General Disclosure and Disclaimer

This website may contain research, articles or reports created by the Fund Manager of Argonaut Funds Management Pty Ltd [ABN 76 101 152 863] [AFSL: 224815] (‘AFMPL’) for the use of the clients of AFMPL and other related bodies corporate (the “Argonaut Group”) and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose the information in this website, nor the research, articles or reports in any way.

Nothing referred to in any associated website, research, articles or reports should be construed as personal financial product advice for the purposes of Section 766B of the Corporations Act 2001 (Cth). They do not consider any of your objectives, financial situation or needs. They may contain general financial product advice and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

Any research, articles or reports are based on information obtained from sources believed to be reliable and AFMPL has made every effort to ensure the information is accurate prior to publication, but we do not make any representation or warranty that it is accurate, reliable, complete or up to date. The Argonaut Group accepts no obligation to correct or update the information or the opinions in it. Opinions expressed are subject to change without notice and accurately reflect the Fund Manager’s personal views at the time of writing. No member of the Argonaut Group or its respective employees, representatives, agents or consultants accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research.

Nothing in this website, nor the research, articles or reports shall be construed as a solicitation to buy or sell any financial product, or to engage in or refrain from engaging in any transaction. The Argonaut Group and/or its associates, including AFMPL, representatives, officers or employees may have interests in the financial products or a relationship with the issuer of the financial products referred to in the research, article or reports by acting in various roles including as corporate adviser, underwriter or dealer, holder of principal positions, broker, director or adviser. Further, they may buy or sell those securities as principal or agent, and as such may effect transactions which are not consistent with the recommendations (if any) in the research, article or reports. The Argonaut Group and/or its associates, including AFMPL may receive fees, brokerage or commissions for acting in those capacities and the reader should assume that this is the case.

There are risks involved when investing in securities or managed funds. The prices of which can and do fluctuate, and an individual security or fund may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment.

The analyst(s) principally responsible for the preparation of this research, article or reports may receive compensation based on AFMPL’s overall revenues.

Hong Kong Distribution Disclosure

This material is being distributed in Hong Kong by Argonaut Securities (Asia) Limited which is licensed (AXO 052) and regulated by the Hong Kong Securities and Futures Commission. Further information on any of the securities mentioned in this material may be obtained on request, and for this purpose, persons in the Hong Kong office should be contacted at Argonaut Securities (Asia) Limited of Unit 701, 7/F, Henley Building, 5 Queen’s Road Central, Hong Kong, telephone (+852) 3557 4800.

FundMonitors FACTORS Disclaimer

The “tick logo” is provided by Australian Fund Monitors Pty Ltd (ACN 122226724, AFSL 324476) and is based on the FACTORS Report that was prepared in accordance with ASIC’s RG79 and contains general financial advice for wholesale and sophisticated investors and AFSL licensees. Recipients should consider their own financial circumstances and objectives prior to making any investment decision. No part of the report may be reproduced without permission. The content is updated monthly and only the current version should be used. For further information on the FACTORS research process please visit Past returns do not indicate future performance.