ALPHA QUEST FUNDS SICAV p.l.c.
ANNUAL REPORT
For the year ended 31 December 2021
Company Registration Number: SV 430
ALPHA QUEST FUNDS SICAV p.l.c.
1
CONTENTS
Page
ANNUAL REPORT
Directors, Officers and other information 2
Report of the Directors 3
Statement of Directors’ Responsibilities 6
Specific Disclosures 7
Financial Statements:
Statement of Financial Position 23
Statement of Comprehensive Income 26
Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares 29
Statement of Changes in Equity Attributable to Founder Shareholders 31
Statement of Cash Flows 32
Notes to the Financial Statements 35
Independent Auditors Report
ALPHA QUEST FUNDS SICAV p.l.c.
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Directors, Officers and other information
Directors Dr. Frank Chetcuti Dimech
Mr. Joseph Xuereb
Mr. Michal Kosac
Mr. Ovidiu Fer (Appointed on 28 February 2022)
Registered Office Central North Business Centre
Level 1, Sqaq il-Fawwara
Sliema
SLM 1670
Malta
(From 1 November 2021)
Quad Central
Q3 Level 9
Triq L-Esportaturi, Zone 1
Central Business District
Birkirkara CBD 1040
Malta
Company Registration Number SV 430
Administrator and Registrar Apex Fund Services (Malta) Limited
(Until 31 October 2021)
Central North Business Centre
Level 1, Sqaq il-Fawwara
Sliema
SLM 1670
Malta
(From 1 November 2021)
Quad Central
Q3 Level 9
Triq L-Esportaturi, Zone 1
Central Business District
Birkirkara CBD 1040
Malta
Company Secretary Apex Corporate & Advisory Services Ltd
(Until 31 October 2021)
Central North Business Centre
Level 1, Sqaq il-Fawwara
Sliema
SLM 1670
Malta
(From 1 November 2021)
Quad Central
Q3 Level 9
Triq L-Esportaturi, Zone 1
Central Business District
Birkirkara CBD 1040
Malta
Investment Committee Mr. Joseph Xuereb
Mr. Michal Kosac
Mr. Joseph Formosa
Statutory Auditors KPMG
92
Marina Street
Pieta PTA 9044
Malta
ALPHA QUEST FUNDS SICAV p.l.c.
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Report of the Directors
The directors present their report and the audited financial statements of Alpha Quest Funds SICAV p.l.c. (the
“Company”), covering the financial year ended 31 December 2021.
Incorporation and principal activities
The Company was incorporated on 28 November 2016. The Company is licensed and regulated by the Malta
Financial Services Authority (“MFSA”) under the Investment Services Act (CAP. 370, Laws of Malta) as a
Professional Investor Fund which targets Qualifying Investors as set out in the relevant Offering Supplement.
Review of business
The licensed sub-funds as at the end of the year were as follows:
- Alpha Quest Balanced Fund (PIF/430A); and
- Alpha Quest Opportunity Fund (PIF/430 B).
During the year under review, there were no subscriptions and redemptions in Alpha Quest Balanced Fund and
Alpha Quest Opportunity Fund. In 2020, subscriptions amounted to EUR Nil and redemptions amounted to EUR
12,439,236 in Alpha Quest Opportunity Fund.
The Company continued to purchase Romanian restitution points and is currently one of the largest owners of these
points on the Romanian market holding roughly 187 million points (2020: roughly 252 million points) (having nominal
value of RON 1 per point) as at 31 December 2021.
During the comparative year, the Company also issued on the Bratislava Stock Exchange an Unsecured Bond with
maturity date on 15 December 2025 with a yield of 5% p.a. in the nominal value of EUR 40 million. At the reporting
date, the subscribed for and paid up bonds from this issue amounted to EUR 40,000,000 (2020: EUR6,223,000).
During the current year, the Company’s previously issued bonds on the Prague Stock Exchange have matured and
the Company issued a new unsecured Bond with maturity date on 22 June 2026 with a yield of 5.25% p.a. in the
nominal value of CZK 200 million. At the reporting date, the subscribed for and paid up bonds from this issue
amounted to CZK 200,000,000 (2020: CZK Nil) (refer to note 13 in the financial statements for further details).
Results
The results for the year under review are shown in the statement of comprehensive income.
Dividends and reserves
A dividend amounting to EUR 2,085,205 (2020: EUR 1,759,377) has been declared to the ‘A’ Class Shareholders
during the year. The proposed dividends after year-end amounted to EUR 1,879,825. Retained earnings of the
Company at end of year amounted to EUR 1,879,824 (2020: EUR 1,216,543).
Currency
The financial statements are drawn up in Euro (€), which is the currency in which the Company's share capital is
denominated, in terms of section 187 of the Companies Act, 1995.
Principal risks and uncertainties
The activities of the Company expose it to a variety of risks. The successful management of risk is essential to
enable the Company to achieve its objectives. The ultimate responsibility for risk management rests with the
Company’s directors, who evaluate the Company’s risk appetite and formulate policies for identifying and
managing such risks. The principal risks and uncertainties facing the Company are included below.
The Company defines risk as the probability of a permanent loss of capital. The risk management effort targets
the minimization of the probability of a permanent loss of invested capital within its investment objective. At the
same time, it is also understood that the risk cannot be completely eliminated. Risk is considered acceptable by
the Board of Directors if its sources are understood and within appetite and tolerance levels set by the Board of
Directors after consulting the Investment Committee. It is important to understand the sources of risk and carry
risk only if there is adequate compensation in the form of return.
The Company carries the risk of losses due to non-compliance with legal requirements towards the Maltese
regulator and other regulators in whose jurisdiction the Company may conduct its business, including those in
which the Company has issued securities on recognised exchanges, or other potential institutions.
ALPHA QUEST FUNDS SICAV p.l.c.
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Report of the Directors (continued)
Principal risks and uncertainties (continued)
The internal compliance function of the Company is carried out by experienced personnel. The Company is
subject to numerous laws and regulations covering a wide range of matters. Failure to comply could have financial
or reputational implications and could materially affect the Company’s ability to operate. The Company has
embedded operating policies and procedures to ensure compliance with existing legislation.
The Company’s investments in the points awarded under indemnification decisions issued by the Romanian
Government need to be sourced from individual beneficiaries of such points and acquired through public deeds
registered in Romania. There is no guarantee that the Company will manage to source such points, or a particular
number of points. The Company may also be exposed to changes in the Romanian Government’s interpretation
of the points system and/or to changes in the applicable laws. Romania has undergone a long period of economic
transition to a market economy, which has not been smooth. An extensive programme of economic reforms
included the privatisation of several state-owned enterprises and the restructuring of Romania’s energy, mining
and industrial sector. Externally, a slowdown in global trade may have a high impact on Romania’s growth, mainly
due to its reliance on other EU economies as trading partners. Geopolitical tensions, combined with the increase
in the US Federal Reserve’s key-interest rate could lead to increased investor caution, capital outflows and
depreciation of the local currency (RON).
The outbreak of COVID-19 pandemic has not adversely affected the Company in any way. The Company
operates on a going concern basis.
The exposure of the above risks, the way these risks arise, and how the Company manages these risks are
further disclosed in detail in note 9 to these financial statements and in the Offering Documentation of the
Company and the respective Sub-Fund.
Subsequent events
Due to the outbreak of conflict between Russia and the Ukraine, followed by new sanctions announced by the
U.S. and the EU countries against Russia, the Company has assessed the relevant risk factors relating to its
business, results of operations and financial condition in a holistic approach. The Company has no business flows
with Russian and Ukrainian counterparties and service providers nor with Russian banks and therefore, is not
negatively affected as of the date of the approval of these financial statements.
There were no other subsequent events that could have a significant effect on the financial statements as at 31
December 2021.
In April 2022, the Company submitted an application to the Malta Financial Services Authority to convert its license
into an Alternative Investment Fund. When this application is accepted, the Company will need to implement a
number of structural changes needed to comply with the new license conditions.
ALPHA QUEST FUNDS SICAV p.l.c.
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Report of the Directors (continued)
Directors
The Directors of the Company who served during the year were:
Dr. Frank Chetcuti Dimech
Mr. Joseph Xuereb
Mr. Michal Kosac
Mr. Ovidiu Fer (Appointed on 28 February 2022)
In accordance with the Company’s Articles of Association, the directors will remain in office.
Compliance with Standard Licence Conditions
During the year under review, there were no breaches of the Standard Licence Conditions and no breaches of
regulatory requirements, which were subject to any administrative penalty or regulatory sanction.
Directors’ Confirmation
We the undersigned are responsible for the preparation of the Annual Report of the Company for the financial
year ended 31 December 2021 and confirm that to the best of our knowledge, it is complete and accurate in all
material respects and conforms with the MFSA’s requirements in terms of the Company’s License Conditions and
any disclosures of the Company’s past performance are accurate and in conformity with the MFSA’s applicable
requirements.
Auditors
A resolution proposing the reappointment of KPMG as auditors of the Company will be submitted at the
forthcoming Annual General Meeting.
Approved by the Board of Directors on 29 April 2022 and signed on its behalf by:
Mr. Michal Kosac Mr. Joseph Xuereb
Director Director
ALPHA QUEST FUNDS SICAV p.l.c.
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Statement of Directors’ responsibilities
The Directors are required by the Companies Act, 1995 (Chapter 386, Laws of Malta) (the “Act”) to prepare
the financial statements which give a true and fair view of the state of affairs of the Company as at the end of
the financial year and the results for that year.
In preparing the financial statements, the Directors are responsible for:
i. Selecting and applying appropriate accounting policies;
ii. Ensuring the financial statements have been drawn up in accordance with International Financial
Reporting Standards adopted by the EU;
iii. Making accounting estimates that are reasonable in the circumstances; and
iv. Ensuring that financials statements are prepared on the going concern basis unless it is inappropriate
to presume that the Company will continue in business as a going concern.
The Directors are also responsible for keeping proper accounting records which disclose with reasonable
accuracy, at any time, the financial position of the Company and to enable them to ensure that the financial
statements comply with the Act. The Directors are also responsible for ensuring that an appropriate system of
internal control is in operation to provide them with reasonable assurance that the assets of the Company are
being properly safeguarded and that fraud and other irregularities will be prevented and detected.
Mr. Michal Kosac Mr. Joseph Xuereb
Director Director
ALPHA QUEST FUNDS SICAV p.l.c.
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SPECIFIC DISCLOSURES
Information about the Issuer
The name of the Company is Alpha Quest Funds SICAV p.l.c. (the “Company”).
The registered office of the Company is situated at Quad Central, Q3 Level 9, Triq L-Esportaturi, Zone
1, Central Business District, Birkirkara CBD 1040, Malta..
The Company was incorporated on 28 November 2016. The Company is organised as a multi-fund
limited liability investment company with variable share capital under the laws of the Republic of
Malta and licensed by the Malta Financial Services Authority (MFSA) with Licence Number SV 430
under the Investment Services Act (Chapter 370 of the Laws of Malta) as a Professional Investor Fund
targeting Qualifying Investors.
The Company may establish a number of Sub-funds. Currently the Company has established two Sub-
funds: the Alpha Quest Balanced Fund and the Alpha Quest Opportunity Fund. Pursuant to Legal
Notice 241 of 2006, the assets and liabilities of each individual Fund comprised in the Company shall
constitute a patrimony separate from that of each other Sub-fund of the Company so that the assets of
one Sub-fund shall be available exclusively for the creditors and holders of Shares in that Sub-fund.
LEI code: 213800JHGGP7KI184U67
ISIN: CZ0000000856
Telephone: (00356) 2258 4700
Fax: (00356) 2258 4701
The Company is not part of any group and therefore, is not dependent upon any entities.
Principal activity and investments
The Company is an investment company with variable share capital, the sole object of which is the
collective investment of its funds in securities and other movable or immovable property, or in any of
them, with the aim of spreading investment risks and giving Members the benefits of the results of the
management of its funds.
The investment objective of both Sub-funds is to achieve capital appreciation primarily through
investments in restitution points representing entitlement to immovable property located in Romania
with the purpose of redeeming the points so acquired into cash or re-selling the immovable property
so acquired. Such investments are derived from indemnification decisions issued by the Romanian
Government – National Authority for Property Restitution (“ANRP”) regarding the measures for the
completion of the restitution process, in kind or in equivalent, of the properties unlawfully seized
during the Romanian communist regime, as subsequently amended. The Romanian law provides that
where restitution in kind to the former owners is not possible, the restitution request is settled by
granting compensation in the form of points (hereinafter “Points”), with each point having a value of
one Romanian Leu (RON 1). Starting from 1 January 2017, persons obtaining such points may use
them in order to acquire immovable property from a National Fund by public auction or, for a period
of five (5) years, to redeem them into cash up to a maximum of 20% of the nominal value of Points
per annum. There is no time-limit for utilizing Points to acquire immovable property by public auction.
The Points will be acquired on the secondary market from existing owners through a notarial deed
executed and registered in Romania. If Points are redeemed at public auctions, the Sub-fund will not
enter into any co-ownership deal and will only acquire individual properties in their entirety. No Points
will be acquired from any of the members of the Investment Committee and/ or any related parties to
the Company.
ALPHA QUEST FUNDS SICAV p.l.c.
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SPECIFIC DISCLOSURES (CONTINUED)
Principal activity and investments (continued)
The Sub-funds may also invest in government and corporate bonds in developed markets. The Sub-
funds may also enter into agreements with third party banks that desire to issue fixed income products
linked to the Sub-fund’s underlying assets and issue fixed income securities. The Sub-fund may from
time to time invest unutilized cash in bonds and currency swaps. Such investments may be with various
entities in various markets or industries and in different geographical locations, without limitation.
Depending on market conditions, the Sub-fund may also from time to time invest in cash or money
market instruments for liquidity purposes.
The Sub-funds are also exposed to market, credit and liquidity risks. Further information are disclosed
in the notes to the financial statements.
During the current and comparative year, one of the sub-funds of the Company issued subordinated
unsecured yield bond with maturity date on 22.12.2021 with a yield of 4.5% p.a. in the nominal value
of CZK 100,000 per bond, ISIN CZ0000000856 (the “Bond”). Bonds represents debt obligations
issued in the Czech Republic in accordance with Czech legal regulations. Bonds are traded at the
Prague Stock Exchange, a.s. Issued Bonds as at 31 December 2020 amounted to CZK 1,000 million
and these matured during 2021.
During the comparative year, one of the sub-funds of the Company issued subordinated unsecured
yield bond with maturity date on 15.12.2025 with a yield of 5% p.a., ISN SK4000018206 (the “Bond”).
Bonds represent debt obligations issued in the Euro and traded at the Bratislava Stock Exchange.
Issued Bonds as at 31 December 2021 amounted to EUR 40 million (2020: EUR 6.223 million).
During the year, one of the sub-funds of the Company issued subordinated unsecured yield bond with
maturity date on 22.06.2026 with a yield of 5.25% p.a., ISIN CZ0000001375, issued in CZK and
traded in Czech Republic at the Prague Stock Exchange. As at 31 December 2021, issued bonds
amounted to CZK 200 million.
As at 31 December 2021 and 2020, neither the Bond nor the sub-Fund had a credit rating.
ALPHA QUEST FUNDS SICAV p.l.c.
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SPECIFIC DISCLOSURES (CONTINUED)
Functionaries and Officials as at 31 December 2021
Organizational chart
Board of
Directors
Frank Chetcuti
Dimech
Joseph Xuereb
Alpha Quest
Funds SICAV
p.l.c.
Investment
Committee
Joseph Xuereb Joseph Formosa
Alpha Quest
Balanced Fund
Auditor: KPMG
Malta
Administrator:
Apex Fund
Services Malta
Alpha Quest
Opportunity
Fund
Auditor: KPMG
Malta
Administrator:
Apex Fund
Services Malta
Michal Kosac
Michal Kosac
ALPHA QUEST FUNDS SICAV p.l.c.
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SPECIFIC DISCLOSURES (CONTINUED)
Functionaries and Officials as at 31 December 2021 (continued)
Directors
The affairs of the Company are managed by a Board of Directors. The judicial and legal representation
of the Company shall be vested in any two directors acting jointly. As at 31 December 2021, the
Company’s Board of Directors was composed of three Directors approved by the MFSA and appointed
by the holders of Founder Shares upon incorporation of the Company. Each Director shall have one
vote. The Board of Directors was at 31 December 2021 composed of the following:
Frank Chetcuti Dimech
Dr. Frank Chetcuti Dimech co-founded CDF Advocates in Malta in 1993. He practices financial
services, company, taxation and international law. He holds a Doctorate of Laws and a Masters in
Financial Services from the University of Malta and an International Investment Advice Certificate
from the Securities and Investment Institute, London.
Joseph Xuereb
Mr. Joseph Xuereb ACIB, IFS Associate is a Maltese national and a Banker by profession. He joined
the Central Bank of Malta in 1979 occupying various roles at the dealing and investment department.
In 1995 he joined APS Bank as Senior Manager Treasury Unit where he was responsible for all
currency dealing, all investment portfolios and asset liability management. In 2000 he was appointed
Head of the Asset Management of the Bank, responsible for the Treasury Unit, the Investment Services
Unit and the Portfolio Management Unit. He was also a member of investment committees outside the
banking sector, including insurance and airline companies. He currently sits on the investment
committees of other Maltese funds.
Michal Kosac
Mr. Michal Kosac is working as a partner at Astone finance, s.r.o., a financial boutique regulated by
the Czech National Bank. His primary responsibility lies in creating investment strategies for the
company’s clients. Michal started his career at Merrill Lynch in New London and Boston where he
worked as an analyst in a private wealth management team. He then continued his career at WOOD
& Company s.a. in Prague where he was responsible for the initial set up of the WOOD & Company
Funds SICAV plc (an MFSA regulated entity) as well as administering its sub-funds and later co-
managing the WOOD & Company Central & Eastern European Equity Fund as well as the WOOD
Textiles Fund. He is also a member of the Investment Committee of IJC Funds SICAV plc which is
regulated by the MFSA. Michal received his degree with honors from Connecticut College,
Connecticut, United States.
On 28 February 2022, Ovidiu Fer was also appointed as director of the Company.
Mr Fer is an investment professional with almost 20 years of experience in the European Emerging
markets. Following a career on the sell side, most notably at WOOD & Company in Prague, Mr Fer
has several advisory roles (most relevant with GapMinder- Romania's most prolific Venture Capital
Fund) as well as board positons (currently an independent director at Medlife- Romania's largest
private healthcare group). His education includes a BA from ASE, Romania and MBA from INSEAD.
ALPHA QUEST FUNDS SICAV p.l.c.
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SPECIFIC DISCLOSURES (CONTINUED)
Functionaries and Officials as at 31 December 2021 (continued)
Investment Committee
The Board of Directors of the Company shall appoint an Investment Committee for each Fund. The
Investment Committee consists of three members, who are individuals. The Investment Committee of
Company shall meet at least four times a year with the majority of meetings to be held in Malta, and
shall be responsible for the day-to-day management of the Sub-funds, including amongst others the
following:
to monitor and review the investment policy and performance of a Sub-fund;
to establish and review guidelines for investment by a Sub-fund;
to issue rules for financial instrument selection and set the portfolio structure and asset
allocation;
to make recommendations to the Board of Directors.
The Investment Committee shall report to the Board of Directors on its activities and the performance
of a Sub-fund at least four times a year. The Investment Committee is conducting the day-to-day
management of the assets of the sub-Funds and ensure that the assets of the sub-Funds are managed
within the investment objectives, policies and restrictions of that sub-Fund. The Board of Directors
may from time to time appoint advisers to the Investment Committee. Such advisers shall only provide
guidance to the Investment Committee on the availability of assets and their relative prices and all
investment decisions shall be undertaken solely by the Investment Committee.
Investment Committee was as at 31 December 2021 composed of the following voting members:
Joseph Xuereb
Joseph Formosa
Michal Kosac
Joseph Formosa
Mr Formosa has occupied a number of executive and managerial positions at Bank of Valletta p.l.c.,
Malta and for the last three years of his career with the bank occupied the post of Chief Officer, where
he made a significant contribution to the growth and development of the Bank particularly in relation
to its mortgage related business. Mr Formosa was also Chairman of the Banks’ Card Services Ltd.
This company was responsible for all of the Bank’s credit card business. Mr Formosa has held the
position of General Manager of Lohombus Bank Ltd, and is currently a Consultant with Middlesea
Valletta Life Assurance Co focusing particularly on the areas of marketing, management and finance.
Annual general meeting
Apart from the appointment or removal of the Directors at the Company's annual general meeting in
accordance with the Company's Articles, the Founder Shareholders may also at any time appoint or
remove any Director or Directors at an extraordinary general meeting provided that the number of
Directors always complies with the requirements prescribed in the Company's Memorandum. A
Director need not be a Member.
The Administrator
Apex Fund Services (Malta) Limited has been appointed by the Company as Administrator to the
Company and its Sub-funds in 2018, pursuant to an administration agreement (“The Administration
Agreement”), to perform certain administrative functions in relation to the Company and the Sub-
funds, including inter alia the calculation of the Net Asset Value, accounting services and transfer
agency services. The Administrator may, subject to the written approval of the Company, sub-contract
parts of its services to third parties.
ALPHA QUEST FUNDS SICAV p.l.c.
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SPECIFIC DISCLOSURES (CONTINUED)
Functionaries and Officials as at 31 December 2021 (continued)
The Custodian
Bank of Valletta p.l.c. (“BOV”) has been appointed as a banker, broker and safe-keeper of the Fund.
Bank of Valletta enjoys a large percentage of the Maltese banking market. The bank was incorporated
in Malta as a limited liability company in 1974. It is licensed to carry on the business of banking as a
credit institution in terms of the Banking Act 1994 and is a licensed custodian under the Investment
Services Act. It is the parent company of the Bank of Valletta Group, which is actively involved in
the provision of a comprehensive range of financial services in Malta. BOV is not the custodian for
investments by the sub-funds in restitution points.
Conflicts of Interest
The officers of the Company have disclosed the following:
1. Mr Joseph Xuereb is a Director of the Company, a member of the Investment Committee and also
the holder of 100% of the Founder Shares of the Company;
2. Dr Frank Chetcuti Dimech is a Director of the Company as well as its legal advisor as to Maltese
law;
3. Mr. Michal Kosac who is the Director of the Company is also Director in Fraternity Capital Limited
and in Astone Group Ltd, and holds half of the “A” class shares in the Company; and
4. Mr. Ovidiu Fer is a Director of the Company and holds half of the “A” class shares in the Company.
Designations, Powers and Rights of Shares
The Founder Shares
The Founder Shares shall rank equally in all respects, shall carry the right to one vote each, and save
as provided in Article 26.1 of the Articles of Association, shall not carry a right to participate in any
dividends or other distributions of the Company or in the assets of the Company on a winding up
(other than the return of the paid up capital after payment of all amounts due to the Investor Shares.
The "A" Ordinary Shares
The Company shall also have a separate class of shares with no nominal value, made up of one hundred
(100) "A" Ordinary Shares but which shall not constitute a distinct fund, shall rank equally in all
respects, shall not carry the right to vote, and, save as provided in Article 26.1 of the Articles of
Association, shall not carry a right to participate in any dividends or other distributions of the
Company, if applicable, or in the assets of the Company on a winding up, except repayment of paid
up capital following settlement of any and all amounts due to the Investor Shares and Founder Shares.
The Board of Directors is authorised for a period of five (5) years, to issue and allot "A" Ordinary
Shares up to the maximum amount specified in this paragraph.
ALPHA QUEST FUNDS SICAV p.l.c.
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SPECIFIC DISCLOSURES (CONTINUED)
Designations, Powers and Rights of Shares (continued)
Article 26.1 of Articles of Association
The Directors may, as they from time to time think fit, and subject to the applicable laws, declare and
pay such interim or final dividends in such currency as the Directors may deem appropriate, subject
to the observance of any applicable law, on Founder Shares, "A" Ordinary Shares and Investor Shares
of a Sub-Fund as appears to the Directors to be justified, subject to any policy statement in relation to
dividends in the Offering Supplement of a Sub-Fund: provided that when dividends are not paid on
Investor Shares, income will be accrued within the Net Asset Value of the relative Sub-Fund and
provided further that distributions on "A" Ordinary Shares and Founder Shares, if any, shall be
calculated in a manner that the total amount of distributions on "A" Ordinary Shares and Founder
Shares shall be an amount not exceeding the aggregate of the Management Fee and the Performance
Fee due under the terms of the Offering Supplement of a Sub-Fund, which amount shall in no way be
restricted to the amount of income received or receivable by the Company (from investments made
by the Sub-Funds) during the relevant Accounting Period.
The Investor Shares (Redeemable Shares)
The Investor Shares do not carry any voting rights. The Investor Shares rank pari passu among
themselves in all respects. The Investor Shares participate in the assets of the Company and in any
dividends, and distributions of the sub-Funds upon liquidation. The Investor Shares may be redeemed
at the option of the holders thereof according to the Articles of Association annexed hereto and in
accordance with any terms and conditions pursuant to which the Investor Shares are issued.
Classes
With the prior approval of the MFSA, the Directors may from time to time establish a sub-Fund by
the issue of separate classes of Shares of the Company on such terms as the Directors may resolve.
Apart from Investor shares, the Company has issued by way of subscription:
1,000 Founder Shares which are fully paid up and subscribed by Joseph Xuereb;
50 “A” Ordinary Shares which are fully paid up and subscribed by Ovidiu Fer; and
50 “A” Ordinary Shares which are fully paid up and subscribed by Fraternity Capital Limited.
Description of the decision making procedures of the statutory body
Directors and Investment Committee members meet at least 4 times per year in addition to periodic
phone calls. All investment decisions are thoroughly discussed and 2/3 of the votes are required to
pass any decision. In order to evaluate an investment, a term sheet is prepared which is further
discussed from the stand point of viability of fitness within the overall portfolio strategy. Upon diligent
discussion, a vote is undertaken and an investment decision is made.
ALPHA QUEST FUNDS SICAV p.l.c.
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SPECIFIC DISCLOSURES (CONTINUED)
Designations, Powers and Rights of Shares (continued)
As per the Company’s Memorandum and Articles of Association sections 15 to 17, decision making
is as follows:
15.1 General Meetings
15.1 All general meetings of the Members in the Company enjoying a right to vote shall be held in
Malta, or at such other place as the Directors may determine for any specific general meeting.
15.2 The Company shall in each year hold a general meeting as its annual general meeting in addition
to any other meeting in that year. Not more than fifteen (15) months shall elapse between the date of
one annual general meeting of the Company and that of the next provided that so long as the Company
holds its first annual general meeting within eighteen (18) months of its incorporation it need not hold
it in the year of its incorporation. Subsequent annual general meetings shall be held once in each year
and not more than six (6) months after the end of the Accounting Period of the Company as determined
by the Directors from time to time at such time and place in Malta as may be determined by the
Directors.
15.3 All general meetings (other than annual general meetings) shall be called extraordinary general
meetings.
15.4 The Directors may call an extraordinary general meeting whenever they think fit and
extraordinary general meetings shall be convened on such requisition, or in default may be convened
by such requisitions, and in such manner as provided by the Act.
16. Notice of General Meetings
16.1 At least fourteen (14) Clear Days’ notice specifying the place, the day and the time of the meeting,
and in the case of special business the general nature of such business (and in the case of an
extraordinary general meeting specifying the meeting as such) shall be given in the manner hereinafter
mentioned to the Founder Shareholders being the holders of shares entitled to attend and vote.
16.2 The Directors and the Auditors shall also be entitled to receive notice of, and attend and speak at,
any general meeting of the Company.
16.3 Every notice convening a meeting to pass an Extraordinary Resolution shall specify the intention
to propose the Resolution, and in each notice calling a meeting of the Founder Shareholders, being the
members entitled to attend and vote, there shall appear with reasonable prominence a statement that a
Member entitled to attend and vote is entitled to appoint one or more proxies to attend and vote instead
of him and that a proxy need not also be a Member.
16.4 The accidental omission to give notice to, or the non-receipt of notice by, any person entitled to
receive notice shall not invalidate the proceedings at any general meeting.
ALPHA QUEST FUNDS SICAV p.l.c.
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SPECIFIC DISCLOSURES (CONTINUED)
Designations, Powers and Rights of Shares (continued)
Description of the decision making procedures of the statutory body (continued)
16. Notice of General Meetings (continued)
16.5 The fourteen (14) day notice requirement may be waived if the Founder Shareholders holding
not less than a majority of the total number of Founder Shares entitled to vote on all matters to be
considered at the meeting have waived notice of the meeting or have agreed to a shorter notice period
for the meeting.
17. Proceedings at General Meetings
17.1 All business shall be deemed special that is transacted at an extraordinary general meeting and
also all business that is transacted at an annual general meeting, with the exception of: a. the
consideration of the accounts and Statement of Financial Position; b. the reports of the Directors and
Auditors, c. the election of Directors in the place of those retiring or resigning or being removed and
the fixing of their remuneration, d. the appointment of the Auditors and the fixing of the remuneration
of the Auditors (directly or in such manner as the general meeting may determine); provided that the
appointment of a new Director shall also require the approval of the MFSA.
17.2 Subject to Article 17.3 hereof, no business shall be transacted at any general meeting unless a
quorum is present. Two (2) Members, having the right to vote, present either in person or by proxy,
shall be a quorum for a general meeting. A representative of a corporation or company authorised
pursuant to Article 18.14 to be present at any meeting of the Company shall be deemed to be a Member
for the purpose of the constitution of a quorum.
17.3 If within half an hour from the time appointed for a meeting, a quorum is not present, the meeting,
howsoever convened, shall proceed with such Members entitled to attend and vote as are present and
they shall constitute a quorum even if there is only one member.
17.4 A Director nominated by the Directors shall preside as chairman at every general meeting of the
Company, but if at any meeting none of the Directors be present within fifteen (15) minutes after the
time appointed for holding the meeting, or if all the Directors present decline to take the chair, the
Founder Shareholders shall choose some Member present to be chairman of the meeting.
17.5 The chairman may with the consent of any meeting at which a quorum is present (and shall if so
directed by the meeting) adjourn the meeting from time to time and from place to place but no business
shall be transacted at any adjourned meeting except business which might lawfully have been
transacted at the meeting from which the adjournment took place. When a meeting is adjourned for
fourteen (14) days or more, another fourteen (14) days Clear Notice at the least specifying the place,
the day and the hour of the adjourned meeting, shall be given as in the case of the original meeting but
it shall not be necessary to specify in such notice the nature of the business to be transacted at the
adjourned meeting or to attach thereto any documents already sent with a prior notice. Save as
aforesaid, it shall not be necessary to give any notice of an adjournment or of the business to be
transacted at an adjourned meeting.
17.6 At any general meeting, a resolution put to the vote of the meeting shall be decided on a show of
hands unless before or upon the declaration of the result of the show of hands a poll is demanded by
the chairman or by any Members present representing at least one-tenth in number or value of the
shares in issue having the right to vote at the meeting. Unless a poll is so demanded, a declaration by
the chairman that a resolution has been carried, or carried unanimously, or by a particular majority, or
lost, or not carried by a particular majority, and an entry to that effect in the book containing the
minutes of the proceedings of the Company shall be conclusive evidence of the fact without proof of
the number or proportion of the votes recorded in favour of or against such resolution; provided that
where a resolution requires a particular majority in value, the resolution shall not be deemed to have
been carried on a show of hands by the required majority unless there be present at the meeting,
whether in person or by proxy, a number of Members holding in the aggregate the required majority
as aforesaid.
ALPHA QUEST FUNDS SICAV p.l.c.
16
SPECIFIC DISCLOSURES (CONTINUED)
Designations, Powers and Rights of Shares (continued)
Description of the decision making procedures of the statutory body (continued)
17. Proceedings at General Meetings (continued)
17.7 If a poll is duly demanded, it shall be taken in such manner and at such time and place as the
chairman may direct (including the use of ballot or voting papers or tickets) and the result of a poll
shall be deemed to be a resolution of the meeting at which the poll was demanded.
17.8 The chairman may, in the event of a poll, appoint scrutineers (who need not be Members) and
may adjourn the meeting to some place and time fixed by him for the purpose of declaring the result
of the poll.
17.9 In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the
meeting at which the show of hands takes place or at which the poll is demanded shall be entitled to a
second or casting vote.
17.10 A poll demanded on the election of a chairman and a poll demanded on a question of
adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such
time and place as the chairman directs not being more than thirty days from the date of the meeting or
adjourned meeting at which the poll was demanded.
17.11 The demand for a poll shall not prevent the continuance of a meeting for the transaction of any
business other than the question on which the poll has been demanded.
17.12 A demand for a poll may be withdrawn and no notice need be given of a poll not taken
immediately.
Principles of remuneration
Remuneration of Directors
The Directors of the Company shall receive for their services such remuneration as may be determined
by the Company in a General Meeting from time to time or, in relation to a particular Sub-fund, as
specified in a Supplement. Each Director's remuneration shall in no case exceed € 10,000 per annum.
In addition, each Director may be paid reasonable travelling, hotel and other incidental expenses
incurred in attending meetings of the Directors and general meetings of the Company. The amount
paid from the assets of each sub-Fund shall be proportionate to the Net Asset Value of each sub-Fund
when compared to the net asset value of the Company.
Remuneration of Investment Committee members
The members of the Investment Committee shall receive for their services such remuneration as may
be determined by the Directors from time to time. The fee will be paid by the sub-funds. In addition,
each Investment Committee member may be paid reasonable travelling, hotel and other incidental
expenses incurred in attending meetings of the Investment Committee. The amount paid from the
assets of each sub-Fund shall be proportionate to the Net Asset Value of each sub-Fund when
compared to the net asset value of the Company.
Remuneration of Founder Shareholders
Founder Shareholders shall not be entitled to any remuneration but may be paid reasonable travelling,
accommodation and other incidental expenses incurred in attending general meetings of the Company.
ALPHA QUEST FUNDS SICAV p.l.c.
17
SPECIFIC DISCLOSURES (CONTINUED)
Principles of remuneration (continued)
Monetary and non-monetary benefits received by Directors and Investment Committee Members for
the year
Total monetary income of Directors of the Company for 2021 amounted to EUR 21,734 (2020: EUR
20,650). Out of total monetary income, two directors received EUR 8,654 (2020: EUR 8,260) and two
Investment Committee Members received EUR 13,080 (2020: EUR 12,390).
Neither the Directors nor the Investment Committee Members received any non-monetary income.
Corporate governance and the Code
The Issuer has not voluntarily adopted the Corporate Governance Code prepared in 2018 by Czech
Institute of Directors together with Deloitte and issued in 2019. This Code is available on the website
of Czech Ministry of Finance
www.mfcr.cz.
However, the Issuer’s Corporate Governance is organized in accordance with the principles outlined
in this document, as defined in the internal policies and statutes of the Issuer. In addition to its own
policies, the corporate governance is fully in line with applicable law.
The above mentioned code has not been voluntarily adopted because in addition to the simple
shareholder structure, the Issuer considers the existing policies of the corporate governance fully
adequate and functional.
Information about internal control principles and strategies and the rules for the treatment of
risks
The Board of Directors is responsible for implementing adequate administrative and accounting
procedures for the preparation of the financial statements. The Board of Directors has responsibility
for the planning, management and monitoring of those processes relating, in particular, to management
and accounting information flows (including the automated data processing and accounting reporting
systems) and for attesting to their adequacy and effective application, as defined by the relevant laws
and regulations. The Company also established a position of a compliance officer ensuring the
Company complies with its outside regulatory requirements and internal policies.
The Board of Directors identifies and assesses the risks on financial information, identifies and carries
out the appropriate controls, targeted at mitigating the possibility that such risks will occur, and
monitors and assesses the efficiency of the controls in relation to the financial information process.
The Administrator calculates the Net Asset Value (“NAV”) of the Sub-funds as at the date of the
statement of financial position or at the settlement date of new investors and prepares draft financial
statements. NAV calculation and financial statements are approved by the Board of Directors.
Investment committee approves each new investment (at least 2 members of the Investment committee
shall approve it), evaluates the performance of the investment in Sub-funds and reports to the Board
of Directors on its activities and the performance of each Sub-fund at least four times a year.
ALPHA QUEST FUNDS SICAV p.l.c.
18
SPECIFIC DISCLOSURES (CONTINUED)
Risk factors and uncertainties that could negatively affect issuer’s business include but are not
limited to:
- Risk of newly formed company: The Company does not have long enough history to show
proven track record.
- Sub-funds being economically separated entities: The assets of other sub-funds cannot be used
to satisfy obligations of other sub-funds. Thus only the assets of the sub-fund issuing financial
obligation can be used to repay such obligation.
- Payment titles issued by Romanian government: The major part of the sub-fund’s portfolio is
invested in obligations issued by the Romanian state. This instrument is not publicly traded
thus it is uncertain if it can be sold at a fair price at any time in the market place. The Fund’s
investments in the points awarded under indemnification decisions issued by the Romanian
Government need to be sourced from individual beneficiaries of such points and acquired
through public deeds registered in Romania. There is no guarantee that the sub-Fund will
manage to source such points, or a particular number of points. The sub-Fund may also be
exposed to changes in the Romanian Government’s interpretation of the points system and/or
to changes in the applicable laws.
- Specific risks when investing in Romania: Although Romania is a full member of the
European Union, it is still susceptible to a shaky political and economic outlook and a
relatively volatile business environment in which corporate financial information is
sometimes neither readily available nor sufficiently reliable. Following the collapse of
communist rule in 1989, Romania has undergone a long period of economic transition to a
market economy, which has not been smooth. Since 2000, there has been more progress. An
extensive programme of economic reforms included the privatisation of several state-owned
enterprises and the restructuring of Romania’s energy, mining and industrial sector.
Externally, a slowdown in global trade may have a high impact on Romania’s growth, mainly
due to its reliance on other EU economies as trading partners. Geopolitical tensions, combined
with the increase in the US Federal Reserve’s key-interest rate could lead to increased investor
caution, capital outflows and depreciation of the local currency (RON).
- Market risk: Most of the assets of the sub-funds are invested in Romania which is considered
an emerging market.
- Sub-fund’s assets not being publicly traded: The Sub-funds invest in the Romanian
instruments which are not publicly traded. Such instruments are considered risky and
speculative in nature.
- Interest rates changing risk: Fixed income instruments, which can be bought as an investment
by the sub-funds, have an inverse relationship with changing interest rates. Unstable interest
rates environment could have a negative impact on the fixed income instruments held by the
sub-funds. If the level of market interest rates rises, the prices of interest-bearing securities in
the Fund’s portfolio can fall substantially. This is even more the case, if the Fund holds
interest-bearing securities having a longer residual term to maturity with normal return/yield.
- Liquidity risk: Since the Romanian obligations are not publicly traded, it might be hard to sell
should the Romanian government start defaulting on its obligations.
- High leverage risk: Since Alpha Quest Balanced Fund is an issuer of publicly traded bonds, it
is exposing itself to enormous amount of risk should its investment strategy produce negative
returns.
ALPHA QUEST FUNDS SICAV p.l.c.
19
SPECIFIC DISCLOSURES (CONTINUED)
Risk factors and uncertainties that could negatively affect issuer’s business include but are not
limited to: (continued)
- Inflationary risk: Rising prices can affect the value of the underlying assets of the portfolio.
- Foreign exchange risk: The functional currency of the Company and its sub-funds is the EUR
while the assets of the portfolio are denominated mainly in RON. Where the Fund holds assets
denominated in foreign currency or currencies, it is exposed to a direct currency risk (provided
the foreign currency positions have not been hedged). In case of RON depreciation, this will
have negative effect on the underlying net asset value of the sub-funds. Conversely, the foreign
exchange market also offers opportunities for gains. Besides direct risks, indirect currency
risks also exist. Internationally active companies are more or less strongly dependent on the
exchange rate development, which can have an indirect influence on the price development of
investments.
- Concentration risk: The majority of fund’s assets are invested in the Romanian restitution
points. This creates a risk for the underlying net assets value should the Romanian government
default on its obligations.
- Management compensation: Management have variable compensation based on the
performance of the sub-funds. This can incentivize them to undertake speculative investments
in order to produce extraordinary returns.
- Operating risk: It can be created in the absence of rigorous internal processes.
- Company founded under different law: The Company and its sub-funds have been
incorporated under the laws of Malta. Maltese law can substantially differ from Czech laws
and Slovak laws under which the publicly traded bonds of one of the sub-funds have been
issued.
- Political, economic and social risks: Romania is classified as an emerging and post-socialist
market, which up to this date faced significant political, economic and social risk which could
negatively impact the sub-funds’ performance and their net asset value.
Comparison with the corresponding period of the preceding year
Cashing in process has started in 2017, thus 1H 2017 was the first accounting period during which the
Company has received actual payment titles for cashing in.
Comparing 2020 and 2021, the Company was in line with its objectives, receipt of payment titles was
on expected track. The cashing in process has taken place prior to the 180 day period from issuance
of payment titles.
During the year 2021, total amount of money cashed in from Romanian government was of RON
111,223,520 (2020: RON 106,466,564) for Balanced Fund and RON 32,822,263 (2020: RON
41,432,564) for Opportunity Fund.
In terms of NAV, comparing 2021 with 2020, figures are as follows:
Alpha Quest Balanced Fund EUR 1,815.4437 per investor share as at 31 December 2020, compared
to EUR 1,886.2992 as at 31 December 2021.
Alpha Quest Opportunity Fund EUR 1,642.0531 per investor share as at 31 December 2020 compared
to EUR 1,778.6907 as at 31 December 2021.
ALPHA QUEST FUNDS SICAV p.l.c.
20
SPECIFIC DISCLOSURES (CONTINUED)
Comparison with the corresponding period of the preceding year (continued)
Idle cash was invested during both periods in money market instruments to achieve high liquidity and
safety.
Portfolio composition as at 31 December 2021:
Alpha Quest Balanced Fund
Romanian restitution points: EUR 23,489,659
Cash: EUR 2,412,066
Bonds (including bonds repurchased by Fund): EUR 28,380,994
Equity: EUR 2,690,877
Forward contract: (EUR 101,123)
Alpha Quest Opportunity Fund
Romanian restitution points: EUR 4,863,507
Cash: EUR 2,495,127
Bonds: EUR 11,906,423
Besides points investments, cash received and not placed into points purchases, is deployed to
purchases of highly graded and highly liquid Czech issued corporate bonds.
Alpha Quest Balanced as at 31 December 2021 owned total of five bonds being: (i) Alpha Quest Funds
SICAV; publicly traded bond issued by sub-fund of Alpha Quest Funds SICAV plc, (ii) Nupeh CZ
SRO, (iii) J&T Global Finance, (iv) 3M Fund MSI and (v) Fraternity Fund; publicly trade bond issued
by Fraternity Funds SICAV plc.
Alpha Quest Opportunity Fund as 31 December 2021 owned total of five bonds being: (i) Fraternity
Fund; publicly trade bond issued by Fraternity Funds SICAV plc, (ii) 3M Fund MSI, (iii) ENERGO-
PRO GREEN, (iv) JTFIGR and (v) TATRY Mountain.
Alpha Quest Opportunity fund as at 31 December 2021 has no longer invested in the collective
investment scheme Alpha Quest Balanced Fund, which is a sub-fund of Alpha Quest Funds SICAV
plc.
Key Figures of the Company for the year
Information about profit before tax for the year can be found in the Statement of Comprehensive
Income in the financial statements which forms part of Annual Report. The result corresponds to the
expectation and reward attributed to the sub-Fund for the issue of the bonds.
Information about the Company's total assets and financial situation as at 31 December 2021 can be
found in the Statement of Financial Position in the financial statements which form part of the Annual
Report.
Evaluation of the business environment during reporting year 2021
Both sub-Funds performed very well and in line with Investment Committees’ expectations, mainly
due to the fact the payments from the Romanian Government are on track and on time. Both sub-
Funds received the expected 20% of the nominal value of all points held well ahead of the due date.
Performance of both sub-Funds was further boosted by the leverage that the Balanced Fund currently
has. Both sub-Funds also gained by investing free liquidity in corporate bonds.
ALPHA QUEST FUNDS SICAV p.l.c.
21
SPECIFIC DISCLOSURES (CONTINUED)
Expected economic situation in next year
In 2022, the Company expects a very similar scenario compared to prior year. The Company can
already confirm that the Romanian Government should pay ahead of the 180-day due date.
Remuneration charged by auditors over the accounting period
The statutory auditor's remuneration (including VAT) for the year amounted to EUR 50,304 (2020:
EUR 36,056), out of which EUR 47,854 (2020: EUR 32,834) is outstanding at year end. Other non-
audit services provided by the auditors during the year comprised of tax services amounting to EUR
2,800 (2020: EUR 1,481) (including VAT).
Legal and arbitration proceedings
The Company is not a party to any litigation or arbitration proceedings.
Major contracts and agreements executed on behalf of the Company during fiscal year 2021
Alpha Quest Funds SICAV p.l.c. and its sub-funds, namely Alpha Quest Balanced Fund and Alpha
Quest Opportunity Fund, have not entered into any major contract that would affect its regular course
of business or pose any risk to its business objective.
Issuer's subsidiaries and branches
The Company did not have an organizational unit located abroad in 2021.
Acquisition of own shares (treasury shares)
During the year, no acquisition of own shares (treasury shares) occurred.
Expenses incurred in connection with research and development
The Company did not incur any research and development expenditure during the year.
Investment in tangible and intangible fixed assets
The Company did not make any significant investments in tangible and intangible fixed assets during
the year.
Environmental and labor relations activities
The Company complies with all legal requirements in the field of environmental protection and
complies with applicable legislation in the field of labor relations.
ALPHA QUEST FUNDS SICAV p.l.c.
22
SPECIFIC DISCLOSURES (CONTINUED)
True and fair view statement
The Board of Directors of Alpha Quest Funds SICAV p.l.c. declares that the Annual Report and
financial statements provide a true and fair view of the financial position, business activities and results
of the Company for the past accounting year and to the best of its knowledge, all the information and
data in the Annual Report and financial statements correspond to the prospects for future financial and
business performance and no significant circumstances have been omitted.
Number of employees as of 31.12.2021
Alpha Quest Funds SICAV p.l.c. employs zero (0) employees. All provided services are on
contract basis.
Net turnover as of 31.12.2021
Alpha Quest Funds SICAV p.l.c. does not generate net turnover figures in its financial
statements.
Approved by the Board of Directors on 29 April 2022 and signed on its behalf by:
______________________ ______________________
Mr. Michal Kosac Mr. Joseph Xuereb
Director Director
ALPHA QUEST FUNDS SICAV p.l.c.
Statement of financial position
As at 31 December 2021
23
The Company
The Company
31.12.21
31.12.20
Notes
EUR
EUR
Non-current assets
Restitution points 12
16,622,110
16,071,618
Total Non-current assets
16,622,110
16,071,618
Current assets
Cash and cash equivalents 5
7,014,918
3,168,809
Financial assets at fair value through profit or loss 11
42,174,290
15,021,761
Loans and interest receivable 18
- 6,551,750
Prepaid expenses
66,925
15,838
Other receivables
867,202
100,845
Restitution points 12
11,731,057
23,730,540
Receivable from Government of Romania
788,779
-
Receivable from "A" Class Shareholders 8
-
350,000
Total Current assets
62,643,171
48,939,543
Total assets
79,265,281
65,011,161
Equity and Liabilities
Share capital and Reserves
Share capital 6
1,100
1,100
Retained earnings 1,879,824
1,216,543
Total equity
1,880,924
1,217,643
Liabilities
Non-current liabilities
Bonds payable 13
47,236,040
6,223,000
Total Non-current liabilities
47,236,040
6,223,000
Current liabilities
Financial liabilities at fair value through profit or loss 11 101,123
-
Bank overdraft 5 -
2,148,953
Bonds payable 13 -
28,557,290
Interest payable 13 303,765
51,194
Administration fees payable 14
8,756
8,500
Audit fees payable
47,854
32,834
Due to "A" Class Shareholders 8 150,000
-
Investment advisory fee payable 100,000
-
Other payables 14
8,302
198,421
Total Current liabilities
719,800
30,997,192
Total liabilities
47,955,840
37,220,192
Net assets attributable to holders of redeemable
shares 7
29,428,517
26,573,326
Total Equity and Liabilities
79,265,281
65,011,161
The accompanying notes are an integral part of these financial statements. These also include more detailed information
about the amounts attributable to the founder shareholders and the attributable to unit holders of investor shares, in the
next two pages.
The financial statements on pages 23 to 53 were approved and authorised for issue by the Board of Directors on 29
April 2022 and were signed on its behalf by:
Mr Michal Kosac Mr Joseph Xuereb
Director Director
ALPHA QUEST FUNDS SICAV p.l.c.
Statement of financial position (continued)
As at 31 December 2021
24
The following table provides more detailed information about the amounts attributable to founder shareholders and
amounts attributable to unit holders of investor shares. This information is being presented in accordance with the
prevalent local practice.
Attributable to
founder
shareholders
Attributable to unit
holders of
investor shares of:
Alpha Quest
Balanced Fund
Alpha Quest
Opportunity Fund
31.12.21
31.12.21
31.12.21
Notes
EUR
EUR
EUR
Non-current assets
Restitution points 12
-
14,330,818
2,291,292
Total Non-current assets -
14,330,818
2,291,292
Current assets
Cash and cash equivalents 5 2,107,725
2,412,066
2,495,127
Financial assets at fair value through
profit or loss 11 -
30,267,867
11,906,423
Due from founder shareholders 8 -
9,541,191
-
Due from sub-funds 8 770,466
2,530,570
-
Prepaid expenses
-
60,067
6,858
Other receivables
-
618,562
248,640
Management and performance fee
receivable 14 8,543,924
-
-
Restitution points 12 -
9,158,841
2,572,216
Receivable from Government of
Romania -
632,109
156,670
Total Current assets
11,422,115
55,221,273
17,385,934
Total assets 11,422,115
69,552,091
19,677,226
Equity and Liabilities
Share capital and Reserves
Share capital 6 1,100
-
-
Retained earnings 1,879,824
-
-
Total equity
1,880,924
-
-
Liabilities
Non-current liabilities
Bonds payable 13 -
47,236,040
-
Total Non-current liabilities -
47,236,040
-
Current liabilities
Financial liabilities at fair value
through profit or loss 11 -
101,123
-
Interest payable 13 -
303,765
-
Administration fees payable 14 -
4,378
4,378
Audit fees payable
-
23,927
23,927
Management fees payable 14 -
1,412,977
348,134
Performance fees payable 14 -
5,098,938
1,683,875
Due to "A" Class Shareholders 8 -
150,000
-
Investment advisory fee payable -
-
100,000
Other payables 14 -
4,111
4,191
Due to sub-funds 8 9,541,191
-
2,530,570
Due to founder shareholders 8 -
-
770,466
Total Current liabilities
9,541,191
7,099,219
5,465,541
Total liabilities
9,541,191
54,335,259
5,465,541
Net assets attributable to holders
of redeemable shares 7 -
15,216,832
14,211,685
Total Equity and Liabilities
11,422,115
69,552,091
19,677,226
The above information is an integral part of the notes to these financial statements.
ALPHA QUEST FUNDS SICAV p.l.c.
Statement of financial position (continued)
As at 31 December 2021
25
The following table provides more detailed information about the amounts attributable to founder shareholders and
amounts attributable to unit holders of investor shares. This information is being presented in accordance with the
prevalent local practice.
Attributable to
founder
shareholders
Attributable to unit holders of
investor shares of:
Alpha Quest
Balanced Fund
Alpha Quest
Opportunity Fund
31.12.20
31.12.20
31.12.20
Notes EUR
EUR
EUR
Non-current assets
Restitution points 12
-
11,908,147
4,163,471
Total Non-current assets -
11,908,147
4,163,471
Current assets
Cash and cash equivalents 5 1,173,906
1,645,320
349,583