• NEW_MALTA BOND FUNDS 2017-02

Malta Government Bond Fund

  • INVESTMENT OBJECTIVES

    The Malta Government Bond Fund aims 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.

    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 CC Malta Government Bond Fund is managed by a group of investment professionals at Calamatta Cuschieri Investment Management Limited who monitor developments on a daily basis.

Overview

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

Commentary

July 2019 Commentary

Yields on core European government persisted on their downward trajectory during the month of July, with the yield on the benchmark 10-year German Bund heading lower from -0.33% to -0.44%. Apart from being a meaningful downturn, this move became even more significant to the market as yields fell below the -0.4% level, which was previously seen as a floor.

With the Fed cutting rates by 25bps and the ECB leaving rates as is after suggesting a month end hike, U.S. yields remained flattish month on month due to the mixed sentiment and Eurozone yields continued to decline. The CC Malta Government Bond Fund continued to experience positive returns ending the month with a 1.62 percent gain.

That said, uncertainties are still prevalent especially in terms of the Trade War and the Fed’s future decisions, and this could only mean that the flight to safety trade could continue to dictate market sentiment and direction. Also, the outlook for global growth remains low, and thus market threat is still present.

Fact sheet

  • NAV/Price: Latest Price available here

    Sub-Fund Name Malta Government Bond Fund
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Fund Type UCITS
    Custodian Sparkasse Bank Malta p.l.c.
    Fund Administrator CC Fund Services (Malta) Limited.
    Auditors Deloitte Malta
    Legal Advisors Ganado Advocates
    Launch Date 21st April 2017
    Domicile Malta
    Dealing Frequency Daily
    Initial Charge up to 2%
    Management Fee 0.5%
    Currency Euro (€)
    ISIN numbers EUR - MT7000017992
    Minimum Initial Investment EUR 2,500
    Minimum Additional Investment EUR 500
    Fund Size €16.18 M
    Number of Holdings 32

    Top By Country*

    Country %
    Malta 97.0
    Spain 0.5
    Portugal 0.5
    France 0.4
    Belgium 0.3
    Slovenia 0.3
    Ireland 0.2
    Hungary 0.1
    Poland 0.1
    Turkey 0.1

    *including exposures to CIS and Cash

    Maturity Buckets*

    Age %
    0 – 5 years 10.9
    5 – 10 years 25.4
    10 years+ 49.8

    *based on the Next Call Date

    Performance History

    Calendar Year Performance  YTD 1-month 3-month 6-month Since
    Inception*
    Share Class A- Total Return 8.34 1.62 5.25 6.86 8.09
    Rolling 12 month performance to last
    month end
    31/07/18

    31/07/19

    n/a 

    n/a

    n/a 

    n/a

    n/a 

    n/a

    Share Class A- Total Return 8.96 n/a n/a n/a

    *The Accumulator Share Class (Class A) was launched on 21 April 2017

  • Regional Allocation*

    Allocation %
    Malta 97.6
    Europe (excl. Malta) 2.4
    Other 0.1

    *including exposures to CIS

    * Malta exposure includes Cash Holdings

    Top 10 Exposures %

    Exposure %
    4.50% MGS 2028 12.1
    5.25% MGS 2030 6.8
    4.10% MGS 2034 6.5
    2.3% MGS 2029 5.6
    1.40% MGS 2024 5.4
    4.45% MGS 2032 5.4
    5.20% MGS 2031 5.3
    5.10% MGS 2029 5.0
    2.50% MGS 2036 4.5
    4.65% MGS 2032 4.3

    By Issuer*

    Issuer %
    Government of Malta 84.5
    Kingdom of Spain 0.5
    Government of Portugal 0.5
    Lyxor EuroMTS 3-5y IG ETF 0.4
    Kingdom of Belgium 0.3
    Republic of Slovenia 0.3
    Republic of Ireland 0.2
    Government of Hungary 0.1
    Republic of Poland 0.1
    Republic of Turkey 0.1

    *including exposures to CIS

    Historical Performance to Date

    Currency Allocation

    Currency %
    EUR 99.7
    Others 0.3

    Asset Allocation

    Currency %
    Cash 13.1
    Bonds 86.5
    CIS/ETFs 0.4

Legal Information

This document has been issued by Calamatta Cuschieri Investment Management Limited (“CCIM”). CCFunds Sicav plc 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, Triq Dun Karm, B’Kara, Malta, BKR 9034. Company registration number C53094. Additional information can be found at www.cc.com.mt