This material has been issued by Pictet Asset Management Limited and/or Pictet Asset Management (Hong Kong) Limited and/or Pictet Asset Management (Singapore) Pte Ltd. All Pictet entities are collectively referred to as Pictet in this material.
This material is for distribution to institutional investors / professional investors (or the equivalent thereof) only. It is not intended for distribution to any person or entity who is a citizen or resident of any locality, state, country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation, or would subject Pictet to any prospectus or registration requirements. The information contained herein may not be wholly or partially reproduced, distributed, circulated, disseminated or published without the prior authorization of Pictet.
This material is produced solely for information purposes and does not constitute investment advice, nor does it constitute an offer, an invitation to offer, a recommendation or solicitation to buy, sell, dispose of or subscribe to any financial instruments, investment strategy and/or shares in any Pictet managed fund(s), or as any form of commitment by Pictet to enter into any transaction in relation to the financial instruments, investment strategy and/or Pictet managed fund(s) discussed herein.
Information used in the preparation of this material is based upon sources believed to be reliable, but no representation or warranty is given as to the accuracy or completeness of those sources. Any opinion, estimate or forecast may be changed at any time without prior warning. The commentaries made in this material were not prepared for any particular investment objectives, financial situation or requirements of any specific investor and should not be regarded by you as a substitute for the exercise of your own judgment. Pictet (including the directors, agents and employees of all Pictet entities) does not assume any fiduciary duty to you, nor does it accept any liability for any loss or damage arising out of the use of all or any part of this material.
Investment involves risk. Past performance is not a guarantee or a reliable indicator of future performance. The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise and, as a consequence, investors may receive back less than originally invested. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Risk factors applicable to Pictet managed funds are listed in their offering documents and are not intended to be reproduced in full in this material. Only the latest versions of the offering documents of any Pictet managed fund(s) discussed herein, may be relied upon. Such offering documents are available on www.assetmanagement.pictet (subject to terms and conditions) or on request at Pictet Asset Management (Europe) S.A., 15, Avenue, J.F. Kennedy, L-1855 Luxembourg.
NAVs relating to dates on which shares are not issued or redeemed (“non-trading NAVs”) may be published here. They can only be used for statistical performance measurements and calculations or commission calculations , and cannot under any circumstances be used as a basis for subscription or redemption orders.
Pictet has not acquired the rights or licenses to reproduce any of the trademarks, logos or images set out in this material, except that it holds the rights to use any entity of the Pictet group trademarks. The trademarks, logos and images set out in this material are used only for the purpose of this presentation.
Hong Kong – For Hong Kong investors: This material has not been approved by the Securities and Futures Commission (“the SFC”). Any Pictet managed fund(s) mentioned herein may not be authorised by the SFC in Hong Kong and therefore, may not be available to the Hong Kong retail public.
Singapore – For Singapore investors: This material is exclusively intended for institutional investors and accredited investors (as defined in Section 4A of the Securities and Futures Act of Singapore, which is contained in Chapter 289 thereof), for them to explore, on a preliminary basis, the feasibility of the investments described herein and is solely for discussion purposes. It should not be made available to any other persons. Any Pictet managed fund(s) mentioned herein is/are not recognised by the Monetary Authority of Singapore, and therefore is/are not available to the retail public. This material is not a prospectus (as defined in the Securities and Futures Act), and accordingly, the statutory liability under that Act in relation to the contents of prospectuses does not apply to this material.
South Korea – For South Korean investors: This material has been prepared in response to an unsolicited request by the intended recipient. It is not, and under no circumstances is to be considered as, a public offering of securities in Korea. Neither the fund nor any placement agent may make any representation with respect to the eligibility of any recipients of this material to acquire the shares of the fund(s) mentioned herein under the laws of Korea, including but without limitation the foreign exchange transaction act of Korea and the regulations thereunder. The shares of the fund(s) hereby may not have been registered under the securities and exchange act of Korea or the indirect investment asset management business act of Korea and none of the shares of the fund(s) may be offered, sold or delivered, directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to applicable laws and regulations of Korea.
Taiwan – For prospective Taiwanese investors: Please be aware that the offering and sale of offshore funds in Taiwan (also referred to as the Republic of China, or the R.O.C.) are highly regulated and may not be freely offered or sold in the R.O.C. unless they have been approved or reported for effectiveness for public offering and sale or are sold through private placement. For funds that neither have been approved or reported for effectiveness for public offering and sale or to be sold through private placement in the R.O.C., this material is for informational purposes only and it does not constitute, and may not be issued, circulated or distributed for the purpose of, an offer, recommendation, or solicitation by anyone to buy, sell, resell, and/or transfer a fund or any other products that could be referred to or linked to, explicitly or impliedly, in the material, if any, in the R.O.C..
Thailand – For investors in Thailand: This material has been prepared in response to an unsolicited request by the intended recipient. The fund mentioned in this material has not been approved by the Securities and Exchange Commission which takes no responsibility for its content. No offer to the public to purchase the shares of the fund mentioned herein can be made in Thailand.
This material is for distribution to institutional investors / professional investors (or the equivalent thereof) only. It is not intended for distribution to any person or entity who is a citizen or resident of any locality, state, country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation, or would subject Pictet to any prospectus or registration requirements. The information contained herein may not be wholly or partially reproduced, distributed, circulated, disseminated or published without the prior authorization of Pictet.
This material is produced solely for information purposes and does not constitute investment advice, nor does it constitute an offer, an invitation to offer, a recommendation or solicitation to buy, sell, dispose of or subscribe to any financial instruments, investment strategy and/or shares in any Pictet managed fund(s), or as any form of commitment by Pictet to enter into any transaction in relation to the financial instruments, investment strategy and/or Pictet managed fund(s) discussed herein.
Information used in the preparation of this material is based upon sources believed to be reliable, but no representation or warranty is given as to the accuracy or completeness of those sources. Any opinion, estimate or forecast may be changed at any time without prior warning. The commentaries made in this material were not prepared for any particular investment objectives, financial situation or requirements of any specific investor and should not be regarded by you as a substitute for the exercise of your own judgment. Pictet (including the directors, agents and employees of all Pictet entities) does not assume any fiduciary duty to you, nor does it accept any liability for any loss or damage arising out of the use of all or any part of this material.
Investment involves risk. Past performance is not a guarantee or a reliable indicator of future performance. The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise and, as a consequence, investors may receive back less than originally invested. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Risk factors applicable to Pictet managed funds are listed in their offering documents and are not intended to be reproduced in full in this material. Only the latest versions of the offering documents of any Pictet managed fund(s) discussed herein, may be relied upon. Such offering documents are available on www.assetmanagement.pictet (subject to terms and conditions) or on request at Pictet Asset Management (Europe) S.A., 15, Avenue, J.F. Kennedy, L-1855 Luxembourg.
NAVs relating to dates on which shares are not issued or redeemed (“non-trading NAVs”) may be published here. They can only be used for statistical performance measurements and calculations or commission calculations , and cannot under any circumstances be used as a basis for subscription or redemption orders.
Pictet has not acquired the rights or licenses to reproduce any of the trademarks, logos or images set out in this material, except that it holds the rights to use any entity of the Pictet group trademarks. The trademarks, logos and images set out in this material are used only for the purpose of this presentation.
Hong Kong – For Hong Kong investors: This material has not been approved by the Securities and Futures Commission (“the SFC”). Any Pictet managed fund(s) mentioned herein may not be authorised by the SFC in Hong Kong and therefore, may not be available to the Hong Kong retail public.
Singapore – For Singapore investors: This material is exclusively intended for institutional investors and accredited investors (as defined in Section 4A of the Securities and Futures Act of Singapore, which is contained in Chapter 289 thereof), for them to explore, on a preliminary basis, the feasibility of the investments described herein and is solely for discussion purposes. It should not be made available to any other persons. Any Pictet managed fund(s) mentioned herein is/are not recognised by the Monetary Authority of Singapore, and therefore is/are not available to the retail public. This material is not a prospectus (as defined in the Securities and Futures Act), and accordingly, the statutory liability under that Act in relation to the contents of prospectuses does not apply to this material.
South Korea – For South Korean investors: This material has been prepared in response to an unsolicited request by the intended recipient. It is not, and under no circumstances is to be considered as, a public offering of securities in Korea. Neither the fund nor any placement agent may make any representation with respect to the eligibility of any recipients of this material to acquire the shares of the fund(s) mentioned herein under the laws of Korea, including but without limitation the foreign exchange transaction act of Korea and the regulations thereunder. The shares of the fund(s) hereby may not have been registered under the securities and exchange act of Korea or the indirect investment asset management business act of Korea and none of the shares of the fund(s) may be offered, sold or delivered, directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to applicable laws and regulations of Korea.
Taiwan – For prospective Taiwanese investors: Please be aware that the offering and sale of offshore funds in Taiwan (also referred to as the Republic of China, or the R.O.C.) are highly regulated and may not be freely offered or sold in the R.O.C. unless they have been approved or reported for effectiveness for public offering and sale or are sold through private placement. For funds that neither have been approved or reported for effectiveness for public offering and sale or to be sold through private placement in the R.O.C., this material is for informational purposes only and it does not constitute, and may not be issued, circulated or distributed for the purpose of, an offer, recommendation, or solicitation by anyone to buy, sell, resell, and/or transfer a fund or any other products that could be referred to or linked to, explicitly or impliedly, in the material, if any, in the R.O.C..
Thailand – For investors in Thailand: This material has been prepared in response to an unsolicited request by the intended recipient. The fund mentioned in this material has not been approved by the Securities and Exchange Commission which takes no responsibility for its content. No offer to the public to purchase the shares of the fund mentioned herein can be made in Thailand.