Investment Objectives

The objective of the CC Malta Balanced Income Fund Distributor 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

Commentary

May 2019

During the month of May, the managers were cautiously and judiciously putting money to work. They continued to build positions in equities and bonds, focusing on the names which they believe have further upside.

As at the end of May, the fund had a 56% exposure to bonds, 34% exposure to equities and 10% 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.

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.

A quick introduction to our Malta Balanced Income Fund

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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

€2500

FUND TYPE

UCITS

BASE CURRENCY

EUR

RETURN (SINCE INCEPTION)*

2.89%

*View Performance History below
Inception Date: 10 Apr 2018
ISIN: MT7000022281
Bloomberg Ticker: CCMIFAB MV
Entry Charge: up to 2.50%
Total Expense Ratio: 1.64%
Exit Charge: None
Distribution Yield (%): N/A
Underlying Yield (%): 2.32
Distribution: N/A
Total Net Assets: €10.07 m
Month end NAV in EUR: 102.89
Number of Holdings: 48
Auditors: Deloitte Malta
Legal Advisor: Ganado Advocates
Custodian: Sparkasse Bank Malta p.l.c.
% of Top 10 Holdings: 52.0

Performance To Date (EUR)

Top 10 Holdings

PG plc
6.4%
GO Plc
5.9%
4.00% Stivala Fin plc 2027
3.9%
4.35% SD Finance plc 2027
3.8%
4.00% Eden Finance plc 2027
3.5%
3.75% Bortex Group 2027
3.2%
3.85% Hili Finance 2028
3.2%
HSBC Bank Malta plc
3.2%
4.00% SP Finance
3.0%
4.50% Endo Finance plc
3.0%

Major Sector Breakdown*

Consumer Discretionary
52.6%
Financials
11.0%
Asset 7
Communications
8.3%
Industrials
4.8%
Consumer Staples
4.3%
Government
3.9%
*excluding exposures to CIS

Maturity Buckets*

1.8%
0-5 Years
47.3%
5-10 Years
7.2%
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
99.1%
*including exposures to CIS and Cash

Asset Allocation

Cash 9.5%
Bonds 56.3%
Equities 34.2%

Performance History (EUR)*

YTD

0.95%

1-month

0.40%

3-month

1.55%

6-month

2.94%

12-month

3.18%

Inception*

2.89%

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

Currency Allocation

Euro 100.0%
Other 0.0%
Data for risk statistics is not available for this fund.

Interested in this product?

  • Investment Objectives

    The objective of the CC Malta Balanced Income Fund Distributor 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.

    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

    • 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
  • Commentary

    May 2019

    During the month of May, the managers were cautiously and judiciously putting money to work. They continued to build positions in equities and bonds, focusing on the names which they believe have further upside.

    As at the end of May, the fund had a 56% exposure to bonds, 34% exposure to equities and 10% 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.

    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.

  • 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)*

    2.89%

    *View Performance History below
    Inception Date: 10 Apr 2018
    ISIN: MT7000022281
    Bloomberg Ticker: CCMIFAB MV
    Entry Charge: up to 2.50%
    Total Expense Ratio: 1.64%
    Exit Charge: None
    Distribution Yield (%): N/A
    Underlying Yield (%): 2.32
    Distribution: N/A
    Total Net Assets: €10.07 m
    Month end NAV in EUR: 102.89
    Number of Holdings: 48
    Auditors: Deloitte Malta
    Legal Advisor: Ganado Advocates
    Custodian: Sparkasse Bank Malta p.l.c.
    % of Top 10 Holdings: 52.0

    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

    PG plc
    6.4%
    GO Plc
    5.9%
    4.00% Stivala Fin plc 2027
    3.9%
    4.35% SD Finance plc 2027
    3.8%
    4.00% Eden Finance plc 2027
    3.5%
    3.75% Bortex Group 2027
    3.2%
    3.85% Hili Finance 2028
    3.2%
    HSBC Bank Malta plc
    3.2%
    4.00% SP Finance
    3.0%
    4.50% Endo Finance plc
    3.0%

    Top Holdings by Country*

    Malta
    99.1%
    *including exposures to CIS and Cash

    Major Sector Breakdown*

    Consumer Discretionary
    52.6%
    Financials
    11.0%
    Asset 7
    Communications
    8.3%
    Industrials
    4.8%
    Consumer Staples
    4.3%
    Government
    3.9%
    *excluding exposures to CIS

    Asset Allocation

    Cash 9.5%
    Bonds 56.3%
    Equities 34.2%

    Maturity Buckets*

    1.8%
    0-5 Years
    47.3%
    5-10 Years
    7.2%
    10 Years+
    *based on the Next Call Date

    Performance History (EUR)*

    YTD

    0.95%

    1-month

    0.40%

    3-month

    1.55%

    6-month

    2.94%

    12-month

    3.18%

    Inception*

    2.89%

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

    Currency Allocation

    Euro 100.0%
    Other 0.0%
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