HSBC Malta Funds SICAV plc has recently held its tenth annual general meeting at the Hilton Malta.

The company currently comprises six funds, three of which were launched during the financial year ended 31 March 2007.

The Company boasts total net assets of over Lm112million (EUR261mn) and provides investors with a choice of funds investing in local and international equities and bonds, as well as in other sectors such as global real estate markets.

Charles Azzopardi, Managing Director of HSBC Fund Management (Malta) Limited, gave a brief overview of the main factors contributing to the performance of the funds in the last year.

He also provided information about the HSBC Property Investment Fund, the most recent fund addition within the Company.

Steven Tedesco, Investments Manager then delivered a presentation on the performance of the funds.

He discussed the convergence of Euro interest rates with those in Maltese lira as well as the impact of a number of interest rate hikes by the Central Bank of Malta on bond fund performance during the period under review. In this scenario, “the Maltese local bond market is no longer insulated from the international capital markets and it is turning into a more dynamic market, offering potentially higher returns at higher levels of risks,” explained Mr Tedesco. Turning to local equity markets, Mr Tedesco continued that, “major local companies continue to deliver healthy earnings with the current high dividend yield of these companies remaining quite appealing.”

The shareholders approved the Annual Report and Audited Financial Statements for the year ended 31 March 2007 and re-appointed Prof. Edward Scicluna as Chairman while Mr Charles Azzopardi and Notary Clyde La Rosa were re-appointed as directors of the Company.

The shareholders also re-appointed KPMG as auditors of HSBC Malta Funds SICAV plc.