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<h2>BEAR WITH ME</h2>
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<div class="subtext" style="color: #177D7B;"><strong>MARKET PERSPECTIVES</strong></div>
<p><strong>Bear With Me</strong></p>
<div class="subtext">July 2022. by <a href="bear_with_me.php.html#">PM</a></div>
<li>A bear market which is in essence a valuation reset is very different (typically shorter and shallower) than a bear driven by recession;</li>
<br>
<li>The US has recorded negative GDP growth led not by the consumer, but by rising inventories and falling exports;</li>
<br>
<li>We are in the late phases of the market cycle and the economic cycle, but as long as the consumer is employed and spending is reasonably sustained it is hard to see an imminent recession, although that does not preclude one beginning later in the year;</li>
<br>
<li>Earnings growth is slowing or likely contracting, although unevenly and with the clear exception of energy;</li>
<br>
<li>The market is currently pricing 200bp or more of Fed tightening, but the rate of change of inflation appears to be falling and metrics followed by the Fed could well have turned a corner;</li>
<br>
<li>Policy divergence between the US and other countries, as well as general tightening of conditions are putting a bid beneath the US Dollar, which is beginning to cause companies with dollar sensitivity to suffer;</li>
<br>
<li>Assets with sensitivity to real rates, including bonds, long duration stocks, gold and silver continue to fight headwinds. Commodities have been the star performer of what increasingly seems to be a ‘stagflationary’ environment, highlighting shortages from years of underinvestment in energy infrastructure, even before Russia’s aggression;</li>
<br>
<li>At some point, investors will shift focus from the Fed’s path of aggressive tightening to its endpoint. The Fed and investors will transition to considering the level at which inflation ultimately settles;</li>
<br>
<li>Central banks are very much in reverse gear, and until we see new liquidity infused into markets, the bear is most likely here to stay.</li>
<br>
<p><strong>Recession versus non-recession Scenarios</strong></p>
<p>Bear markets on average decline about 33% over 19 months, but that average breaks down into two kinds of bear. A non-recessionary driven bear market reflects valuation changes as the liquidity tide goes out and investors rein in their growth expectations for companies. This type of bear market historically has declined roughly 22% over approximately 6 months, which is within the range of what we observed in the first half of 2022. However, a more fundamental bear market due to an economic recession and significant impairment to corporate earnings goes beyond that – with declines over 35%. We are not ready to ring the bell on a recession, but we are in the advanced late phase of both the market and the economic cycle. We may be about to have an earnings contraction, which, of course, would be part of a recession scenario – in which case, markets ultimately have further to fall.</p>
<br>
<p><strong>History of U.S. Bear & Bull Markets<br>
1926 - 2019</strong></p>
<img src="images/atps/bb-1.jpg" alt="" />
<p style="font-size:10px;"><strong>Source: Captive International - July 2022.</strong></p>
<br>
<p><strong>Energy as a shining light</strong></p>
<p>Earnings growth is slowing or likely contracting, although unevenly and with the clear exception of energy. Consensus earnings are at 4% growth for the second quarter, however, buttressed by the momentous results delivered by energy companies – remove their contribution and earnings growth is already negative, circa minus 4%. To underline the widespread nature of the slowing earnings cycle, the breadth of companies with higher versus lower earnings estimates was 90% a year ago and is currently registering 40%.</p>
<br>
<p><strong>Earnings tend to move with nominal GDP</strong></p>
<img src="images/atps/bb-2.jpg" alt="" />
<p style="font-size:10px;"><strong>Source: Plante Moran, PFMA, FRED, S&P Global - July 2022.</strong></p>
<br>
<p>More reassuringly though, it may be that we’ve seen ‘peak’ supply chain issues and the inflationary pressures brought to bear will subside. In an attempt to avoid shortages during the pandemic, many companies double or even triple ordered inventory, to make sure they could meet a big spike in consumer demand. That said whilst we have resolved much of the shortages, there are still some products and services, including anything energy related such as truck rentals, remain scarce. So, in sum, there is an inventory overhang which has fed into disappointing economic data, but it is uneven. As global economies reopened, companies were able to raise prices in response to rising global demand. However, now faced with higher input costs, most companies are having difficulty passing on higher prices to consumers as disposable income is eroded by inflation.</p><br>
<p><strong>Mixed signals and crosswinds</strong></p>
<p>Coincident economic data is spotty – whilst the ISM manufacturing index, a widely watched gauge of economic activity has rolled over, it remains well above 50, a level below which often indicates recession. However, even in the face of woeful consumer sentiment and small business sentiment, consumer spending remains strong. Payroll data is robust, unemployment numbers, whilst lagging indicators are holding up, and TSA statistics show that people are travelling and vacationing. So, whilst it is clear that the cycle is slowing, the consumer is 70% of the economy, and as long as consumer spending persists it is hard to see an imminent recession.</p>
<br>
<p><strong>ISM manufacturing index<br>PMI above 48.7 indicates overall expansion of the economy</strong></p>
<img src="images/atps/bb-3.jpg" alt="" />
<p style="font-size:10px;"><strong>Source: Plante Moran, PFMA, FRED, S&P Global - July 2022.</strong></p>
<br>
<p>Professional fund managers generally have anticipated the equity slide of the first half of the year – and have raised significant cash. This cash could be quickly deployed sparking a rally which would not be unusual given some of the pessimism which currently envelopes stock markets. Bond markets have had one of the most torrid six month periods in history, and under normal circumstances, would have seen much stronger performance during a period of slowing growth. However, caught in the crosswinds of inflationary surprises and central banks which are well behind the curve, yields may have further to go on the upside.</p><br>
<p><strong>Asset Allocation Considerations</strong></p><br>
<p style="font-style: italic;">Equities</p>
<p>Market leaders during this downturn have been the defensive names, particularly utilities and consumer staples. However, even bullet proof balance sheets are not completely immune - consumer staples stocks such as Colgate Palmolive, McDonalds etc are also beginning to feel the pinch from a strong US Dollar, as they have substantial foreign earnings and are therefore sensitive to currency moves.</p><br>
<p style="font-style: italic;">Bonds</p>
<p>During the pandemic, some investors saw long duration stocks such as Apple as ‘bond proxies’, discounting a long stream of earnings. Such stocks are thus very sensitive to changes in the discount rate or cost of capital. As rates cratered, those value of those income streams were bid up sharply. However, whilst 10Y yields were approximately 1% a year ago and are now 3%, long duration names have been hit hard, as have even the ‘safest’ government bonds. A rule of thumb is that previous rate hiking cycles have ended when nominal rates move above the rate of inflation. With current year on year inflation rates registering over 8% there is clearly some way to go yet.</p><br>
<p style="font-style: italic;">Precious Metals</p>
<p>Gold and Silver remain very sensitive to real interest rates. The change in real rates from minus 2 to plus 1 in short order has proved too much of a head wind to overcome and even geopolitical uncertainty has not been sufficient to support Gold’s advance of early 2022.</p><br>
<p style="font-style: italic;">Commodities</p>
<p>Commodities have been the star performer in what increasingly seems to be a ‘stagflationary’ environment. Removing Russian supplies of vital commodities such as crude and fertilisers has certainly contributed to bull markets in soft commodities and fuel. Whether or not those prices hold in the face of a slowing economy, it remains the case that years of under investment in energy infrastructure had created energy shortages before Russia’s aggression.</p>
<br>
<img src="images/atps/bb-4.jpg" alt="" />
<p style="font-size:10px;"><strong>.USD U Index (US 20 year yield) gold real yield MOnthly 30SEP1998-07SEP2022</strong></p>
<p style="font-size:10px;"><strong>Source: Bloomberg Finance L.P.</strong></p>
<br>
<p><strong>Conclusion: It’s the Destination that matters</strong></p><br>
<p>Markets have had to price in a more aggressive path of central bank tightening than had been anticipated, as inflationary pressures have continued to surprise on the upside. At some point, investors will begin to focus on the final destination, the ‘terminal Fed Funds rate’, assuming that the front loading of rate hikes has been achieved to the satisfaction of the world’s central bankers.</p><br>
<p>In recent weeks, investors have lowered their expectations for the final resting place for interest rates – from 4% to 3.5%. Furthermore, the 5 year inflation rate expected in 5 years, a closely watched Fed measure is down to 205 basis points. We feel it may be a little premature to assume we’re at the top of the hill at the moment. The discussion will move on at some point not to falling inflation, but to where inflation ultimately settles – 4% will fall short of the Fed’s target and require further tightening. A full throated recession would most likely see inflation at the 2% Fed target.</p><br>
<p>The markets had approached their 1000 day moving average, a level we deem to be the secular definition of a bull market. After some back and forth, they ultimately bounced from that level as they have on previous occasions. On previous occasions such a bounce typically coincided with more quantitative easing measures from central banks. But that is not the case today. Central banks are very much in reverse gear, and until we see new liquidity infused into markets, the bear is most likely here to stay.</p>
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ARIA CAPITAL MANAGEMENT (EUROPE) LIMITED IS AUTHORISED AND REGULATED BY THE MALTA FINANCIAL SERVICES AUTHORITY <a href="https://www.mfsa.mt/" target="_blank">(WWW.MFSA.MT),</a> AUTHORISED ID: FEXS. MALTA COMPANY NUMBER: C 26673. REGISTERED OFFICE: The Hub, Triq Sant ’Andrija, San Gwann, SGN 1612 Malta.</p>
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<p style="font-size:10px; line-height: normal;"><strong>If you do not agree with these Terms you must refrain from using this Website.</strong></p>
<p style="font-size:10px; line-height: normal;">In these Terms, references to “you” and “your” are references to any person using or accessing (or attempting to use or access) this Website or, as the context requires, the legal entity on whose behalf a user uses or accesses (or attempts to use or access) this Website. References to “ARIA”, “ACME” “we” and “us” are references to ARIA Capital Management (Europe) Limited.<br><br>
By entering this Website, you acknowledge and agree to be bound by each of the Terms, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this Website (together, the "Conditions of Use"). If there are any Conditions of Use that you do not understand or agree with, you must leave this Website or the webpage in question (as applicable) immediately and delete immediately from the memory of your computer all documents from this Website.
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<p style="font-size:10px; line-height: normal;"><strong>1. About this Website: </strong></p>
<p style="font-size:10px; line-height: normal;">The information on this Website is issued and communicated by ARIA Capital Management (Europe) (“ACME,” “we” and “us”), which is authorised and regulated by the Maltese Financial Services Authority (“MFSA”). This Website contains information about various umbrella funds (each an “Umbrella Fund” and together the “Umbrella Funds”) and their sub-funds (the “Funds”) which have been registered, or otherwise notified, for public distribution and marketing in the jurisdiction you hav.<br><br>
Please note that the fact of such registration or notification does not mean that any regulator including the Maltese Financial Services Authority, (or the Central Bank of Ireland or any national regulator of your jurisdiction) has determined that the Funds are suitable for all or any investors.<br><br>
The Funds referred to on this Website may not be suitable investments for you and you should therefore seek professional investment advice before making a decision to invest in any of the Funds.</p><br>
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<p style="font-size:10px; line-height: normal;">In order to access this Website, you have been asked to select the jurisdiction which is applicable for the intended investment activities. Your selection will be used to determine the information that you will be able to access on this Website. You hereby represent and warrant to ACME that the information that you have provided is true, accurate and complete and you undertake to notify us of any change to such information. Failure to provide us with accurate information will be treated as a material breach of these Terms. Certain Funds may not be available in all geographical locations and so information about certain Funds may not be available to all users of this Website. You must not attempt to gain access to areas of this Website other than those made available to users in the jurisdiction you selected. If the jurisdiction you should select changes, you must access this Website selecting your new jurisdiction. You should be aware that this may result in you not being able to access (i) information in relation to the same Funds as previously, or (ii) any information at all. Please note that the fact of selecting a jurisdiction does not mean that all or any of the Funds in relation to which information is made available, have been deemed suitable for you.<br><br>
When using this Website you must comply with all applicable local, national and international laws and regulations including those related to data privacy, international communications and exportation of technical or personal data. It may be unlawful to access or download the information contained on this Website in certain countries and the Umbrella Funds, ACME and its affiliates disclaim all responsibility if you access or download any information from this Website in breach of any law or regulation of the United Kingdom, the jurisdiction in which you are residing or domiciled or the jurisdiction from which you access the Website. <br><br>
If you are acting as a financial adviser or intermediary, you agree to access this Website only for the purposes for which you are permitted to do so under applicable law. If you are acting as a financial adviser or intermediary and provide services to clients categorised as retail clients under MiFID, you agree that you will not share with or provide to your retail clients any information available on this Website that has not been approved for retail use and is not otherwise suitable for your retail clients. <br><br>
ACME reserves the right to suspend or withdraw access to any page(s) included on this Website without notice at any time and accepts no liability if, for any reason, these pages are unavailable at any time or for any period.</p><br>
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<p style="font-size:10px; line-height: normal;">You agree not to engage in any “market timing” practices with respect to your investment in any Fund and shall take all reasonable steps to ensure that no user authorised to access this Website on your behalf engages in any such market timing practices. For these purposes, “market timing” shall include engaging in any trading strategy with the intention of taking advantage of short term changes in market prices including (without limitation) by engaging in: (i) excessive trading, (ii) late trading or (iii) market abuse.</p><br>
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<p style="font-size:10px; line-height: normal;">Interests in the Funds are not being offered, and will not be sold, within the United States or to, or for the account or benefit of, any U.S. Person. The term U.S. Person shall have the meaning given to it in Regulation S under the United States Securities Act of 1933, as amended, and includes, among other things, U.S. residents and U.S. corporations and partnerships.</p><br>
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<p style="font-size:10px; line-height: normal;">The distribution of the information and documentation on this Website may be restricted by law in certain countries. This Website, and the information and documentation on it, are not addressed to any person resident in the territory of any jurisdiction where such distribution would be contrary to local law or regulation. Not all the Funds in relation to which information is available on this Website are available in all geographical locations and so not all areas of this Website will be accessible to all users. The Funds are not available, and offering materials relating to them will not be distributed, to any person resident in any jurisdiction where such distribution would be contrary to local law or regulation.</p><br>
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<p style="font-size:10px; line-height: normal;">The information on this Website is provided for information only and on the basis that you will make your own investment decisions. <br><br>
Nothing contained on this Website constitutes, and nothing on this Website should be construed as, investment advice or a recommendation to buy, sell, hold or otherwise transact in any investment including interests in the Funds. It is strongly recommended that you seek professional investment advice before making any investment decision.<br><br>
The information on this Website does not take account of any investor's investment objectives, particular needs or financial situation. Investment in the Funds may not be suitable for you. In addition, nothing on this Website shall, or is intended to, constitute financial, legal, accounting or tax advice. <br><br>
Unless agreed separately in writing with a client, ACME and its affiliates neither provide investment advice to nor receive and transmit orders from investors in the Funds nor do they carry on any other activities with or for such investors that constitute “investment services” or “ancillary services” for the purposes of MiFID. <br><br>
You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision. You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to the subscription, holding, transfer or disposal of interests in the Funds. <br><br>
Any opinion, article, comment, financial analysis, market forecast, market commentary or other such information which is published on this Website is not binding on ACME or its affiliates.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>7. Past Performance; Forecast; Simulation: </strong></p>
<p style="font-size:10px; line-height: normal;">To the extent that this Website contains any information regarding the past performance and/or forecast of the Funds, such information is not a reliable indicator of future performance of these Funds and should not be relied upon as a basis for an investment decision. <br><br>
To the extent that this Website contains any information regarding simulated past performance, such information is not a reliable indicator of future performance and should not be relied on as the basis for an investment decision. Investment results for each Fund may vary. <br><br>
The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment. The value of investments in the Funds may be affected by the price of underlying investments. Exchange rate changes may cause the value of overseas investments to rise or fall.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>8. Price Information: </strong></p>
<p style="font-size:10px; line-height: normal;">All prices or values may not reflect actual prices or values that would be available in the market at the time provided or at the time you may decide to purchase or sell an interest in a particular Fund.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>9. Risk Warnings: </strong></p>
<p style="font-size:10px; line-height: normal;">There are significant risks associated with an investment in any of the Funds. Investment in the Funds is intended only for those investors who can accept the risks associated with such an investment (including the risk of a complete loss of investment). You should ensure that you have fully understood such risks before taking any decision to invest.<br><br>
These Terms do not represent a complete statement of the risk factors associated with an investment in the Funds. The offering documents for each Fund contain risk warnings which are specific to the relevant Fund. You should consider these risk warnings carefully and take appropriate investment advice before taking any decision to invest.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>10. Offering Documents: </strong></p>
<p style="font-size:10px; line-height: normal;">The terms of any investment in a Fund are governed by the documents establishing such terms. An application for interests in any of the Funds should only be made having fully and carefully read the offering documents, which are the relevant prospectus, key investor information document, the latest financial reports and any other offering documents for the relevant Fund which are available on this Website and upon request from the fund representative in your jurisdiction and specified in the prospectus for the relevant Fund. <br><br>
It is your responsibility to use the offering documents and by making an application to invest in a Fund you will represent that you have read the prospectus for the relevant Fund, the appropriate key investor information document for the Fund and any other applicable offering document and will agree to be bound by its contents.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>11. Information on this Website: </strong></p>
<p style="font-size:10px; line-height: normal;">This Website, and the information on it, are provided for information purposes only and do not constitute an invitation, offer or solicitation to engage in any investment activity including to buy, hold or sell any investment including any interests in the Funds. <br><br>
The information on this Website is provided in good faith and reasonable care has been taken to ensure that such information is accurate, current and fit for its intended purpose. To the extent that any information on this Website relates to a third party, this information has been provided by that third party and is the sole responsibility of such third party and, as such, ACME and its affiliates accept no liability for such information. No representation or warranty of any kind regarding the accuracy, adequacy, validity, completeness or timeliness of the information on this Website or the error-free use of this Website is given and, to the extent permitted by applicable laws, no liability is accepted for the accuracy or completeness of such information. No warranty of any kind, express or implied, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose, and freedom from computer virus is given in conjunction with the information, materials, products, and services on the Website. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. ACME does not warrant that the Website will meet your needs. You agree to assume the entire risk as to your use of the Website. Any person who acts upon, or changes his investment position in reliance on information contained on this Website, does so entirely at his own risk. In the event of any inconsistency between the information on this Website and the terms of the relevant offering documents, the terms of the offering document shall prevail. <br><br>
All content on the Website is subject to modification from time to time without notice save for any mandatory disclosure requirements. Please contact ACME (using the details in the “Contact Us” section below) for further information regarding the validity of any information contained on this Website. This Website and most of the documentation contained within it is provided in the English language and you represent and warrant that you understand the English language.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>12. Conflicts of Interest: </strong></p>
<p style="font-size:10px; line-height: normal;">ACME, its affiliates and their directors, officers, employees or clients may have or have had interests or long or short positions in any investment product or other financial instruments underlying any investment product referred to on this Website and may at any time make purchases and/or sales in them as principal or agent. In addition, and/or its affiliates may act or have acted as market maker in any investment product, or financial instruments underlying such investment product or entered into an arrangement to hedge the market risk associated with the investment products. The ARIA group has conflicts of interest policies in place which specify the procedures that they follow and the measures that they have adopted in order to avoid such conflicts or to manage such conflicts in a way that ensures fair treatment for clients.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>13. Monetary Benefits: </strong></p>
<p style="font-size:10px; line-height: normal;">You agree that we may, to the extent permitted by applicable laws and regulations, share charges or commission with affiliates of or introducers of business to ACME, or other third parties or professional advisers, or receive remuneration from them, in respect of transactions you carry out in relation to the Funds described on this Website. Where relevant, we may disclose such arrangements to you. Details of any such arrangements are available on request.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>14. Liability: </strong></p>
<p style="font-size:10px; line-height: normal;">No warranty is given that the contents of this Website are compatible with all computer systems or browsers or that this Website shall be available on an uninterrupted basis.<br><br>
The internet is not a completely reliable transmission medium and none of the Umbrella Funds, ACME or any of its affiliates accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from the Umbrella Funds, ACME or any of its affiliates. Any such transmission of information is entirely at your own risk and any material downloaded from this Website is downloaded at your own risk. <br><br>
The information on this Website is provided “as is” and “as available”. To the extent permitted by law, no guarantee or representation, express or implied, is made as to the accuracy, validity, timeliness, completeness or continued availability of any information made available on the Website. The Umbrella Funds, ACME, its affiliates and each of their directors, officers, employees and/or agents expressly exclude all conditions, warranties, representations, and other terms which might otherwise be implied by statute, common law or the law of equity to the fullest extent permitted by applicable law or regulation.<br><br>
In no event will the Umbrella Funds, ACME, or any of its affiliates be liable to any person for any direct, indirect, special or consequential damages, losses or liabilities arising out of any use of, or inability to use, this Website or the information contained on it including, without limitation, lost profits, business interruption, any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus, line or system failure, loss of programs or data on your equipment or otherwise, even if the Umbrella Funds, ACME or its affiliates is expressly advised of the possibility or likelihood of such damages, losses or liabilities, unless such damages, losses or liabilities are due to the Umbrella Funds’, ACME’s or its affiliates’ negligence, wilful default, fraud or material breach of the Umbrella Funds’, ACME’s or its affiliates’ obligations under applicable law or regulation. <br><br>
This does not affect the liability of the Umbrella Funds, , or its affiliates for any loss or damage which cannot be excluded or limited under applicable law.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>15. Indemnification: </strong></p>
<p style="font-size:10px; line-height: normal;">As a condition of your use of the Website, you agree to indemnify and hold the Umbrella Funds, ACME, and its affiliates, group entities and their respective partners, directors, employees, and agents harmless from and against any and all claims, losses, liability, costs, and expenses (including but not limited to legal fees) arising from your use of the Website or from your violation of these Terms, as far and to the extent that you are responsible for such claims, losses, liability, costs, and expenses under Maltese law or other jurisdiction. </p><br>
<p style="font-size:10px; line-height: normal;"><strong>16. Intellectual Property: </strong></p>
<p style="font-size:10px; line-height: normal;">The entire content of this Website is subject to copyright with all rights reserved. All materials on this Website are owned or licensed by the Umbrella Funds, ACME, its affiliates and/or its third-party providers and are protected by UK and international intellectual property laws. Unless otherwise indicated, all service marks, trademarks, and logos appearing on this Website are the exclusive property of the ACME group. You may not copy, display, distribute, download, license, modify, publish, repost, reproduce, sell, transmit, use to create a derivative work, or otherwise use for public or commercial purposes the content of this Website without the prior written permission of ACME.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>17. Privacy: </strong></p>
<p style="font-size:10px; line-height: normal;">Please see our privacy policy which is contained on this Website for information about how the ARIA group protects your personal data, including personal data collected through this Website. You will be asked to agree to the terms of our privacy policy when selecting your relevant jurisdiction.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>18. Cookies: </strong></p>
<p style="font-size:10px; line-height: normal;">When you visit this Website, a ARIA group company server will record your IP address together with the date, time, page visited and duration of your visit. Please note that the ARIA group uses cookies on this section of the Website. Cookies are small pieces of software that are issued to your computer or device and that store and sometimes track information about your use of the site. Cookies on this Website may collect a unique identifier, user preferences and profile information and membership information from which it is possible to identify individual users. The ARIA group also uses cookies to collect general usage and volume statistical information that does not include personally identifiable information. Some cookies may remain on the user’s computer after they leave this Website (these are known as persistent cookies). For more information about cookies including how to set your internet browser to reject cookies, please go to www.allaboutcookies.org or http://youronlinechoices.eu.<br><br>
By using this Website, you agree that the ARIA group can place cookies on your device which collect the data and for the purposes described above and as further detailed in the Cookie Policy. If you delete cookies relating to this Website, we will not remember things about you, you will be treated as a first-time visitor the next time you visit this Website and we will not be able to tailor your experience of this Website. <br><br>
The ARIA group has engaged one or more third party service providers to track and analyze usage and volume statistical information from visitors to this Website. The service provider(s) set cookies on behalf of the ARIA group. The ARIA group may re-associate the information provided by the technologies directly above with other personal information we hold about you. By using this Website, you agree that third parties can place cookies on your device as described above.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>19. Your use of this Website: </strong></p>
<p style="font-size:10px; line-height: normal;">You must not use this Website (or permit or procure others to use it) as follows: <br>
• for any unlawful, improper or illegal purpose or activity;<br>
• to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;<br>
• in a manner intended to threaten, harass, or intimidate;<br>
• to violate ACME’s or any third party's copyright, trademark, proprietary or other intellectual property rights;<br>
• to damage ACME’s name or reputation or that of ACME’s affiliated companies or any third parties;<br>
• to impersonate any of ARIA’s employees or other person or use a false name while using this Website or implying an association with ARIA;<br>
• to penetrate ACME’s security measures or other entities' systems ("hacking");<br>
• to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this Website;<br>
• to generate excessive amounts of internet traffic, to interfere with ACME’s network or other’s use of this Website or to engage in activities designed to, or having the effect of, degrading or denying service to other users of this Website or others;<br>
• to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this Website or any other entity’s systems and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items;<br>
• to post or transmit information that is defamatory, fraudulent or deceptive including, but not limited to, scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or<br>
• to transmit confidential or proprietary information, except solely at your own risk.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>20. Linked Websites: </strong></p>
<p style="font-size:10px; line-height: normal;">Links to websites operated by third parties are provided for information only and do not constitute any form of advice, endorsement or recommendation of such websites or the material on them. ACME will not regularly review such third party websites or the material on them. However, if ACME notices, or is notified, of any such third-party content to cause a private or criminal responsibility, ACME will review such linked content and delete the relevant link if such content would cause private or criminal responsibility. Please note that when you click on any external site hypertext link you will leave this Website. You should review the privacy statements of such websites before you provide any personal or confidential information.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>21. Website Security and Restrictions on Use: </strong></p>
<p style="font-size:10px; line-height: normal;">As a condition to your use of this Website, you agree that you will not, and you will not take any action intended to: (i) access data that is not intended for you; (ii) invade the privacy of, obtain the identity of, or obtain any personal information about any other user of this Website; (iii) probe, scan, or test the vulnerability of this Website or ARIA’s network or breach security or authentication measures without proper authorisation; (iv) attempt to interfere with service to any user, host, or network or otherwise attempt to disrupt our business; or (v) send unsolicited mail, including promotions and/or advertising of products and services. Unauthorised use of the Website, including but not limited to unauthorised entry into ARIA’s systems or misuse of any information posted to a web site, is strictly prohibited.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>22. Amendment: </strong></p>
<p style="font-size:10px; line-height: normal;">ACME may delete or make changes to these Terms and to the information contained on this Website at any time. Where such amendments are made, you will be required to accept any such changes in order and prior to continue to use the Website. If you do not accept such revised Terms, you may no longer be able to access this Website. If any provision of these Terms is found by any court or authority of competent jurisdiction to be illegal, void or invalid under the laws of any jurisdiction, the legality, validity or enforceability of the remainder of these Terms in that jurisdiction shall not be affected and the legality, validity and enforceability of the whole of these Terms in any other jurisdiction shall not be affected.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>23. Third Parties: </strong></p>
<p style="font-size:10px; line-height: normal;">The Umbrella Funds, ACME, and its affiliates shall have the benefit of the rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the Contracts (Rights of Third Parties) Act 1999.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>24. Applicable Law: </strong></p>
<p style="font-size:10px; line-height: normal;">These Terms and any non-contractual obligations arising from or connected with them shall be governed by, and these Terms shall be construed in accordance with, the laws of England and Wales.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>25. Jurisdiction: </strong></p>
<p style="font-size:10px; line-height: normal;">You agree that the English courts shall have exclusive jurisdiction in relation to any legal action or proceedings arising out of or in connection with these Terms (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum. You further agree that this paragraph operates for the benefit of the Umbrella Funds, or ACME and accordingly the Umbrella Funds, or ACME shall be entitled to take Proceedings in any other court or courts having jurisdiction.</p><br>
<p style="font-size:10px; line-height: normal;"><strong>26. About ACME and the Umbrella Funds:</strong></p>
<p style="font-size:10px; line-height: normal;">Aria Capital Management (Europe) Limited is licensed by the Maltese Financial Services Authority with its registered address at The Hub, Triq Sant ’Andrija, San Gwann, SGN 1612 under Malta Registration number C 26673.<br><br>
Absolute Return Investment Advisers (ARIA) Ltd is authorised and regulated by the Financial Conduct Authority, under reference 527575, with its registered office at Building 2, Ground Floor, Guildford Business Park, Guildford, GU2 8XG.<br><br>
ARIA SICAV P.L.C. (the “Company”) a self-managed open-ended collective investment scheme organized as a multi-fund public limited liability company with variable share capital registered under the Laws of Malta and licensed by the Malta Financial Services Authority in terms of the Investment Services Act (Chapter 370 of the Laws of Malta). The Company qualifies as a self-managed „Maltese UCITS‟ in terms of the Investment Services Act (Marketing of UCITS) Regulations 2011.<br><br>
ARIA SICAV PLC (including each of its sub-funds) is licensed as a collective investment scheme by the Malta Financial Services Authority under the Investment Services Act (cap. 370, laws of Malta) and qualifies as a „Maltese UCITS‟ in terms of the Investment Services Act (Marketing of UCITS) Regulations, 2011 (S.L. 370.18 laws of Malta).</p><br>
<p style="font-size:10px; line-height: normal;"><strong>27. Contact Us: </strong></p>
<p style="font-size:10px; line-height: normal;">If you have any enquiries in relation to this Website or the information on it, please contact us at [email protected] <br><br>
Effective as of 1st September 2022</p><br>
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