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.


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


May 2017 Commentary

In the aftermath of the French elections, markets witnessed an element of weakness with core European government yields edging higher, despite the market having already priced-in the outcome of the election. Economic data remained relatively robust yet market direction continued to be dictated by expectations of market participants at how the European Central Bank will communicate its strategy of slowly reducing its ultra accommodative monetary policy stance.

In fact, the ECB has pointed to political risks as one the major contributing factor justifying a very accommodative monetary policy stance. Given that the bulk of the political uncertainty on France is now a thing of the past, the Investment Manager will be closely monitoring the changes in communication by the ECB on this front, particularly in next month’s ECB rate setting meeting June both on inflation as well as on expectations on growth.

With inflation slowly creeping upwards and growth remaining seemingly sustainable for the time being, we do not exclude any tapering from the ECB by the end of the year, bar any surprises.

The Investment Manager sought to gradually build exposures to MGS at the belly of the curve, most notably the 2021-2029 region without excessively exposing the fund to interest rate risk, in line with his view of a bear flattening curve in medium term.

Fact sheet

  • Top By Country*

    Country %
    Malta 96.3
    France 3.7

    *including exposures to CIS and Cash

    By Issuer

    Issuer %
    Government of Malta 92.3
    Other 3.7


    Maturity Buckets*

    Age %
    0 – 5 years 16.5
    5 – 10 years 33.0
    10 years+ 42.1

    *based on the Next Call Date

    Performance History (expressed in % terms)

    Calendar Year Performance  YTD 1-month 3-month 6-month 12-month Since
    Inception *
    Share Class A- Total Return n/a n/a n/a n/a n/a -0.02
    Rolling 12 month performance to last
    month end
    n/a n/a n/a n/a n/a
    Share Class A- Total Return n/a n/a n/a n/a n/a

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


    Asset Allocation

    Currency %
    Cash 3.9
    Bonds 92.3
    CIS/ETFs 3.7
  • Regional Allocation*

    Allocation %
    Malta 96.3
    Europe (excl. Malta) 3.7


    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    5.10% MGS 2022 14.7
    5.10% MGS 2029 13.7
    5.50% MGS 2023 10.2
    5.00% MGS 2021 8.3
    4.30% MGS 2022 8.2
    3.30% MGS 2024 8.1
    5.25% MGS 2030 7.0
    5.20% MGS 2031 5.6
    2.30% MGS 2029 5.3
    4.80% MGS 2028 4.0

    Performance to Date

    Currency Allocation

    Currency %
    EUR 100.0
    Others 0.0

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, 5th Floor, Valletta Buildings, South Street, Valletta VLT 1103. Company registration number C53094. Additional information can be found at www.cc.com.mt