• NEW_MALTA BOND FUNDS 2017-02

Malta Government Bond Fund

  • INVESTMENT OBJECTIVES

    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.

    STRUCTURE

    The Sub-Fund forms part of the CCFunds 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.

    MANAGEMENT

    The CC 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.

Overview

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

Commentary

December 2019 Commentary

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. The U.S. Treasury Yields continued to trade within a range, with the 10-year reaching a high of 1.954 percent for the month. Likewise, the German Bund moved upwards, closing the month at -0.19 percent, up from -0.28 percent at the beginning of the same month.

The CC Malta Government bond fund closed the year just shy of 9 percent, following the upward moves in yields experienced in the latter part of December, moves which were mitigated as the Manager opted in maintaining a slightly lower duration than its’ comparable benchmark, also supported by higher cash levels.

Moving into 2020, Government bonds should be supported by an accommodative ECB, while one should also be mindful of a turnaround in economic data points, which however the Manager still believes that clarity of a bottoming out is still blurred. In this regard, the Manager will continue to manage the fund’s duration in line economic developments.

Fact sheet

  • 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 up to 2%
    Management Fee 0.5%
    Currency Euro (€)
    ISIN numbers EUR - MT7000017992
    Minimum Initial Investment EUR 2,500
    Minimum Additional Investment EUR 500
    Fund Size €19.01 M
    Number of Holdings 32

    Top By Country*

    Country %
    Malta 97.5
    Spain 0.4
    Portugal 0.4
    France 0.3
    Belgium 0.2
    Slovenia 0.2
    Ireland 0.2
    Hungary 0.1
    Poland 0.1
    Turkey 0.1

    *including exposures to CIS and Cash

    Maturity Buckets*

    Age %
    0 – 5 years 10.2
    5 – 10 years 24.6
    10 years+ 43.2

    *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 8.98 -0.14 -1.62 2.22 8.73
    Rolling 12 month performance to last
    month end
    31/12/18 31/12/19 31/12/17   31/12/18 n/a   n/a n/a   n/a
    Share Class A- Total Return 8.98 -2.06 n/a n/a

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

  • Regional Allocation*

    Allocation %
    Malta 98.0
    Europe (excl. Malta) 2.0
    Other 0.1

    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    4.50% MGS 2028 10.2
    4.30% MGS 2033 6.0
    5.25% MGS 2030 5.7
    4.10% MGS 2034 5.5
    2.50% MGS 2036 4.7
    2.30% MGS 2029 4.6
    4.45% MGS 2032 4.5
    1.40% MGS 2024 4.5
    5.20% MGS 2031 4.4
    5.10% MGS 2029 4.3

    By Issuer*

    Issuer %
    Government of Malta 76.7
    Kingdom of Spain 0.4
    Government of Portugal 0.4
    Lyxor EuroMTS 3-5y IG ETF 0.3
    Kingdom of Belgium 0.2
    Republic of Slovenia 0.2
    Republic of Ireland 0.2
    Government of Hungary 0.1
    Republic of Poland 0.1
    Republic of Turkey 0.1

    *including exposures to CIS

    Historical Performance to Date

    Currency Allocation

    Currency %
    EUR 99.7
    Others 0.3

    Asset Allocation

    Asset %
    Cash 21.3
    Bonds 78.4
    CIS/ETFs 0.3

Legal Information

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