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Annual fund report
C-QUADRAT ARTS Best Momentum Page 1 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
C-QUADRAT Kapitalanlage AG
Annual fund report
C-QUADRAT ARTS Best Momentum Page 2 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 3 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 4 of 25 January 1, 2014 – December 31, 2014
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
Net asset value per unit at start of accounting year 209.17
Net asset value per unit at end of accounting year 240.38
Net income/net reduction per unit 31.21
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
Net asset value per unit at start of accounting year 852.85
Payment on February 17, 2014 (net asset value: 855.87)
of PLN 9.56 = 0.01117 units)
Net asset value per unit at end of accounting year 996.42
Total value incl. units acquired through distribution (1.0112 x 996.42) 1,007.55
Net income/net reduction per unit 154.70
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
C-QUADRAT ARTS Best Momentum Page 5 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 6 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 7 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 8 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 9 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 10 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 11 of 25 January 1, 2014 – December 31, 2014
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
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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
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255,000
LU0275317336 SWISSC.LU EQ.-CLIM.INV.B EUR 0
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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
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35,000 35,000
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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
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C-QUADRAT ARTS Best Momentum Page 12 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 13 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT Kapitalanlage AG
Christian Jost Markus A. Ullmer Andreas Wimmer
Annual fund report
C-QUADRAT ARTS Best Momentum Page 14 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 15 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 16 of 25 January 1, 2014 – December 31, 2014
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.
Annual fund report
C-QUADRAT ARTS Best Momentum Page 17 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 18 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 19 of 25 January 1, 2014 – December 31, 2014
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.
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C-QUADRAT ARTS Best Momentum Page 20 of 25 January 1, 2014 – December 31, 2014
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.
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C-QUADRAT ARTS Best Momentum Page 21 of 25 January 1, 2014 – December 31, 2014
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)
The income accumulating over the accounting year that remains after the deduction of expenses shall not be
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.
The income accumulating over the accounting year that remains after the deduction of expenses shall not be
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
C-QUADRAT ARTS Best Momentum Page 22 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 23 of 25 January 1, 2014 – December 31, 2014
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”]
Annual fund report
C-QUADRAT ARTS Best Momentum Page 24 of 25 January 1, 2014 – December 31, 2014
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
C-QUADRAT ARTS Best Momentum Page 25 of 25 January 1, 2014 – December 31, 2014
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)