Malta Income Fund Euro Distributor

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.
Related Downloads

Overview

→ Investor Profile

→ Currencies Available

→ Dividend Payment

→ Monitoring and Pricing

→ Entry and Exit Fee

→ Minimum Investment

→ Fund Rules at a Glance

In seeking to achieve the Sub-Fund’s investment objective, the Investment Manager shall aim to invest at least 85% of the Net Assets of the Sub-Fund in a portfolio of debt securities and money market instruments issued or guaranteed by the Government of Malta, as well as equities and corporate bonds issued and listed on the Malta Stock Exchange (collectively, “Maltese Assets”) with no particular focus on any industry. Such exposure may also be obtained by investing in eligible collective investment schemes whose investment objective and policies are consistent with those of the Sub-Fund. Where the Sub-Fund invests in eligible collective investment schemes managed by the Investment Manager, the Investment Manager shall reimburse the Sub-Fund any investment management and/or performance fees, as well as any applicable subscription/redemption charges, received in connection with the Sub-Fund’s investment in the eligible collective investment scheme.

In seeking to achieve its objective, the Sub-Fund may also invest directly (or indirectly via eligible exchange traded funds and/or eligible collective investment schemes) up to 15% of the Net Assets of the Sub-Fund in:

(i) Eligible debt securities and/or money market instruments issued or guaranteed by Governments of EU, EEA and OECD Member States other than Malta, their constituent states or their local authorities; and/or

(ii) Eligible debt securities and/or money market instruments issued or guaranteed by supranational bodies of EU, EEA and OECD Member States other than Malta, their agencies, associated financial institutions or other associated bodies,

(iii) Eligible international equity securities, with no particular bias to the market capitalisation and geographical location of these securities; and

(iv) Eligible international debt securities.

The Investment Manager may invest up to 10% of the net assets of the Sub-Fund in un-listed Maltese and/or Non-Maltese Assets.
As far as the “Non-Maltese Assets” segment of the Sub-Fund is concerned, the Investment Manager will not be targeting any international debt securities of any particular duration or coupon. However, the Sub-Fund is generally not expected to hold investments that, at the time of investment, are rated below “B3” by Moody’s or below “B-“ by S&P or in bonds determined to be of comparable quality by the Investment Manager.

The Investment Manager will not be targeting any local debt securities (debt securities and money market instruments issued or guaranteed by the Government of Malta and/or local corporate bonds issued and listed on the Malta Stock Exchange) of any particular duration or coupon.

The Investment Manager will, at all times, maintain an exposure to local equity securities issued and listed on the Malta Stock Exchange and Regulated Market in Malta of at least 25% of the value of the Net Assets of the Sub-Fund. In addition, the Investment Manager will, at all times, maintain a direct exposure to local debt securities (debt securities and money market instruments issued or guaranteed by the Government of Malta and/or local corporate bonds issued and listed on the Malta Stock Exchange) of at least 25% of the value of the Net Assets of the Sub-Fund.

The Sub-Fund may also invest in term deposits held with credit institutions regulated in Malta and other EU, EEA and OECD Member States.

This Sub-Fund shall not invest, in the aggregate, more than 10% of the Net Assets of the Sub-Fund in units or shares of other UCITS or other CISs.

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Commentary

September 2018 Commentary

In September, 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.

At the end of the month, the fund had a 44.0% exposure to bonds, 41.4% exposure to equities and 14.6% 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 in Malta, 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 B (Distribution) 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 Limted
Auditors	Deloitte Malta
Legal Advisors	Ganado Advocates
Launch Date	10/04/2018
Domicile	Malta
Currency	Euro (€)
Dealing Frequency	Daily
Fund Size	€5.8 mn
Number of Holdings	28
Initial Charge	up to 2.50%
Management Fee	0.80%
Dividend Payment Dates	30 April – 31 October
ISIN numbers	MT7000022281
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	0.62	0.58	n/a	n/a	0.30
Rolling 12 month performance to last month end	n/a n/a	n/a n/a	n/a 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

Calendar Year Performance

YTD

1-month

3-month

6-month

12- month

Since Inception *

Share Class A- Total Return

0.30

0.62

0.58

n/a

0.30

Rolling 12 month performance to last month end

n/a

Share Class A- Total Return

n/a

* The Distributor Share Class (Class B) was launched on 10 April 2018.

Sector Allocation *

Sector	%
Consumer, Cyclical	62.6
Financial	14.3
Communications	5.3
Industrial	2.5

*excluding exposures to CIS

By Issuer *

Issuer	%
HSBC Bank Malta plc	5.3
Eden Finance plc	5.3
GO plc	5.3
Bortex Group Finance plc	4.9
Stivala Group Finance plc	4.9
Tigne Mall plc	4.8
PG plc	4.7
Plaza Centres plc	4.5
Malita Investments plc	4.4
SD Finance plc	4.3

* including exposures to CIS, excluding Cash

Top 10 Exposures %

Exposure	%
HSBC Bank Malta plc	5.3
GO plc	5.3
4.00% Eden Finance plc 2027	5.2
3.75% Bortex Group Fin 2027	4.8
Tigne Mall plc	4.8
4.00% Stivala Finance plc 2027	4.7
PG plc	4.7
Plaza Centres plc	4.5
Malita Investments plc	4.4
4.35% SD Finance plc 2027	4.2

Top 10 by Country *

Country	%
Malta	100.0
Other	n/a

*including exposures to CIS and Cash

Currency Allocation

Currency	%
EUR	100.0
Others	0.0

Asset Allocation

Asset	%
Cash	14.6
Bonds	44.0
Equities	41.4

Maturity Buckets*

Age	%
0 – 5 years	2.4
5 – 10 years	40.6
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.

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