Reports Disclaimer

Any portfolio reports, investment recommendations or other correspondence sent by CapGen, our affiliates or any person associated with us or our affiliates (the CapGen Parties”), whether orally or in writing (together the Materials”), are made available to the addressee only (the Client”) and should not be relied or acted on by any other person.

The Materials are confidential and for the attention of the Client only and may be copied, reproduced or disclosed to any third party only with CapGen’s prior written consent. All intellectual property and moral rights arising out of the Materials are the exclusive property of CapGen and CapGen may require the prompt destruction, deletion or return of any of the Materials. 

The Materials are subject to the terms of the final legal documents entered into between the Client and CapGen (including, without limitation, terms relating to Confidentiality”, Intellectual Property” and Indemnity and Exclusion of Liability”).

No reliance may be placed on the accuracy or completeness of any information contained in the Materials. The views expressed in the Materials are those of the author at the time of writing and are subject to change without notice or obligation to update the Client. The CapGen Parties are entitled to rely on any information in the Materials based on and/​or sourced from third parties and are under no duty to verify its accuracy. The Materials do not constitute a research recommendation for the purposes of the FCA Rules.

The Materials are not an offer, or a solicitation of an offer, to buy or sell any particular security, strategy or investment product. Nor do the Materials constitute investment advice. Past performance of investments is not indicative of future results and actual outcomes may differ materially.

The value of investments referred to in the Materials and their income may go down as well as up. If you choose to invest in any product referred to in the Materials, your capital will be at risk and you may lose some or all of your investment. The Materials are not intended to provide, and should not be relied on, for accounting, tax, legal or regulatory advice. 

CapGen’s assessment of suitability of a fund or other investment (an Investment”) for a client is made on the basis of the standard dealing terms of such Investment. The CapGen Parties shall not be liable in respect of any powers exercised by such Investment or its manager, including but not limited to any exceptional powers regarding suspension of dealing or other matters in the event of market disruption or other comparable circumstances. 

None of the CapGen Parties shall be liable for (a) any loss or damage (including, but not limited to, consequential loss, loss of opportunity or loss of profits) howsoever arising and whether in contract, tort or otherwise suffered by the Client in respect of its investments and (b) the satisfaction of any financial obligations of the Client (including those in respect of its portfolio of investments). 

MSCI Data

To the extent that any communication, Recommendation or Report contains information sourced from MSCI, such information may only be used for the Client’s internal use, may not be further distributed or disseminated by you in any form. In addition the following disclaimer shall apply to all MSCI sourced data:

Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, or any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. 

Bloomberg Index Services Limited

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

CapGen” shall mean the Capital Generation Group, which shall include Capital Generation Partners LLP, Capital Generation Holdings LLP, Capital Generation Investments LLP, Capital Generation Partners Services Limited and any of their respective subsidiaries, holding companies or subsidiaries of their holding companies. For the avoidance of doubt, the words subsidiary” and holding company” shall have the meanings attributed to them by the Companies Act 2006. It shall also include any director, officer, member, partner, employee, consultant or agent of any of the foregoing entities.

STEP / MPI Data

Returns from all subscribing managers, including Capital Generation Partners LLP (“CapGen”), are aggregated on a monthly basis into the overall STEP USD Managed Portfolio Index, using an equal weighting methodology so that no one manager has an undue influence on the overall index. The performance of both the STEP Managed Portfolio Indices and the Capital Generation Partners USD Medium Risk Model Portfolio reflect the reinvestment of all dividends, interest, capital gains and other earnings. The performance of the Capital Generation Partners USD Medium Risk Model Portfolio represents its net monthly investment performance and is presented after a notional but representative deduction for investment-related expenses and fees (including management fees). As the Capital Generation Partners USD Medium Risk Model Portfolio is a model portfolio, actual transaction and other costs may vary, depending on factors such as the broker and custodian selected by the client, if the portfolio is implemented. Certain of the alternative funds in which the Capital Generation Partners USD Medium Risk Model Portfolio invests include restrictions on redemptions and that may affect the ability of the Capital Generation Partners USD Medium Risk Model Portfolio to reposition the portfolio or to meet redemption requests by Portfolio investors. CapGen manages the investments in the fund carefully to reduce these risks. Individual accounts of clients of Capital Generation Partners LLP may experience higher or lower performance than the Capital Generation Partners USD Medium Risk Model Portfolio during the period shown.

The data in relation to the Managed Portfolio Indices (the MPI Series’) is produced by Enhance MPI Limited (the Company”) for the members of the Society for Trust and Estate Practitioners (“STEP”). The MPI Series is produced and provided by the Company as a free member service intended for information purposes only regarding the past performance and risk characteristics of a portfolio or portfolios. The MPI Series show the performance of the peer group of investment portfolios that are managed under instruction by persons acting in a fiduciary capacity. The indices, designed to be used as a reference tool by STEP members, are characterised by clearly defined risk parameters naturally aligned to fiduciary responsibilities. The MPI Series data is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Although every effort has been made by the Company to ensure that the data is accurate, due to the nature of investment markets it cannot be relied on to assess the future’ performance of any portfolio or series of portfolios.

ARC Data

ARC Private Client Indices (“PCI”) are based on historical information and past performance is not indicative of future performance. PCI are computed using a complex calculation and the results are provided for information purposes only and are not necessarily an indicator of suitability for your specific investment or other requirements. ARC does not guarantee the performance of any investment or portfolio or the return of an investor’s capital or any specific rate of return. ARC accepts no liability for any investment decision made on the basis of the information contained in this report. You should always complete your own analysis and/​or seek appropriate professional advice before entering into an agreement with any PCI Data Contributor. The content is the property of ARC or its licensors and is protected by copyright and other intellectual property laws. Use of the information herein is governed by strict Conditions of Use as detailed on www​.sug​ges​tus​.com