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Malta Balanced 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 CCFunds™ 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 Balanced 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

    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

  • Related Downloads

Overview

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

Commentary

May 2020 Commentary

In May, the Malta Balanced Income Fund increased by 0.36%, continuing to get back some of the losses of the month of March when volatility was high given the risks brought about by Covid-19 to the local economy. The Investment Managers took advantage of the weakness in prices to continue to build on positions, which remain attractive. The exposure to equities increased slightly by 1% as the Investment Managers bought the dip on names with strong balance sheets and attractive business models. Cash was invested in stable companies, which could generate potential capital gains.

As at the end of April, the fund had a 54.6 percent exposure to bonds, 36.8 percent exposure to equities and 8.6 percent exposure to cash. The cash position will give the IMs an opportunity to strength those positions which they believe will generate alpha to the fund’s performance.

The IMs are confident that as business come out of this difficult situation brought about by Covid-19, the selected local companies will continue to benefit and will continue to strive to capture this positivity and translate it in gains for shareholders. The IMs plan is to continue adding to the current allocations should markets permit.

Important Information This document has been issued by Calamatta Cuschieri Investment Management Limited (“CCIM”). CC 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, Dun Karm Street, Birkirkara BKR 9034. Company registration number C53094. Additional information can be found at www.cc.com.mt

Factsheet

  • NAV/Price: Latest Price available here

    Sub-Fund Name Malta Balanced Income fund (Distributor)
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Advisor N/A
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator CC Fund Services (Malta) Limited
    Auditors Deloitte Malta
    Legal Advisors Ganado Advocates
    Launch Date 10/04/2018
    Domicile Malta
    Currency Euro (€)
    Dealing Frequency Daily
    Fund Size  €15.01 mn
    Number of Holdings 57
    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 B- Total Return -3.49 0.36 -4.09 -3.27 -2.74 0.08
    Rolling 12 month performance to last month end 31/05/19 31/05/20 n/a   n/a n/a   n/a n/a     n/a n/a   n/a
    Share Class B- Total Return -2.74  n/a  n/a  n/a  n/a

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

    ** Performance figures are calculated using the Value Added Monthly Index “VAMI” principle. The VAMI calculates the
    total return gained by an investor from reinvestment of any dividends and additional interest gained through compounding.

    Sector Allocation *

    Sector %
    Consumer, Cyclical 50.8
    Communications 8.4
    Industrial 8.3
    Financial 5.8
    Consumer, Non-Cyclical 2.8
    Government 2.7
    Diversified 1.8

    *excluding exposures to CIS

  • By Issuer *

    Issuer %
    PG plc 9.0
    RS2 Software plc 3.6
    GO plc 3.5
    Tigne Mall plc 3.3
    SD Finance plc 2.9
    IHI plc 2.9
    Stivala Gr Finance plc 2.8
    HSBC Bank Malta plc 2.7
    Eden Finance 2.7
    Government of Malta 2.7

    * including exposures to CIS, excluding Cash

    Top 10 Exposures %

    Exposure %
    PG Plc 9.0
    Ishares Euro Corp. Large Cap 4.0
    RS2 Software plc 3.6
    GO plc 3.3
    Harvest Technology plc 3.2
    Tigne Mall plc 3.0
    4.35% SD Finance 2027 2.9
    HSBC Bank Malta plc 2.7
    4% SP Finance 2029 2.7
    4% Stivala Gr Finance 2027 2.7

    Top 10 by Country *

    Country %
    Malta 95.1
    Other n/a

    *including exposures to CIS and Cash

    Currency Allocation

    Currency %
    EUR 100.0
    Others 0.0

    Asset Allocation

    Asset %
    Cash 8.6
    Bonds 54.6
    Equities 36.8

    Maturity Buckets*

    Age %
    0 – 5 years 1.1
    5 – 10 years 45.6
    10 years+ 3.8

    *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 BALANCED INCOME FUND, NAMELY THE PROSPECTUS, OFFERING SUPPLEMENT AND KIIDS AVAILABLE ON WWW.CC.COM.MT. CCFUNDS SICAV PLC IS A MALTA BASED, AND REGULATED RETAIL COLLECTIVE INVESTMENT SCHEME. CCFUNDS™ SICAV PLC 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 BALANCED 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 CCFUNDS™ 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.