Malta Government Bond Fund


    The Malta Government Bond Fund aims to maximise the total level of return for investors through investment, primarily, in debt securities and money market instruments issued or guaranteed by the Government of Malta.


    The Sub-Fund forms part of the Calamatta Cuschieri Funds Sicav plc and operates under the UCITS structure which has become the gold standard for EU investment funds for retail investors. UCITS funds are ideal for retail investors as they have been specifically designed to ensure diversification and liquidity through distinct parameters, permitted asset classes and investment restrictions as set out in EU law.


    The Malta Government Bond Fund is managed by a group of investment professionals at Calamatta Cuschieri Investment Management Limited who monitor developments on a daily basis.


→ Investor Profile
→ Currencies Available
→ Dividend Payment
→ Monitoring and Pricing
→ Entry and Exit Fees
→ Minimum Investment
→ Fund Rules at a Glance
→ Other Information


November 2017 Commentary

Yields on Eurozone government bonds spreads were relatively volatile during the month of the November but nonetheless range traded and ended off the month more or less, where they started. No major events in November, merely profit taking and investor positioning for 2018 and preservation of performance heading into the New Year.

Yields on Malta Government Stocks mirrored almost perfectly the movement in their European counterparts, and this was reflected in the performance of the Malta Government Bond Fund during the month of November. With inflows into the fund relatively muted, the Investment Manager maintained exposures intact without excessively exposing the fund to interest rate risk. Having said this, the Investment Manager sought to gain exposure to dollar-denominated sovereign debt issued by Eurozone governments, in an attempt to boost the carry trade of the Fund.

Central banks remain intent on not placing a lid on growth for the time being, especially with inflationary numbers remaining well below their targets. With central banks expected to keep real policy rates at current levels for the better part of 2018, and the ECB continuing to expand its balance sheet, suppressing term premium, real yields are likely to remain low. Despite the tapering of ECB QE, we would not exclude Euro sovereign spreads narrowing further during 2018, on the back of a concoction of improving credit fundamentals and strong growth as well as the ECB’s determination to act slowly in reducing its current accommodative stance.

Fact sheet

  • Top By Country*

    Country %
    Malta 87.2
    Spain 2.3
    Italy 2.1
    Portugal 2.0
    Belgium 1.3
    Slovenia 1.2
    France 1.1
    Hungary 1.0

    *including exposures to CIS and Cash

    By Issuer*

    Issuer %
    Government of Malta 77.3
    Kingdom of Spain 2.4
    Government of Italy 2.1
    Government of Portugal 2.0
    Kingdom of Belgium 1.4
    Republic of Slovenia 1.2
    Lyxor EuroMTS 3-5y IG ETF 1.1
    Government of Hungary 1.1
    Republic of Ireland 1.1
    Republic of Poland 0.7

    *excluding exposures to CIS

    Maturity Buckets*

    Age %
    0 – 5 years 16.7
    5 – 10 years 14.3
    10 years+ 57.4

    *based on the Next Call Date

    Performance History (expressed in % terms)

    Calendar Year Performance  YTD 1-month 3-month 6-month 12-month Since
    Inception *
    Share Class A- Total Return 0.82 0.06 0.37 n/a n/a 0.82
    Rolling 12 month performance to last
    month end















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

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


  • Regional Allocation*

    Allocation %
    Malta 86.9
    Europe (excl. Malta) 13.1


    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    5.10% MGS 2029 8.1
    4.65% MGS 2032 7.9
    4.50% MGS 2028 7.6
    5.20% MGS 2031 6.6
    2.30% MGS 2029 6.3
    4.80% MGS 2028 6.2
    4.45% MGS 2032 5.9
    5.10% MGS 2022 5.7
    5.25% MGS 20301 4.9
    4.30% MGS 2022 4.9

    Historical Performance to Date

    Currency Allocation

    Currency %
    EUR 98.1
    Others 1.9

    Asset Allocation

    Currency %
    Cash 9.7
    Bonds 89.2
    CIS/ETFs 1.1

Legal Information

Important Information

This document has been issued by Calamatta Cuschieri Investment Management Limited (“CCIM”). Calamatta Cuschieri Funds SICAV p.l.c. 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