HSBC No-Load Funds SICAV publishes interim report

HSBC No-Load Funds SICAV plc, a multi-class investment company with variable share capital, has published the Interim Report and unaudited financial statements for the period 11 November 1998 to 31 October 1999.

The company currently comprises two sub-funds, namely Malta Government Bond Fund and Maltese Assets Fund. The funds are the only local funds to feature a unique no-load structure whereby there are no front-end charges or exit fees.

The HSBC No-Load Funds started to trade on the 23 December 1998. From this day to 31 October 1999, the unit price of the Malta Government Bond Fund increased from Lm100 to Lm105.01 and the Maltese Assets Fund increased from Lm100 to Lm112.06. On an annualised basis, these changes were equivalent to a return of 5.86 per cent per annum and of 14.11 per cent per annum respectively.

Both funds benefited from the favourable local monetary and market developments as a result of cuts in the Central Bank discount rate from 5.5 per cent to 4.75 per cent. The Maltese Assets Fund also gained from the strong performance of the equities listed on the Malta Stock Exchange. Over the period the funds attracted Lm19.6m in net subscriptions.

It is encouraging that until now the HSBC No-Loads Funds have delivered very well on expectations, and the manager believes that there are good prospects for further progress even though past performance is not a guarantee of future performance.

The HSBC No-Load Funds SICAV plc is managed by HSBC Fund Management (Malta) Limited. A copy of the Interim Report and of the Prospectus of the Fund may be obtained by calling freephone 0800 77 4444, from and HSBC Bank Malta plc Branch or from any licensed intermediary.

HSBC Fund Management (Malta) Limited is licensed by the Malta Financial Services Centre to conduct investment services business for collective investment schemes. HSBC No-Loads Funds SICAV plc is licensed by the Malta Financial Services Centre as a collective investment scheme.