Regulatory Warning


The following information applies to every page of this website, whether or not such pages individually contain a disclaimer notification.

This website and related materials have been drawn up by Alpcot Capital Management Ltd ('Alpcot'), an investment management company registered in the United Kingdom and authorised and supervised by the Financial Services Authority.

This website contains data and facts on investments, funds and products managed by Alpcot, which are provided for information purposes only. No investment advice is offered or given by Alpcot to persons accessing this website. This website is complimentary to and not a substitute for independent professional advice from a person qualified to provide such advice in your home country. Reliance on this website for the purpose of buying securities to which this website makes reference may expose a person to a significant risk of losing all of the property or other assets invested. The information herein is, to the best of the knowledge of Alpcot, in accordance with the facts. However, neither Alpcot, nor any of its affiliates, directors or officers, accept any liability in respect of the accuracy or completeness of any information herein, or omitted to be included herein, or any information provided, or omitted to be provided, by any third party. All information and expressions of opinion contained in this website are subject to change without notice.

This material does not constitute or form part of a distribution or an offer or solicitation to buy or sell any securities (in particular, shares or units in any Alpcot fund) to any person in any jurisdiction in which such distribution, offer or solicitation would be contrary to local law or regulation.

In relation to persons in the United Kingdom, the information herein is directed only at Investment Professionals in the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. This material should not be relied on by persons in the United Kingdom who are not Investment Professionals. Any investment or investment activity to which this material relates is available in the United Kingdom only to Investment Professionals and will be engaged in only with Investment Professionals. In particular, the information herein is not for distribution, and does not constitute an offer to sell or buy, or the solicitation of any offer to sell or buy, any securities in the United States of America or to or for the benefit of United States persons (within the meaning of Regulation S under the Securities Act of 1933).

In relation to persons in Switzerland, this material is directed only at Swiss Qualified Investors in the meaning of Article 10 (3) of the Collective Investment Schemes Act. Swiss private individuals are not allowed to use this material. The funds managed by Alpcot are not authorised for distribution in Switzerland.

Subscription of Alpcot funds should be made on the basis of the relevant fund's prospectus, simplified prospectus, the relevant fund rules and the latest available annual or semi-annual reports. These documents can be obtained from Alpcot. Past performance is not indicative of future results. The value of investments and any income derived from the funds may fall as well as rise and investors may not get back the amount invested. An investment in the funds entails risks, some of which are described in the prospectuses of the funds. Investors should be aware of the high risks associated with investments in emerging markets such as Eastern Europe.

This material may include forward looking statements which are based on Alpcot's current opinions, expectations and projections. Alpcot undertakes no obligation to update or revise any forward looking statements. Actual results could differ materially from those anticipated in the forward looking statements.

Any dispute, controversy or claim arising out of or in connection with the information provided in this material shall be settled in accordance with UK law exclusively in courts of the United Kingdom.

Information relating to the provision of Indicative Intra-day NAV

Alpcot may for listed compartments of Alpcot Active, a fund to which Alpcot is investment manager, provide participants in the secondary market with an indicative, real-time estimate of the NAV per ETF Share, (the "INAV"), on a regular basis during the trading period of the ETF Share for the relevant compartment. This estimate is envisaged to provide guidance to participants in the secondary market when considering the bid and ask prices offered for ETF Shares.The methodology employed by the Investment Manager is similar to that employed by the Administrative Agent in calculating the Daily NAV per ETF Share as set out in the Prospectus for Alpcot Active. However, there can be no assurances that the INAV and the Daily NAV per ETF Share will be the same. Any differences in methodology and/or other respects will result in the INAV being different to the Daily NAV per ETF Share had it been calculated on a real-time basis.

The INAV is solely an indication of the Daily NAV per ETF Share had it been calculated on a real-time basis. The INAV is calculated by Alpcot independently of Alpcot Active and the Administrative Agent which is providing official NAV calculations in accordance with Alpcot Active's Prospectus. The INAV only serves for information purposes and is not, and should not be taken to be, the value of an ETF Share or the price at which ETF Shares may be subscribed for or redeemed or purchased or sold in any primary and secondary market. While the securities prices used by Alpcot in calculating the INAV will be sourced from providers which Alpcot deems reliable, Alpcot takes no responsibility for the accuracy of these prices nor for the INAV communicated and will not perform any additional verifications as to the accuracy of such prices. Alpcot will not be responsible for any differences between the INAV and the Daily NAV per ETF Share as determined in accordance with Alpcot Active's Prospectus, neither any delays in the publication of the INAV for any reasons whatsoever, nor for erroneous information in the INAV for any reasons whatsoever. Subscriptions or redemptions of ETF Shares of the Company will only be executed on basis of the Daily NAV per ETF Share as described in the Prospectus of Alpcot Active.

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Investment Team

Bjorn Lindstrom, Founding Partner and Portfolio Manager

Mr Lindstrom has experience of investing in Eastern Europe since 1996. Prior to founding Alpcot, Mr Lindstrom co-founded and held the position as Managing Director and Fund Manager at Gustavia Capital Management, a Swedish fund management company focused on Eastern Europe. At Gustavia, he launched and managed the first open-ended Balkan equity fund worldwide which subsequently became the best performing mutual fund in Europe in 2004, with a performance of 84%. Mr Lindstrom was also a co-founder of East Capital where he held positions as Managing Director of East Capital Asset Management and Fund Manager of East Capital Russia Fund. Mr Lindstrom is a Board Director of Alpcot Agro. Mr Lindstrom holds a M.Sc. in Business Administration and Economics from the Stockholm School of Economics and has also studied at the University of Cologne.

Katre Saard, Founding Partner and Portfolio Manager

Ms Saard has experience of investing in Eastern Europe since 1994. Prior to founding Alpcot, Ms Saard managed investments in private equity and venture capital funds for the European Investment Fund in Luxembourg. Ms Saard was also a co-founder of East Capital where she held positions as the Fund Manager for the East Capital Baltic Fund and Board Director of East Capital Asset Management. Prior to East Capital, Ms Saard worked as an Equity Analyst at Enskilda Securities in Stockholm where she launched and became responsible for Baltic equity research. Ms Saard is a Board Director of Shelton Petroleum. Ms Saard holds a M.Sc. in Business Administration and Economics from the Stockholm School of Economics.

Oscar Berglund, Partner and Portfolio Manager

Prior to joining Alpcot in 2007, Mr Berglund worked in the Investment Banking Division of Goldman Sachs where he focused on M&A, corporate finance and equity capital markets transactions. While at Goldman Sachs, he was based three years in London and two years in Moscow. Mr Berglund holds a M.Sc. in Finance and Management from the Stockholm School of Economics and has also studied at University of Wisconsin-Madison, USA and St. Petersburg State University, Russia. Mr Berglund is a Board Director of Alpcot Active, Alpcot’s umbrella fund in Luxembourg.

Igor Livant, Portfolio Manager

Mr Livant is a Portfolio Manager of Alpcot Active Greater Russia and Alpcot’s managed accounts. Prior to joining Alpcot in 2011, Mr Livant was with McKinsey and Co, where he advised companies on Corporate Finance and Strategy topics in Russia, CIS and Western Europe. Before that Mr Livant was an investment banker for 8 years, most recently with Goldman Sachs, where he focused on M&A and equity capital markets transactions in Russia and CIS. Mr Livant also worked at Troika Dialog, Aton Capital and Accenture in Moscow and London. Mr Livant holds an MBA from INSEAD, M.Sc. in World Economics from Irkutsk State University and B.S. in Business and Management from University of Maryland, University College.

Alexey Mashchenkov, Country Manager for Russia and Portfolio Manager

Mr Mashchenkov is a Portfolio Manager of Alpcot Agro. Prior to joining Alpcot, Mr Mashchenkov worked at Bain & Co in San Francisco and Moscow, where his experiences included strategy due diligence for private equity clients, strategy development and operations improvements. His other experiences include audit and advisory at PricewaterhouseCoopers and financial management and controlling with MegaFon. Mr Mashchenkov holds an MBA from INSEAD and a B.A. in Economics and Business Administration from the St. Petersburg State University. He is also a Chartered Accountant (ACCA).

Torbjorn Ranta, Portfolio Manager

Mr Ranta is a Portfolio Manager of Alpcot Agro. Prior to joining Alpcot, Mr Ranta worked as corporate finance consultant. Mr Ranta has been actively involved in Russian business projects since the mid-1990s and is a fluent Russian speaker. He has during this period been the Managing Director of several publicly listed natural resources companies with operations in Russia such as Vostok Nafta Investment Ltd, Vostok Oil Ltd, Central Asia Gold AB and Malka Oil AB. Mr Ranta holds a M.Sc. in Business Administration and Economics from the Stockholm School of Economics.

Dimitri Podoliev, Country Manager for Ukraine

Mr Podoliev is Alpcot’s Country Manager for Ukraine and is primarily working with Alpcot Agro. Prior to joining Alpcot, Mr Podoliev worked as Head of the International Programs Division at the Ukrainian Chamber of Commerce and Industry in Kiev, where his experiences included strategy planning, due diligence, valuation and business development for foreign investors entering the Ukrainian markets. He is an adviser on financial markets and foreign investments to the Secretary General of the Parliament of Ukraine. Mr Podoliev holds a Bachelors’ degree in Engineering from Cambridge University. He has also studied at the Massachusetts Institute of Technology, MIT Sloan School of Management, and Helsinki University of Technology.