• NEW_BOND FUNDS 2017-04

Malta Income Fund Euro Accumulator

  • INVESTMENT OBJECTIVES

    The objective of the Sub-Fund is to endeavour 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, and equities and corporate bonds issued and listed on the Malta Stock Exchange.

    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 Income Fund is managed by a group of investment professionals at Calamatta Cuschieri Investment Management Limited who monitor market developments on a daily basis.

    Key Features of the Fund

    The Fund aims to maximise the total level of return for investors by investing at least 85% of the assets of the Sub-Fund in debt securities and money market instruments issued by the Government of Malta as well as equities and corporate bonds issued and listed on the Malta Stock Exchange. In pursuing this objective, the Investment Manager shall aim up to 15% of its assets in Maltese Equities, Maltese Bonds as well as invest directly or indirectly via eligible exchange traded funds and/or eligible collective investment schemes) up to 15% of its assets in “Non-Maltese Assets” which include debt securities and/or money market instruments issued or guaranteed by Governments of EU, EEA and OECD Member States other than Malta. The Investment Manager will not be targeting debt securities of any particular duration, coupon or credit rating. At all times, the Investment Manager will maintain at least a 25% exposure to equities listed on the Malta Stock Exchange as well as maintain at least a 25% direct exposure to Maltese Bonds, namely Malta Governemnt Stocks and/or local corporate bonds issued and listed on the Malta Stock Exchange.

Overview

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

Commentary

April 2018 Commentary

April 2018 was a milestone for the CC Malta Income Fund because it marks the month in which the first trade was made.

Having a research team following the local stocks and bonds the managers took the opportunity to be able to start building positions in the names they believe will add value to shareholders.

The Investment Managers are confident that given the strong economic scenario (both locally and overseas), the selected local companies will continue to benefit and the managers will strive to capture this positivity and translate it in gains for shareholders. The Managers plan to continue adding to the current allocations as well as add exposure to new names in the coming weeks/months.

The managers closed the month with 32% exposure in equities and 14% in bonds. The managers are confident that in the coming months, the fund will be fully invested.

Factsheet

  • NAV/Price: Latest Price available here

    Sub-Fund Name Malta Income Fund – Class A (Accumulation) Investor Shares – EUR
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Advisor N/A
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator Calamatta Cuschieri Fund Services Ltd.
    Auditors Deloitte Malta
    Legal Advisors Ganado Advocates
    Launch Date 10/04/2018
    Domicile Malta
    Currency Euro (€)
    Dealing Frequency Daily
    Fund Size  € 1.42 mln
    Number of Holdings 12
    Initial Charge up to 2.50%
    Management Fee 0.80%
    Dividend Payment Dates N/A
    ISIN numbers MT7000022273
    Minimum Initial Investment € 2,500
    Minimum Additional Investment € 500

    Top 10 By Country*

    Country %
    Malta 100.0
    n/a n/a

    *including exposures to CIS and Cash

    Currency Allocation

    Currency %
    EUR 100.0
    Others 0.0

    Performance History

    Calendar Year Performance  YTD 1-month 3-month 6-month 12- month Since Inception *
    Share Class A- Total Return -0.37 n/a n/a n/a n/a -0.37
    Rolling 12 month performance to last month end n/an/a n/an/a n/an/a n/an/a n/an/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 10 April 2018.

    Historical Performance to Date *

  • Maturity Buckets*

    Age %
    0 – 5 years 2.6
    5 – 10 years 11.0
    10 years+ 0.0

    *based on the Next Call Date

    By Issuer *

    Issuer %
    Bank of Valletta plc 2.2
    Plaza Centres plc 2.0
    Malta International Airport 2.0
    Malita Investments plc 1.9
    Bortex Group Finance plc 1.8
    PG plc 1.8
    Stivala Group Finance plc 1.8
    GO plc 1.6
    SD Finance plc 1.6
    MIDI Malta plc 1.6

    * including exposures to CIS, excluding Cash

    Top 10 Exposures %

    Exposure %
    Plaza Centres plc 7.4
    Bank of Valletta plc 6.2
    Malta International Airport plc 6.0
    Malita Investments plc 5.9
    3.75% Bortex 2027 5.7
    PG plc 3.7
    4.00% Stivala 2027 2.7
    4.80% BOV plc 2020 2.6
    GO plc 2.3
    4.35% SD Finance 2027 1.1

    Asset Allocation

    Asset %
    Cash 54.7
    Bonds 13.8
    Equities 31.6

    Sector Allocation *

    Sector %
    Consumer, Cyclical 28.3
    Financial 8.8
    Industrial 6.0
    Communications 2.3

    *excluding exposures to CIS

Legal Information

THIS DOCUMENT HAS BEEN ISSUED BY  CALAMATTA CUSCHIERI INVESTMENT SERVICES LTD (“CCIS”). CCIS IS A FOUNDING MEMBER OF THE MALTA STOCK EXCHANGE AND 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. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION BY CCIS TO ANY PERSON TO BUY OR SELL ANY INVESTMENT. CCIS HAS BASED THIS DOCUMENT ON INFORMATION OBTAINED FROM SOURCES IT BELIEVES TO BE RELIABLE BUT WHICH HAVE NOT BEEN INDEPENDENTLY VERIFIED. THIS DOCUMENT MAY NOT BE REPRODUCED EITHER IN WHOLE, OR IN PART, WITHOUT THE WRITTEN PERMISSION OF CCIS.