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.


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


April 2018 Commentary

During the month of April, yields on Malta Government Stocks declined whereas those on their European counterparts rose. In fact the yield on the Benchmark 10-year Bund rose from 0.49% to 0.56% during the month, whereas the CC Malta Government Stock Index (Total Gross Return) registered a positive 0.25%, reflective of the fact that yields on Malta Governments Stocks tightened with respect to their European counterparts.

Throughout the month, the MGBF received €1mn worth of subscriptions, and 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 MGSs ended the month in positive territory, and this contributed to the satisfactory performance of the Malta Government Bond Fund during the month of April.

European Economic data for the month came in line with expectations, and there were not any imminent changes in investor’s views on trajectory of interest rates, with investors not anticipating any rate hikes till at least 2019 in the EU, however we can’t oversee the improving economic situation. In addition, interest rates and the size of the QE program are expected to take centre stage in 2018. We are of the opinion that Eurozone bond yields will slowly grind higher as a result of persistent global growth, and a probable tapering of the ECB’s stimulus program.

The Eurozone economy however seems to have peaked in the last quarter of 2017, however ECB’s Draghi’s tone remained upbeat about the outlook for the Eurozone. Having said that, yields are expected to rise from current lows, and we did in fact witness the German Bund edging higher for the month. Also, we expected QE and CSPP to be terminated by the end of the year, and the market seems to be commensurate with this view.

Fact sheet

  • Top By Country*

    Country %
    Malta 89.4
    Spain 1.9
    Italy 1.7
    Portugal 1.7
    France 1.5
    Belgium 1.1
    Slovenia 0.9
    Ireland 0.8
    Hungary 0.4
    Turkey 0.3

    *including exposures to CIS and Cash

    By Issuer*

    Issuer %
    Government of Malta 78.7
    Kingdom of Spain 1.9
    Government of Italy 1.7
    Government of Portugal 1.7
    Lyxor EuroMTS 3-5y IG ETF 1.5
    Kingdom of Belgium 1.1
    Republic of Slovenia 1.0
    Republic of Ireland 0.8
    Government of Hungary 0.4
    Republic of Turkey 0.3

    *including exposures to CIS

    Maturity Buckets*

    Age %
    0 – 5 years 19.9
    5 – 10 years 8.9
    10 years+ 58.7

    *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 -0.35 -0.04 0.36 -0.66 0.19 0.10
    Rolling 12 month performance to last
    month end
    28/04/1730/04/18 n/an/a n/an/a n/an/a n/an/a
    Share Class A- Total Return 0.19 n/a n/a n/a n/a

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

  • Regional Allocation*

    Allocation %
    Malta 89.3
    Europe (excl. Malta) 10.4
    Other 0.3


    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    2.30% MGS 2029 7.2
    4.50% MGS 2028 7.0
    5.25% MGS 2030 6.7
    4.10% MGS 2034 6.3
    4.65% MGS 2032 5.7
    4.30% MGS 2022 5.5
    5.00% MGS 2021 5.1
    4.45% MGS 2032 4.8
    5.20% MGS 2031 4.4
    4.80% MGS 2028 4.0

    Historical Performance to Date

    Currency Allocation

    Currency %
    EUR 99.0
    Others 1.0

    Asset Allocation

    Currency %
    Cash 610.5
    Bonds 88.0
    CIS/ETFs 1.5

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