Oplon Art Sub-Fund, a sub-fund of Pilatus SICAV p.l.c. is licensed by the Malta Financial Services Authority as a Professional Investor Fund which is available to Qualifying Investors.
Investment Objective
The Investment Objective of the Sub-Fund is to achieve long-term absolute returns under all market conditions.
There is no guarantee that the investment objective of the Sub-Fund will be achieved and investment results may vary substantially over time.
Investment Policies
The Investment Manager will seek to attain the Sub-Fund’s Investment Objective by investing primarily decorative and/or fine art pieces, including paintings, sculptures, printmaking, photography from the 20th century, and historic and contemporary design works of visual arts (20th and 21st Century). It is anticipated that the Sub-Fund will in the short to medium term have a diversified portfolio of works of art of different art sectors. The Sub-Fund will mainly acquire primary pieces that are easily manageable and highly marketable which are capable of generating the highest premiums on realisation.
The Sub-Fund will mainly acquire the assets from private individuals, auction houses and/or art dealers, and mainly sell to other art dealers, private clients, and buyers at primary national and international auctions in primary worldwide locations. The Sub-Fund shall not in any way purchase or deal with works of art produced, sold or otherwise dealt with directly by any Member of the Investment Committee of the Sub-Fund in his own name. The Investment Manager will choose the most appropriate markets and clients for each art piece and antique, in order to maximise the return on its investments.
The Sub-Fund will seek to acquire works of art and antiques that can be adequately appraised and authenticated with reasonable accuracy. The works of art will be valued in accordance with generally accepted valuation standards such as the International Valuation Standards issued by the International Valuation Standards Council and authenticated by independent and appropriately qualified valuer that has the expertise, knowledge and experience in the valuation of similar assets. The Investment Manager will prepare a report of the objects acquired, whereby it will point out what features make the target asset stand out in value in relation to the time when they were acquired and the anticipated time of realisation.
The works of art and antiques will be transported by professional companies and stored in secure locations with a leading safekeeper(s) whereby physical access to the assets will be limited to instances which are strictly necessary. The Sub-Fund may also acquire works of art and antiques which require restoration for the purpose of restoring the condition of such assets in order to maximise the potential realisation value of the assets. When acquiring such assets in need of restoration the Investment Manager will engage reputable professional persons qualified in the fields of conservation of such particular works of art and antiques. Uninvested cash may be held on deposit in a bank account in the name of the Sub-Fund, and may also be temporarily invested in listed securities (including equities and bonds) or in the major currencies (including EUR, USD, GBP, USD and CAD), in order to pursue an alternative, diversification strategy for hedging purposes. When appropriate the SubFund may also employ leverage through borrowing.