Currently the largest sub-fund of Halcon Investment SICAV, Halcon Innovation Fund (Halcon EUR) offers significant economic exposure to one of Armenia’s leading banks — AMIO Bank, a financial institution with a long history, Western-style management, and strong growth prospects. The fund is also invested in high-potential real estate development projects in Cyprus.
Halcon Innovation Fund is a sub-fund of the umbrella alternative investment fund (AIF) Halcon Investment SICAV, registered in Liechtenstein (Triesen).
Current Manager (AIFM and Portfolio Manager): ONE Funds AG (Liechtenstein). They have managed the entire Halcon Investment SICAV, including the Halcon Innovation Fund, since October 2023.
Previously (until March/October 2023): Delegated to Hong Kong-based SIFT Capital Partners Limited (Zhe Zhang) .
Key Details from ONE Funds Reports
Website onefunds.li / funds-overview/halcon-investment-sicav/
Address: Austrasse 14, Triesen, LI-9495, Liechtenstein
ISIN LI1121837424 (Halcon EUR)
Assets (as of 31.12.2023) ~€82 million
Investments: Real estate in Cyprus; indirect stake in Armenian bank (Amio Bank)
Depositary: Kaiser Partner Privatbank AG (Vaduz)
2.6. PORTFOLIO MANAGEMENT REPORT
Market overview in the 2024 financial year
The net asset value per unit has increased from EUR 1‘153.08 to EUR 1‘487.50 (31.12.2024) per unit. This corresponds to a performance of 29.00% for the period under review (01.01.2024-31.12.2024).
Indirect bank participation:
- The Fund has been an indirect 75% shareholder in AMIO Bank (www.amiobank.am) since late 2021. At the time of acquisition AMIO Bank’s balance sheet consisted of a significant portfolio of non-performing loans and a very thin equity base. A strategic, long-term and committed investor was required to strengthen both the equity base of the bank and support the bank with a well-thought-out restructuring plan. The latter included a reorganisation of the bank’s management team, a new positioning with a western-oriented range of services, a concentration on economically viable branches and a successful rebranding. All measures were implemented within the planned time frame from 2022 onwards. The rebranding was completed in November 2023 and proved highly successful whereas the flow of positive news can be taken from the bank’s own website and news section.
- Armenia has taken several steps to strengthen its political and economical relations with Europe and envisions to become a member of the European Union (EU) in the future. Such a strong political realignment towards the western hemisphere is also very promising for the banking business as the EU would be a huge market for AMIO to offer its services in the future.
- Overall, the bank is a leading player in Armenia with a promising growth rate in many areas and well on the way to transform its overall business and practices fully in line with highest Western standards. This was also con-firmed by two on-site visits by ONE Funds AG in November 2023 and May 2025 with more such visits to follow.
- ONE Funds AG is firmly convinced that the successful restructuring of the bank, including a further capital increase in late 2024/early 2025 will lead to very pleasing profits for the fund’s investors and that the value of this invest-ment will continue to develop positively. The remarkable restructuring progress of AMIO Bank can be seen in the regularly published financial reports on AMIOs’ webpage under the following link: https://amiobank.am/en/reports.
Credit: https://www.onefunds.li/funds-overview/halcon-investment-sicav/
Credit: https://amiobank.am/en/managers
An analysis of the Halcon Innovation Fund report as of 31 December 2024 reveals that the majority of its loan receivables — tens of millions of euros in what are presumably “live” funds raised from investors — were issued to a network of Cypriot companies. These companies share a common administrative structure centered around GIF MANAGEMENT LIMITED as corporate secretary and, in most cases, ΦΩΤΟΥΛΑ ΣΑΒΒΑ (Fotoula Savva) as director.
The following companies, all registered at 71, Lemesou, Flat/Office 201, Limassol, meet these criteria:
| Company | Reg. Number (ΗΕ) | Director | Secretary | Loan Amount (EUR) |
|---|---|---|---|---|
| Remido Holdings Ltd. | 431702 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | ~€46,000,000 |
| Lisemin Group Ltd. | 436673 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | ~€8,700,000 |
| Raterino Trading Ltd. | 437192 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | ~€12,600,000 |
| Sikedrono Holdings Ltd. | 433416 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | €300,000 |
| Daloxan Trading Ltd. | 431696 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | €6.2M equity / €13.8M liability |
| Elguma Investment Ltd. | 426520 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | ΠΑΝΑΓΙΩΤΗΣ ΕΡΩΤΟΚΤΙΤΟΥ | €22.0M equity / €0.41M loans |
The acronym “GIF” in the administrators’ names is hypothesized to stand for Gotthard Investment Fund, though this remains unconfirmed. The presence of this unified administrative center confirms that these are not standalone companies, but a cohesive, professionally constructed corporate structure where the ultimate beneficiaries remain hidden behind nominee directors.
