Wignacourt Funds SICAV recently published its annual report and financial statements for the year ended 31 May, reporting an 8.04 per cent increase in its fund size from Lm13.675 million on 31 May 2004 to Lm14.775 million on 31 May 2005.
During the past financial year, the quoted share price of the Wignacourt Malta Fund accumulator class of shares increased by 26.18 per cent from Lm0.886 to Lm1.118 for the year ended 31 May.
As from launch on 6 March 2000 to 31 May 2005, the quoted share price increased by 11.80 per cent from Lm1.000 to Lm1.118. With regard to the distributor class of shares, the quoted share price increased by 24.71 per cent from Lm0.886 to Lm1.105 for the year ended 31 May. As from the date when the distributor class of shares was made available on 11 December 2003 to 31 May 2005, the quoted share price increased by 47.53 per cent from Lm0.749 to Lm1.105.
Kenneth Farrugia, general manager at Valletta Fund Management, commented on the factors that led to such results: “The sentiment in Maltese shares remained buoyant and trading activity picked up significantly as demand increased, which led to a very satisfactory performance of the market. The Malta Stock Exchange (“MSE”) Ordinary Share Index appreciated by 33.31 per cent from 2,561.261 points as at 31 May 2004 to 3,414.575 points as at 31 May 2005. Ten out of the 13 listed shares registered gains. Four of the positive movers outperformed the MSE Share Index during the period under review. This positive trend led to an improved performance for the Wignacourt Malta Fund. In fact, during the period under review, the fund registered a remarkable performance for the second time since its launch.”
Commenting on the fund’s composition of the portfolio and the investment activity of the Fund, Mr Farrugia said, “The fund’s largest exposures were in fact among the best performing shares led by the major banks, Malta International Airport and Middlesea Insurance. Among the various shifts in the fund’s portfolio throughout the reporting period, the Investment Adviser increased the fund’s position in three equities, these being MSI, MIA and FIMBank. Concurrently, the Investment Advisor maintained the fund’s positions in the two major banks – Bank of Valletta and HSBC Bank Malta.”
“Launched in early 2000, the Wignacourt Malta Fund invests principally in Maltese equity and debt securities listed on the Malta Stock Exchange,” Mr Farrugia concluded.