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Distributore Malta Income Fund Euro

  • INVESTMENT OBJECTIVES

    The objective of the sub-fund is to attempt to maximize the total return return for investors through investments, mainly in debt securities and money market instruments issued or guaranteed by the Government of Malta, and issued shares and corporate bonds and listed on the Malta Stock Exchange.

    STRUCTURE

    The Sub-Fund is part of the Calamatta Cuschieri Sicav plc Fund and is administered according to the structure of the UCITS, which has become the standard for investment funds in the EU, for retail investors. The UCITS funds are ideal for retail investors, since they have been designed specifically to guarantee diversification and liquidity through specific parameters, allowing classes of assets and investment restrictions in accordance with EU law.

    MANAGEMENT

    The Distributor Malta Income Fund Euro fund is managed by a group of investment experts serving Calamatta Cuschieri Investment Management Limited, and who monitor market developments on a daily basis.

    KEY FEATURES OF THE BOTTOM

    The Fund aims to maximize total return for investors by investing at least 85% of the sub-fund’s assets in debt securities and money market instruments issued by the Government of Malta as well as in shares and corporate bonds issued and listed on the Malta Stock Exchange . In pursuing this objective, the Investment Manager will have to allocate up to 15% of its assets in Maltese Shares, Maltese Bonds and invest up to 15% of its assets directly or indirectly through eligible exchanged funds and / or suitable collective investment schemes non-Maltese assets ”which include debt securities and / or money market instruments issued or guaranteed by governments of EU, EEA and OECD Member States other than Malta. The Investment Manager will not target debt securities of a particular duration, coupon or credit rating. At all times, the Investment Manager will maintain an exposure of at least 25% to the equities listed on the Malta Stock Exchange and will maintain at least 25% of direct exposure to Maltese Bonds, ie Malta Governemnt and / or local corporate bonds issued and listed on the Malta Stock Exchange.

Panoramica

→ Profilo dell’Investitore
→ Valute Disponibili
→ Pagamento dei dividendi
→ Monitoraggio e prezzi
→ Commissione di entrata e di uscita
→ Investimento minimo
→ Vademecum sulla gestione dei Fondi
→ Altre informazioni

Commentary

December 2019 Commentary

In December, we saw a stabilisation of prices compared to the increased volatility we have seen in the month of November. Core government bond yields trended north in the month of December, as investors switched to risky assets on the basis that the U.S. and China agreed a phase-one deal to ratchet down the trade war in addition to positive PMI figures.

As at the end of December, the fund had a 49 percent exposure to bonds, 32 percent exposure to equities and 19 percent exposure to cash. The cash position will give the IMs an opportunity to strength those positions which they believe will generate alpha to the fund’s performance.

The IMs are confident that the selected local companies will continue to benefit and will continue to strive to capture this positivity and translate it in gains for shareholders. The IMs plan is to continue adding to the current allocations should markets permit.

FactSheet

  • NAV/Price: Latest Price available here

    Sub-Fund Name Malta Income Fund – Class B (Distribution) Investor Shares – EUR
    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 Advocates
    Launch Date 10/04/2018
    Domicile Malta
    Currency Euro (€)
    Dealing Frequency Daily
    Fund Size  €13.87 M
    Number of Holdings 50
    Initial Charge up to 2.50%
    Management Fee 0.80%
    Dividend Payment Dates 30 April – 31 October
    ISIN numbers MT7000022281
    Minimum Initial Investment € 2,500
    Minimum Additional Investment € 500

    Performance ad Oggi *

    Performance History

    Calendar Year Performance  YTD 1-month 3-month 6-month 12- month Since Inception*
    Share Class B- Total Return 3.37 0.22 -1.60 -0.87 3.36 3.69
    Rolling 12 month performance to last month end 31/12/18 31/12/19 n/a   n/a n/a   n/a n/a     n/a n/a   n/a
    Share Class B- Total Return 3.37  n/a  n/a  n/a  n/a

    * The Distributor Share Class (Class B) was launched on 10 April 2018.

    ** 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.

    Sector Allocation *

    Sector %
    Consumer, Cyclical 44.5
    Communications 7.4
    Financial 6.6
    Industrial 6.0
    Consumer, Non-Cyclical 3.1
    Government 2.9
    Energy 1.5

    *excluding exposures to CIS

  • By Issuer *

    Issuer %
    PG plc 5.3
    GO Plc 4.1
    Bank of Valletta plc 3.1
    Tigne Mall plc 3.0
    Government of Malta 2.9
    Stivala Group Finance plc 2.8
    SD Finance plc 2.8
    IHI plc 2.7
    Eden Finance 2.6
    Bortex Group Finance plc 2.4

    * including exposures to CIS, excluding Cash

    Top 10 Exposures %

    Exposure %
    PG Plc 5.3
    GO plc 4.1
    Tigne Mall plc 3.0
    4.00% Stivala Fin plc 2027 2.8
    4.35% SD Finance 2027 2.7
    3.75% TUM Invest plc 2029 2.6
    4.00% Eden Finance plc 2027 2.5
    3.75% Bortex 2027 2.4
    3.85% Hili Finance plc 2028 2.3
    HSBC Bank Malta plc 2.2

    Top 10 by Country *

    Country %
    Malta 100.0
    Other n/a

    *including exposures to CIS and Cash

    Currency Allocation

    Currency %
    EUR 100.0
    Others 0.0

    Asset Allocation

    Asset %
    Cash 18.9
    Bonds 48.9
    Equities 32.2

    Maturity Buckets*

    Age %
    0 – 5 years 1.3
    5 – 10 years 43.7
    10 years+ 3.9

    *based on the Next Call Date

Informazioni Legali

Questo documento è stato pubblicato da Calamatta Cuschieri Investment Services Ltd (“CCIS”). CC è un membro fondatore della Borsa di Malta ed è stato autorizzato a svolgere servizi di investimento mobiliare a Malta, dall’autorità finanziaria del governo di Malta. Questo documento è stato redatto per puro scopo informativo e non deve essere interpretato come una consulenza finanziaria. Questo documento non costituisce un’offerta o un invito, da parte di CC, rivolto a qualsiasi persona a comprare o vedere alcun strumento finanziario. CC ha stilato questo documento basandosi sulle informazioni ottenute da risorse che si ritiene siano affidabili, ma sulle quali non è stata compiuta una verifica personale. Questo documento non può essere riprodotto ne per intero ne in parte, senza un’autorizzazione scritta da parte di CC.