• 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 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.

    MANAGEMENT

    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.

Overview

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

Commentary

October 2018 Commentary

With credit and equities (risky assets) selling off for most of the month of October, the risk averse investor emerged, by increasing holdings to European sovereign bonds, sending yields lower and subsequently bond prices marginally higher for the month. The risk-off trade was witnessed pretty much across all assets, and European peripheral sovereign bonds were not spared of this movement either. The world’s leading economies, the US and the Eurozone, do appear to be in good shape albeit some weak numbers have begun to cripple in. But it is Emerging Markets (EM), the impact the strong US dollar has had on these economies this year, and the ramifications the trade wars are having on EM’s largest economy, China, which seems to be causing most of the jitters, which were the main contributing factors behind the recent wave of risk-off mode. Within this scenario, the MGBF returned a positive 0.13% during the month.

The recent trend of inflows into the Fund persisted, and during the month of October, the MGBF continued to grow in size, closing off the month in excess of €11.5m as subscriptions received totalled ca€1.00m. Acting cautiously and opportunistically given the volatility witnessed in European sovereign bonds of late particularly emanating from the Italian budgetary saga, the Investment Managers sought to reduce cash particularly at the short-to-medium segment of the MGS yield curve, whilst playing the longer-end of the curve upon intra-month corrections in MGS prices.

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 Calamatta Cuschieri Fund Services Ltd.
    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 €11.55 M
    Number of Holdings 36

    Top By Country*

    Country %
    Malta 96.2
    Spain 0.7
    Portugal 0.6
    Italy 0.5
    France 0.5
    Belgium 0.4
    Slovenia 0.3
    Ireland 0.3
    Hungary 0.2
    Turkey 0.1

    *including exposures to CIS and Cash

    Maturity Buckets*

    Age %
    0 – 5 years 11.6
    5 – 10 years 17.5
    10 years+ 58.5

    *based on the Next Call Date

    Performance History

    Calendar Year Performance  YTD 1-month 3-month 6-month 12-month Since
    Inception *
    Share Class A- Total Return -2.00 -0.13 -0.77 -1.66 -2.30 -1.56
    Rolling 12 month performance to last
    month end
    31/10/17

    31/10/18

    n/a

    n/a

    n/a

    n/a

    n/a

    n/a

    n/a

    n/a

    Share Class A- Total Return -2.30 n/a n/a n/a n/a

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

  • Regional Allocation*

    Allocation %
    Malta 96.2
    Europe (excl. Malta) 3.7
    Other 0.1

    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    4.50% MGS 2028 10.7
    2.30% MGS 2029 8.3
    4.10% MGS 2034 7.8
    5.25% MGS 2030 7.2
    4.45% MGS 2032 6.7
    5.10% MGS 2029 5.5
    4.65% MGS 2032 5.3
    5.20% MGS 2031 4.8
    4.30% MGS 2022 3.7
    3.30% MGS 2024 3.3

    By Issuer*

    Issuer %
    Government of Malta 84.8
    Kingdom of Spain 0.7
    Government of Portugal 0.6
    Government of Italy 0.6
    Lyxor EuroMTS 3-5y IG ETF 0.5
    Kingdom of Belgium 0.4
    Republic of Slovenia 0.3
    Republic of Ireland 0.3
    Government of Hungary 0.2
    Republic of Turkey 0.1

    *including exposures to CIS

    Historical Performance to Date

    Currency Allocation

    Currency %
    EUR 99.6
    Others 0.4

    Asset Allocation

    Currency %
    Cash 11.4
    Bonds 88.1
    CIS/ETFs 0.5

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