• 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

August 2020 Commentary

Domestic sovereign yields continue to also be conditioned by peripheral moves, which over the past month widened, as expectations for a quicker than expected economic recovery took hold, resulting in a steeper sovereign yield curve.

The CC Malta Government bond fund registered a monthly loss of 0.11%, whilst it continued to outperform its peers given the active management of primarily increasing exposure to non-domestic peripherals and comparatively lower duration. The former proved as a catalyst in generating higher carry for the fund, while the latter aided with the widening yields. The fund’s duration remains comparatively lower to its internal benchmark, and the Manager’s forward looking view is to align accordingly by tapping the medium end of the curve.

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 €27.45 M
    Number of Holdings 32

    Top By Country*

    Country %
    Malta 89.0
    France 3.9
    Portugal 1.7
    Spain 1.2
    Slovenia 1.1
    Poland 1.1
    Belgium 0.2
    Ireland 0.1
    Austria 0.0

    *including exposures to CIS and Cash

    Maturity Buckets*

    Age %
    0 – 5 years 8.2
    5 – 10 years 31.1
    10 years+ 34.4

    *based on the Next Call Date

    Performance History

    Calendar Year Performance  YTD   2019 2018 2017 Since
    Inception*
    Share Class A- Total Return -0.42 8.98 -0.68  - 8.27
    Total Return 1- month 3- month 6- month 9- month 12-  month
    Share Class A- Total Return -0.11 0.12 -1.48 -0.56 -2.17

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

  • Regional Allocation*

    Allocation %
    Malta 89.3
    Europe (excl. Malta) 10.7
    Other 0.0

    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    4.50% MGS 2028 7.7
    4.45% MGS 2032 6.5
    5.1% MGS 2029 4.7
    5.25% MGS 2030 4.7
    2.3% MGS 2029 4.5
    2.5% MGS 2036 4.3
    4.3% MGS 2033 4.3
    4.1% MGS 2034 4.1
    5.2% MGS 2031 4.0
    1.4% MGS 2024 3.3

    By Issuer*

    Issuer %
    Government of Malta 66.8
    Lyxor EuroMTS 3-5y IG ETF 3.9
    Government of Portugal 3.1
    Kingdom of Spain 1.2
    Republic of Slovenia 1.2
    Republic of Poland 1.1
    Kingdom of Belgium 0.2
    Republic of Ireland 0.1
    Government of Italy 0.0

    *including exposures to CIS

    Historical Performance to Date

    Currency Allocation

    Currency %
    EUR 98.9
    Others 1.1

    Asset Allocation

    Asset %
    Cash 22.5
    Bonds 73.7
    CIS/ETFs 3.9

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