Phanar Asset Management (UK) Limited is Authorised and Regulated by the Financial Conduct Authority (FRN 747254)

The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment.
Past performance is not a reliable indicator of future performance.

Where an investment involves exposure to a foreign currency, changes in rates of exchange may cause the value of the investment, and the income from it, to go up or down. In the case of some investments, you should be aware that there is no recognised market for them, and that it may therefore be difficult for you to deal in them or for you to obtain reliable information about their value or the extent of the risks to which they are exposed. Certain investments carry a higher degree of risk than others and are, therefore, unsuitable for some investors. Before contemplating any transaction, you should consider whether you require financial advice, which we would be pleased to provide upon request.

The information provided through this website is intended only for Eligible Counterparties and Professional Clients as defined by the rules established by the FCA and as set out in the FCA Handbook (COBS 3). No other person should rely or act upon any information contained in this website. For the avoidance of doubt, this website is not intended to be made available to Retail Clients (as defined by the rules established by the FCA and as set out in the FCA Handbook). Retail clients should therefore not rely or act on this material.

The information on this website is not intended as an offer or solicitation to buy or sell any investment product, nor does it constitute any form of investment, legal, tax or other advice, and as such it should not be relied upon in making an investment decision.

(“Phanar“) is an active member of the Swiss Association of Asset Managers (SAAM), which is a duly recognized and officially approved Self- Regulatory Body, pursuant to the Swiss Anti-Money Laundering Act. Active members are subject to the Swiss Code of Conduct for Independent Asset Management recognized by the Swiss Financial Market Supervisory Authority (FINMA) giving them qualified investor status. This document is provided for general information purposes only, and it does not in any way constitute an offer or recommendation or solicitation to enter into any transaction or to adopt any hedging, trading or investment strategy or to buy or sell any investment, any security or any other specific financial instrument. Investing involves risk, including the possible loss of principal. The value of investments and the income from them may fluctuate and is not guaranteed. Past performance is not necessarily indicative of future performance, and no representation or warranty is made regarding future performance which may considerably deviate from past performance. Any forward-looking statements made in this document are based on current assumptions about future events that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Forward-looking statements speak only as of the date they are made. Phanar undertakes no obligation to update or revise any such statements.

This document has been prepared without regard to the individual financial circumstances and objectives of the persons who receive it. The securities and rights mentioned in this document may not be purchased or held by investors or for investors domiciled in the USA and/or with a US citizenship, nor may such securities and rights be transferred to them. Whilst the information provided in this document has been subject to thorough research and is believed to be reliable, this information has not been independently verified. Phanar makes no representation or warranty of any kind, express, implied or statutory regarding, but not limited to, the accuracy of this document or the completeness of any information contained or referred to in this document. Phanar accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from the use of this document, howsoever arising, and including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, mistake or inaccuracy with this document, its contents or associated services, or due to any unavailability of the document or any part thereof or any contents. This document is intended solely for the recipient and must not be forwarded, duplicated, distributed, published or otherwise made available to any person in electronic or any other form without the prior written consent of Phanar. Copyright in all materials, text, articles and information contained herein is the property of Phanar. All rights reserved. © 2015 Phanar Asset Management AG