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.
Investor Profile
A typical investor in the CC Malta Balanced Income Fund would be to one who is seeking to gain exposure to the local Government Bond Market and the local corporate bond and local equity markets, either by achieving capital growth and accumulation of wealth via the Accumulation Share Class A, or by receiving periodical distributions which the CC Malta Balanced Income Fund would have benefited from time to time via the Distribution Share Class B.
Fund Rules
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.
A quick introduction to our Malta Balanced Income Fund
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
€2498
FUND TYPE
UCITS
BASE CURRENCY
EUR
RETURN (SINCE INCEPTION)*
4.33%
*View Performance History below
Inception Date: 10 Apr 2018
ISIN: MT7000022273
Bloomberg Ticker: CCMIFAA MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 1.49%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): 2.06
Distribution: N/A
Total Net Assets: €15.27 m
Month end NAV in EUR: 104.33
Number of Holdings: 56
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 45.6
Performance To Date (EUR)
Top 10 Holdings
6.4%
3.8%
3.4%
3.2%
3.1%
2.9%
2.8%
2.8%
2.7%
2.7%
Major Sector Breakdown*
Consumer Discretionary
49.0%
Communications
8.7%
Industrials
7.0%
Financials
6.6%
Consumer Staples
2.8%
Government
2.7%
Maturity Buckets*
Risk & Reward Profile
Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top Holdings by Country*
100.0%
Asset Allocation
Performance History (EUR)*
YTD
0.62%
1-month
0.31%
3-month
0.85%
6-month
0.38%
12-month
2.99%
Inception*
4.33%
Currency Allocation
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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.
-
Investor profile
A typical investor in the CC Malta Balanced Income Fund would be to one who is seeking to gain exposure to the local Government Bond Market and the local corporate bond and local equity markets, either by achieving capital growth and accumulation of wealth via the Accumulation Share Class A, or by receiving periodical distributions which the CC Malta Balanced Income Fund would have benefited from time to time via the Distribution Share Class B.
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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
- 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
February 2020
In February, the Malta Balanced Income Fund increased by 0.31%. Volatility was low for the month and as subscriptions continues to grow, the IMs continue to put money to work in both fixed income and equities. With the high volatility in foreign markets given the outbreak of the coronavirus and negative impact on international economies, investors added exposure to local holdings. The exposure to equities remained stable at 34% as cash was invested in stable companies paying an attractive dividend as well as potential capital gains.
As at the end of February, the fund had a 50 percent exposure to bonds, 34 percent exposure to equities and 16 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 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.
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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
€2498
FUND TYPE
UCITS
BASE CURRENCY
EUR
RETURN (SINCE INCEPTION)*
4.33%
*View Performance History below
Inception Date: 10 Apr 2018
ISIN: MT7000022273
Bloomberg Ticker: CCMIFAA MV
Entry Charge: Up to 2.5%
Total Expense Ratio: 1.49%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): 2.06
Distribution: N/A
Total Net Assets: €15.27 m
Month end NAV in EUR: 104.33
Number of Holdings: 56
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 45.6
Performance To Date (EUR)
Risk & Reward Profile
1234567Lower Risk
Potentialy Lower Reward
Higher Risk
Potentialy Higher Reward
Top 10 Holdings
PG plc6.4%
GO Plc3.8%
Tigne Mall plc3.4%
RS2 Software plc3.2%
Harvest Technology plc3.1%
4.35% SD Finance 20272.9%
4% Stivala Gr Finance 20272.8%
4% Eden Finance 20272.8%
3.75% Bortex Gr Finance 20272.7%
3.75% Tum Invest 20292.7%
Top Holdings by Country*
Malta100.0%
*including exposures to CIS and CashMajor Sector Breakdown*
Consumer Discretionary
49.0%
Communications
8.7%
Industrials
7.0%
Financials
6.6%
Consumer Staples
2.8%
Government
2.7%
*excluding exposures to CISAsset Allocation
Cash 15.8%Bonds 50.1%Equities 34.1%Maturity Buckets*
1.3%0-5 Years45.0%5-10 Years3.8%10 Years+*based on the Next Call DatePerformance History (EUR)*
YTD
0.62%
1-month
0.31%
3-month
0.85%
6-month
0.38%
12-month
2.99%
Inception*
4.33%
*The Accumulator Share Class (Class A) was launched on 10 April 2018Currency Allocation
Euro 100.0%Other 0.0% -
Downloads
Commentary
February 2020
In February, the Malta Balanced Income Fund increased by 0.31%. Volatility was low for the month and as subscriptions continues to grow, the IMs continue to put money to work in both fixed income and equities. With the high volatility in foreign markets given the outbreak of the coronavirus and negative impact on international economies, investors added exposure to local holdings. The exposure to equities remained stable at 34% as cash was invested in stable companies paying an attractive dividend as well as potential capital gains.
As at the end of February, the fund had a 50 percent exposure to bonds, 34 percent exposure to equities and 16 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 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.