Risk disclosure

This website and its contents are provided for general information purposes only. Nothing on this site constitutes, or should be construed as, an offer to sell or a solicitation of an offer to buy any security, fund interest, financial instrument or product, nor a recommendation to enter into any transaction.

Nothing on this site constitutes investment, legal, tax, accounting or other advice, and it does not take into account your particular objectives, financial situation or needs. No advisory, fiduciary or other client relationship is created by your use of this site or by your submitting an enquiry to us.

Any investment would be made solely on the basis of definitive offering or subscription documents provided to eligible investors, which would prevail over anything stated here.

The value of investments and any income from them can fall as well as rise. You may not get back the amount you originally invested, and in adverse conditions you may lose your entire capital. There is no assurance that any investment objective will be achieved.

Past performance is not a reliable indicator of future results. Where figures are described as simulated, hypothetical or illustrative, they carry inherent limitations, are prepared with the benefit of hindsight, do not reflect actual trading, and do not represent results that any investor did or would achieve. Neither past nor simulated performance is indicative of future performance.

No representation or guarantee is made that any strategy will achieve its objectives, generate profits, avoid losses, or meet any target return, volatility or risk parameter.

Prices of financial instruments are affected by factors beyond any manager’s control, including macroeconomic conditions, monetary policy, market sentiment, geopolitical events and systemic shocks. Markets can move sharply and unpredictably, and diversification does not eliminate the risk of loss.

Certain positions may be difficult to buy, sell or value, particularly in stressed markets. Reduced liquidity can widen spreads, delay execution, force sales at unfavourable prices, and restrict the ability to realise investments or meet redemptions when desired.

Investments may be exposed to the risk that an issuer, borrower, broker, exchange, clearing house, custodian or other counterparty fails to meet its obligations, becomes insolvent, or defaults. Such failures can result in delayed settlement, partial recovery, or the total loss of assets or positions held with or through that counterparty.

We do not act as a custodian and rely on third-party providers, including trading venues, brokers, prime brokers, exchanges and custodians, to hold assets and to execute, clear and settle transactions.

Clients bear the risk of failure, insolvency, fraud, misappropriation, operational breakdown, cyber-compromise or default of any such third-party provider. Assets held with third parties may not be fully segregated, may be commingled, and may not be recoverable in full or at all in the event of a provider’s failure.

Where investments are denominated in, or exposed to, currencies other than your reference currency, movements in exchange rates may reduce the value of your investment independently of the performance of the underlying assets. Hedging, where used, may be incomplete, costly or ineffective.

Changes in interest rates and monetary policy can materially affect the value of positions, funding costs, financing terms and the relative attractiveness of asset classes. Rising rates in particular may adversely affect asset prices and the cost of leverage.

Strategies may use leverage, margin, borrowing or derivatives. Leverage magnifies both gains and losses, so a relatively small adverse market movement can produce a disproportionately large loss and may exceed the amount originally invested.

The use of margin exposes positions to margin calls. If additional collateral cannot be posted in time, positions may be liquidated at unfavourable prices, potentially crystallising substantial losses.

Investments in equities are subject to the risk that share prices decline due to company-specific factors, sector or industry conditions, broad market movements, and changes in investor sentiment. Equity values can be volatile and may fall significantly, and dividends are not guaranteed.

Crypto-assets are highly speculative and can experience extreme volatility, with prices capable of large and rapid movements, including sudden and complete loss of value. Trading may occur continuously and without the circuit breakers or investor protections found in traditional markets.

Crypto-assets carry specific risks including protocol, network, smart-contract and consensus failures; forks and chain reorganisations; the failure, hacking, suspension or insolvency of exchanges and trading venues; and the loss, theft or compromise of private keys, wallets or access credentials, any of which may result in the irreversible and total loss of assets.

Strategies that use perpetual futures, swaps or other derivative instruments are exposed to variable funding rates and financing costs. These rates can change rapidly, turn adverse without notice, and materially erode returns or increase the cost of maintaining positions.

Strategies rely on algorithms, models, software, data feeds, connectivity and application programming interfaces (APIs) provided by us and by third parties. Errors in models or code, flawed or delayed data, system outages, latency, failed order routing and human error can each cause losses or prevent risk controls from operating as intended.

Systems are exposed to cyberattack, unauthorised access, malware, denial-of-service events and other security incidents. Despite reasonable safeguards, no system can be guaranteed to be secure, available or error-free.

Changes in laws, regulations, taxation, sanctions, monetary policy or political conditions in any relevant jurisdiction may adversely affect the value, legality, liquidity or tax treatment of investments, and may restrict or prohibit certain strategies, assets or counterparties.

The legal and regulatory treatment of crypto-assets and related services is evolving rapidly and varies significantly between jurisdictions. New or changed rules, licensing requirements, enforcement actions, restrictions or outright prohibitions may be introduced with little or no notice and may materially and adversely affect the value, availability, custody, transferability or legality of crypto-asset investments and the strategies that use them.

A multi-manager, fund-of-funds approach depends on the selection, monitoring and continued performance of underlying managers and strategies. Their performance may fall short of expectations, and their decisions are outside our direct control.

Look-through to underlying positions may be limited or delayed, which can reduce transparency and the timeliness of risk oversight. Underlying managers may pursue correlated strategies, concentrate exposures, or change their approach. The departure or unavailability of key individuals at an underlying manager (key-person risk) may materially impair performance.

A fund-of-funds structure may also involve additional layers of fees and expenses, which reduce net returns.

Investments with exposure to foreign or emerging markets carry additional risks, including currency fluctuations, differing accounting, disclosure and regulatory standards, political and economic instability, capital and exchange controls, withholding taxes, and less developed custody, legal and settlement infrastructure.

Investments offered or referenced are not bank deposits. They are not insured or guaranteed by any deposit-insurance or investor-compensation scheme, and they may lose value, including the full amount invested.

Risk limits, controls, models and monitoring are objectives and tools, not guarantees. They may fail to anticipate, detect or contain losses, particularly in extreme, illiquid or unprecedented market conditions. No representation is made that any strategy will achieve its objectives or avoid losses.

You should not rely on this site as the basis for any investment decision. You should seek independent legal, tax, financial and other professional advice appropriate to your circumstances before investing.

Unless we are expressly required to do so, we do not assess the suitability or appropriateness of any investment for you. It is your responsibility to determine, with the benefit of independent advice, whether an investment is suitable for you.

Crypto-assets in particular are highly speculative. You should only invest capital that you can afford to lose in full without materially affecting your financial position or lifestyle.