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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

April 2019 Commentary

As in the first quarter of 2019, the managers were cautiously and judiciously putting money to work on the secondary market during the month of April, building positions in equities and bonds, despite the known liquidity issuers on the local market. Furthermore, the managers were active in participating in bonds on the primary market and has done so during the first 4 months of 2019, in an attempt to gear up for the distribution the Sub-Fund is due to pay towards the end of the month.

As at the end of April, the fund had a 55% exposure to bonds (with another 3% earmarked for a primary bond issue), 36% exposure to equities and 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 as well as to finance the end of month schedule distribution to those investors in the Distributor Share Class of the Sub-Fund.

The IMs are confident that 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 IMs 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 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  €9.67 mn
    Number of Holdings 46
    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 2.15 0.55 1.98 2.15 2.84 2.46
    Rolling 12 month performance to last month end 30/04/1830/04/19 n/an/a n/an/a n/an/a n/an/a
    Share Class B- Total Return 2.86 n/a  n/a n/a n/a

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

    Sector Allocation *

    Sector %
    Consumer, Cyclical 54.3
    Financial 11.8
    Communications 8.5
    Industrial 4.8
    Consumer, Non-Cyclical 4.4
    Government 4.0
    Energy 2.2

    *excluding exposures to CIS

  • By Issuer *

    Issuer %
    GO plc 6.6
    PG Plc 5.9
    Bank of Valletta plc 5.4
    Stivala Group Finance plc 4.2
    SD Finance plc 4.0
    Government of Malta 4.0
    Eden Finance plc 3.7
    Bortex Group Finance 3.5
    HSBC Malta plc 3.5
    Malita Investments Plc 2.9

    * including exposures to CIS, excluding Cash

    Top 10 Exposures %

    Exposure %
    GO Plc 6.6
    PG plc 5.9
    4.00% Stivala Fin plc 2027 4.2
    4.35% SD Finance 2027 4.0
    4.00% Eden Finance 2027 3.7
    HSBC Bank Malta plc 3.5
    3.75% Bortex Group 2027 3.4
    3.85% Hili Finance 3.4
    4.50% Endo Finance plc 3.1
    Malita Investments plc 2.9

    Top 10 by Country *

    Country %
    Malta 99.2
    Other n/a

    *including exposures to CIS and Cash

    Currency Allocation

    Currency %
    EUR 100.0
    Others 0.0

    Asset Allocation

    Asset %
    Cash 9.4
    Bonds 55.0
    Equities 35.6

    Maturity Buckets*

    Age %
    0 – 5 years 1.9
    5 – 10 years 45.7
    10 years+ 7.4

    *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.