Disclaimer

Effective date: 1 June 2026

The information on this site refers to services or products which are not available in certain locations, or which, in any relevant location, may have components, methods, structures and terms different from the ones described, as well as restrictions on client eligibility. Please contact our team for details of services and products that may be available to you.

The use of the label "Zentrix Global", "we", or "us" refers to Zentrix Global's worldwide advisory business, and is not indicative of any legal entity or relationship.

This information is entirely qualified by reference to the terms and conditions of the specific service, if any, provided by the relevant Zentrix Global company.

Unless specifically stated otherwise, nothing here is to be deemed an offer, solicitation, endorsement, or recommendation to buy or sell any general or specific product, service or security, and should not be considered to constitute investment advice.

Securities, annuities, insurance and other investments entail risks, are not insured by the Federal Deposit Insurance Corporation or any other governmental organisation, are not obligations of or guaranteed by any Zentrix Global Group member or any of their affiliates, and may lose value, including the full amount invested.

Any investment is subject to normal market fluctuations, and there can be no assurance that an investment will return its value or that appreciation will occur.

Liquidity constraints, where subscriptions and redemptions are not available daily or where lockups apply, mean that investors are subject to market risk during interim pricing periods and may not be able to access funds on short notice. There is a greater risk associated with emerging markets; liquidity may be less reliable and price volatility may be higher than that experienced in more developed economies, which may result in the fund suffering sudden and large falls in value.

Funds with a single sector focus will typically be more volatile than funds which invest broadly across markets. Funds with a single country focus will typically be more volatile than funds which invest broadly across markets and geographies.

Region specific funds have a limited investment scope and are susceptible to a decline in the region in which they invest. Therefore, these funds may be more risky than those which invest more broadly across markets and geographies.

Countries where political leadership is either unstable or where it exerts a very strong influence on markets and business practices may be subject to greater volatility. Political risk may include potential for currency controls which would disrupt efficient financial markets.

Limited transparency is typically a feature of both hedge funds and funds of funds. Funds of funds rely on underlying managers' allocations, and holdings may be less transparent than in single manager long only funds. Furthermore, hedge funds in particular may have highly tactical investments along with less frequent and less stringent reporting requirements, which does not provide investors with a picture of holdings on any given day.

Currency may have either a direct or indirect effect on individuals' investments. Where the reference currency is different from the reporting currency, foreign exchange movements will directly impact the value of the holdings. Currency will indirectly impact the value of the underlying investments, as foreign exchange movements strongly influence the market economy and the competitiveness of both domestic and international companies. Funds which try to hedge to a reference currency can mitigate the direct impact of currency movements, but cannot completely isolate the indirect effects of foreign exchange movements.

Where investment decisions are made by an individual or a very small team, the potential loss of any one individual represents a significant risk to the ongoing viability of the fund.

Passive index funds are designed to track the reference index before fees and expenses. However, these funds may deviate from the index depending on several factors, including how fully the fund replicates the index, if the makeup of the index changes, and if dividends are not fully captured.

Smaller company risk: Small companies may be less liquid than larger companies, and therefore price movements in securities of smaller companies may be more volatile and involve greater risk.

Investors in alternative investments should bear in mind that these products can be highly speculative and may not be suitable for all clients. Investors should ensure they understand the features of the products and fund strategies, and the risks involved, before deciding whether or not to invest in such products. Such investments are generally intended for experienced and financially sophisticated investors who are willing to bear the risks associated with such investments, which can include: loss of all or a substantial portion of the investment; lack of liquidity in that there may be no secondary market for the fund and none may be expected to develop; volatility of returns; prohibitions and/or material restrictions on transferring interests in the fund; absence of information regarding valuations and pricing; delays in tax reporting; key man and adviser risk; limited or no transparency to underlying investments; limited or no regulatory oversight and less regulation and higher fees than mutual funds. You should consult your professional advisers before investing.

Glossary of risks

Investment Risk

The investment is subject to market fluctuations, and there can be no assurance that an investment will return its value or that appreciation will occur. For the avoidance of doubt, there is no guarantee regarding preservation or return of capital.

Currency risk

Currency may have either a direct or an indirect effect on individuals' investments. Where the reference currency is different from the reporting currency, foreign exchange movements will directly impact the value of the holdings. Currency will indirectly impact the value of the underlying investments, as foreign exchange movements strongly influence the market economy and the competitiveness of both domestic and international companies. Funds which try to hedge to a reference currency can mitigate the direct impact of currency movements, but cannot completely isolate the indirect effects of foreign exchange movements.

Credit risk

Credit risk can occur where the issuer or counterparty to an investment suffers from a reduced credit rating, or fails to deliver cash or investments up to the pre-agreed amount.

Liquidity risk

Liquidity constraints, where subscriptions and redemptions are not available daily or where lockups apply, mean that investors are subject to market risk during interim pricing periods, and may not be able to access funds at short notice.

Liquidity risk, structured investments

Structured products are not listed, traded, or publicly quoted on any stock exchange. However, the issuer may offer a secondary market to purchase or sell the products, at such a price and in such a quantity as determined at the absolute discretion of the issuer.

Liquidity risk, hedge funds

These are less liquid investments, for example, quarterly with 90 days' notice. The tradability of hedge funds may vary; redemption frequency will vary between monthly, quarterly, and in some instances annually. Some funds in a portfolio may have lock ups of one year or longer, and may incur a penalty charge if redeemed prior to the end of these lock up periods. In addition, hedge funds are unregulated vehicles that have "gates" which can be implemented to restrict investors from redeeming a pre-determined percentage amount set by their offering memorandums, which could supersede the liquidity terms stipulated by the fund or funds if these gates are triggered. In some cases, funds can also suspend redemptions with the permission of their board of directors, once again superseding the liquidity terms stipulated in the offering memorandum.

Some funds have the flexibility to invest in illiquid assets, which are kept in side pockets. These side pockets are typically less liquid and may therefore result in delayed settlement of that portion of the portfolio until the fund is ready to liquidate it, meaning these special investments may not match the stipulated liquidity terms of the main fund and have indefinite liquidity timelines.

Liquidity risk, private equity and real estate

There is typically no public market for these investments. In addition, such interests are not transferable except with the consent of the managing entity of the fund.

Derivatives usage risk

Hedge funds often invest in financial derivative instruments, whose prices are dependent on one or more underlying assets. The use of derivatives involves additional risks, such as high sensitivity to price movements of underlying assets, and counterparty risk for non exchange traded derivatives where one side of the instrument may not meet its payment obligations in the event of default. Their use may also result in increased leverage. These risks may lead to significant losses.

Time horizon

Investors should expect to be locked in for the full term of the investment.

Key person risk

Where investment decisions are made by an individual or a very small team, the potential loss of any one individual represents a significant risk to the ongoing viability of the investment.

Strategy specific risk

Underlying investments may be managed by third party management teams. This could result in the manager failing to successfully execute the intended strategy, which could lead to poor fund performance. There can be no assurance that the manager will be successful in implementing the fund's investment strategy.

Limited transparency, offshore hedge funds

Limited transparency is typically a feature of both hedge funds and funds of funds. Funds of funds rely on underlying managers' allocations, and holdings may be less transparent than in single manager long only funds. Hedge funds in particular may have highly tactical investments along with less frequent and less stringent reporting requirements, which do not provide investors with a picture of holdings on any given day.

Concentration risk

We recommend that clients assess any transaction in the context of their overall investable assets, and diversify their assets to reduce concentration risk. We also recommend considering counterparty diversification to reduce issuer risk.

Capital protection risk, structured investments

Any capital protection provided by the product is applicable at maturity only. If the product is sold prior to maturity, the current market price will apply; this can fall as well as rise during the life of the product, and investors may not get back all of the sum invested.

Forfeiture risk, private equity and real estate

Failure to make capital call payments could result in forfeiture of commitment, with investors classified in default. In the event of default, investors risk losing their invested capital and remaining interest in the vehicle, without compensation, and may be subject to legal proceedings to recover unfunded commitments.

Smaller company risk

Small companies may be less liquid than larger companies, and therefore price movements in securities of smaller companies may be more volatile and involve greater risk.

Contingent convertible or bail in debentures

Contingent convertible and bail in debentures are hybrid debt equity instruments that may be written off or converted to common stock on the occurrence of a trigger event. Contingent convertible debentures contain a clause requiring them to be written off or converted to common stock on the occurrence of a trigger event, and generally absorb losses while the issuer remains a going concern, that is, in advance of the point of non-viability. "Bail in" generally refers to contractual mechanisms, where debentures contain a clause requiring them to be written off or converted to common stock on the occurrence of a trigger event, or to statutory mechanisms, where a national resolution authority writes down or converts debentures under specified conditions to common stock. Bail in debentures generally absorb losses at the point of non-viability. These features can introduce notable risks to investors, who may lose all their invested principal.

Investment risk of fixed income

Changes in interest rate, volatility, credit spread, rating agency actions, liquidity and market conditions may significantly affect the price and mark to market valuation.

Tracking error risk

Passive index funds are designed to track the reference index before fees and expenses. However, these funds may deviate from the index depending on several factors, including how fully the fund replicates the index, if the makeup of the index changes, and if dividends are not fully captured.

Emerging markets risk

There is a greater risk associated with emerging markets; liquidity may be less reliable and price volatility may be higher than in more developed economies, which may result in the fund suffering sudden and large falls in value.

Sector concentration risk

Funds with a single sector focus will typically be more volatile than funds which invest broadly across markets.

Country concentration risk

Funds with a single country focus will typically be more volatile than funds which invest broadly across markets and geographies.

Regional concentration risk

Region specific funds have a limited investment scope and are susceptible to a decline in the region in which they invest. These funds may therefore be more risky than those which invest more broadly across markets and geographies.

Political risk

Countries where political leadership is either unstable, or where it exerts a very strong influence on markets and business practices, may be subject to greater volatility. Political risk may include the potential for currency controls, which would disrupt efficient financial markets.

Subordinated debentures

Subordinated debentures bear higher risks than holders of senior debentures of the issuer, due to a lower priority of claim in the event of the issuer's liquidation.

Perpetual debentures

Perpetual debentures are often callable, do not have maturity dates, and are subordinated. Investors may incur reinvestment and subordination risks, and may lose all their invested principal in certain circumstances. Interest payments may be variable, deferred, or cancelled, and investors may face uncertainty over when and how much they can receive in such payments.

Overseas fund regime

Retail funds domiciled in Luxembourg or Ireland are authorised by the Commission de Surveillance du Secteur Financier (CSSF) or Central Bank of Ireland. Where marketed to retail clients in the UK, they are either marketed under the Temporary Marketing Permissions Regime, or recognised in the UK under the Overseas Fund Regime, but they are not, in either case, UK authorised funds.

UK investors should be aware that if they invest in these funds, the UK's Financial Ombudsman Service is unlikely to be able to consider complaints against the fund, its management company, or its depositary. In addition, any claims for losses relating to the management company, operator, or depositary of the fund are unlikely to be covered by the UK Financial Services Compensation Scheme, in the event that either person should become unable to meet its liabilities to investors.

A UK investor may be able to make a complaint to the fund and its management company, but UK investors may not have access to the alternative dispute resolution schemes in Luxembourg or Ireland. Further, a UK investor may not have a right to access a compensation scheme in Luxembourg or Ireland in the event that either the fund's management company, operator, or depositary should become unable to meet its liabilities to investors.

Eligibility to access overseas alternative dispute schemes and investor compensation schemes is a complex area. For further information, please refer to the relevant prospectus, and consider taking legal advice. A copy of the prospectus can be provided on demand.

Sustainable investing and ESG classification

An investment which is considered to fulfil ESG or sustainable criteria today may not meet those criteria at some point in the future. When we allocate a Zentrix Global ESG and Sustainable Investing classification to an investment product, this does not mean that all underlying holdings in the investment product or portfolio individually qualify for the classification. Similarly, when we classify an equity or fixed income instrument under a Zentrix Global ESG Enhanced label, this does not mean that the underlying issuer's activities are fully aligned with the relevant ESG or sustainable characteristics attributable to the classification. Not all investments, portfolios, or services are eligible to be classified under our ESG and sustainable investing classifications, whether because there is insufficient information available or because a particular investment product does not meet Zentrix Global's classification criteria.

Please note, whilst we may factor any information you have provided to us about ESG and sustainable investing preferences into our advice and recommendations to better support you in your investment journey, that information will not constitute or give rise to any mandatory requirements or restrictions, and we will have no obligation to take the information into account when providing investment advice or recommendations.

In broad terms, "ESG and sustainable investing" products include investment approaches or instruments that consider environmental, social, governance, or other sustainability factors to varying degrees. Certain instruments currently classified as ESG or sustainable investing products may be on a path to become more environmentally or socially sustainable over time. There is no guarantee that ESG and sustainable investing products will produce returns similar to those which do not have any ESG or sustainable characteristics, and such products may diverge from traditional market benchmarks. In addition, there is no standard definition of, or measurement criteria for, ESG and sustainable investing or the effect of such products; related measurement criteria are highly subjective, and may vary significantly across and within sectors.

In assessing the ESG and sustainability characteristics of an investment, Zentrix Global may rely on measurement criteria devised and reported by third party providers or issuers, and does not always conduct its own specific due diligence in relation to such criteria. There is no guarantee that the nature of the ESG or sustainability effect of an investment, or its measurement criteria, will be aligned with any particular investor's sustainability goals, or that a stated or target level of effect will be achieved. ESG and sustainable investing is an evolving area, and new regulations and coverage are being developed which will affect how investments can be categorised or labelled in the future.

Leverage risk

Leverage magnifies both gains and losses, and adds risk to a portfolio. Clients should be aware of the following:

You will be liable to pay interest on any loan balance at the rate set out in your facility letter, regardless of whether the income from any asset or investment earmarked for the purpose of covering the interest is sufficient.

In addition, you will be liable to repay or settle your liabilities in respect of all drawings under your loan facility, even if the value of any asset or investment earmarked for repaying or settling those liabilities is insufficient. In both circumstances, you will be liable to make up any shortfall from your other resources.

Both the level of income, if any, from any asset or investment, and the value of any asset or investment, may fall, and the amount of interest payable on loans may increase. In a worst case scenario, an asset or investment earmarked for funding liabilities under a loan agreement may become worthless, leaving the borrower liable to fund all interest on the loan and also repay the loan balance from other sources.

Where minimum collateral values apply to a facility agreement, additional collateral may be required, or a loan may need to be repaid, if the collateral value has decreased beyond specified levels.

The London Interbank Offered Rate ("LIBOR") and the Euro Interbank Offered Rate ("EURIBOR") are interest rate benchmarks often used to determine the interest payable under a facility, collectively "IBORs". Widely used across the industry, LIBOR and EURIBOR are subject to national and international regulatory guidance and reform, the consequences of which are unpredictable and may have an adverse impact on any financial instruments linked to or referencing these benchmarks.

The value of a product may alter as a result of a change to an IBOR, and so it may be worth more or less than would have been the case had the IBOR continued to be available.

Important notice to customers

This material is issued by Zentrix Global Group. It has been communicated to you by Zentrix Global Group plc on the basis of our knowledge of your personal financial circumstances. It is a personalised proposal and not for general distribution. If you require investment advice, or wish to discuss the suitability of any investment decision, you should contact your investment counsellor or our Transaction Risk Assessment team, or seek financial, legal, or tax advice from your professional advisers as appropriate.

Zentrix Global operates a restricted advice model for retail investment products. This means we will advise and make a recommendation for you after we have assessed your needs, but we only offer advice on limited types of products from a limited number of companies. In relation to some asset classes, we may make recommendations to you from among products issued or provided solely by companies within the Zentrix Global Group, rather than including those issued or provided by the market more broadly. We will provide you with information about the range of products and providers we offer advice on.

This document is not, and should not be construed as, an offer to sell or a solicitation of an offer to purchase or subscribe for any investment. Members of the Zentrix Global Group and their officers, directors, and employees may have positions in securities mentioned in this document, or any related investment, and may from time to time add to or dispose of such securities or investments. Members of the Zentrix Global Group may act as the only market maker, and may have assumed an underwriting commitment in the securities of companies mentioned in this document, may sell them to or buy them from customers on a principal basis, and may also perform or seek to perform investment banking or underwriting services for or relating to those companies.

Please remember that the value of investments and the income from them can go down as well as up, and you may not get back the amount you invested. Further, the effect of inflation may reduce the spending power of your investment in the future. Past performance is not a guide to future performance. In addition, when an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have a negative effect on your investment. There is no guarantee of positive trading performance. It may not be possible to immediately redeem units in underlying funds.

No investor should invest unless they are prepared to accept a degree of risk. Some of the instruments discussed in this document are designated investments under the Financial Services and Markets Act 2000, and do not include the security of capital, which is afforded under a bank or building society account. The compensation arrangements for designated investments are different from bank deposits. Your Zentrix Global advisor will be able to provide details of the different compensation arrangements for designated investments and bank deposits.

The rules and regulations made under the Financial Services Markets Act 2000 for the protection of investors, including the protections of the Financial Services Compensation Scheme, do not apply to investment business undertaken with the non UK offices of Zentrix Global Group.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Zentrix Global Group.

Tax

Although we are tax aware with regards to wealth structuring or financial planning, please note that Zentrix Global does not act as your tax adviser unless agreed otherwise, and we recommend that you consult your existing tax advisers with regards to any report we provide and its potential implementation, including specific income and tax calculations.