• 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

June 2018 Commentary

The month of June was characterised in a marked increase in risk aversion. Risk-off mode and flight to safety trade were prevalent for the better part of June as geo-political tensions in the form of trade wars between the US and their main trading partners as well as complications in the post Italian election derailed risk assets, sending spreads in disarray.

The major gainers from this volatility was clearly Investment Grade bonds, notably high grade sovereign bonds, as the majority of benchmark yields on European sovereign bonds within the AAA and BBB bucket declined, resulting in a positive price performance. In line with their Eurozone counterparts, Malta Government Stocks had a positive month as yields decline across the longer end of the yield curve. This brought about an increase of 0.38% in the CC Malta Government Stock Index (Total Gross Return).

Throughout the month, the MGBF continued to grow in size as it received €1.25mn worth of subscriptions. The Investment Managers managed to capture to volatile bouts witnessed during the month to put this money to work, and average down on positions and cheaper levels. This strategy paid off as the risk-off mode enabled the fund to register a positive price performance.

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 €6.92mn
    Number of Holdings 35

    Top By Country*

    Country %
    Malta 93.4
    Spain 1.2
    Portugal 1.0
    Italy 1.0
    France 0.9
    Belgium 0.7
    Slovenia 0.6
    Ireland 0.5
    Hungary 0.3
    Turkey 0.2

    *including exposures to CIS and Cash

    Maturity Buckets*

    Age %
    0 – 5 years 15.1
    5 – 10 years 6.1
    10 years+ 57.5

    *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 -1.05 0.22 -0.74 -1.05 -0.46 -0.60
    Rolling 12 month performance to last
    month end
    30/06/1730/06/18 n/an/a n/an/a n/an/a n/an/a
    Share Class A- Total Return -0.46 n/a n/a n/a n/a

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

  • By Issuer*

    Issuer %
    Government of Malta 73.5
    Kingdom of Spain 1.2
    Government of Portugal 1.1
    Government of Italy 1.0
    Lyxor EuroMTS 3-5y IG ETF 0.9
    Kingdom of Belgium 0.7
    Republic of Slovenia 0.6
    Republic of Ireland 0.5
    Government of Hungary 0.3
    Republic of Turkey 0.2

    *including exposures to CIS

    Regional Allocation*

    Allocation %
    Malta 93.3
    Europe (excl. Malta) 6.5
    Other 0.2

    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    4.50% MGS 2028 6.3
    4.10% MGS 2034 6.0
    4.45% MGS 2032 4.8
    2.30% MGS 2029 4.7
    5.25% MGS 2030 4.6
    4.65% MGS 2032 4.4
    5.10% MGS 2029 4.3
    5.20% MGS 2031 4.3
    2.50% MGS 2036 4.1
    4.30% MGS 2022 4.0

    Historical Performance to Date

    Currency Allocation

    Currency %
    EUR 99.3
    Others 0.7

    Asset Allocation

    Currency %
    Cash 19.8
    Bonds 79.3
    CIS/ETFs 0.9

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