Jusqu’à présent, en 2022, les marchés ont été inhabituellement difficiles à naviguer. Les investisseurs qui répartissent leurs portefeuilles entre actions et obligations, espérant que lorsque les actions chutent, les obligations constituent une valeur refuge sûre, ont souffert. Le retrait d’actions de sociétés hautement valorisées, le relèvement des taux d’intérêt par les banques centrales et la hausse de l’inflation ont fait souffrir tant les actions que les obligations. Il n’a pas été facile pour les investisseurs de trouver de la diversification.

 

Le fonds Jupiter Merian Global Equity Absolute Return Fund (GEAR) a historiquement offert une bonne source de diversification car il présente une faible corrélation avec les actions et les obligations. Au cours des 13 années écoulées depuis sa création, le fonds n’a pas été corrélé avec l’indice MSCI World.

Rolling correlation of the Jupiter Merian Global Equity Absolute Return strategy with the MSCI World Index
3 month rolling correlation of the Jupiter Merian Global Equity Absolute Return strategy with the MSCI World Index

Past performance is no indication of current or future performance. Source: Jupiter, as at 30.06.2022. Updated on an annual basis. Three month rolling correlation with MSCI World index.

GEAR a également été non corrélé avec le Bloomberg Global Aggregate, un indice d’obligations mondiales.
Rolling correlation of the Jupiter Merian Global Equity Absolute Return strategy with the Bloomberg Global Aggregate Index
3 month rolling correlation of the Jupiter Merian Global Equity Absolute Return strategy with the Bloomberg Global Aggregate Index
Past performance is no indication of current or future performance. Source: Jupiter, as at 30.06.2022. Updated on an annual basis. Three month rolling correlation with Bloomberg Global Aggregate index.
La corrélation est importante

La corrélation est une relation statistique entre deux titres (deux actions, deux fonds ou deux classes d’actifs) et elle mesure leur évolution commune. Deux titres corrélés ont tendance à évoluer dans le même sens, à la hausse et à la baisse. Deux titres non corrélés ont évolué indépendamment l’un de l’autre, il n’y a aucune relation entre eux, l’un peut avoir augmenté quand l’autre a baissé.

 

Les investisseurs souhaitent à juste titre réduire le risque en construisant des portefeuilles diversifiés à partir d’actifs non corrélés, dans l’espoir que cela continue et que tout ne soit pas déprécié pas en même temps. Traditionnellement, la diversification a été obtenue en incluant des obligations avec des actions, car souvent lorsque les marchés actions chutent, les marchés obligataires montent. Mais l’année 2022 a été différente jusqu’à présent : tant les actions que les obligations mondiales ont chuté, et de nombreux investisseurs ont donc constaté que leurs portefeuilles étaient moins diversifiés qu’ils ne l’espéraient. C’est pourquoi certains investisseurs s’intéressent de nouveau aux actifs alternatifs qui peuvent être décorrélés à la fois des actions et des obligations, comme le fonds GEAR.

 

Comment GEAR a-t-il réussi à être non corrélé avec les actions et les obligations ? En tant que fonds neutre par rapport au marché, nous construisons le portefeuille avec soin afin de maintenir un équilibre entre les positions longues et courtes. En ayant un portefeuille court, le fonds peut être en mesure de profiter même lorsque les marchés d’actions chutent. Et en maintenant un équilibre entre son portefeuille court et son portefeuille long, le fonds est peu dépendant du marché actions en général.

Source : Jupiter, au 30.06.2022.
Les performances passées ne sont pas une indication de la performance actuelle ou future, et ne tiennent pas compte des commissions et des coûts encourus lors de l’émission/du rachat des parts. Les rendements peuvent augmenter ou diminuer en raison des variations des devises.

Depuis le début de l’année jusqu’à fin juin 2022, malgré la chute des marchés boursiers, le fonds a réalisé un rendement positif, dans le prolongement d’une année 2021 très solide. Depuis le début de l’année, le fonds a bénéficié de la chute continue des valorisations très élevées de certaines actions l’année dernière, notamment dans le secteur technologique. Ces valorisations excessivement élevées présentent certaines similitudes avec la bulle Internet qui a précédé la correction du marché en 2000. Ce que de tels événements nous enseignent, c’est que le facteur momentum (suivi de tendance) peut être rentable pendant un certain temps, mais que lorsque le retournement de tendance se produit, il peut être agressif. C’est pourquoi nous avons actuellement une faible pondération du momentum générique.

 

Il est facile pour les investisseurs d’ancrer les prix à leur sommet, l' »ancrage » étant un biais comportemental ou psychologique bien connu. Notre processus vise à tirer parti des biais comportementaux du marché. Les investisseurs peuvent avoir le sentiment subjectif que les prix méritent d’être à leur sommet, mais l’histoire montre qu’ils peuvent encore continuer à chuter très loin de ce niveau.

Limite de l’objectif de volatilité
Outre la faible corrélation, un autre aspect important du fonds est sa faible volatilité. GEAR a pour objectif une limite de 6 % de volatilité annualisée. Une fois de plus, la construction minutieuse du portefeuille est essentielle pour maintenir cette limite. Bien que le fonds soit construit à partir de positions en actions, il ne s’est pas du tout comporté comme les marchés d’actions. Son comportement global, dû à la construction de notre portefeuille, a au contraire été assez différent de celui-ci.
The strategy has had well managed volatility, typically remaining below the 6% targeted limit
The strategy has had well managed volatility, typically remaining below the 6% targeted limit
Past performance is no indication of current or future performance. Source: Jupiter, as at 30.06.2022. Updated on an annual basis. Rolling volatility of the strategy.
Pour replacer la volatilité du fonds dans son contexte, la volatilité moyenne de l’indice MSCI World a généralement été plus de deux fois supérieure à notre limite cible de 6 %.
Volatility of MSCI World Index
Volatility of MSCI World Index
Source: Jupiter, as at 30.06.22. Updated on an annual basis.
Un processus d’investissement fondé sur des preuves
Nous analysons chaque jour les fondamentaux de milliers d’actions. Nous examinons plusieurs aspects de chaque action, tels que sa valeur, sa qualité et sa croissance. Mais nous reconnaissons que les marchés peuvent souvent s’écarter de ces fondamentaux. C’est pourquoi nous complétons notre analyse fondamentale en étudiant également les mesures du sentiment, telles que les flux de fonds, les assemblées générales des sociétés ainsi que les indicateurs techniques. Lorsque nous achetons une action, c’est parce qu’elle a obtenu un score élevé sur un certain nombre de critères, et non un seul. Nous pensons que cela rend la décision d’achat plus complète et nous aide à réduire le risque de l’opération.
Performance
Jupiter Merian Global Equity Absolute Return Fund (I USD Acc)

Past performance is no indication of current or future performance, and does not take into account commissions and costs incurred on the issue/redemption of shares. Returns may increase or decrease as a result of currency fluctuations.
Source: Morningstar, NAV to NAV, gross income reinvested, net of fees, in USD, to 30.06.22.

« The value of active minds » – la pensée indépendante
L’une des principales caractéristiques de l’approche d’investissement de Jupiter est que nous évitons l’adoption d’un point de vue maison, préférant permettre à nos gestionnaires de fonds spécialisés de formuler leurs propres opinions sur leur classe d’actifs. Par conséquent, il convient de noter que toutes les opinions exprimées – y compris sur les questions liées aux considérations environnementales, sociales et de gouvernance – sont celles du ou des gestionnaires de fonds et peuvent différer des opinions des autres professionnels de l’investissement de Jupiter.
Risques propres au fonds

  • Risque d’investissement – bien que le Fonds vise une performance supérieure à zéro quelles que soient les conditions de marché, rien ne garantit que cet objectif sera atteint. En outre, le Fonds peut dépasser sa limite de volatilité. Une perte en capital équivalente à la totalité ou à une partie du montant investi peut se produire.

  • Risque lié aux actions (titres de participation) de sociétés – la valeur des actions de sociétés et des investissements similaires peut évoluer à la baisse comme à la hausse en fonction de la performance des sociétés individuelles et peut être influencée par les mouvements sur le marché des valeurs mobilières et la situation générale du marché.

  • Risque lié à Stock Connect – le Fonds peut investir dans des Actions chinoises A par l’intermédiaire du programme China-Hong Kong Stock Connect (« Stock Connect »). Stock Connect est régi par des règlements non éprouvés qui peuvent être modifiés. Les limites de négociations et les restrictions à la propriété étrangère peuvent limiter la capacité du Fonds à appliquer sa stratégie.

  • Risque de change – le Fonds est libellé en USD et peut utiliser des techniques de couverture pour tenter de réduire les effets des variations du taux de change entre la devise des investissements sous-jacents et la devise de base du Fonds. Ces techniques peuvent ne pas éliminer tout risque de change. Cette catégorie d’actions est libellée en CHF et vise à couvrir la devise de la catégorie d’actions dans la devise de base. Le processus de couverture peut ne pas fournir une couverture précise. La valeur de vos actions peut augmenter et diminuer en raison
    des fluctuations des taux de change.

  • Risque lié aux dérivés – le Fonds recourt à des produits dérivés pour obtenir des revenus et/ou réduire les frais et le risque global du Fonds. Le recours aux produits dérivés peut comporter un niveau de risque plus élevé. Une fluctuation faible du prix d’un investissement sous-jacent peut entraîner une variation disproportionnée du prix du produit dérivé. Les produits dérivés comportent également un risque de contrepartie dans la mesure où les institutions agissant en qualité de contrepartie aux dérivés sont susceptibles de ne pas respecter leurs obligations contractuelles.

 

Le fonds peut être exposé à d’autres facteurs de risque, veuillez consulter le Prospectus pour de plus amples informations.

 

Un investissement consiste à acquérir les actions du fonds à l’exclusion des actifs sous-jacents du fonds. Veuillez consulter les dernières versions du prospectus de vente du fonds et du document d’information clé pour l’investisseur (DICI), et en particulier les caractéristiques et l’objectif d’investissement du fonds, y compris en ce qui concerne les facteurs ESG (le cas échéant), avant de prendre une décision d’investissement définitive. Ces documents sont disponibles dans la Bibliothèque de documents. Nous vous recommandons d’envisager toute décision d’investir avec un conseiller financier, en particulier en cas de doute sur la pertinence d’un investissement. Jupiter n’est pas à même de proposer des conseils en investissement.

SRRI 4
Informations importantes

Les mouvements du marché et des taux de change peuvent entraîner une baisse ou une hausse de la valeur d’un investissement, et vous pouvez récupérer moins que ce que vous avez investi à l’origine.


Les opinions exprimées sont celles de l’orateur au moment de l’enregistrement, ne sont pas nécessairement celles de Jupiter et peuvent changer à l’avenir. Ceci est particulièrement vrai pendant les périodes de changement rapide des circonstances du marché.

 

This is a marketing communication. Please refer to the latest sales prospectus of the sub-fund and to the Key Investor Information Document (KIID), particularly to the sub-fund’s investment objective and characteristics, before making any final investment decisions.
This document is intended for investment professionals and is not for the use or benefit of other persons, including retail investors.


This document is for informational purposes only and is not investment advice. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term.


Past performance is not a guide to future performance. Company/Holding/Stock examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not a guide or guarantee for the expected level of distributions to be received. The yield may fluctuate significantly during times of extreme market and economic volatility. Awards and Ratings should not be taken as a recommendation. The views expressed are those of the Fund Manager(s) / author(s) at the time of preparation, are not necessarily those of Jupiter as a whole and may be subject to change. This is particularly true during periods of rapidly changing market circumstances. Every effort is made to ensure the accuracy of the information provided but no assurance or warranties are given.


This is not an invitation to subscribe for shares in the Jupiter Asset Management Series plc (the Company) or any other fund managed by Jupiter Asset Management (Europe) Limited or Jupiter Investment Management Limited. The Company is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.
This information is only directed at persons residing in jurisdictions where the Company and its shares are authorised for distribution or where no such authorisation is required.


The sub fund(s) may be subject to various other risk factors, please refer to the latest sales prospectus for further information.


Prospective purchasers of shares of the sub fund(s) of the Company should inform themselves as to the legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. Subscriptions can only be made on the basis of the latest sales prospectus and the Key Investor Information Document (KIID), accompanied by the most recent audited annual report and semi-annual report. These documents are available for download from www.jupiteram.com or can be obtained free of charge upon request from any of:


EU/EEA countries in which the Company is registered for distribution: Unless otherwise specified in this document, Citibank Europe plc (the Company’s Administrator) is responsible for processing subscription, repurchase and redemption orders and making other payments to Shareholders. Citibank Europe plc, 1 North Wall Quay, Dublin 1, Ireland, email: [email protected].

 

The following information and documents are available from www.eifs.lu/jupiteram: Information on how orders (subscription, repurchase and redemption) can be made and how repurchase and redemption proceeds are paid; Information and access to procedures and arrangements related to investors’ rights and complaints handling; Information in relation to the tasks performed by the Company  in a durable medium; The latest sales prospectus, the articles of association, the annual and semi-annual reports and the Key Investor Information documents. The Manager may terminate marketing arrangements. Information on sustainability-related aspects are available from jupiteram.com.

 

Austria: Erste Bank der oesterreichischen Sparkassen AG (Austrian Facilities Agent), Am Belvedere 1, 1100 Vienna, Austria.

 

France: BNP Paribas Securities Services, Les Grands Moulins de Pantin, 9 rue du Debarcadère 93500  Pantin,  France. 

 

Germany: GerFIS – German Fund Information Service UG (Haftungsbeschränkt), Zum Eichhagen 4, 21382 Brietlingen, Germany.

 

Hong Kong: Jupiter Asset Management (Hong Kong) Limited, Suite 1706, Alexandra House, 18, Chater Road, Central, Hong Kong. 

 

Italy: Allfunds Bank S.A.U., Milan Branch, Via Bocchetto, 6, 20123 Milano, Italia; Societe Generale Securities  Services S.p.A, Via Benigno Crespi 19A – MAC2, Milan. The sub-fund has been registered with the Commissione Nazionale per le Società e la Borsa (CONSOB) for the offer in Italy to retail investors.

 

Luxembourg: BNP Paribas Securities Services, Luxembourg Branch, 60, avenue J-F Kennedy L-1855 Luxembourg Grand-Duchy of Luxembourg.  

 

Spain: Allfunds Bank, C/ La Estafeta 6, Edificio 3, 28109 Alcobendas, Madrid, Spain. For the purposes of distribution in Spain, the Company is registered with the Spanish Securities Markets Commission – Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 301, where complete information, including a copy of the marketing memorandum, is available from the Company authorised distributors. Subscriptions should be made through a locally authorised distributor. The net asset value is available on www.jupiteram.com.

 

Sweden: Skandinaviska Enskilda Banken AB (« SEB »), Kungsträdgårdsgatan 8, SE-106 40, Stockholm, Sweden.

 

Switzerland: Copies of the Memorandum and Articles of Association, the Prospectus, KIIDs and the annual and semi-annual reports of the Company may be obtained free of charge from the Swiss representative First Independent Fund Services Ltd., Klausstrasse 33, CH-8008 Zurich. BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich is the Swiss paying agent. 

 

Taiwan: Capital Gateway Securities Investment Consulting Enterprise, 9F/9F-1, No. 171, Songde Road, Xinyi District, Taipei City, Taiwan, R.O.C. 

 

United Kingdom: Jupiter Investment Management Limited (UK Facilities Agent), The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, United Kingdom. The Fund is recognised by the FCA.

 

Issued by Jupiter Asset Management (Europe) Limited (JAMEL, the Manager), The Wilde-Suite G01, The Wilde, 53 Merrion Square South, Dublin 2, D02 PR63, Ireland which is registered in Ireland (company number: 536049) and authorised and regulated by the Central Bank of Ireland (number: C181816).

 

No part of this document may be reproduced in any manner without the prior permission of JAMEL.

For professional investors in Hong Kong only

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money.  Exchange rates may cause the value of overseas investments to rise or fall.

 

This communication provides information relating to Jupiter Merian Global Equity Absolute Return Fund (the “Fund”), which is a sub-fund of Jupiter Asset Management Series plc. Jupiter Asset Management Series plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.

 

This communication has been prepared for general information only. It does not purport to be all-inclusive or contain all of the information which a proposed investor may require in order to make a decision as to whether to invest in the Fund. Nothing in this communication constitutes a recommendation suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. No investment decisions should be made without first reviewing the offering document (including the risk factors) and the key fact statement of the Fund (if applicable) which can be obtained from www.Jupiteram.com. This communication has not been reviewed by the SFC.

 

This communication is issued by Jupiter Asset Management (Asia Pacific) Limited which is licensed to carry out Type 1 and Type 4 regulated activities in Hong Kong.

 

The Fund is not authorised by the Securities and Futures Commission (“SFC”) in Hong Kong. and is not available to retail investors in Hong Kong. This document is distributed to professional investors only and has not been reviewed by any regulatory body in Hong Kong. It is for reference only and for those persons or entities in any jurisdiction or country where the information in this document and use thereof is not contrary to local law or regulation. It is intended solely for the use of the person to whom it has been addressed and delivered and shall not be reproduced in any form or transmitted to any other third party. In particular: (i) no offer or invitation to subscribe for shares in the Fund may be made to the public in Hong Kong; (ii) this document has not been approved by the SFC or any other regulatory authority in Hong Kong and accordingly shares in the Fund may not be offered or sold in Hong Kong by means of this document or any other document other than in circumstances which do not constitute an offer to the public for the purposes of the Hong Kong Securities and Futures Ordinance (“SFO”), as may be amended from time to time. If you are in doubt, please consider seeking independent professional advice.

 

The net asset value of the Fund may have high volatility due to the nature of the asset class invested. Your attention is drawn to the stated investment policy which is set out in the Fund’s prospectus.

For Institutional investors in Singapore only

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money.  Exchange rates may cause the value of overseas investments to rise or fall.

 

This communication provides information relating to a fund known as Jupiter Merian Global Equity Absolute Return Fund (the “Fund”), which is a sub-fund of Jupiter Asset Management Series plc. Jupiter Asset Management Series plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.

 

This communication is issued by Jupiter Asset Management Series plc.

The Fund is only notified as a restricted scheme by MAS and is not allowed to be offered to the Singapore retail public. This marketing document shall be construed as part of an information memorandum for the purposes of section 305(5) of the Securities and Futures Act, Cap. 289 of Singapore (the « SFA »). Accordingly, this marketing document must not be relied upon or construed on its own without reference to the information memorandum. This marketing document is not a prospectus as defined in the SFA and accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply.

 

This document has not been registered as a prospectus by MAS, and the offer of the shares is made pursuant to the exemptions under Sections 304 and 305 of the SFA. Accordingly, the shares may not be offered or sold, nor may the shares be the subject of an invitation for subscription or purchase, nor may this marketing document or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the shares be circulated or distributed, whether directly or indirectly, to any person in Singapore other than under exemptions provided in the SFA for offers made (a) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA, (b) to a relevant person (as defined in Section 305(5) of the SFA), or any person pursuant to an offer referred to in Section 305(2) of the SFA, and in accordance with the conditions specified in Section 305 of the SFA or (c) otherwise pursuant to, and in accordance with, the conditions of any other applicable provision of the SFA.

 

The net asset value of the Fund may have high volatility due to the nature of the asset class invested. Your attention is drawn to the stated investment policy which is set out in the Fund’s prospectus.

For professional investors in US Offshore only

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money.  Exchange rates may cause the value of overseas investments to rise or fall.

 

The Jupiter Merian Global Equity Absolute Return Fund has not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person, unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.

 

This presentation is for informational purposes only and is not investment advice. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term.

 

Past performance is no guide to the future. Company examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not a guide or guarantee for the expected level of distributions to be received. The yield may fluctuate significantly during times of extreme market and economic volatility. Awards and ratings should not be taken as a recommendation.

 

The views expressed are at a point of time and are subject to change. This is particularly true during periods of rapidly changing market circumstances. Every effort is made to ensure the accuracy of the information provided but no assurance or warranties are given.

 

Issued by Jupiter Asset Management Limited (JAM), registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ is authorised and regulated by the Financial Conduct Authority.

 

No part of this presentation may be reproduced in any manner without the prior permission of JAM.

For professional investors in LATAM only

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money.  Exchange rates may cause the value of overseas investments to rise or fall.

 

Legal Notice for Residents in the Republic of Argentina: This document includes a private invitation to invest in securities. It is addressed only to you on an individual, exclusive, and confidential basis, and its unauthorised copying, disclosure, or transfer by any means whatsoever is absolutely and strictly forbidden. Jupiter Asset Management (Europe) Limited, will not provide copies of this document, or provide any kind of advice or clarification, or accept any offer or commitment to purchase the securities herein referred to from persons other than the intended recipient. The offer herein contained is not a public offering, and as such it is not and will not be registered with, or authorised by, the applicable enforcement authority. The information contained herein has been compiled by Jupiter Asset Management (Europe) Limited, who assumes the sole responsibility for the accuracy of the data herein disclosed.

 

Legal Notice for Residents in Brazil: The Funds may not be offered or sold to the public in Brazil. Accordingly, the Funds have not been and will not be registered with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, the “CVM”), nor have been submitted to the foregoing agency for approval. Documents relating to the Funds, as well as the information contained therein, may not be supplied to the public in Brazil, as the offering is not a public offering of Funds in Brazil, nor used in connection with any offer for subscription or sale of Funds to the public in Brazil.

 

Aviso Legal para Residentes en Chile: ESTA OFERTA PRIVADA SE INICIA EL DÍA SEGUN LO ESTABLECIDO EN EL TITULO Y SE ACOGE A LAS DISPOSICIONES DE LA NORMA DE CARÁCTER GENERAL Nº 336 DE LA SUPERINTENDECIA DE VALORES Y SEGUROS, HOY COMISIÓN PARA EL MERCADO FINANCIERO. ESTA OFERTA VERSA SOBRE VALORES NO INSCRITOS EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA COMISIÓN PARA EL MERCADO FINANCIERO, POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA; POR TRATAR DE VALORES NO INSCRITOS NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO DE LOS VALORES SOBRE LOS QUE VERSA ESTA OFERTA; ESTOS VALORES NO PODRÁN SER OBJETO DE OFERTA PÚBLICA MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE.

 

Legal Notice for Residents of Mexico: The securities have not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking and Securities Commission and, as a result, may not be offered or sold publicly in Mexico. The fund and any underwriter or purchaser may offer and sell the securities in Mexico on a private placement basis to Institutional and Accredited Investors pursuant to Article 8 of the Mexican Securities Market Law.

 

Legal Notice for Residents of Paraguay: The Shares have not been registered with the Commision Nacional de Valores of Paraguay  (CNV), neither with the Stock Exchange of Asuncion (BVPASA) and are being placed by means of a private offer. CNV nor BVPASA has not reviewed the information provided to the investor. This document is only for the exclusive use of specific investor in Paraguay and is not for public distribution.

 

Legal Notice for Residents of Peru: The funds have not been registered before the Superintendenciadel Mercado de Valores(SMV) and are being placed by means of a private offer. SMV has not reviewed the information provided to the investor. This document is only for the exclusive use of institutional investors in Peru and is not for public distribution.

 

Legal Notice for Residents of Uruguay: The sale of the securities qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The securities must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations.  The securities are not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay. The securities correspond to investment funds that are not investment funds regulated by Uruguayan law 16,774 dated September 27, 1996, as amended.