Investment Objectives

The CC 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.

Investor Profile

A typical investor in the CC Malta Government Bond Fund would be one who is seeking to gain exposure to the local Government Bond Market whilst seeking to accumulate wealth and save over time in a product that re-invests coupons received on a gross basis. Furthermore, investors in the Malta Government Bond Fund are those who are planning to hold on to their investment for the medium-to-long term so as to benefit from the compound interest effect whilst also participating in the interest rate cycle.

Fund Rules

The Investment Manager will invest primarily in a portfolio of debt securities and money market instruments issued or guaranteed by the Government of Malta. The Investment Manager may invest directly in eligible collective investment schemes whose investment objective and policies are consistent with those of the Sub-Fund. The Investment Manager may also 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” as per below:

  • 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
  • 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.
    The Investment Manager will not be targeting debt securities (including, money market instruments, bonds, notes and other debt securities) of any particular duration, coupon or credit rating. The Sub-Fund may also invest in term deposits held with credit institutions regulated in Malta and other EU, EEA and OECD Member States.

For temporary and/or defensive purposes, the Sub-Fund may invest in other short-term debt securities or fixed income instruments, money market funds, cash and cash equivalents. The Sub-Fund may also at any time hold such securities for cash management purposes, pending investment in accordance with its Investment Policy and to meet operating expenses and redemption requests.

In pursuing its Investment Objective and Investment Policy, the Sub-Fund will be subject to the Investment, Borrowing and Leverage Restrictions set out in the Prospectus and the Offering Supplement. Furthermore, this Sub-Fund shall not invest, in the aggregate, more than 10% of its assets in units or shares of other UCITS or other CISs. The Investment Manager may make use of listed and OTC FDIs (including, but not limited to, futures, forwards, options and swaps) linked to bonds, interest rates and currencies for efficient portfolio management,  hedging purposes and the reduction of risk only. The Sub-Fund will not make use of FDIs for investment purposes. The Sub-Fund is not expected to employ any leverage or gearing. Investors may redeem units of UCITS on demand on every Business Day on any day that is not a Saturday or Sunday and not a public or national holiday in Malta. The Sub-Fund may hold cash and cash equivalents on an ancillary basis.

Management Discretion: The Investment Manager has the discretion to buy and sell investments on behalf of the Sub-Fund within the limits of the Objective and Investment Policy.

Commentary

August 2020

Domestic sovereign yields continue to also be conditioned by peripheral moves, which over the past month widened, as expectations for a quicker than expected economic recovery took hold, resulting in a steeper sovereign yield curve.

The CC Malta Government bond fund registered a monthly loss of 0.11%, whilst it continued to outperform its peers given the active
management of primarily increasing exposure to non-domestic peripherals and comparatively lower duration. The former proved
as a catalyst in generating higher carry for the fund, while the latter aided with the widening yields. The fund’s duration remains
comparatively lower to its internal benchmark, and the Manager’s forward looking view is to align accordingly by tapping the
medium end of the curve.

Key Facts & Performance

Fund Manager

Jordan Portelli

Jordan is an Investment Manager at Calamatta Cuschieri and is the Head of the Fixed Income desk. Jordan has over 10 years’ experience in High Yield debt. He is a member on a number of Investment Committees and is also a member on the House View Committee of Calamatta Cuschieri. He obtained a Diploma in Business and Management from Cambridge College in the U.K. He also obtained his BSc (Hons) in Economics from the London School of Economics.

PRICE (EUR)

ASSET CLASS

Bonds

MIN. INITIAL INVESTMENT

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

8.27%

*View Performance History below
Inception Date: 21 Apr 2017
ISIN: MT7000017992
Bloomberg Ticker: CCMGBFA MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 0.95%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): 2.11
Distribution: N/A
Total Net Assets: €27.45 m
Month end NAV in EUR: 108.83
Number of Holdings: 32
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 61.9

Performance To Date (EUR)

Top 10 Holdings

4.50% MGS 2028
7.7%
4.45% MGS 2032
6.5%
5.1% MGS 2029
4.7%
5.25% MGS 2030
4.7%
2.3% MGS 2029
4.5%
2.5% MGS 2036
4.3%
4.3% MGS 2033
4.3%
4.1% MGS 2034
4.1%
5.25 MGS 2031
4.0%
1.4% MGS 2024
3.3%
Data for major sector breakdown is not available for this fund.

Maturity Buckets*

8.2%
0-5 Years
31.1%
5-10 Years
34.4%
10 Years+
*based on the Next Call Date
Data for credit ratings is not available for this fund.

Risk & Reward Profile

1
2
3
4
5
6
7
Lower Risk

Potentialy Lower Reward

Higher Risk

Potentialy Higher Reward

Top Holdings by Country*

Malta
89.3%
France
3.9%
Portugal
1.7%
Spain
1.2%
Slovenia
1.1%
Poland
1.1%
Belgium
0.2%
Ireland
0.1%
Austria
0.0%
*including exposures to CIS and Cash

Asset Allocation

Cash 22.5%
Bonds 73.7%
CIS/ETFs 3.9%

Performance History (EUR)*

YTD

-0.42%

2019

8.98%

2018

-0.68%

1-month

-0.11%

3-month

0.12%

Inception*

8.27%

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

Currency Allocation

Euro 98.9%
Other 1.1%
Data for risk statistics is not available for this fund.

Interested in this product?

  • Investment Objectives

    The CC 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.

  • Investor profile

    A typical investor in the CC Malta Government Bond Fund would be one who is seeking to gain exposure to the local Government Bond Market whilst seeking to accumulate wealth and save over time in a product that re-invests coupons received on a gross basis. Furthermore, investors in the Malta Government Bond Fund are those who are planning to hold on to their investment for the medium-to-long term so as to benefit from the compound interest effect whilst also participating in the interest rate cycle.

    Investor Profile Icon
  • Fund Rules

    The Investment Manager of the CC High Income Bond Funds – EUR and USD has the duty to ensure that the underlying investments of the funds are well diversified. According to the prospectus, the investment manager has to abide by a number of investment restrictions to safeguard the value of the assets

  • Commentary

    August 2020

    Domestic sovereign yields continue to also be conditioned by peripheral moves, which over the past month widened, as expectations for a quicker than expected economic recovery took hold, resulting in a steeper sovereign yield curve.

    The CC Malta Government bond fund registered a monthly loss of 0.11%, whilst it continued to outperform its peers given the active
    management of primarily increasing exposure to non-domestic peripherals and comparatively lower duration. The former proved
    as a catalyst in generating higher carry for the fund, while the latter aided with the widening yields. The fund’s duration remains
    comparatively lower to its internal benchmark, and the Manager’s forward looking view is to align accordingly by tapping the
    medium end of the curve.

  • Key facts & performance

    Fund Manager

    Jordan Portelli

    Jordan is an Investment Manager at Calamatta Cuschieri and is the Head of the Fixed Income desk. Jordan has over 10 years’ experience in High Yield debt. He is a member on a number of Investment Committees and is also a member on the House View Committee of Calamatta Cuschieri. He obtained a Diploma in Business and Management from Cambridge College in the U.K. He also obtained his BSc (Hons) in Economics from the London School of Economics.

    PRICE (EUR)

    ASSET CLASS

    Bonds

    MIN. INITIAL INVESTMENT

    €2500

    FUND TYPE

    UCITS

    BASE CURRENCY

    EUR

    RETURN (SINCE INCEPTION)*

    8.27%

    *View Performance History below
    Inception Date: 21 Apr 2017
    ISIN: MT7000017992
    Bloomberg Ticker: CCMGBFA MV
    Entry Charge: Up to 2.5%
    Total Expense Ratio: 0.95%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): 2.11
    Distribution: N/A
    Total Net Assets: €27.45 m
    Month end NAV in EUR: 108.83
    Number of Holdings: 32
    Auditors: Deloitte Malta
    Legal Advisor: Ganado Advocates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 61.9

    Performance To Date (EUR)

    Risk & Reward Profile

    1
    2
    3
    4
    5
    6
    7
    Lower Risk

    Potentialy Lower Reward

    Higher Risk

    Potentialy Higher Reward

    Top 10 Holdings

    4.50% MGS 2028
    7.7%
    4.45% MGS 2032
    6.5%
    5.1% MGS 2029
    4.7%
    5.25% MGS 2030
    4.7%
    2.3% MGS 2029
    4.5%
    2.5% MGS 2036
    4.3%
    4.3% MGS 2033
    4.3%
    4.1% MGS 2034
    4.1%
    5.25 MGS 2031
    4.0%
    1.4% MGS 2024
    3.3%

    Top Holdings by Country*

    Malta
    89.3%
    France
    3.9%
    Portugal
    1.7%
    Spain
    1.2%
    Slovenia
    1.1%
    Poland
    1.1%
    Belgium
    0.2%
    Ireland
    0.1%
    Austria
    0.0%
    *including exposures to CIS and Cash

    Asset Allocation

    Cash 22.5%
    Bonds 73.7%
    CIS/ETFs 3.9%

    Maturity Buckets*

    8.2%
    0-5 Years
    31.1%
    5-10 Years
    34.4%
    10 Years+
    *based on the Next Call Date

    Performance History (EUR)*

    YTD

    -0.42%

    2019

    8.98%

    2018

    -0.68%

    1-month

    -0.11%

    3-month

    0.12%

    Inception*

    8.27%

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

    Currency Allocation

    Euro 98.9%
    Other 1.1%
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