Offshore Funds Risk Warnings

The following sections of the website are directed at International Investors only

  • You should note that investment in any of our funds should be made on the basis of reading all the relevant Fund Documentation i.e. Fund Prospectus or Scheme Particulars and any other appropriate documentation (Prospectus, Key Investor Information Document and Terms & Conditions where applicable).

    Copies of all relevant Fund Documentation can be downloaded from this web site or obtained by contacting the Investor Support Desk on 44207 152 6113/4. Telephone calls may be monitored and/or recorded for the purpose of security, internal training, accurate account operation, internal customer monitoring and to improve the quality of service.

    General

    The capital value of units in the Fund can fluctuate and the price of shares can go down as well as up and is not guaranteed. On encashment, investors may receive less than the original amount invested. Investors should be able to afford any potential loss.

    There is no guarantee that the objectives of the Fund in which you are invested will be achieved and what you get back will depend on how your investments grow. Past performance is not a guide to future growth or rates of return.

    These are stockmarket investments. As such the value of your investment and any income from it can fall as well as rise as the value of the underlying securities fluctuate and is therefore not guaranteed.

    Exchange Rates/Overseas Investments/Emerging Markets

    The value of your investment may be affected by currency fluctuations if the fund has the ability to invest overseas.

    Changes in rates of exchange may have an adverse effect on the value, price or income of investments.

    Currency hedging may be used to manage currency risk.

    You should be aware of the additional risks associated with investments in emerging or developing markets.

    Investors should be aware of local laws governing investments and should read all the relevant documents including Reports and Accounts, Prospectus, Key Investor Information and Scheme Particulars as appropriate.

    The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets, which may result in problems in realising investments.

    Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Manager may experience more difficulty in purchasing or selling holdings of securities than it would in a more developed market.

    Charging of Expenses

    The Manager's annual management charge in respect of each of the Funds will as far as possible be deducted from the income of such Funds. If there is insufficient income, the balance of the charges will be taken from capital. Deducting this charge, as well as the other charges and expenses incurred by these Funds, from capital may result in capital erosion or constrain capital growth of these Funds.

    Tax

    Any change in the Fund's tax status or in taxation legislation could affect the value of the investments held by the Fund and could affect the return to investors. The attention of potential investors is drawn to the tax risk associated with investing in the Fund. See section headed "Taxation" in the Prospectus

    As is the case with any investment, there can be no guarantee that the tax position or proposed tax position prevailing at the time an investment is made in the Fund will endure indefinitely.

    Tax-free means tax free in the hands of the investor.

    Tax concessions are not guaranteed and their value will depend on individual circumstances.

    Derivatives

    The Funds have the ability to invest in derivatives for generating greater investment returns within the boundaries of EPM. These derivative transactions may be either exchange traded or over-the-counter (OTC). The use of OTC positions can potentially introduce additional risk to the portfolio. There are robust controls in place to manage these risks. Please note that there is a risk that in a rising market, potential gains may be restricted.

    Fixed interest securities

    Fixed interest securities are particularly affected by trends in interest rates and inflation. If interest rates increase, capital values may fall and vice versa. Inflation will erode the real value of capital. In addition, companies may not be able to honour repayment on bonds they issue.

    Short positions through financial derivatives instruments

    The Fund may take short positions by way of financial derivatives instruments. Short positions through financial derivatives instruments involves trading on margin and accordingly can involve greater risk than investments based on a long position.

    Due to regulatory or legislative action taken by regulators around the world as a result of recent volatility in the global financial markets, taking short positions on certain securities has been restricted. The levels of restriction vary across different jurisdictions and are subject to change in the short to medium term. These restrictions have made it difficult and in some cases impossible for numerous market participants either to continue to implement their investment strategies or to control the risk of their open positions. Accordingly, the Investment Manager may not be in a position to fully express its negative views in relation to certain securities, companies or sectors and the ability of the Investment Manager to fulfil the investment objective of a Fund may be constrained. This position will be monitored regularly by the Investment Manager.

  • This site has promotional purposes and is intended as a summary for Institutional Investors and is not intended to be accessed by Retail Investors. It is not an invitation to subscribe for shares. Distribution of this site and the offering of shares in certain jurisdictions may be restricted by law and accordingly persons into whose possession this document comes are required to inform themselves about and to observe such restrictions.

    You should note subscriptions in our Funds are only valid if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information Documents which are available on request e-mailing marketing@argonautcapital.co.uk or alternatively our website www.argonautcapital.co.uk

    Copies of all relevant Fund Documentation can either be downloaded from this web site or obtained by contacting the Investor Support Desk on +447152 6113/4. Telephone calls may be monitored and/or recorded for the purpose of security, internal training, accurate account operation, internal customer monitoring and to improve the quality of service.

    Investors' attention is drawn to the risk factors set out in the Prospectus and to the following additional risk factors.

    General

    Past performance is not a guide to future growth or rates of return.

    The capital value of shares in the Fund can fluctuate and the price of shares can go down as well as up and is not guaranteed. On encashment, particularly in the short term, investors may receive less than the original amount invested. Investors should be able to afford any potential loss as there here is no guarantee that the objectives of the Fund in which you are invested will be achieved.

    These are stockmarket investments. As such the value of your investment and any income from it can fall as well as rise as the value of the underlying securities fluctuate and is therefore not guaranteed.

    You should remember that when you sell your investment you may get back less than you invested.

    Currency Exchange & Emerging Markets

    Many of the Fund's investments will be denominated in currencies other than the currency of the Share class purchased by the investor and, therefore, the Net Asset Value of the Fund may be affected by currency movements.

    Shareholders should note that where the Fund invests in emerging markets these investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities.

    Derivatives

    The Funds have the ability to invest in derivatives for generating greater investment returns within the boundaries of EPM. These derivative transactions may be either exchange traded or over-the-counter (OTC). The use of OTC positions can potentially introduce additional risk to the portfolio. There are robust controls in place to manage these risks. Please note that there is a risk that in a rising market, potential gains may be restricted

    Short positions through financial derivatives instruments

    Certain Funds' may take short positions by way of financial derivatives instruments. Short positions through financial derivatives instruments involves trading on margin and accordingly can involve greater risk than investments based on a long position.

    Due to regulatory or legislative action taken by regulators around the world as a result of recent volatility in the global financial markets, taking short positions on certain securities has been restricted. The levels of restriction vary across different jurisdictions and are subject to change in the short to medium term. These restrictions have made it difficult and in some cases impossible for numerous market participants either to continue to implement their investment strategies or to control the risk of their open positions. Accordingly, the Investment Manager may not be in a position to fully express its negative views in relation to certain securities, companies or sectors and the ability of the Investment Manager to fulfil the investment objective of a Sub-Fund may be constrained. This position will be monitored regularly by the Investment Manager.

    Fixed Income

    Fixed income securities are subject to the risk of an issuer's ability to meet principal and interest payments on the obligation (credit risk), and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (market risk). The fixed income securities in which the Fund may invest are interest rate sensitive. An increase in interest rates will generally reduce the value of fixed-income securities, while a decline in interest rates will generally increase the value of fixed-income securities. The performance of the Fund will therefore depend in part on the ability to anticipate and respond to such fluctuations on market interest rates, and to utilise appropriate strategies to maximise returns, while attempting to minimise the associated risks to investment capital.

    Tax

    Any change in the Fund's tax status or in taxation legislation could affect the value of the investments held by the Fund and could affect the return to investors. The attention of potential investors is drawn to the tax risk associated with investing in the Fund. See section headed "Taxation" in the Prospectus. Any investments made may be subject to the legislation and tax rules in the jurisdiction in which it was offered. It is suggested that prior to any investment made the investor understands the tax and legal consequences of any such investment.