November 2016
Portfolio manager Sam Ziff on how we’re approaching one of the most significant shocks to global equity markets in recent years.
After years of stasis, Europe could be on the cusp of real change. Portfolio Manager Christoph Ohm thinks it deserves a second look.
Richard Oldfield introduces the key themes to our OP Insights this quarter, including the US stock market effortlessly climbing a yellow brick road, with the reminder that changes in fortune can be sharp and the importance of a well-positioned portfolio.
United Kingdom
United Kingdom
United States
Canada
Other
I confirm that one of the following definitions applies to my company:
I confirm that:
I confirm that:
I confirm that one of the following definitions under I, II or III and that one of the following categories under IV applies to my company:
I confirm that:
I confirm that one of the following definitions applies to my company:
I confirm that:
You must read the following important information regarding the use of the restricted part of this website (“Restricted Area“) before proceeding. This important information should be read alongside, and is in addition to, the Terms of Website Use and Privacy Policy (accessible by clicking on the links at the bottom of each page of the website). If you do not agree with this important information, the Term of Website Use and/or the Privacy Policy, you should immediately cease use of this website
The information on the Restricted Area is not intended for use by any person who does not qualify as a professional client or eligible counterparty under the rules of the UK Financial Conduct Authority.
The information on the Restricted Area (“Information“) has been approved and issued by Oldfield Partners LLP (“OP“), a limited liability partnership incorporated in England and Wales under number OC309959, authorised and regulated by the Financial Conduct Authority (“FCA“). It does not constitute an offer, invitation or solicitation to any person in any jurisdiction to purchase or sell any investment (including without limitation any unit or share in any of the funds managed or advised by OP). The Information is provided for information purposes only and should not be construed as any form of advertisement or recommendation or providing financial, investment or other professional advice.
The Information is not intended for distribution or use in any jurisdiction or country where it is illegal or unlawful to access and use such information.
Non-UK investors should consider their local regulations before accessing the Information. OP disclaims all responsibility if you access or download any Information in breach of any law or regulation of the country in which you reside.
Accordingly, all persons who access the Restricted Area are required to inform themselves of and to comply with all applicable laws and regulations of any relevant jurisdiction.
Please note that the funds referred to in the Restricted Area are available only to investors that are resident in certain jurisdictions and meet certain eligibility conditions, and are not marketed to investors that are resident in any other jurisdiction.
Notice to users from Canada. The information on the Restricted Area is solely intended for users who are eligible “permitted clients” in the provinces of Alberta, British Columbia, Nova Scotia, Ontario or Québec only for purposes of National Instrument Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”).
United Kingdom: most of the funds referred to in the Restricted Area are not authorised or recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act“) and may not be promoted to the general public. The promotion of such funds and the distribution of offering materials in relation to such funds are therefore restricted by law and accordingly it is the responsibility of any person or persons, requesting such offering materials or wishing to make an application to invest in any of such funds to inform themselves of and to comply with all applicable laws and regulations of any relevant jurisdiction.
The information contained in the Restricted Area is only made available to persons to whom such funds may lawfully be promoted by a person authorised under the Act. The Information is unsuitable for and should not be relied upon by any person who does not qualify as a professional client or eligible counterparty under the UK FCA rules.
United States: Although OP is registered as an investment adviser with the U.S. Securities and Exchange Commission, the funds referred to in the Restricted Area and interests therein have not been registered under the federal securities laws of the United States or the securities laws of any state, and may only be offered to or purchased by investors in the United States pursuant to an appropriate exemption.
An application for shares in any of the funds referred to in the Restricted Area must only be made on the basis of the offering materials relating to the relevant fund (e.g. the fund’s prospectus or other applicable terms and conditions).
Canada: the information on the Restricted Area is strictly restricted to persons who are residents of the provinces of Alberta, British Columbia, Nova Scotia, Ontario or Québec only and who have provided representations to OP and the relevant fund as to their eligibility as (a) an “accredited investor” as defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions, (b) a “permitted client” as defined in section 1.1 of NI 31-103, and (c), if resident in the provinces of Ontario or Québec, a “permitted client” as defined in section 1.1 of NI 31-103 as modified by section 1 of Multilateral Instrument 32-102 Registration Exemptions for Non-Resident Investment Fund Managers.
By seeking and obtaining access to the Restricted Area, you hereby confirm that you have expressly requested that all documents to which you have access in the Restricted Area (including, for greater certainty, any offering materials and related documents) be drawn up in the English language only. En demandant et en obtenant accès à la partie sécurisée du présent site, vous confirmez par les présentes que vous avez expressément exigé que tous les documents auxquels vous avez accès dans la partie sécurisée de ce site (dont toute notice d’offre et autres documents connexes) soient rédigés en anglais seulement.
The Information, which does not purport to be comprehensive, has been obtained from, or is based upon, sources of information believed by OP to be reliable. However, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is or will be made, and no responsibility or liability is or will be accepted by OP or any of its officers, employees, agents or advisers in relation to the adequacy, accuracy, reliability or completeness or reasonableness of the Information. In particular, but without prejudice to the foregoing, no guarantee, warranty or representation is given as to the achievement or reasonableness of any future projections, estimates, prospects or returns contained in the Information.
To the fullest extent permitted by law, OP expressly disclaims liability for errors or omissions in the Information and accepts no liability for any loss or damage arising out of the use or misuse of or reliance on the Information provided including without limitation, any loss or profit or any other damage, direct or consequential.
The Information is current only as at the date it is first posted and may no longer be true or complete when viewed by you. OP may, in its absolute discretion but without being under any obligations to do so, update, amend or supplement the Information without prior notice.
Access to the Restricted Area requires possession of a valid username and password, which will be provided following a successful registration process, and no other person, should attempt to gain access to it.
If you are provided with a username and password to access the Restricted Area, you must treat such information as confidential and not disclose it to any third party or otherwise permit any third party to access the Restricted Area by using your username and password. OP has the right to disable your username or password at any time for any reason including without limitation if in OP’s opinion your circumstances change such that your access to or use of the Restricted Area results or is likely to result in a violation of any applicable laws or regulations or a significant expense or other adverse effect on OP.
By requesting access to the Restricted Area, you confirm the accuracy of the information provided by you to OP as part of the registration process and undertake to inform OP promptly of any changes to such information.
The Information is confidential and you shall not use, distribute, publish, reproduce or disclose to any other person (other than to your advisers) the Information except with the prior written consent of OP.
I hereby confirm that I have read, understood and accepted the above terms.