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


April 2020 Commentary

Data released in April for the month of March revealed that the Central Bank of Malta’s Business Conditions Index (BCI) fell when compared with the previous month, and continued to suggest that the economy was operating below, but close to its long-term average. The European Commission’s Economic Sentiment Indicator (ESI) for March also declined and remained below its level a year earlier. Similar to the BCI, it also stood below its long-term average. Sentiment weakened in all sectors, except construction, with the retail and services sectors recording the largest losses. The ESI partly reflected responses given after the emergence of COVID-19 in Malta. In February, annual growth in the number of tourist arrivals remained strong and close to that recorded a month earlier. Given the subsequent closure of Malta’s airport and seaports by Government, these are expected to dramatically decrease throughout the rest of 2020.

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.

The CC Malta Government bond fund continued to outperform its peers following the Managers decision to hold a comparatively lower duration. Despite this 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.


  • 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 €21.92 M
    Number of Holdings 32

    Top By Country*

    Country %
    Malta 97.0
    Spain 0.7
    Portugal 0.3
    France 0.3
    Belgium 0.2
    Slovenia 0.2
    Ireland 0.2
    Poland 0.1
    Turkey 0.1

    *including exposures to CIS and Cash

    Maturity Buckets*

    Age %
    0 – 5 years 8.9
    5 – 10 years 24.5
    10 years+ 44.2

    *based on the Next Call Date

    Performance History

    Calendar Year Performance  YTD   2019 2018 2017 Since
    Share Class A- Total Return 0.01 8.98 -0.68 8.74
    Total Return 1- month 3- month 6- month 9- month 12-  month
    Share Class A- Total Return 0.57 -1.34 -0.78 0.60  5.88

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

  • Regional Allocation*

    Allocation %
    Malta 97.5
    Europe (excl. Malta) 2.5
    Other 0.1

    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    4.50% MGS 2028 8.7
    4.45% MGS 2032 7.5
    4.3% MGS 2033 5.4
    5.25% MGS 2030 5.4
     2.5% MGS 2036 5.2
    2.30% MGS 2029 5.1
    4.10% MGS 2034 5.0
    1.4% MGS 2024 4.0
    5.20% MGS 2031 3.8
    5.10% MGS 2029 3.8

    By Issuer*

    Issuer %
    Government of Malta 75.3
    Government of Portugal 0.8
    Kingdom of Spain 0.7
    Lyxor EuroMTS 3-5y IG ETF 0.3
    Kingdom of Belgium 0.2
    Republic of Slovenia 0.2
    Republic of Ireland 0.2
    Republic of Poland 0.1
    Republic of Turkey 0.1

    *including exposures to CIS

    Performance ad Oggi

    Currency Allocation

    Currency %
    EUR 99.8
    Others 0.2

    Asset Allocation

    Asset %
    Cash 22.1
    Bonds 77.6
    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