The Funds are managed by HSBC Global Asset Management (Malta) Limited, a member of the HSBC Group with a share capital of €4,658,746.80. It is a wholly owned subsidiary of HSBC Bank Malta p.l.c.. The custodian of the funds is HSBC Bank Malta p.l.c.
The Malta Government Bond Fund shall aim to achieve its objective by investing in assets that earn interest. It is intended that these assets shall principally consist of debt securities and money market instruments issued by the Government of Malta and deposits with credit institutions licensed in Malta. A maximum of 15% of the total assets of the Fund may also be invested in non-Maltese assets.
The Maltese Assets Fund shall aim to achieve its objective principally by making long-term investments in Maltese equities, debt securities and money market instruments and deposits with credit institutions licensed in Malta. A maximum of 15% of the total assets of the Fund may also be invested in non-Maltese assets.
The Maltese Money Market Fund shall aim to achieve its objective by investing in bank deposits (maximum maturity 397 days) and other money market instruments whether listed or unlisted. It is intended that these assets shall principally consist of deposits with Credit Institutions, Treasury Bills issued by the Government of Malta and other money market securities included but not limited to short-dated debt securities, medium term notes, floating rate notes, repurchase agreements, commercial paper and bank certificates of deposits.
More details are available in the Prospectus.
The Malta Bond Fund invests most of its assets primarily in Malta Government stocks. A maximum of 15% of the total assets of the Fund may also be invested in non-Maltese assets.
The International Bond Fund invests in a wide selection of interest-bearing assets denominated in Euro or in a currency of a State, which is a member of the Organisation for Economic Cooperation and Development (OECD) or of the European Union (EU).
The Equity Growth Fund invests in the local and international equity markets both directly and indirectly through investment vehicles which provide exposure to equities.
The HSBC Property Investment Fund invests principally in Property Related Assets and in immovable property situated outside Malta.
More details are available in the Prospectus.
Each investor in a fund is entitled to participate in the assets of the fund and of course in any income generated by these assets.
In respect of the accumulator class, the net income available for distribution, if any, is added to the assets of the fund and is reflected in the price of the units. In the income class, the net income available for distribution, if any, is either paid out to the investor, by way of dividends or is re-invested to purchase further units.
Regular dividend payments are not guaranteed but, it is expected that dividends will be declared on a quarterly basis. Dividend payments in the base currency of the funds shall be made through the direct crediting of the investor's bank account in Malta as advised by the investor to the Manager.
Investors holding income shares may also elect to have their dividends reinvested in further shares of that same class.
Please refer to the latest Prospectus for full details on the distribution policy of these funds.
Each investor should examine his/her own tax position. The following comments should not be deemed as tax advice. Investors are reminded that tax law and practices and the levels of tax relating to the company and the investors may change from time to time. If an investor is in any doubt regarding their likely tax position, they are strongly recommended to obtain advice from their tax advisors.
The fund is exempt from Maltese income tax on any income and capital gains.
Capital gains realised by Maltese resident investors are subject to 15% final withholding tax which shall be deducted at source by the fund. Alternatively, investors may opt to receive any capital gains without deduction of tax in which case they would be bound to declare same in their personal income tax return and would be subject to tax at the normal rates of tax which are applicable to them.
Capital gains realised by non-Maltese resident investors are exempt from tax in Malta.
The Fund is exempt from Maltese income tax on any income and capital gains. Capital gains, dividends, interest and any other income from foreign securities held by the Fund may be subject to tax imposed by the country of origin concerned and such taxes will not be recoverable by the Fund or by Investors.
Capital gains realised by Investors who are non-residents of Malta are not subject to tax in Malta. Capital gains realised by resident investors on a repurchase of shares by the Fund, the transfer of shares to third parties or an exchange of shares are treated as follows:
The Fund is exempt from income tax on all its earnings.
Resident investors may opt to be subject to a 15% final withholding tax which shall be deducted at source by the Fund. Alternatively investors may opt to receive any capital gains without deduction of tax in which case they would be obliged to declare same in their personal income tax return and would be subject to tax at the normal rates of tax.
Capital gains accruing to non-Maltese resident investors are exempt from tax in Malta.
The Funds are subject to a final withholding tax as follows:
The Funds are exempt from tax on any other income and gains.
Any gains realised when you sell all or part of your holding are not taxable, as long as the Funds are quoted on the Malta Stock Exchange and remain classified as prescribed funds.
Capital gains, dividends, interests and any other income from foreign securities held by the fund may be subject to tax imposed by the country of origin concerned and such taxes may not be recoverable by the fund or by investors.
The tax treatment of dividends depends on the income tax status of the particular investor and on the funds' income tax accounts out of which the dividends are distributed. In brief,
Investors should ensure that they are in compliance with any applicable notices, circulars and regulations issued under the External Transactions Act.
To make an investment in any of the Funds simply download and complete an Investment Account Application form and call at any branch of HSBC Bank Malta plc or HSBC Global Asset Management (Malta) Limited.
On the first Dealing Day following the receipt of your application by HSBC Global Asset Management (Malta) Limited you will be issued units (i.e. shares) in the Fund you have chosen at the price calculated on that day. These units, which represent your participation in the Fund, will be held on your behalf by HSBC Global Asset Management (Malta) Limited as your nominee.
The Malta Government Bond Fund and the Maltese Assets Fund are subject to an initial minimum investment of €1000 in respect of the accumulator class and €4,500 in respect of the income class of shares.
The Maltese Money Market Fund is subject to an initial minimum investment of €1,000.
When you make your first investment in the International Bond Fund we will ask you whether you want to have an Investment Account in euro or in Sterling.
If you choose the euro, you will have to pay euro when you invest in the Fund, and units will be issued to you at the euro unit price of the Fund. Similarly, the euro unit price will be used when you request redemption of units, and you will be paid euro.
If you choose to have your Investment Account in Sterling, you must buy units with Sterling when you invest in the fund, and these will be issued to you at the Sterling equivalent of the euro or equivalent in GBP unit price.
The International Bond Fund is subject to an initial minimum investment of €1,000 or equivalent in GBP in respect of subscriptions in the Accumulator Class and €4,500 or equivalent in GBP in respect of the Income Class of shares.
The Equity Growth Fund is subject to an initial minimum investment of €1,000.
The HSBC Property Investment Fund is subject to an initial minimum investment of €10,000 and may only be offered to experienced investors. Experienced investors are considered as persons having the experience and knowledge to be in a position to make their own investment decisions and understand the risks involved. In this regard investors in this fund are to complete the following Experienced Investor Declaration Form.
Click here to download the Experienced Investor declaration Form.
Click here to download an application to add to your investment.
The unit price of the accumulator and income classes of shares is updated from Monday to Friday (excluding public holidays) and is available in the local media or by calling Customer Service on 2380 2380, after each Dealing Day. Whenever you buy or sell units, you will receive a statement giving details of the transaction and the resulting balance of units. At the beginning of each year you will also receive an annual statement of all transactions made in the previous year, with a valuation of your year end holdings.
Click here to access the HSBC Fund prices.
HSBC Global Asset Management (Malta) Limited offers a Regular Savings Facility to investors. You should note that this facility is optional and that the terms and conditions applicable to it are subject to change.
The Regular Savings Facility (or 'RSF') offers you the means to invest your capital by regular payments over a period of time. Through this facility you will be instructing HSBC Global Asset Management (Malta) Limited to withdraw money on a periodic basis from an account you maintain with HSBC Bank Malta p.l.c. and to invest it in the fund of your choice.
Click here to access the RSF page
Currently, every single RSF must invest a minimum of €1,080 per annum in any one fund. However, each RSF can also be spread over monthly, quarterly, half-yearly or yearly installments (of €90, €270, €540 or €1,080 respectively).
The amount of each RSF can be increased or decreased by written notice from you, subject to the annual minimum amount of €1,080. The Manager may change the above minimum amounts at any time.
The Regular Savings facility is not available for the Maltese Money Market Fund.
Investors who want to benefit from this facility should complete the appropriate Application form and send it to HSBC Global Asset Management (Malta) Limited.
Depending on your choice, regular payments can be made at either monthly, quarterly, six monthly or yearly intervals. The payment amount can be debited from any savings account you hold with HSBC Bank Malta p.l.c.
Click here to download a RSF application form and the relative RSF terms and conditions.
Subject to terms stated in the prospectus, units in any of the Funds can be redeemed at any time by notifying HSBC Global Asset Management (Malta) Limited in writing of the quantity of units to be repurchased or the sum of money to be redeemed. The transaction will take place on the next dealing day at the unit price determined on that day. The proceeds will be forwarded to you by cheque or directly credited to your bank account.
HSBC Global Asset Management (Malta) Limited offers a periodic withdrawal facility to investors. You should note that this facility is optional and that the terms and conditions applicable to it are subject to change.
Currently, no specific charges apply to this facility although fees which may ordinarily be due upon redemptions will apply according to the fund concerned. Details of any fees applicable upon redemptions are included in the Prospectus.
When choosing this facility, investors will be advised of any increase in the value of their holding and given the opportunity to make a redemption from their investment account for an equivalent amount of units.
Investors who want to benefit from this facility should complete the panel on the Investment Account Application Form by selecting the preferred month of redemption from February, May, August and November.
Investors who decide to choose this facility at a later stage, should complete a separate PWF Form and forward it to HSBC Global Asset Management (Malta) Limited.
Each year, in your chosen month of redemption, HSBC Global Asset Management (Malta) Limited will send a statement advising you of the increase in the value of your holding.
If, you do not wish to redeem units equivalent to this increase in value, no further action is required.
If, on the other hand you wish to receive this amount, simply confirm in writing your request for payment on a note attached to the statement and send it to HSBC Global Asset Management (Malta) Limited.
Payments will be sent to you by cheque.
More details on this facility are available from HSBC Global Asset Management (Malta) Limited or any branch of HSBC Bank Malta p.l.c.
The funds have a very attractive fee structure. There are two types of charges and these may be viewed on our Charges page.
