• NEW_ ITALIAN INNER BOND FUNDS 2017-04

Fondo dei Titoli di Stato maltesi

  • Obiettivi di investimento

    L’obiettivo del Comparto è di cercare di massimizzare il livello totale di rendimento per gli investitori attraverso investimenti, in primo luogo, in titoli di debito e strumenti del mercato monetario emessi o garantiti dal governo di Malta.

    Struttura

    Il Comparto fa parte del Fondo CCFunds Sicav plc ed è amministrato secondo la struttura dell’OICVM, che è divenuta lo standard per i fondi di investimento nell’UE, per gli investitori al dettaglio. I fondi OICVM sono ideali per gli investitori al dettaglio, poiché sono stati progettati appositamente per garantire diversificazione e liquidità attraverso specifici parametri, consentendo classi di attività e restrizioni agli investimenti secondo quanto stabilito dal diritto comunitario.

    Gestione

    Il Fondo dei Titoli di Stato maltesi è gestito da un gruppo di esperti in materia di investimenti al servizio di Calamatta Cuschieri Investment Management Limited, e che monitorano gli sviluppi del mercato su base giornaliera.

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

April 2019 Commentary

The pace at which core government bond yields continued to decline abated during the month of April and were pretty flat for most of the month. For risky assets, this was a positive as benchmark yields remained anchored at low levels and offered less bouts of volatility. However, we did experience some volatility, albeit contained, in core rates, mainly on the back of Brexit chatter, with April being a relatively muted month, particularly with the holiday season towards the mid-way mark.

This accommodative stance by both the Fed and ECB kept sovereign yields anchored, and total returns were, in the main, generated via the carry trade, resulting in yet another positive month for the Malta Government Bond Fund.

That said, we must not get carried away as the outlook for global growth still remains anchored at bearish territory, whilst the US–China deal should not be taken as a done deal as tensions between both parties could yet emerge. In addition to that, markets have been startled by the negative demand shock from China, which, when combined with market uneasiness and uncertainty, we have seen a number of global companies beginning to put their investment plans on hold.

The recent trend of inflows into the Fund persisted, and during the quarter, the MGBF continued to grow in size, closing off the month in excess of €16.0mn. In line with flight to quality trade, the Investment Manager sought to deploy cash on account by purchasing long-dated government bonds, with a long-exposure to duration. This strategy continued to pay off, as investors continue to perceive that the dovish stance by major Central Banks will prevail throughout the second quarter, while it possibility also kick-in in the third quarter depending on macro economic data.

Factsheet

  • 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 €16.01 m
    Number of Holdings 35

    Top By Country*

    Country %
    Malta 97.2
    Spain 0.5
    Portugal 0.4
    France 0.4
    Belgium 0.3
    Slovenia 0.3
    Ireland 0.2
    Hungary 0.1
    Poland 0.1
    Turkey 0.1

    *including exposures to CIS and Cash

    Maturity Buckets*

    Age %
    0 – 5 years 8.4
    5 – 10 years 21.1
    10 years+ 59.7

    *based on the Next Call Date

    Performance History

    Calendar Year Performance  YTD 1-month 3-month 6-month Since
    Inception*
    Share Class A- Total Return 2.94 0.09 1.53 4.33 2.70
    Rolling 12 month performance to last
    month end
    30/04/18

    30/04/19

    n/a

    n/a

    n/a

    n/a

    n/a

    n/a

    Share Class A- Total Return 2.60 n/a n/a n/a

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

  • Regional Allocation*

    Allocation %
    Malta 97.6
    Europe (excl. Malta) 2.3
    Other 0.1

    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    4.50% MGS 2028 10.6
    2.30% MGS 2029 7.2
    4.10% MGS 2034 7.1
    5.25% MGS 2030 6.7
    1.40% MGS 2024 5.3
    4.45% MGS 2032 5.1
    5.20% MGS 2031 5.0
    5.10% MGS 2029 4.8
    2.50% MGS 2036 4.5
    4.30% MGS 2033 4.3

    By Issuer*

    Issuer %
    Government of Malta 87.6
    Kingdom of Spain 0.5
    Government of Portugal 0.5
    Lyxor EuroMTS 3-5y IG ETF 0.4
    Kingdom of Belgium 0.3
    Republic of Slovenia 0.3
    Republic of Ireland 0.2
    Government of Hungary 0.1
    Republic of Turkey 0.1
    Republic of Poland 0.1

    *including exposures to CIS

    Performance ad Oggi

    Currency Allocation

    Currency %
    EUR 99.7
    Others 0.3

    Asset Allocation

    Currency %
    Cash 10.0
    Bonds 89.6
    CIS/ETFs 0.4

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