C-QUADRAT ARTS Best Momentum banka/Ampega... · 2020. 10. 9. · Annual fund report C-QUADRAT ARTS...

Annual fund report

C-QUADRAT ARTS Best Momentum of 25 January 1, 2014 – December 31, 2014

C-QUADRAT Kapitalanlage AG

Schottenfeldgasse 20, 1070 Vienna

Annual fund report for the accounting year from January 1, 2014 to December 31, 2014 for

C-QUADRAT ARTS Best Momentum

a co-ownership fund pursuant to § 2 (2) InvFG 2011 of


Annual fund report


CURRENT ORGANS C-QUADRAT Kapitalanlage AG, Vienna

Schottenfeldgasse 20, 1070 Vienna

Shareholder C-QUADRAT Investment AG

State commissioners Dr. Peter Ladislav Andrea Delfauro-Bischof (Deputy)

Supervisory board Helmut Geil (Chairman) Gerd Alexander Schütz (Deputy Chairman) Thomas Riess Manfred Köberlein

Management Board Christian Jost Markus A. Ullmer Andreas Wimmer

Duly authorized officers Eva Maria Prochazka Gunther Pahl Dr. Robert Schneider

Custodian bank Raiffeisen Bank International AG

Auditor Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.

Annual fund report


ANNUAL FUND REPORT for C-QUADRAT ARTS Best Momentum, a co-ownership fund pursuant to § 2 (2) InvFG 2011, for the accounting year from January 1, 2014 to December 31, 2014 Dear unit holder, C-QUADRAT Kapitalanlage AG is pleased to present its annual fund report for C-QUADRAT ARTS Best Momentum for the past accounting year.

1. Review of the past five accounting years

Income-retaining fund AT0000825393

Full income-retaining fund AT0000A08LD9

Currency

Total fund assets

Net asset value per income-retaining unit

Income used for reinvestment

Payment pursuant to § 13 (3) InvFG

Net asset value per income-retaining unit

Income used for full reinvestment

Performance in %

12/31/2014 EUR 196,149,846.33 235.62 5.7886 3.2417 240.38 9.1154 14.96*)

12/31/2013 EUR 183,396,989.85 207.37 17.06 2.44 209.17 19.64 13.25

12/31/2012 EUR 164,829,718.85 183.11 17.87 0.00 184.74 18.03 7.45

12/31/2011 EUR 156,843,300.85 170.42 0.00 0.00 171.94 0.00 -16.41

12/31/2010 EUR 189,456,987.96 205.69 0.00 1.82 205.69 0.00 22.94

*) measured against the income-retaining tranche

Income-retaining fund

AT0000A05AE6 Curre

ncy Net asset value per income-retaining unit

Income used for reinvestment

Payment pursuant to § 13 (3) InvFG

12/31/2014 PLN 996.42 15.0663 11.9158

12/31/2013 PLN 852.85 70.31 9.56

12/31/2012 PLN 744.89 0.00 0.00

12/31/2011 PLN 748.94 0.00 0.00

12/31/2010 PLN 815.91 0.00 0.00

Annual fund report


2. Statement of income and performance of the fund assets 2.1. Performance in accounting year (fund performance) Income-retaining unit

Calculation acc. OeKB method per unit in fund currency excl. front-end load AT0000825393

Net asset value per unit at start of accounting year 207.37

Payment on February 17, 2014 (net asset value: 207.81)

of EUR 2.44 = 0.011741 units)

Net asset value per unit at end of accounting year 235.62

Total value incl. units acquired through payment (1.0117 x 235.62) 238.39

Net income/net reduction per unit 31.02

Performance of one income-retaining unit during the accounting year 14.96%

2.1. Performance in accounting year (fund performance) Full income-retaining unit

Calculation acc. OeKB method per unit in fund currency excl. front-end load AT0000A08LD9




Performance of one full income-retaining unit during the accounting year 14.92%

2.1. Performance in accounting year (fund performance) Income-retaining unit PLN

Calculation acc. OeKB method per unit in fund currency excl. front-end load AT0000A05AE6


Payment on February 17, 2014 (net asset value: 855.87)

of PLN 9.56 = 0.01117 units)


Total value incl. units acquired through distribution (1.0112 x 996.42) 1,007.55


Performance of one income-distributing unit during the accounting year 18.14%

The performances of the individual tranches may vary due to rounded-off figures.

Annual fund report


2.2. Fund earnings

A) Realized fund earnings

Ordinary fund earnings

Income (excl. profit or loss from price changes)

Dividend income from subfunds 4,310.30

Income from subfunds (incl. actual distributions) 1,998,854.15

Interest expenses -8,966.51

Interest income 49.01 1,994,246.95

Expenses

Costs for foreign licensing -21,292.57

Custodian bank fees -80,927.91

Custodian fees -46,195.12

Performance fees -5,102,277.92

Auditing fees -6,452.61

Reimbursement of management costs 510,070.58

Mandatory/publication costs -2,918.95

Management fees -3,913,634.78 -8,663,629.28

Ordinary fund earnings (excl. income adjustment) -6,669,382.33

Realized profit/loss from price changes

Realized profits 25,344,222.71

Realized losses -11,049,357.52

Realized profit or loss from price changes (excl. income adjustment) 14,294,865.19

Total realized fund earnings (excl. income adjustment) 7,625,482.86

B) Non-realized fund earnings 2) 3)

Change in non-realized profit or loss from price changes 8,331,356.00

Documented distribution-equivalent income 9,881,389.34

Total non-realized fund earnings 18,212,745.34

C) Income adjustment

Income adjustment for income during accounting year -189,508.01

Income adjustment for profit carryover during accounting year 0.00 -189,508.01

Overall fund earnings 25,648,720.19

2) Realized profits and losses are not specific to a particular period. Accordingly, like the change in the non-realized profit or loss from price changes, they may not relate to the fund’s performance in the past accounting year. 3) Total profit/loss from price changes without equalization of income (realized profit/loss from price changes, excl. net income, plus change in the non-realized profit/loss from price changes): EUR 14,105,357.18

Annual fund report


The result for the accounting year includes explicitly indicated transaction costs in the amount of EUR 569,037.97.

2.3. Development of fund assets

Fund assets on December 31, 2013 (884,006.584 units) 183,396,989.86

Payment on February 17, 2014 (EUR 2.44 x 765,128.322 income-retaining units) -1,866,913.11

Payment on February 17, 2014 (PLN 9.56 x 20,500.00 income-retaining units) -47,246.87

Change in funds

Due to sales of certificates 24,788,990.46

Due to repurchases of certificates -35,960,202.20

Pro rata income adjustment 189,508.01 -10,981,703.73

Fund earnings from income statement 25,648,720.19

Fund assets on December 31, 2014 (831,748.153 units) 196,149,846.33

2.4. Appropriation of income

Payment pursuant to §13 (3) InvFG (EUR 3.2417 x 742,198.096 income-retaining units) 2,405,983.57

Payment pursuant to §13 (3) InvFG (PLN 11.9158 x 29,000.00 income-retaining units) 80,261.58

Reinvested income (income-retaining units) 4,296,305.81

Reinvested income (income-retaining units) 101,482.55

Reinvested income (full income-retaining units) 551,941.34 7,435,974.85

Total 7,435,974.85

Realized fund earnings (incl. income adjustment) 7,435,974.85

Asset-based loss and expense allowance

Change in profit carryover

Ordinary carryover from the previous year 0.00

Ordinary carryover into following period 0.00

Profit carryover from previous year 0.00

Profit carryover into following period 0.00 0.00

Total appropriation of income 7,435,974.85

Annual fund report


Payment (AT0000825393) EUR 3.2417 per income-retaining unit will be paid out from March 16, 2015 against surrender of the coupon to the custodial account providers. Payment (AT0000A05AE6) PLN 11.9158 per income-retaining unit will be paid out from March 16, 2015 against surrender of the coupon to the custodial account providers. The fund’s subfunds are managed by external investment fund management companies which charged management fees of between 0.20 % and 2.00% p.a. They did not charge any front-end load fees for the purchase of units. Calculation method for overall risk: commitment approach

3. Financial markets Following the strong upward trend in the past year, the stock markets initially got off to a slow start in 2014. At the same time, a sideways movement began on the US and European stock markets which continued for almost 5 months and was extremely volatile – for instance, Germany’s DAX stock index suffered a maximum loss of around 7.50% during this period, but the S&P 500 also suffered a peak loss of almost 6.00%. In the same period Japanese equities were punished considerably, measured against the Nikkei 225. This index recorded a maximum loss of 13.81% in the period up to late May. This occurred in the context of the worsening Crimea crisis, the winding-down of the bond purchasing program of the American central bank, the Fed, and associated fears of a key interest-rate hike. From this moment onwards, the picture on the international markets was extremely mixed: On the one hand, the US stock markets and Japanese equities which had previously been heavily punished realized significant gains. The overseas markets repeatedly reached new all-time highs. On the other hand, the European stock indexes such as the EuroSTOXX 50 and the DAX continued to move sideways, indeed increasingly so, with even higher levels of volatility than in the first half of the year. This is clearly illustrated by the German stock index’s annual high of 10,087 index points and its annual low of 8,571 index points. These two figures were both recorded during the second half of the year. The number of media reports also picked up considerably from June 2014 onwards. Issues ranged from the continuing military confrontation over Crimea and the Gaza Strip via concerns over the Eurozone’s economic performance to monetary policy measures and their impact. Moreover, crude oil suffered a price collapse last seen in 2008. Brent crude fell by more than 50% and slipped below the USD 50 per barrel mark at times. The single European currency also came under strong pressure and fell more than 10% in the last 6 months of 2014. On the other hand, the picture on the bond markets was highly homogenous: Bond prices have reached unprecedented highs, particularly in the case of European government bonds.

4. Investment policy The investment objective of C-QUADRAT ARTS Best Momentum is to achieve capital growth subject to higher risk. To implement this investment policy, the fund’s management uses a technical trading program developed by ARTS Asset Management with a short- to medium-term trend-following orientation. Funds showing upward movement in the short to medium term are given the highest weighting in the portfolio. As opposed to most traditionally managed funds of funds, the investment strategy of C-QUADRAT ARTS Best Momentum is not geared toward outperforming a benchmark, but much more to generating absolute growth over the long term. C-QUADRAT ARTS Best Momentum represents a highly active management style and a constantly changing portfolio.

Annual fund report


5. Makeup of the fund assets

Fund assets incl. changes and liquidated positions ISIN Security Currency Holdings Additions

Nominal Disposals

Nominal Price Market value in

EUR % share

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN EURO

AT0000714282 RAIFF.HEALTHCARE-AKTIEN R T EUR 14,200 14,200

175.130000 2,486,846.00 1.27

AT0000764758 RAIFF.US-AKTIEN R T EUR 36,500 36,500

139.970000 5,108,905.00 2.60

DE0009769851 DWS HEALTH CARE TYP O EUR 27,500 27,500

198.220000 5,451,050.00 2.78

DE000A1KB2D9 ISHS.VI-MSCI W.M.V.UTS DZ EUR 820,000 820,000

27.100000 22,222,000.00 11.33

DE000ETFL094 DK MSCI USA LC EUR 66,000 66,000

112.199000 7,405,134.00 3.78

DE000ETFL268 DK MSCI USA EUR 510,000 510,000

16.391000 8,359,410.00 4.26

FR0007056841 LYXOR ETF DOW JON.IA D-EO EUR 59,000 59,000

149.710000 8,832,890.00 4.50

IE00B5N9RL80 TRAD.-F+C R.EST.S.AAEO EUR 168,000 223,000 55,000 17.220000 2,892,960.00 1.47

LU0187079180 ROBECO PPTY EQUIT. D EO EUR 31,000 31,000

134.560000 4,171,360.00 2.13

LU0198389784 SARASIN I.-RE.ES.EQ.GL.PA EUR 9,250 12,000 2,750 179.960000 1,664,630.00 0.85

LU0247050130 LACUNA-ADAMANT AS.PA.HL.P EUR 3,900 31,500 27,600 173.220000 675,558.00 0.34

LU0250172185 ING(L)-GL.R.E.PEO CAP EUR 7,900 15,800 7,900 334.490000 2,642,471.00 1.35

LU0261952419 FID.FDS-GL HTH C.A ACC.EO EUR 48,000 96,000 48,000 21.310000 1,022,880.00 0.52

LU0353247553 PIONEER-US RES.VAL.A EO C EUR 18,000 27,000 9,000 119.340000 2,148,120.00 1.10

LU0378449770 COMST.-NASDAQ-100 U.ETF I EUR 310,000 310,000

36.075000 11,183,250.00 5.70

LU0533033238 MUL-LYX.U.E.MSCI W.HC CEO EUR 71,500 71,500

206.700000 14,779,050.00 7.53

LU0540980223 DB X-TR.MSCI W.H.C.I.1CDL EUR 1,005,000 1,015,000 10,000 20.750000 20,853,750.00 10.63

LU0823444111 PAR.-R.EST.SEC.W. CL.CAP EUR 13,200 26,500 13,300 47.160000 622,512.00 0.32

LU1001747408 JPM-EU.EQ.AB.AL.A PE.ACEO EUR 23,500 23,500

119.910000 2,817,885.00 1.44

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN US DOLLARS

AT0000722574 KEPLER US AKTIENFONDS (T) USD 8,300 8,300

103.260000 703,631.21 0.36

BE0163900674 CANDR.EQU.B-GL.H.CARE C C USD 780 780

2,960.670000 1,895,917.74 0.97

FR0010912568 AMUNDI ETF NASDAQ-100 B USD 116,000 116,000

46.155000 4,395,533.85 2.24

IE00B0H1QD09 IFS-INVESCO GL RE.E.A USD USD 330,000 330,000

12.260000 3,321,538.52 1.69

IE00B16C1G93 COMG.GR.-AS.PAC EX JA.DL USD 166,000 250,000 84,000 17.240000 2,349,525.88 1.20

IE00B3VSSL01 SOURCE-TECHN.S+P US SEL.A USD 77,000 77,000

98.520000 6,228,020.20 3.18

IE00B42Q4896 SOURCE-S.FIN.S+P US SEL.A USD 45,000 45,000

135.690000 5,012,971.55 2.56

IE00B435BG20 SOURCE-S.C.ST.S+P US S.A USD 5,000 5,000

322.795000 1,325,048.23 0.68

IE00B8GF1M35 SPDR DW JNES GL.RL.EST.DL USD 200,000 200,000

35.995000 5,910,266.41 3.01

LU0085953304 UBS(L)EQ.-H.CARE DL P-ACC USD 12,700 12,700

222.020000 2,314,891.84 1.18

LU0129463179 JPM-US VALUE FD C ACC USD 79,000 79,000

23.630000 1,532,588.97 0.78

LU0133099654 T. ROWE PR.-US LAR.C.V A USD 81,000 81,000

26.470000 1,760,247.94 0.90

LU0158081363 AMU.-EQ.THAILAND IU(C) USD 97 388 291 6,646.040000 529,260.61 0.27

LU0224508670 SISF GL PROP.SECS C ACC USD 8,500 8,500

157.370000 1,098,185.62 0.56

LU0229520647 NORDEA 1-NTH AM.VAL.BI-DL USD 165,500 165,500

50.060000 6,801,797.96 3.47

LU0281484617 JPM-US.SEL.EQ.P.C PE.ACDL USD 320,000 320,000

16.930000 4,447,764.87 2.27

LU0432979887 JPM-GLOB.HEALTHC.C ACC.DL USD 9,400 9,400

330.070000 2,547,233.69 1.30

US4642871275 ISHSTR-MORNING.L.CAP ETF USD 102,000 102,000

125.470000 10,506,908.58 5.36

US4642885390 ISHS-MORTGAGE R.E.CAP.ETF USD 265,000 265,000

11.880000 2,584,622.96 1.32

US4642887453 ISHS TR.-GL.CONS.DISC.ETF USD 47,500 47,500

86.410000 3,369,709.78 1.72

TOTAL SECURITIES ADMITTED TO OFFICIAL TRADING OR ANOTHER REGULATED MARKET 193,976,327.41 98.89

BANK BALANCES

EUR balances

2,810,636.93 1.43

BALANCES IN OTHER EU CURRENCIES PLN

409.62 0.00

TOTAL 2,811,046.55 1.43

Annual fund report


ACCRUALS/DEFERRALS

INTEREST CLAIMS

-1,174.40 0.00

MISCELLANEOUS FEES

-667,530.63 -0.34

PORTFOLIO COMMISSION CLAIMS

31,177.40 0.02

TOTAL ACCRUALS/DEFERRALS -637,527.63 -0.33

TOTAL fund assets 196,149,846.33 100.00

NET ASSET VALUE C-QUADRAT ARTS Best Momentum (TTH)

EUR 235.62

NET ASSET VALUE C-QUADRAT ARTS Best Momentum (VTH) IA

EUR 240.38

NET ASSET VALUE C-QUADRAT ARTS Best Momentum (TTH) PLN

PLN 996.42

UNITS IN CIRCULATION C-QUADRAT ARTS Best Momentum (TTH)

UNITS 742,198.096

UNITS IN CIRCULATION C-QUADRAT ARTS Best Momentum (VTH) IA

UNITS 60,550.057

UNITS IN CIRCULATION C-QUADRAT ARTS Best Momentum (TTH) PLN

UNITS 29,000.000

CONVERSION RATES/EXCHANGE RATES

FOREIGN-CURRENCY ASSETS CONVERTED INTO EURO AT THE EXCHANGE RATES/CONVERSION RATES

AS OF DECEMBER 29, 2014

CURRENCY

UNIT PRICE

in EUR

Euro

1 = EUR 1.000000

Polish zloty

1 = EUR 4.305400 US dollar

1 = EUR 1.218050

Annual fund report


SECURITIES PURCHASES AND SALES DURING THE PERIOD UNDER REVIEW NOT LISTED UNDER THE PORTFOLIO OF INVESTMENTS ISIN Security Currency Holdings

Additions Nominal

Disposals Nominal

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN AUSTRALIAN DOLLARS

LU0261950041 FID.FDS-AUSTRAL.A ACC.AUD AUD 0

310,000 310,000

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN SWISS FRANCS

LU0038279252 JB MULTISTK-SW.S.+M.C.S.A CHF 0

8,000

LU0149524034 SISF SWISS S.M.CP A ACC CHF 0

124,000

LU0227177580 SISF SWISS EQU.OPPO.A ACC CHF 0

1,690 1,690

LU0376446257 BGF-SWISS S.+M.OPPO.A2 SF CHF 0

16,900 16,900

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN EURO

AT0000722657 KEPLER GLOBAL AF (T) EUR 0

29,000

AT0000745864 RAIFF.EURASIEN-AKTIEN(R)T EUR 0

10,100 10,100

AT0000A09ZK2 RAIFF.INFRASTR. AKT.(R) T EUR 0

1,270

BE0170908918 CANDR.EQU.B-GL.ENER.CCAP EUR 0

2,020 2,020

BE0173086381 KBC EQ.FD-ST.TEL.+TEC.CAP EUR 0

2,800

DE0008474156 DWS EUROP. OPPORTUNITIES EUR 0

13,800 13,800

DE0008486622 OP EAST ASIA EUR 0

15,300 15,300

DE0009771923 DEKA-TELEMEDIEN TF EUR 0

3,050

DE0009786285 DEKA-EUROPAPOTENTIAL TF EUR 0

21,400 21,400

DE000A0F5UH1 IS.S.GL.SE.D.100 U.ETF A. EUR 0

136,000 136,000

DE000A0HG2Q2 ISHS-EUR.PROP.YLD.U.ETFDZ EUR 0

340,000 340,000

DE000A0KFFW9 FT UNTERNEHMERWERTE EUR 0

1,500

DE000A0LGQM3 IS.II-GL INFRA. UCITS ETF EUR 0

385,000 385,000

DE000A1C2Y86 ISHSIII-MSCI CA.U.E.ADLDZ EUR 0

280,000 280,000

DE000A1KB2C1 ISHSVI-MSCI EU.M.V.UTS DZ EUR 0

310,000 310,000

DE000DWS0DT1 DWS WATER SUSTAINABILITY EUR 0

77,000 77,000

DE000ETFL433 DK DAX EX FINANCIALS 30 EUR 0

118,000

FR0000172041 AXA AEDIFICANDI A CA.4 D. EUR 0

5,700 5,700

FR0000284689 COMGEST MONDE C EUR 0

4,450

FR0010168773 LYXOR ETF MSCI EMU SM.CAP EUR 0

76,000 76,000

FR0010258731 ODDO VALEURS RENDE.B 3DEC EUR 0

7

FR0010527275 LYXOR ETF WORLD WATER DEO EUR 0

280,000 280,000

FR0010655712 AMUNDI ETF MSCI GERMANY EUR 0

2,850

FR0010713727 AMUNDI ETF MSCI INDIA EUR 0

35,000 35,000

FR0010713768 AMUNDI ETF MSCI EU.MI.VO. EUR 0

136,000 136,000

FR0010791145 AMUNDI ETF MSCI WLD ENER. EUR 0

25,000 25,000

FR0011133644 AMUN.ETF S+P500 EO HED.D. EUR 0

222,000 222,000

GB0008192063 BARING GER.GR.TR.ACC.EO EUR 0

740,000

GB0030655780 BARING EURO.SE.TR.DIS. EO EUR 0

58,500

GB0032139684 M+G INV.3-MG RECOV.ACC.A EUR 0

104,000 104,000

GB00B0BHJH99 M+G INV.F.(1)-N.AM.V.AEUR EUR 0

285,000 285,000

GB00B0WGVL36 THREADN.INV.-ASIA T.RE.N. EUR 0

1,490,000 1,490,000

GB00B2PDR286 FIRST ST.GL.LIST.IN.A EOA EUR 0

2,620,000 2,620,000

GB00B3FQM189 THREAD.INVT-AM.SEL.RA EOH EUR 0

1,000,000 1,000,000

GB00B3FQM304 THREADN.INVT.-AMER.R.AEOH EUR 0

2,100,000

IE0004868828 BARING INTL-AS.FRON.A EO EUR 0

33,500 33,500

IE0031069499 AXA ROS.E.A.-PA.EX-J.B EO EUR 0

40,200 40,200

IE00B02YQR81 AXA ROSEN.E.A.-US E.BH(EO EUR 0

194,000 194,000

IE00B0H1S125 IFS-INVESCO GL RE.ES.A EO EUR 0

236,000 236,000

IE00B19Z3920 LM GL-LM C.M.VAL.A A EO EUR 0

57,000 57,000

IE00B23D8Z06 P.SHS GLOB.LI.PR.EQ.U.ETF EUR 0

480,000 480,000

IE00B3BPCJ75 P.SHS MI.EA.NO.AFRI.U.ETF EUR 0

150,000 150,000

IE00B3NMJY03 MAGNA UMBR.FD-MENA R EUR 0

62,000 62,000

IE00B3VWMM18 ISHSVII-MSCI EMU SC U.ETF EUR 0

126,000 126,000

IE00B466KX20 SPDR MSCI EM ASIA ETF EUR 0

150,000 150,000

IE00B52SF786 ISHSVII-MSCI CA B UC. ETF EUR 0

71,317 71,317

IE00B5MJYY16 SOURCE-S.ST.E.600OP.H.C.A EUR 0

180,000 180,000

Annual fund report


LU0048167497 JB MULTISTK-GERM.VAL.ST.B EUR 0

9,150

LU0052265898 CS EQ.FD(L)S.M.C.GE.B EO EUR 0

1,090 1,090

LU0068770873 DWS INDIA INH.CAP. EUR 0

3,210 3,210

LU0084617165 ROBECO ASIA-PACIFIC EQ.D EUR 0

20,200 20,200

LU0088927925 HEND.HORIZ.-PAN E.PR.A2 A EUR 0

131,500 131,500

LU0089558679 UNIDYNAMICFDS: GL INH.A EUR 0

66,000

LU0090772608 UNIMID+SMALL.EUR. INH.A EUR 0

52,000 52,000

LU0091371061 JB MULTISTK-EU.S.+M.C.S.A EUR 0

21,540 21,540

LU0096450399 OYSTER-ITAL.VAL.NAM. EO A EUR 0

1,210 1,210

LU0099574567 FID.FDS-GL TECHNOL.A GL. EUR 0

885,000 885,000

LU0106238719 SISF ITALIAN EQ.A ACC EUR 0

124,000 124,000

LU0119205192 ING(L)-EU.REAL ES.P C EUR 0

5,600 5,600

LU0120694483 VONTOBEL-EUR.M.+S.C. B-EO EUR 0

12,700 17,090

LU0121803570 HAIG MB MAX VALUE B EUR 0

32,800

LU0124167924 FPM-STOCKP.GERM.ALL CAP C EUR 0

3,200

LU0129233507 LUPUS ALP.-SM.GER.CHAMP.C EUR 0

1,440

LU0144224713 VERMOEGENSAUFBAU-HAIG I EUR 0

58,000

LU0165073775 HSBC GIF-EOL.EQ.S.E.E.A C EUR 0

56,000 56,000

LU0192065562 UBAM-NEU.BE.US EQ.VAL.I C EUR 0

1,280 1,280

LU0192223062 EASYETF FTSE EPRA EUROZO. EUR 0

55,700 55,700

LU0196152606 PAR.GRP L.I.-L.PR.EQ.EOIA EUR 0

11,900 11,900

LU0200685153 BGF-US BAS.VAL.N.A2 EO H. EUR 0

102,000

LU0201722401 PIONEER-US MID(HED)A EO C EUR 0

92,500 92,500

LU0207947044 FPM FDS-STOCK.GE.S./M.C C EUR 0

5,100 6,300

LU0216467257 DB PL.COMMODITY EURO I1C EUR 0

224 224

LU0216734045 AXA WLD-FR.EU.RE.E.S.A TH EUR 0

9,200 9,200

LU0218245263 LUPUS ALP.-MICRO CHAMP. EUR 0

10,300

LU0218912235 VONTOBEL-EM.MKTS E.H-EOH EUR 0

8,500 8,500

LU0227853388 DB PLAT.CR.BRAN.STARS I1C EUR 0

22 22

LU0228581574 DB PLAT.CROCI GERMANY I1C EUR 0

18,800

LU0232528306 ACMB.-EM.MKTS GWTH A EO EUR 0

47,500 47,500

LU0236150610 DWS I.-EUROP.SMALL CAP FC EUR 0

17,000 17,000

LU0240068089 CS(LUX)-EQUITY ENERGY R EUR 0

22,500 22,500

LU0248271941 BGF-INDA FUND A2 EUR EUR 0

234,000 234,000

LU0248320664 PICTET-GENERICS NAM.HPEO EUR 0

35,000

LU0251127410 FID.FDS-AMER. A ACC.EO GL EUR 0

320,000

LU0261948227 FID.FDS-GERMANY A ACC.EUR EUR 0

244,000

LU0261948904 FID.FDS-IBERIA A ACC. EUR EUR 0

275,000

LU0261951528 FID.FDS-EU.SM.C.A ACC.EUR EUR 0

416,000

LU0264597617 HEND.HOR.-PAN EUR.A.AA.EO EUR 0

255,000

LU0275317336 SWISSC.LU EQ.-CLIM.INV.B EUR 0

15,400 15,400

LU0280770768 JB MULTIP.-RS.SU.H.L.B EO EUR 0

35,000

LU0289217050 JPM-US VALUE FD C ACC EOH EUR 0

330,000

LU0292105359 DB X-TR.ST.E.600 FO.+B.1C EUR 0

88,000 88,000

LU0293680319 AXA WLD-FR.HYB.RES.A T EO EUR 0

35,000 35,000

LU0313643370 PIONEER-COMM.ALPHA A EOHD EUR 0

58,000 58,000

LU0313923228 BLACK.EUR.OPPO.EXT.A2 EO EUR 0

22,500 22,500

LU0315440411 NMX30 INFR.GL.THEAM EO A EUR 0

224,000 224,000

LU0316465888 SISF MIDDLE EAST C ACC EO EUR 0

218,000 218,000

LU0322250712 DB X-TR.LPX MM PR.EQ. 1C EUR 0

106,000 106,000

LU0322253229 DB X-TR.S+P GLOB.INF. 1C EUR 0

920,000 920,000

LU0322253906 DB X-TR.MSCI EU.S.C.DR 1C EUR 0

244,000 244,000

LU0325073871 JPM-HIGHB.EUR.ST.C ACC EO EUR 0

148,000 148,000

LU0325075066 JPM-HIG.US ST.C PE.ACEOH EUR 0

49,000

LU0326422176 BGF-WORLD EN.F.A2 EO HED. EUR 0

620,000 620,000

LU0329760937 DE.INV.I-GL.INFRASTR. FC EUR 0

41,500 41,500

LU0333810850 GS-INDIA EQUITY E ACC EO EUR 0

240,000 240,000

LU0334663159 SISF HK EQU.CACC EO-H. EUR 0

32,000 32,000

LU0342688198 AGIF-GL.AGRIC.TRENDS A EO EUR 0

34,000 34,000

LU0346393456 FID.FDS-AM.GWTH A AC.EOHD EUR 0

79,000

LU0348402537 CS(LUX)-EQ.LUX.GOODS BEO EUR 0

20,000

LU0351545669 NORDEA 1-GL.STAB.EQ.BI-EO EUR 0

132,000

Annual fund report


LU0363632075 PIONEER FD-IND.EQ.AC EO EUR 0

26,500 26,500

LU0366711900 UBS(L)E.-INFR.EO P-ACC EUR 0

5,300 5,300

LU0396248931 ING(L)-MIDD.EA.+N.A.PEO EUR 0

2,750 7,200

LU0413542167 FIDELITY-AS.SP.SIT.AA EO EUR 0

93,000 93,000

LU0414045822 AGIF-EUR.EQU.DIVID.AT EO EUR 0

18,300

LU0419225759 DB PLAT-CROCI SECT. I3C EUR 0

57,500 57,500

LU0429790743 DB X-T.DB C.B.DJ-UBSCI 2C EUR 0

230,000 230,000

LU0433847323 BELLVUE(L)-BB AFR.OPP.IEO EUR 0

24,050 24,050

LU0433926036 G.SACHS F.-US EQ.OCS EOHA EUR 0

265,000

LU0446734872 UBS-ETF-MSCI CANADA A EUR 0

619,000 619,000

LU0468536874 DB PL.V-H.ENH.B.COMM.I1C EUR 0

33,500 33,500

LU0482497442 INVESCO-AS.CON.DEM.ACEOHD EUR 0

142,000 142,000

LU0482497798 INVESCO GR.CHINA E.AEOHD EUR 0

65,000 65,000

LU0482497954 INVESCO GL.STR.EQU.A EOHD EUR 0

25,000

LU0489687599 MAND.FD-M.UNIQ.S.+M.C.E.G EUR 0

156 156

LU0503634221 PICTET-HIGH DIV. SEL.P EO EUR 0

10,700 10,700

LU0510167264 ROBECO CGF-US L.C.EQ.DHEO EUR 0

100,000 100,000

LU0515768454 THREAD(L)-ENH.COMMOD.AEH EUR 0

144,000 144,000

LU0523223328 AB.GL-EM.I.E.A2 EO-BCE AC EUR 0

184,000 184,000

LU0525202155 BL.STR.-B.E.D.E.A.R.A2 EO EUR 0

45,000

LU0533032420 MUL-LYX.U.E.MSCI W.EN.CEO EUR 0

39,000 39,000

LU0544632861 I.G.ST.-EN.NAT.RES.IA.EOH EUR 0

79,000 79,000

LU0568606817 AMUNDI-EQ.EURO.S.C.IE CAP EUR 0

1,870 1,870

LU0568613607 AMUNDI-EQ.MENA IHE CAP EUR 0

4,020 4,020

LU0582533245 ROBECO-EMERG.CONS.EQ.D EO EUR 0

31,300 31,300

LU0592217441 DB X-T.MSCI EM U.IDX.1CDL EUR 0

200,000 200,000

LU0603942888 COMST.-SDAX TR UCIT.ETF I EUR 0

59,000

LU0637334078 NORDEA 1-INDIAN EQ. BI-EO EUR 0

62,200 62,200

LU0637344895 NORDEA 1-ST.EM.M.EQ.BIEO EUR 0

32,500 32,500

LU0650624025 COMST.-F.A.Z.IDX U.ETF I EUR 0

83,000

LU0671501558 SISF GLOB.EN.A ACC.EO HD EUR 0

190,000 190,000

LU0702159772 F.F.-ASIAN SMA.COM.AACCEO EUR 0

235,000 235,000

LU0823424782 PAR.-EQ.W.UTIL.CL.CAP EUR 0

20,900 20,900

LU0823437925 PAR.-GREEN TIGERS CL.CAP EUR 0

19,300 19,300

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN BRITISH POUNDS

GB0001448900 THREADN.-UK EQU.INC. E 1 GBP 0

4,581,781 4,627,842

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN HONG KONG DOLLARS

LU0149536715 SISF HK EQUITY C ACC HKD 0

118,000 118,000

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN JAPANESE YEN

LU0270819245 SCHRODER ISF-JAP.OPP.C YN JPY 0

290,000 290,000

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN US DOLLARS

BE0170813936 KBC EQ.FD-MEDICAL TECH C. USD 0

1,330

BE6213773508 KBC EQ.FD-TECHNO. CAP. USD 0

37,000

IE0003708116 IFS4-INV.CONT.E.SM.CP.E.A USD 0

13,940

IE0003842543 IFS 5-INVESCO KOREAN EQ.A USD 0

190,000 190,000

IE00B3YC1100 SOURCE MKTS-INDS.S+P US.A USD 0

47,500

IE00B435CG94 SOURCE-S.EN.S+P US SEL.A USD 0

39,500 39,500

IE00B652H904 ISHARES V-EM.M.D.UCITS DL USD 0

405,000 405,000

IE00B8BVS817 BAR.IN.-GL FRO.MKT.AACCDL USD 0

404,500 404,500

LU0040507039 VONTOBEL-EM.MKTS EQU.B-DL USD 0

5,100 5,100

LU0048621477 FID.FDS-THAILAND A GL. USD 0

79,000 79,000

LU0048816135 INVESCO GREATER CHINA E.A USD 0

122,000 122,000

LU0051129079 ING(L)-I.A.EX J.H.DV.PCDL USD 0

5,000 5,000

LU0090738252 DNB FD-GLB EM MKTS SRI A USD 0

550,000 550,000

LU0119219227 ING(L)-UTILITIES P C. USD 0

3,250 3,250

LU0129435805 JPMORGAN-GL UNC.EQ.C USD 0

152,000 152,000

LU0140637140 SISF GREATER CHINA C ACC USD 0

47,500 47,500

Annual fund report


LU0188438542 SISF ASIAN EQ.YIELD C ACC USD 0

230,000 230,000

LU0231459107 ABERD.GL.-ASIAN SM. A-2 USD 0

63,000 63,000

LU0231490524 ABERD.GL.-INDIAN EQ.A-2 USD 0

28,000 28,000

LU0236502588 AMU.-EQUTY INDIA IU(C) USD 0

1,380 1,380

LU0258925188 JPM-GL.R.EST.USD C AC.USD USD 0

15,900 15,900

LU0261945553 FID.FDS-ASEAN A ACC. USD USD 0

470,000 470,000

LU0264410993 SISF-INDIAN EQ.C ACC. USD USD 0

45,600 45,600

LU0267983889 INVESCO-INV.INDIA EQ. A D USD 0

153,000 153,000

LU0270815920 SISF-TAIWANESE EQU.CACCDL USD 0

166,000 166,000

LU0313358250 G.S.-G.+E.M.CORE EQ.ICADL USD 0

440,000 440,000

LU0334857355 INVESCO-AS.CONS.DEM.AC DL USD 0

435,000 435,000

LU0348735423 AGIF-H.KONG EQU.A DL USD 0

23,400 23,400

LU0360484686 MSI-US ADVANTAGE FD Z DL USD 0

134,000

LU0360485733 MSI-INDIAN EQUITY NA.Z DL USD 0

86,000 86,000

LU0523223757 ABERD.GL-E.M.INFR.EQ.A2DL USD 0

335,000 335,000

LU0552385535 MORGAN STAN.I-GL.OPP.ZDL USD 0

151,000 151,000

LU0562313402 SISF FRONT.MKTS EQ.A A DL USD 0

9,500 34,200

LU0563303139 LO F.-GLOBAL EN. P ACC.DL USD 0

375,000 375,000

LU0568613433 AMUNDI-EQ.MENA IU CAP USD 0

292 292

LU0611395913 INVESTEC GSF-E.M.EQ.IA DL USD 0

97,000 97,000

LU0659579147 DBX-T.MSCI PAK.I.1CDL USD 0

2,240,000 2,240,000

LU0665646492 UBS-ETF-M.AC AS.E.J.IN.A USD 0

52,000 52,000

LU0720348647 SWISSC.SM.C.-AS.PAC.EQ. B USD 0

11,700 11,700

LU0823428932 PAR.-P.EQ.IND. CL.CAP USD 0

38,000 38,000

US4642872919 ISHS TR.-GLOBAL TECH ETF USD 0

490,000

US4642875649 ISHSTR-COH.+STEE.REIT ETF USD 0

270,000 270,000

US4642876977 ISHS TR.-US UTILITIES ETF USD 0

128,000 128,000

US4642883726 ISHS TR.-GL.INFRASTR. ETF USD 0

134,000 134,000

US4642898427 ISHSTR-MSCI A. PERU C.ETF USD 0

81,000 81,000

Vienna, April 15, 2015


Christian Jost Markus A. Ullmer Andreas Wimmer

Annual fund report


6. Auditor’s Report

We have audited the attached annual fund report as of December 31, 2014 (including the accounts) issued by C-QUADRAT Kapitalanlage AG for its fund C-QUADRAT ARTS Best Momentum, a co-ownership fund pursuant to § 2 (2) InvFG 2011, for the accounting year from January 1, 2014 to December 31, 2014. Responsibility of the statutory representatives for the annual fund report, management of the asset portfolio and the accounting The statutory representatives of the management company/the custodian bank are responsible for the accounting, valuation of the asset portfolio, calculation of withholding taxes, preparation of the annual fund report and management of the asset portfolio in accordance with the provisions of the Austrian Investment Fund Act, the supplementary provisions in the fund regulations and the tax regulations. This responsibility includes the setup, execution and maintenance of an internal control system where this is significant for the registration and valuation of the asset portfolio and preparation of the annual fund report so that this report is free from significant factual misstatements due to intentional or unintentional errors; selection and application of suitable valuation methods; performance of estimates which appear appropriate with consideration of the applicable outline conditions. Responsibility of the (bank) auditor and description of the type and scope of the statutory audit of the annual fund report We are responsible for providing an audit opinion for this annual fund report on the basis of our audit. We performed our audit pursuant to § 49 (5) of the Austrian Investment Fund Act whilst complying with the applicable Austrian statutory regulations and principles of proper balance-sheet auditing. These principles require our compliance with rules of professional conduct and our planning and execution of the audit so that we are able to form an opinion with a reasonable degree of certainty on whether the annual fund report is free from significant factual misstatements. An audit includes the performance of audit activities to obtain documentation of the figures and other disclosures in the annual fund report. The audit activities are chosen at the discretion of the (bank) auditor, with consideration of its assessment of the risk of significant factual misstatements due to intentional or unintentional errors. In performing the risk assessment, the (bank) auditor gives consideration to the internal control system where this is of significance for preparation of the annual fund report and valuation of the asset portfolio, so as to specify suitable audit activities with consideration of the applicable outline conditions. No audit opinion is provided on the effectiveness of the internal control measures implemented by the management company and the custodian bank, however. The audit also includes an assessment of the appropriateness of the valuation methods used and the key estimates made by the statutory representatives as well as an evaluation of the overall statement provided in the annual fund report. In our opinion we have obtained sufficient and suitable documentation for our audit, so that it provides an adequate degree of certainty on which to base our judgment.

Annual fund report


Opinion

Our audit did not give rise to any objections. On the basis of our audit findings, in our view the annual fund report as of December 31, 2014 for C-QUADRAT ARTS Best Momentum, a co-ownership fund pursuant to § 2 (2) InvFG 2011, complies with the statutory regulations.

Compliance with the Austrian Investment Fund Act and the fund regulations

Pursuant to § 49 (5) InvFG our audit includes an assessment of whether this annual fund report complies with the Austrian Federal Act on Investment Funds (Austrian Investment Fund Act) and the fund regulations. We have implemented our audit in accordance with the above principles, so that we are able to determine with a sufficient level of certainty whether this annual fund report complies with the provisions of the Austrian Investment Fund Act and the fund regulations. According to our audit findings, the provisions of the Austrian Federal Act on Investment Funds (Austrian Investment Fund Act) and the fund regulations have been complied with. Report on activities performed during the past accounting year We have undertaken a critical assessment of the disclosures provided by the management company’s management in the annual fund report on its activities in the past accounting year, but these were not subject to special audit activities in accordance with the above principles. Accordingly, our audit opinion does not include an evaluation of this information. In the context of the overall picture, these disclosures are consistent with the other information provided in the annual fund report. Vienna, April 15, 2015 Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.

Dr. Robert Wauschek pp Roland Unterweger Auditor Auditor

In case of the publication or forwarding of the annual fund report in a form which deviates from its confirmed (i.e. unabbreviated German) version (e.g. abbreviated version or translation), our audit opinion may not be cited or our audit referred to without our approval

Annual fund report


Tax treatment Further information on the tax treatment of the fund – prepared on the basis of the audited annual fund report – may be obtained from our website, www.c-quadrat.at.

http://www.c-quadrat.at/

Annual fund report


Fund regulations pursuant to the 2011 Austrian Investment Fund Act (InvFG)

The Austrian Financial Market Authority (FMA) has approved the fund regulations for the investment fund C-

QUADRAT ARTS Best Momentum, a Miteigentumsfonds (co-ownership fund) pursuant to the 2011

Austrian Investment Fund Act (InvFG), as amended.

The investment fund is a fund complying with the Directive 85/611/EC and is managed by C-QUADRAT

Kapitalanlage AG (hereinafter: the “management company”) which is headquartered in Vienna.

Article 1 Fund units

The fund units are embodied in unit certificates with the character of financial instruments which are issued to

bearer.

The unit certificates are represented by global certificates for each unit class. Therefore, actual securities

cannot be issued.

Article 2 Custodian bank (custodian)

The investment fund’s custodian bank (custodian) is Raiffeisen Bank International AG, Vienna.

The custodian bank (custodian) is the payment office for unit certificates.

Article 3 Investment instruments and principles

The following assets pursuant to InvFG may be selected for the investment fund.

Through units in investment funds, the investment fund may indirectly purchase global equities (with no

restrictions as to credit rating, currency or sector) and equity-equivalent securities, particularly profit-sharing

certificates (with no restrictions as to credit rating, currency or sector). Direct acquisition of global equity

issues (with no restrictions as to credit rating, currency or sector) and equity-equivalent securities is limited to

30 per cent of the fund assets.

Up to 30 per cent of the assets of the investment fund may be invested in global certificates (with no

restrictions as to credit rating, currency or sector) and index certificates.

The investment fund may invest directly or indirectly – via units of investment funds – in instruments that are

linked either directly or indirectly with the performance of an equity index, bond index or other financial index.

These types of investment funds will be allocated to the investment fund’s share of equities, with the

exception of those investment funds linked to the performance of a bond index as described above.

The investment fund may also acquire investment fund units that are geared toward reflecting, either directly

or indirectly, a neutral to inverted yield curve of the categories of securities mentioned above.

Annual fund report


The investment fund may moreover invest in securities linked to the performance of a security reflecting

another asset such as precious metals or commodities as long as it can be ensured that no physical delivery

will ensue. Therefore, physical delivery may not be foreseen nor may a right to same exist. No derivatives in

accordance with § 32 of the 4. Derivate-Risikoberechnungs- und Meldeverordnung (4th FMA Regulation on

Risk Calculation and Reporting of Derivative Instruments) may be embedded in these securities.

As a short-term defensive measure the investment fund may indirectly purchase bonds issued worldwide (any

credit rating, currency or sector) or money market instruments issued worldwide (any credit rating or currency)

through units in investment funds.

The investment fund must invest at least 70 per cent of its fund assets in units in investment funds, including

demand deposits and callable deposits.

The following investment instruments are purchased for the fund’s assets subject to compliance with the

above investment focus.

Securities

Securities may comprise up to 30 per cent of the fund assets.

Money market instruments

Not applicable.

Securities and money market instruments

The acquisition of securities not fully paid in and subscription rights on such instruments or the acquisition of

other financial instruments not fully paid in shall be permitted up to a maximum of 10 per cent of the fund

assets.

Securities may be acquired where they comply with the criteria for listing and trading on a regulated market or

a stock exchange pursuant to InvFG.

Securities which do not fulfill the criteria outlined in the above paragraph may account for up to 10 per cent of

the overall fund assets.

Units in investment funds

Units in investment funds (UCITS, UCI) may each amount to up to 20 per cent of the fund assets – and up to

100 per cent of the fund assets in total – insofar as these UCITS or UCI do not for their part invest more

than 10 per cent of their fund assets in units in other investment funds.

Units in UCI may be purchased for up to 30 per cent of the fund assets in total.

Derivative instruments

Not applicable.

Annual fund report


Investment fund’s risk measurement method:

The investment fund uses the following risk measurement method:

Commitment approach

The commitment figure is calculated pursuant to the 3rd

chapter of the 4th Austrian Derivatives Risk

Calculation and Reporting Ordinance (Derivate-Risikoberechnungs- und Meldeverordnung), as amended.

Please refer to the Prospectus for details and comments.

Demand deposits and callable deposits

Sight deposits and deposits at notice with notice periods not exceeding 12 months may amount to up to 49

per cent of the fund assets.

No minimum bank balance need be maintained.

Short-term loans

The management company may take up short-term loans of up to 10 per cent of the fund assets for account

of the investment fund.

Repurchase agreements

Not applicable.

Securities lending

Not applicable.

Investment instruments may only be acquired uniformly for the entire investment fund, not for an individual

unit class or for a group of unit classes. However, this does not apply for currency hedge transactions. These

transactions may only be entered into in relation to a single unit class. Expenses and income resulting from a

currency hedge transaction shall exclusively be allocated to the relevant unit class.

Please see the Prospectus for further information concerning Article 3.

Annual fund report


Article 4 Issuance and redemption modalities

The unit value shall be calculated in EUR.

The value of units will be calculated on each day of stock market trading.

Issuance and subscription fee

The issue price is the unit value plus a fee per unit of up to 5.00 per cent to cover the management

company’s issuing costs, rounded up to the nearest cent.

Issue of the units shall not be limited in principle; however, the management company hereby reserves the

right to cease issuing unit certificates either temporarily or permanently.

Redemption and redemption fee

No redemption fee will be charged. The redemption price shall correspond to the unit value rounded down to

the nearest cent.

At the request of a unit holder, his unit shall be redeemed out of the investment fund at the applicable

redemption price against surrender of the unit certificate.

Article 5 Accounting year

The investment fund’s accounting year is the period from January 1 to December 31.

Article 6 Unit classes and appropriation of income

Income-distributing unit certificates, income-retaining unit certificates with deduction of investment income tax at source and income-retaining unit certificates without deduction of investment income tax at source may be issued for the investment fund.

Various classes of unit certificates may be issued for this investment fund. The management company may

decide to establish unit classes or to issue units in a given unit class.

Please refer to the Prospectus for further details.

Annual fund report


Appropriation of income for income-distributing unit certificates (income distribution)

Once costs have been covered, the income received during the past accounting year (interest and dividends)

may be distributed at the discretion of the management company. Distribution may be waived subject to due

consideration of the unit holders’ interests. The distribution of income from the sale of assets of the investment

fund including subscription rights shall likewise be at the discretion of the management company. A

distribution from the fund assets and interim distributions are also permissible.

The fund assets may not through distributions fall below the minimum volume for a termination which is

stipulated by law.

From February 15 of the following accounting year the amounts are to be distributed to the holders of income-

distributing unit certificates. Any remaining balances shall be carried forward to a new account.

In any case, from February 15 the amount calculated pursuant to InvFG shall be paid out, to be used where

applicable to meet any investment income tax commitments on the distribution-equivalent return on those

unit certificates.

Appropriation of income in case of income-retaining unit certificates with investment income tax

deducted (income retention)

The income accumulating over the accounting year that remains after the deduction of expenses shall not be

distributed. From February 15 the amount calculated pursuant to InvFG shall be paid out on income-retaining

unit certificates to be used where applicable to meet any investment income tax commitments on the

distribution-equivalent return on those unit certificates.

Appropriation of income in the event of income-retaining unit certificates without deduction of

investment income tax at source (fully reinvesting tranche for resident and non-

resident investors exempt from withholding tax)


distributed. No payment pursuant to InvFG will be made. February 15 of the following accounting year shall be

the key date pursuant to InvFG in case of failure to pay investment income tax on the annual income.

The management company must ensure by furnishing evidence from the custodial account providers that at

the time of payment, the unit certificates are only held by unit holders who are either not subject to Austrian

personal income tax or corporate income tax or who fulfill the requirements for exemption pursuant to the

Austrian Income Tax Act (§ 94).

If these preconditions have not been met as of the payment date, the amount calculated pursuant to InvFG

shall be paid out by the custodian in the form of credit.

Appropriation of income in the event of income-retaining unit certificates without deduction of

investment income tax at source (fully reinvesting tranche for non-resident

investors exempt from withholding tax)

Income-retaining unit certificates without deducted investment income tax shall only be sold outside Austria.


distributed. No payment pursuant to InvFG will be made.

The management company must ensure by furnishing evidence that, at the time of payment, the unit

certificates are only held by unit holders who are either not subject to Austrian personal income tax or

corporate income tax or who fulfill the requirements for exemption pursuant to the Austrian Personal Income

Tax Act (§ 94).

Annual fund report


Article 7 Management fee, reimbursement of expenses,

liquidation fee

For its management activity the management company receives annual remuneration of up to 2.10 per cent of the fund assets, calculated on the basis of the values at the end of each month.

In addition, the management company receives a monthly variable management fee (performance fee,

performance-based fee) of 20 per cent of the fund’s net performance (development of the unit value) in

relation to the “high water mark”. The “high water mark” corresponds to the unit value at the end of the

previous month when a performance fee was last paid. It is continuously calculated on the basis of the

average fund value and will influence the calculated net asset value, within the scope of income. The

calculation shall be based on the number of units in circulation at the end of the relevant month.

The costs arising at the introduction of new unit classes for existing asset portfolios shall be deducted from the

unit prices of the new unit classes.

At the liquidation of the investment fund, the custodian bank shall receive remuneration amounting to 1.00 per

cent of the fund assets.

The management company is entitled to reimbursement of all expenses associated with its management of

the fund.

Please refer to the Prospectus for further details.

Annual fund report


Enclosure

List of stock exchanges with official trading and regulated markets

1. Stock exchanges with official trading and regulated markets in the Member States of the EEA

According to Article 16 of Directive 93/22/EEC (Investment Services Directive), each Member State is obliged to maintain an up-to-date list of its regulated markets. Such list is to be made available to the other Member States and to the European Commission.

Pursuant to the Directive, the European Commission is obliged to publish once per year a list of the regulated markets of which it has received notice.

Due to increasing deregulation and to trading segment specialization, the list of “regulated markets” is undergoing great changes. The European Commission will therefore provide an updated version on its official internet site in addition to annual publication of the list in the Official Journal of the European Communities.

1.1. The current list of regulated markets is available at:

http://mifiddatabase.esma.europa.eu/Index.aspx?sectionlinks_id=23&language=0&pageName=REGULATED_MARKETS_Display&subsection_id=0

1

1.2. The following stock exchanges are included in the list of regulated markets:

1.2.1. Luxembourg Euro MTF Luxembourg

1.3. Recognized markets in the EU pursuant to § 67 (2) item 2 InvFG:

1.3.1. United Kingdom London Stock Exchange Alternative Investment Market (AIM)

2. Stock exchanges in European countries that are not members of the EEA

2.1. Bosnia and Herzegovina: Sarajevo, Banja Luka

2.2. Croatia: Zagreb Stock Exchange

2.3. Montenegro: Podgorica

2.4. Russia: Moscow (RTS Stock Exchange); Moscow Interbank Currency

Exchange (MICEX)

2.5. Switzerland: SWX Swiss Exchange

2.6. Serbia: Belgrade

2.7. Turkey: Istanbul (for stock market, "National Market" only)

3. Stock exchanges in non-European countries

3.1. Australia: Sydney, Hobart, Melbourne, Perth

3.2. Argentina: Buenos Aires

3.3. Brazil: Rio de Janeiro, Sao Paulo

3.4. Chile: Santiago

1 Click on “view all” to open the list. The Austrian Financial Market Authority (FMA) or the ESMA may change this link.

[You can access the list via the FMA website as follows: http://www.fma.gv.at/de/unternehmen/boerse-wertpapierhandel/boerse.html - scroll down - link “List of Regulated Markets (MiFID-Database; ESMA)” – “view all”]



http://www.fma.gv.at/de/unternehmen/boerse-wertpapierhandel/boerse.html

Annual fund report


3.5. China: Shanghai Stock Exchange, Shenzhen Stock Exchange

3.6. Hong Kong Hong Kong Stock Exchange

3.7. India: Mumbai

3.8. Indonesia: Jakarta

3.9. Israel: Tel Aviv

3.10. Japan: Tokyo, Osaka, Nagoya, Kyoto, Fukuoka, Niigata, Sapporo, Hiroshima

3.11. Canada: Toronto, Vancouver, Montreal

3.12 Colombia: Bolsa de Valores de Colombia

3.13. Korea: Korea Exchange (Seoul, Busan)

3.14. Malaysia: Kuala Lumpur, Bursa Malaysia Berhad

3.15. Mexico: Mexico City

3.16. New Zealand: Wellington, Christchurch/Invercargill, Auckland

3.17 Peru: Bolsa de Valores de Lima

3.18. Philippines: Manila

3.19. Singapore: Singapore Stock Exchange

3.20. South Africa: Johannesburg

3.21. Taiwan: Taipei

3.22. Thailand: Bangkok

3.23. USA: New York, American Stock Exchange (AMEX), New York Stock Exchange (NYSE), Los Angeles/Pacific Stock Exchange, San Francisco/Pacific Stock Exchange, Philadelphia, Chicago, Boston, Cincinnati

3.24. Venezuela: Caracas

3.25. United Arab

Emirates: Abu Dhabi Securities Exchange (ADX)

4. Organized markets in countries that are not members of the European Community

4.1. Japan: Over the Counter Market

4.2. Canada: Over the Counter Market

4.3. Korea: Over the Counter Market

4.4. Switzerland: SWX Swiss Exchange, BX Berne eXchange; Over the Counter Market of the members of the International Capital Market Association (ICMA), Zurich

4.5. USA: Over the Counter Market in the NASDAQ system, Over the Counter Market (markets organized by NASD such as Over-the-Counter Equity Market, Municipal Bond Market, Government Securities Market, Corporate Bonds and Public Direct Participation Programs) Over-the-Counter-Market for Agency Mortgage-Backed Securities

5. Stock exchanges with futures and options markets

5.1. Argentina: Bolsa de Comercio de Buenos Aires

5.2. Australia: Australian Options Market, Australian

Securities Exchange (ASX)

Annual fund report


5.3. Brazil: Bolsa Brasiliera de Futuros, Bolsa de Mercadorias & Futuros, Rio de Janeiro Stock Exchange, Sao Paulo Stock Exchange

5.4. Hong Kong Hong Kong Futures Exchange Ltd.

5.5. Japan: Osaka Securities Exchange, Tokyo International Financial Futures Exchange, Tokyo Stock Exchange

5.6. Canada: Montreal Exchange, Toronto Futures Exchange

5.7. Korea: Korea Exchange (KRX)

5.8. Mexico: Mercado Mexicano de Derivados

5.9. New Zealand: New Zealand Futures & Options Exchange

5.10. Philippines: Manila International Futures Exchange

5.11. Singapore: The Singapore Exchange Limited (SGX)

5.12. Slovakia: RM System Slovakia

5.13. South Africa: Johannesburg Stock Exchange (JSE), South African Futures Exchange (SAFEX)

5.14. Switzerland: EUREX

5.15. Turkey: TurkDEX

5.16. USA: American Stock Exchange, Chicago Board Options Exchange, Chicago, Board of Trade, Chicago Mercantile Exchange, Comex, FINEX, Mid America Commodity Exchange, ICE Future US Inc. New York, Pacific Stock Exchange, Philadelphia Stock Exchange, New York Stock Exchange, Boston Options Exchange (BOX)

C-QUADRAT ARTS Best Momentum banka/Ampega... · 2020. 10. 9. · Annual fund report C-QUADRAT ARTS...

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