Fondo dei Titoli di Stato maltesi

  • Investment objectives

    The first and foremost debt securities and money market instruments issued or guaranteed by the Government of Malta.


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


    The Maltese Government Securities Fund is managed by a group of investment experts serving Calamatta Cuschieri Investment Management Limited, and who monitors market developments on a daily basis.


→ 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


June 2020 Commentary

In May, the Central Bank of Malta’s Business Conditions Index fell slightly when compared with the previous month, suggesting that economic conditions remain significantly below their long-term average. By contrast, the Economic Sentiment Indicator (ESI) rose when compared with the previous month as confidence improved across almost all sub-components, particularly in the construction sector. However, sentiment among retailers fell. Despite the improvement in sentiment compared to April, the ESI remains well below the historical average and still suggests low confidence levels.

The latest data available, being as at the month of April, indicates that the volume of retail trade contracted significantly in annual terms. Similarly, growth in industrial production turned negative. The unemployment rate rose as the number of registered unemployed increased further. However, the unemployment rate remains low from a historical perspective. Consumer price inflation eased in April. The annual inflation rate based on the Harmonised Index of Consumer Prices fell to 1.1%, while inflation based on the Retail Price Index edged down to 0.8%.

Developments in public finance include a deficit on the cash-based Consolidated Fund which widened significantly compared with a year earlier, reflecting a significant rise in government expenditure and a large drop in revenue in view of COVID-19.

Given the current scenario, undoubtedly public finances will be materially impacted primarily also when considering the recent accommodative measures to combat covid-19, in addition to the economic strains primarily from the tourism sector which accounts to circa 30 percent of Malta’s GDP. However, the Manager still believes that the economy should still outperform its European peers as recovery scenarios take place, especially given the low level of infections currently present.

The CC Malta Government bond fund continued to outperform its peers following the Managers decision to hold a comparatively lower duration. Indeed on a year-to-date basis, the fund continues to outperform the Malta Government Bond Total Return Index by circa 70 bps. The Manager believes that QE remains supportive for sovereign bonds, the long end of the curve remains very sensitive to forward looking inflation expectations, despite the fact that covid-19 are containing inflationary moves. Going forward the Manager will deploy the current cash levels into the medium end of the curve, while taking active positions in foreign sovereign exposures.


  • NAV/Price: Latest Price available here

    Sub-Fund Name Malta Government Bond Fund
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Type UCITS
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator CC Fund Services (Malta) Limited.
    Auditors Deloitte Malta
    Legal Advisors Ganado Advocates
    Launch Date 21st April 2017
    Domicile Malta
    Dealing Frequency Daily
    Initial Charge from 0% up to 2.5%
    Management Fee 0.5%
    Currency Euro (€)
    ISIN numbers EUR - MT7000017992
    Minimum Initial Investment EUR 2,500
    Minimum Additional Investment EUR 500
    Fund Size €23.73 M
    Number of Holdings 31

    Top By Country*

    Country %
    Malta 91.7
    Portugal 1.9
    Spain 1.3
    Slovenia 1.3
    Poland 1.2
    France 0.3
    Belgium 0.2
    Ireland 0.1
    Austria 0.0

    *including exposures to CIS and Cash

    Maturity Buckets*

    Age %
    0 – 5 years 9.2
    5 – 10 years 32.5
    10 years+ 34.8

    *based on the Next Call Date

    Performance History

    Calendar Year Performance  YTD   2019 2018 2017 Since
    Share Class A- Total Return -1.10 8.98 -0.68 - 7.53
    Total Return 1- month 3- month 6- month 9- month 12-  month
    Share Class A- Total Return -0.56 -0.55 -1.10 -2.71 3.09

    *The Accumulator Share Class (Class A) was launched on 21 April 2017

  • Regional Allocation*

    Allocation %
    Malta 98.7
    Other 1.3

    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    4.50% MGS 2028 7.8
    4.45% MGS 2032 6.7
    5.1% MGS 2029 5.1
    5.25% MGS 2030 4.9
    2.3% MGS 2029 4.8
    4.3% MGS 2033 4.7
    2.5% MGS 2036 4.4
    4.1% MGS 2034 4.4
    1.4% MGS 2024 3.6
    5.2% MGS 2031 3.4

    By Issuer*

    Issuer %
    Government of Malta 69.0
    Government of Portugal 3.3
    Kingdom of Spain 1.4
    Republic of Slovenia 1.3
    Republic of Poland 1.3
    Lyxor EuroMTS 3-5y IG ETF 0.3
    Kingdom of Belgium 0.2
    Republic of Ireland 0.1
    Government of Italy 0.0

    *including exposures to CIS

    Performance ad Oggi

    Currency Allocation

    Currency %
    EUR 98.7
    Others 1.3

    Asset Allocation

    Asset %
    Cash 23.2
    Bonds 76.5
    CIS/ETFs 0.3

Informazioni Legali

This document has been issued by Calamatta Cuschieri Investment Management Limited (“CCIM”). CCFunds Sicav plc is licensed by the Malta Financial Services Authority. CCIM 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. It does not constitute an offer or invitation by CCIM to any person to buy or sell any investment. Any investment should be based on the full details contained in the

Prospectus, Key Investor Information Document (KIID) and any Offering Supplement thereto available from www.cc.com.mt. No person should act upon any recommendation in this document without first obtaining professional investment advice. Security values may go up as well as down and past performance is not necessarily indicative of future performance, nor a reliable guide to future performance. Currency fluctuations may affect the value of investments and any income derived. This document may not be reproduced either in whole, or in part, without the written permission of CCIM. CCIM does not accept liability for any actions, proceedings, costs, demands, expenses, loss or damage arising from the use of all or part of this document.

Approved and issued by Calamatta Cuschieri Investment Management Limited, Ewropa Business Centre, Triq Dun Karm, B’Kara, Malta, BKR 9034. Company registration number C53094. Additional information can be found at www.cc.com.mt