japan and England central bankers did not change their key policy rates during the month, the consensus is that worldwide monetary policies have been set into a waiting mode until the new US administration starts putting into practice its economic agenda.
In equity markets, while December has not played the seasonality factor as expected, it neither delivered a strongly negative performance, thus effectively preserving the impressive performance achieved by global equities in 2024. This was of course another outstanding proof of American exceptionalism in global markets in line with what we have been used to in the last 15 years since the Great Financial Crisis. However, what is really striking is that this is just the fourth time since 1928 that the S&P500 index manages two consecutive years with returns higher than 20%. While very few were expecting this as at the beginning of 2023 (when actually everybody was waiting for the next economic recession in the US), statistically wise, this is not a foregone conclusion for a negative performance in 2025. Notwithstanding the highly elevated valuation levels by historical standards, the underlying economic conditions put the US again in the driving seat as regards market returns expectations for the next calendar year. Analysts seem in agreement that on a more conflict-prone geopolitical landscape set up by protective economic agendas worldwide, on a comparative basis US remains the best geography to deploy capital. Expectations regarding political and economic changes unravelling on the back of a potential trading war triggered by the new US administration point out towards America as the winning economy on a comparative basis. This simulation game, could never really quite catch all potential consequences in all contemplated scenarios, so the above market consensus might eventually turn out to have been wrong. The reality is that right now active managers can hardly find attractive options outside the US.
Market Environment and Performance
In December, Eurozone Composite PMI, albeit revised higher, pointed to a contraction in private business activity as manufacturing (45.1 v 45.2 in November) deteriorated further while services (51.6 v 49.5 in November) pointed to a renewed upturn in output. Overall, new business continued to fall consequent to weak domestic and export demand. On the price front, inflation, accelerated to 2.4% in December 2024. Core inflation remained steady at 2.7% while services inflation edged higher to 4.0. The labour market, a beacon of hope for the Eurozone, remained healthy, with the unemployment rate, still revolving at notable lows.
The US economy continued to demonstrate notable resilience. Leading indicators, notably PMI figures, remained overall robust, indicating a strong monthly rise in overall output, primarily driven by the services sector (PMI at 56.8). Manufacturing extended the contractionary momentum. Meanwhile, inflation marked a third successive increase. On the employment front, the U.S. economy added just 256k jobs, the most in nine months, exceeding expectations. The unemployment rate held steady at 4.1%, confirming US’ labour market resilience.
In December, global equity markets have somewhat disappointed, as the November upward movement in global equities ignited by the US election has fizzled out. As bond yields have also strongly moved upward during the month, the general feeling was a sort of wakening up contemplating the possible outcomes of a Trump administration and a more hawkish monetary stance on financial markets in 2025. As the US dollar continued strengthening, the comparative geographical performance was exactly in reverse of the previous month record, with the US strongly underperforming. The S&P 500 index lost 0.84% based on the usual end of the year “window dressing”, but also on some profit taking on November’s gains. European markets actually went up mostly pushed by German equities as the upcoming snap elections are expected to at least bring some improvements on the current local economic malaise. The EuroStoxx50 gained 1.35% while the DAX gained 1.44%.
Fund Performance
Performance for the month of December proved negative, noting a 1.64% loss for the CC Growth Strategy Fund – in line with the moves witnessed across equity markets at large during such period.
Market and Investment Outlook
Going forward, the Manager believes that recent developments regarding economic data compounded with monetary policy messaging (particularly in the US) and uncertainty regarding the actual policies to be put in place by the new US administration have all contributed to a change of tone in financial markets. While only the positives from expected economic policies seems to have been initially assessed by markets, and more interest rate cuts were deemed as a done deal, now markets believe interest rate hikes are actually in the cards as an answer to new trade wars bringing about renewed inflationary pressures. Therefore, the general approach becomes caution given expected impact on global economic growth and inflation outlook. On such backdrop, the Manager remains sensitive to markets volatility currently unfolding, which might set the tone for the entire 2025. The specific approach combining a diversified allocation with heightened exposure to quality companies and business models benefitting from secular growth trends agnostic to specific macroeconomic developments remains in place. The Manager acts more opportunistically in deploying capital in specific sectors where the overriding sentiment warrants a more attractive upside potential over the shorter timeframe, and using cash levels as dry powder to be used during market overshooting episodes.