• 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

June 2018 Commentary

In May, the Investment Managers (IM) continued adding on to exposures to both equities and bonds, in line with increasing subscriptions. Despite the illiquidity of the local market, the IM are satisfied with the fact that they are managing to pick up both equities and bonds from the secondary market at attractive prices.

During the month, the IM also built an exposure to new issues on the local bond market in order to continue to deploy part of the cash in the fund. New names in the equity market where also added to the portfolio.

At the end of the month, the fund had a 35.4% exposure to bonds, 33.6% exposure to equities and 31.1% exposure to cash. The cash position will give the IM an opportunity to strength those positions which they believe will generate alpha to the fund’s performance.

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

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  €3.59mn
    Number of Holdings 20
    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

    Historical Performance to Date *

    Performance History

    Calendar Year Performance  YTD 1-month 3-month 6-month 12- month Since Inception *
    Share Class A- Total Return -0.30 -0.01 n/a n/a n/a -0.30
    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.

    Sector Allocation *

    Sector %
    Consumer, Cyclical 57.7
    Communications 7.1
    Financial 4.6
    Industrial 3.4

    *excluding exposures to CIS

  • By Issuer *

    Issuer %
    Tigne Mall plc 7.7
    GO plc 7.1
    Plaza Centres plc 6.8
    Virtu Finance plc 6.0
    Stival Group Finance plc 5.3
    Premier Capital plc 4.9
    PG plc 4.1
    SD Finance plc 3.9
    Bank of Valletta plc 3.8
    Malita Investments plc 3.7

    * including exposures to CIS, excluding Cash

    Top 10 Exposures %

    Exposure %
    Tigne Mall plc 7.7
    GO plc 7.1
    Plaza Centres plc 6.8
    3.75% Virtu Finance plc 2027 5.8
    4.00% Stival Gr Finance 2027 5.1
    3.75% Premier Capital 2026 4.8
    PG plc 4.1
    4.35% SD Finance plc 2027 3.8
    Malita Investments plc 3.7
    Malita International Aiport plc 3.4

    Top 10 by Country *

    Country %
    Malta 100.0
    Other n/a

    Currency Allocation

    Currency %
    EUR 100.0
    Others 0.0

    Asset Allocation

    Asset %
    Cash 27.2
    Bonds 37.5
    Equities 35.3

    Maturity Buckets*

    Age %
    0 – 5 years 1.9
    5 – 10 years 33.0
    10 years+ 0.0

    *based on the Next Call Date

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 MFSA. PROSPECTIVE INVESTORS SHOULD ALWAYS READ THE OFFERING DOCUMENTATION OF THE CC MALTA INCOME FUND, NAMELY THE PROSPECTUS, OFFERING SUPPLEMENT AND KIIDS AVAILABLE ON WWW.CC.COM.MT. CALAMATTA CUSCHIERI FUNDS SICAV P.L.C. IS A MALTA BASED, AND REGULATED RETAIL COLLECTIVE INVESTMENT SCHEME. CALAMATTA CUSCHIERI FUNDS SICAV P.L.C IS MANAGED BY CALAMATTA CUSCHIERI INVESTMENT MANAGEMENT LTD, PART OF CALAMATTA CUSCHIERI GROUP.

THIS DOCUMENT IS PREPARED FOR INFORMATION PURPOSES ONLY AND SHOULD NOT BE INTERPRETED AS INVESTMENT ADVICE. WE BELIEVE THAT THE CC MALTA INCOME FUND OFFERS ATTRACTIVE PROSPECTS AND RETURNS TO SUITABLE INVESTMENT PORTFOLIOS, HOWEVER, WE URGE YOU TO CONTACT YOUR FINANCIAL ADVISOR WHO CAN ADVISE YOU FURTHER ON THE SUITABILITY OF THIS INVESTMENT IN LINE WITH YOUR INDIVIDUAL CIRCUMSTANCES.

THE ABOVE MENTIONED FUND IS A SUB FUND OF CALAMATTA CUSCHIERI FUND SICAV PLC, WHICH IS AUTHORISED BY THE MFSA. INVESTORS MAY INCUR A SUBSCRIPTION CHARGE, AND MAY BE SUBJECT TO TAX ON DISTRIBUTIONS. THIS IS NOT A CAPITAL GUARANTEED PRODUCT. ACCORDINGLY, THE VALUE OF YOUR INVESTMENT CAN GO DOWN AS WELL AS UP. INVESTORS SHOULD NOTE THAT THE PAYMENT OF DIVIDENDS HAS THE EFFECT OF REDUCING THE NAV PER SHARE.