C-QUADRAT Kapitalanlage AG Stubenring 2, 1010 Vienna Annual fund report for the accounting year from January 1, 2013 to December 31, 2013 for C-QUADRAT ARTS Total Return Dynamic a co-ownership fund pursuant to § 2 (2) InvFG 2011 of C-QUADRAT Kapitalanlage AG
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C-QUADRAT Kapitalanlage AG
Stubenring 2, 1010 Vienna
Annual fund report for the accounting year from January 1, 2013 to December 31, 2013 for
C-QUADRAT ARTS Total Return Dynamic
a co-ownership fund pursuant to § 2 (2) InvFG 2011 of
C-QUADRAT Kapitalanlage AG
Annual fund report
C-QUADRAT ARTS Total Return Dynamic Page 2 of 29 January 1, 2013 – December 31, 2013
CURRENT ORGANS C-QUADRAT Kapitalanlage AG, Vienna
Stubenring 2, 1010 Vienna
Shareholder
C-QUADRAT Investment AG
State commissioners Oberrat Mag. Michael Kortus (bis 30. Juni 2013) Amtsdirektorin Christine Fruhstuck (Deputy (to 30. Juni 2013) MR Dr. Peter Ladislav (ab 01. Juli 2013) Mag. Andrea Delfauro-Bischof, MA (Deputy) (from 01. Juli 2013)
Supervisory board
Helmut Geil (Chairman) Gerd Alexander Schütz (Deputy Chairman)
Thomas Riess Manfred Köberlein (from August 29, 2013) Dr. Hubert Cussigh (from March 8, 2013 to August 29, 2013) Roland Starha (to January 25, 2013)
Management board
Christian Jost Markus A. Ullmer
Andreas Wimmer
Duly authorized officers
Eva Maria Prochazka Gunther Pahl
Dr. Robert Schneider (from June 17, 2013)
Custodian bank Raiffeisen Bank International AG
Annual fund report
C-QUADRAT ARTS Total Return Dynamic Page 3 of 29 January 1, 2013 – December 31, 2013
ANNUAL FUND REPORT for C-QUADRAT ARTS Total Return Dynamic, a co-ownership fund pursuant to § 2 (2) InvFG 2011, for the accounting year from January 1, 2013 to December 31, 2013 Dear unit holder, C-QUADRAT Kapitalanlage AG is pleased to present its annual fund report for C-QUADRAT ARTS Total Return Dynamic for the past accounting year.
12/31/2011 € 316.207 million 677.19 0.00 0.00 154.94 0.00
12/31/2010 € 342.919 million 702.15 0.00 0.00 177.20 0.00
12/31/2009 € 279.707 million 664.25 0.00 0.00 162.00 0.00
The performances of the individual tranches may vary due to rounded-off figures.
Annual fund report
C-QUADRAT ARTS Total Return Dynamic Page 4 of 29 January 1, 2013 – December 31, 2013
2. Statement of income and performance of the fund assets
2.1. Performance in accounting year (fund performance)
Calculation acc. OeKB method per unit in fund currency excl. front-end load Income-retaining unit
Net asset value per unit at start of accounting year 158.97
Net asset value per unit at end of accounting year 176.60
Net income/net reduction per unit 17.63
Performance of one income-retaining unit during the accounting year 11.09%
2.1. Performance in accounting year (fund performance)
Calculation acc. OeKB method per unit in fund currency excl. front-end load Full income-retaining unit
Net asset value per unit at start of accounting year 160.46
Net asset value per unit at end of accounting year 178.26
Net income/net reduction per unit 17.80
Performance of one full income-retaining unit during the accounting year 11.09%
2.1. Performance in accounting year (fund performance)
Calculation acc. OeKB method per unit in fund currency excl. front-end load Full income-retaining unit
Net asset value per unit at start of accounting year 160.47
Net asset value per unit at end of accounting year 178.23
Net income/net reduction per unit 17.76
Performance of one full income-retaining unit during the accounting year 11.07%
2.1. Performance in accounting year (fund performance)
Calculation acc. OeKB method per unit in fund currency excl. front-end load Income-retaining unit
Net asset value per unit at start of accounting year 646.96
Net asset value per unit at end of accounting year 730.04
Net income/net reduction per unit 83.08
Performance of one income-retaining unit during the accounting year 12.84%
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C-QUADRAT ARTS Total Return Dynamic Page 5 of 29 January 1, 2013 – December 31, 2013
2.4. Fund earnings
A) Realized fund earnings
Ordinary fund earnings
Income (excl. profit or loss from price changes)
Dividend income incl. dividend equivalent 1,419,208.17
Income from subfunds (incl. actual distributions) 1,439,891.77
Interest expenses -2,661.27 2,856,438.67
Expenses
Costs for foreign licensing -26,112.59
Custodian bank fees -150,208.88
Custodian fees -82,290.14
Auditing fees -15,243.88
Reimbursement of management costs 1,037,087.53
Mandatory/publication costs -10,004.45
Management fees -6,564,622.84
Performance fees -15,088.60 -5,826,483.85
Ordinary fund earnings (excl. income adjustment) -2,970,045.18
Realized profit/loss from price changes
Realized profits 44,950,454.71
Realized losses -20,700,015.52
Realized profit or loss from price changes (excl. income adjustment) 24,250,439.19
Total realized fund earnings (excl. income adjustment) 21,280,394.01
B) Non-realized fund earnings 2) 3)
Change in non-realized profit or loss from price changes 6,476,618.39
Documented distribution-equivalent income 6,887,515.83
Total non-realized fund earnings 13,364,134.22
C) Income adjustment
Income adjustment for income during accounting year -530,288.93
Income adjustment for profit carryover during accounting year 0.00 -530,288.93
Overall fund earnings 34,114,239.30
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 37.602.547,83
Annual fund report
C-QUADRAT ARTS Total Return Dynamic Page 6 of 29 January 1, 2013 – December 31, 2013
The result for the accounting year includes explicitly indicated transaction costs in the amount of EUR 920,596.57.
2.3. Development of fund assets
Fund assets on December 31, 2012 (2,012,437.644 units) 320,273,131.52
Payment on April 30, 2013 (EUR 0.00 x 1,687,718.88 income-retaining units) 0.00
Payment on April 30, 2013 (EUR 0.00 x 24,654.00 income-retaining units) 0.00
Change in funds
Due to sales of certificates 32,734,933.18
Due to repurchases of certificates -54,325,585.81
Pro rata income adjustment 530,288.93 -21,060,363.70
Fund earnings from income statement 34,114,239.30
Fund assets on December 31, 2013 (1,885,379.378 units) 333,327,007.12
2.4. Appropriation of income
Payment pursuant to §13 (3) InvFG (EUR 1.60 x 1,619,296.245 income-retaining units) 2,590,873.99
Payment pursuant to §13 (3) InvFG (PLN 6.52 x 32,654.00 income-retaining units) 51,326.92
Reinvested income (income-retaining units) 15,229,510.12
Reinvested income (income-retaining units) 288,513.13
Reinvested income (full income-retaining units) 1,156,594.78
Reinvested income (full income-retaining units) 1,433,286.14 20,750,105.08
Total 20,750,105.08
Realized fund earnings (incl. income adjustment) 20,750,105.08
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 20,750,105.08
Annual fund report
C-QUADRAT ARTS Total Return Dynamic Page 7 of 29 January 1, 2013 – December 31, 2013
Payment (AT0000634738) The distributed amount of EUR 1.60 per fund unit will be paid out on April 30, 2014 against surrender of the coupon to the custodial account providers.
Payment (AT0000A06P16) PLN 6.52 per income-retaining unit will be paid out on April 30, 2014 against surrender of the coupon to the custodial account providers. The fund’s subfunds are managed by an external investment fund management company which charged management fees of between 0.3 % and 2 % p.a. They did not charge any front-end load fees for the purchase of units.
Calculation method for overall risk: Value-at-risk Benchmark assets: NONE, as absolute VaR = 15 % Risk model: Historical simulation Minimum VaR: 4.39% Average VaR: 6.92% Maximum VaR: 8.61%
3. Financial markets The international financial markets started out positively in 2013. Japanese equities in particular appreciated strongly, buoyed by the Bank of Japan’s announcement that it would continue its securities-purchasing program indefinitely. However, European stock exchanges suffered a return to uncertainty in mid-March due to the outcome of the election in Italy, the United Kingdom’s downgrade by the ratings agency Moody’s and the threat of Cyprus’ bankruptcy, which prompted some European equity prices to fall sharply. The international markets subsequently recovered, however, and this upward trend remained intact until late May, when the American central bank announced that it might soon wind down its bond-purchasing program. This gave rise to a strong correction which continued up to late June, and the EuroSTOXX 50 fell by as much as -11.43%. In addition, the price of a fine ounce of gold dropped below USD 1,200, having last reached this level three years previously. The second half of the year was characterized by positive economic data from the United States and the FED’s decision to continue with its monthly bond-purchasing program, which triggered a rally for the international stock indexes. At the end of the year strong price losses initially resulted, mainly due to profit-taking and speculation over the international central banks’ future course of action. Nonetheless, December ended positively following a strong rebound in the last week of trading.
4. Investment policy
The investment objective of C-QUADRAT ARTS Total Return Dynamic is to achieve capital growth subject to higher risk. To implement the investment policy, the fund management makes particular use of a total return approach. 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 Total Return Dynamic is not geared toward outperforming a benchmark but toward generating absolute growth over the long term. This management approach is intended to have its core strength in the combination of following short- to medium-term trends and continuously adapting the portfolio to developments in the markets the fund invests in. In bear markets, the equity exposure can be reduced to as far as zero. In such case the majority of resources are invested in funds containing short-term time deposits, bonds and products having a strong negative correlation with traditional equities indexes.
Annual fund report
C-QUADRAT ARTS Total Return Dynamic Page 8 of 29 January 1, 2013 – December 31, 2013
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
EQUITIES IN EURO
DE0005190003 BAY.MOTOREN WERKE AG ST EUR 21,500 21,500 23,300 85 1,836,530.00 0.55
DE0005552004 DEUTSCHE POST AG NA O.N. EUR 70,000 70,000 96,000 26.71 1,869,700.00 0.56
DE0005557508 DT.TELEKOM AG NA EUR 138,000 138,000
12.60 1,738,800.00 0.52
DE0007100000 DAIMLER AG NA O.N. EUR 31,000 31,000
63.15 1,957,650.00 0.59
DE0007236101 SIEMENS AG NA EUR 18,800 38,200 19,400 100.25 1,884,700.00 0.57
FR0000125338 CAP GEMINI INH. EO 8 EUR 25,200 66,500 41,300 48.87 1,231,524.00 0.37
TREAYKB00014 ASYA KATILIM BANK N. TN 1 TRY 0 1,250,000 1,250,000
TREMGTI00012 MIGROS TICARET NAM. TN 1 TRY 0
174,000
Vienna, April 15, 2014
C-QUADRAT Kapitalanlage AG
Christian Jost Markus A. Ullmer Andreas Wimmer
Annual fund report
C-QUADRAT ARTS Total Return Dynamic Page 18 of 29 January 1, 2013 – December 31, 2013
6. audit opinion We have audited the attached annual fund report (including the accounts) as of December 31, 2013 issued by C-QUADRAT Kapitalanlage AG, Vienna, (the management company) for its fund C-QUADRAT ARTS Total Return Dynamic, a co-ownership fund pursuant to § 2 (2) InvFG 2011, for the accounting year from January 1, 2013 to December 31, 2013. 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 2011 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.
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Opinion Our audit has not given rise to any objections. On the basis of our audit findings, in our view the annual fund report as of December 31, 2013 for C-QUADRAT ARTS Total Return Dynamic, 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 2011 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 set out in this annual fund report, the disclosures concerning the accounting year are consistent with the figures provided in the report. Vienna, April 15, 2014 Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.
Alexander Wlasto Dr. Robert Wauschek 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.
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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.
C-QUADRAT ARTS Total Return Dynamic Page 21 of 29 January 1, 2013 – December 31, 2013
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 Total Return Dynamic, 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.
C-QUADRAT ARTS Total Return Dynamic does not follow any benchmark in terms of its investment
strategy. It seeks to realize absolute long-term growth.
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, particularly profit-sharing certificates (with no restrictions as to credit rating,
currency or sector), is limited to 30 per cent of the fund’s assets.
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.
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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.
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.
Through units in investment funds, the investment fund may indirectly purchase global bonds (with no
restrictions as to credit rating, currency or sector). Direct acquisition of global bond issues (with no
restrictions as to credit rating, currency or sector) 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 certificate-equivalent securities.
Through units in investment funds, the investment fund may indirectly purchase global money market
instruments (with no restrictions as to credit rating or currency).
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 (including securities with embedded derivative instruments) may account for 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.
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Derivative instruments
Derivative instruments may exclusively be utilized for hedging purposes.
Investment fund’s risk measurement method:
The investment fund uses the following risk measurement method:
absolute value at risk
The VAR figure is calculated pursuant to the 4th chapter of the 4
th Austrian Derivatives Risk Calculation
and Reporting Ordinance (Derivate-Risikoberechnungs- und Meldeverordnung), as amended.
The allocable risk amount for the overall risk – calculated as the value-at-risk amount for the fund’s
investments – is limited to a maximum of 15 per cent of the total net value of the fund assets
(absolute VAR).
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 100 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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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-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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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 April 30 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. April 30 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 Personal 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).
Article 7 Management fee, reimbursement of expenses,
liquidation fee
For its management activity the management company receives annual remuneration of up to 2.00
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
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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
0.50 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.
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Appendix
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:
2.7. Turkey: Istanbul (for stock market, "National Market" only)
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”]
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. South 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. South 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
Annual fund report
C-QUADRAT ARTS Total Return Dynamic Page 29 of 29 January 1, 2013 – December 31, 2013
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)
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. South 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)