Disclaimer
This Presentation and the accompanying documents (the “Presentation”) do not provide or offer financial or other advice. You should not rely on it as financial advice.
The contents of the Presentation may not be reproduced or redistributed without the written consent of Gladstone Partners.
The Presentation is for information purposes only and does not constitute or form part of any offer to issue or sell, or any solicitation to buy or invest in any investment or investment vehicle nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract thereof.
The Portfolio Composition (exposure, number of positions, duration and typical net exposure) is set out as a guideline. You should appreciate that the value of any investment, and any income from any investment, may go down as well as up and that an investor may not receive back, on redemption of his investment, the amount which he invested. Changes in rates of currency exchange may cause the value of an investment to go up or down. The performance results shown in this presentation are net of all fees and expenses (unless stated otherwise) and include the reinvestment of all dividends and capital gains. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.
The investments covered in the Presentation may not be dealt on a recognised or designated investment exchange for the purposes of the Financial Services and Markets Act 2000 and it may therefore be difficult for an investor to dispose of such investments otherwise than by way of redemption or to obtain reliable information about the extent of the risks to which his investment is exposed. Whilst the Presentation may be based on research carried out by Gladstone Partners, and our understanding of the relevant companies, the industrial sectors, the economy and the markets in which they operate, we do not accept liability to any person who relies on the content of the Presentation.
All information contained in the Presentation is obtained from sources we believe to be reliable, but which have not been independently verified. We therefore make no guarantee, representation or warranty and accept no responsibility or liability as to the completeness of the information contained in this material. All the opinions, forecasts, estimations and comparable information given in the Presentation are the non-binding opinions of our research personnel and neither Gladstone Partners nor any of Gladstone Partners, officers, directors, or employees makes any guarantee, representation or warranty, nor does any person accept any responsibility or liability for any loss of profit, indirect or other consequential losses or other economic losses suffered by any person arising from reliance upon any information, statement or opinion contained in the Presentation (whether such losses are caused by the negligence of such person or otherwise). The information contained in the Presentation shall not be considered as legal, tax or other advice.
Gladstone Partners and/or its directors, officers or employees may have, or have had interests in, and may at any time make purchases and/or sales as principal or agent or may provide or have provided corporate finance and or other advice or financial services to the relevant companies. All information in the Presentation is expressed as at its date and is subject to changes at any time without prior notice or other publication of such changes.
This Presentation is being issued inside and outside the United Kingdom by Gladstone Partners, which is authorised and regulated by the Financial Conduct Authority, to and/or is directed at (a) persons who are intermediate customers or market counterparties for the purposes of the FCA Conduct of Business Sourcebook (“COBS”) and (b) to the extent that the investments or investment services referred to herein constitute unrecognised collective investment schemes, to persons who are also of a kind to whom such schemes may lawfully be promoted by a person authorised under the Financial Services and Markets Act 2000 (the “Act”) by virtue of Section 238(5) of the Act and Annex 5 to Chapter 3 of COBS. This Presentation is exempt from the scheme promotion restriction (in Section 238 of the Act) on the communication of invitations or inducements to participate in unrecognised collective investment schemes on the grounds that it is being issued to and/or directed at only the types of person referred to above.
Gladstone Capital Management LLP is registered as an Investment Advisor under Section 203(c) of the Investment Adviser Act of 1940, with the U.S. Securities and Exchange Commission. For a copy of our Form ADV Part 2A, please use the following link : http://www.adviserinfo.sec.gov/Iapd/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=420220
Monthly Investment Performance slide, Lasker Fund A1 USD Share Class returns net of fees and expenses; Source: Centaur Fund Services, HedgeServ and Citco Fund Services.
MSCI INDEX
A calculated MSCI Index is provided to allow for comparison of the performance of the fund to a composite of certain well-known and widely recognized indices. There is no representation that such composite is an appropriate Benchmark for such comparison. You cannot invest directly in the MSCI Index, which also does not take into account trading commissions and costs. The volatility of the underlying indices may be materially different from the performance of the Fund. In addition, the Fund investments may differ significantly from the securities that comprise the indices.
The MSCI Index is calculated using equally weighted returns of the MSCI Europe TR and the MSCI World TR indices.
INDICES
Information about indices is provided to allow for comparison of the performance of the Fund to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index, which also does not take into account trading commissions and costs. The volatility of indices may be materially different from the performance of the Fund. In addition, the Fund investments may differ significantly from the securities that comprise the indices.
The MSCI Europe Index aims to capture the performance of large and mid cap equities across 15 Developed Markets countries in Europe. The MSCI Europe Index consists of the following 15 developed market country indexes: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
The MSCI World Index is a free float-adjusted market capitalisation weighted index that is designed to measure the equity market performance of developed markets.
The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.
The HFRI Index refers to the HFRI Equity Hedge (Total) Index. Equity Hedge: Investment Managers who maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. EH managers would typically maintain at least 50% exposure to, and may in some cases be entirely invested in, equities, both long and short.
HFR AWARD
The Hedge Funds Review European Manager Awards recognises the best hedge funds in Europe. The winners are selected using a process that combines quantitative screening and qualitative assessment by an impartial panel of expert judges. An expert judging panel reviews the risk and return characteristics of the top funds and agrees a shortlist and winner in each category. The judging panel considers the results of the quantitative analysis and selects a winner in each category. In selecting the winning fund, the judges take into account the quantitative analysis as well as their qualitative experience and expertise.
Gladstone Capital Management LLP is registered in England NO: OC313671 and is authorised and regulated as an Alternative Investment.
