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<h2>BUCKLE UP</h2>
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<div class="subtext" style="color: #177D7B;"><strong>MARKET PERSPECTIVES</strong></div>
<p><strong>Buckle Up</strong></p>
<div class="subtext">September 2022. by <a href="buckle_up.php.html#">PM</a></div>
<li>Our mini boom bust cycle thesis is that macro-economic indicators will continue to be volatile, increasing the probability that the Fed will make policy errors; </li>
<br>
<li>In the first half of 2022 an inelastic supply curve bumped up against fiscal and monetary stimulus, leading to a series of inflationary shocks. CPI is overall a lagging indicator, but within CPI, goods such as furniture, appliances and autos are swing factors and prices for such items are now deflating and will increasingly feel the downward pressure of the supercharged USD;</li>
<br>
<li>The outlook for growth continues to deteriorate. Inventories are being rebuilt just as inflation is beginning to destroy demand. Housing indicators are all flashing warnings and CapEx spending is down;</li>
<br>
<li>We believe we are likely in the early stages of a recession, but the Fed is still tightening and simultaneously reducing the balance sheet at an aggressive clip. That’s to say the brakes are being slammed on hard;</li>
<br>
<li>At some point, it’s likely that central banks globally will need to shift their focus from fighting inflation to supporting their economies, but that remains difficult whilst inflation numbers are robust;</li>
<br>
<li>Monetary policy lags the economic cycle generally by about 12 months. This is where the potential for central bank errors reside in that monetary policy is often backwards looking focusing on inflation and employment metrics, which are lagging rather than leading indicators;</li>
<br>
<li>At market lows we have repeatedly observed that real relative valuation support for equities depends on the convergence of 10yr government bond yields and stock market dividend yields. Currently these metrics are far apart, with the 10 year at roughly 2.8% and the divided yield at 1.6% in the US. Bonds may rally yet equities may have further to go on the downside.</li>
<br>
<li>Increasingly, government bonds are offering better value although as yet we haven’t seen price action that confirms a bottom. Building positions which benefit from volatility is likely a fundamental building block to weathering the storm. </li>
<br>
<p><strong>From Inflationista …</strong></p>
<p>Inflation was already on the rise as the economy reopened in 2021. Then we were hit with a series of inflationary supply side shocks. Omicron impacted the labour participation rate and China shut down 400 million people in key port cities. The Russian invasion of the Ukraine started a global food and energy crisis. Demand was fuelled by massive stimulus checks under Trump and Biden. So, we had a sclerotic, inelastic supply curve bumping against fiscal and monetary stimulus, giving us inflation coupled with supply bottlenecks.</p><br>
<p>This post pandemic shock wave is in the rearview mirror, but the CPI is overall a lagging indicator. In 2008, with oil touching $150 a barrel and inflation at 6%, no one would have believed that a year later CPI was going to be -2% year over year. When looking at CPI, we have to distinguish the price performance of services from that of goods. Services, including rents, tend to be sticky with year over year price changes slowing in a recession, but not deflating.</p><br>
<p>Rents, 30% of overall CPI are primarily determined from OER (rent and owners’ equivalent rent) and OER is a wonkish metric imputed by surveying homeowners and asking them to estimate the current monthly rent for their homes. Market rents will eventually follow the housing market lower, but it will take a number of months for repricing to show up in CPI.</p><br>
<p>Goods, making up 40% of the CPI are now the swing factor. Commodity prices have softened significantly.. Core crude PPI, which is a leading indicator for goods, was -4% in May and -2% in June. Prices including furniture, appliances and are now deflating and will increasingly feel the downward pressure of the supercharged USD. So, the question will be how much of goods deflation will offset lingering service sector inflation. </p><br>
<p>Supply delivery delays in practically every manufacturing survey are not yet back to pre-COVID levels but are going down. Order backlogs are going down. Freight rates are coming down. The Baltic Dry Index, an average of transport prices, is down about 40%. The supply chain is less inelastic than it was, and demand is contracting. So, inflation, for now, is yesterday’s story and we turn our focus to what is changing at the margin.</p>
<br>
<p><strong>New York Fed Global Supply Chain Pressure Index VS CPI YoY% ( 5mo Lag )</strong></p>
<img src="images/atps/bc-1.jpg" alt="" />
<p style="font-size:10px;"><strong></strong></p>
<p><strong>… to Recessionista</strong></p>
<p>Growth is threatened by a trifecta of risks that can potentially damage the inventory cycle, the property cycle and CapEx. Inventories are being rebuilt just as inflation is beginning to destroy demand. Tim Fiore, the Chairman of the Institute for Supply Management (ISM) Business Committee, does an excellent parsing of the survey each month and has been inclined to stay optimistic. However, we believe this is to underestimate the inventory cycle that has turned. reading at 52.8. A move below 47 over the next two or three surveys would help cement our recessionary view. US regional manufacturing surveys would certainly suggest we have lower to go in the ISM numbers.</p>
<br>
<p><strong>ISM vs US Regional Manufacturing Survey </strong></p>
<img src="images/atps/bc-2.jpg" alt="" />
<p style="font-size:10px;"><strong></strong></p>
<p>Housing indicators are all flashing warnings. There is a sudden rise of properties on the market. Lead time for sales are rising and sellers have begun to discount prices. CapEx spending is also down, completing the trifecta.<p><br>
<p>A jobs related contraction may well see a third of the 6 million jobs created in the past year go away. This will further accelerate demand destruction. Earnings, margins and financially sensitive assets (especially housing) will suffer and this suffering will be more severe in a high rate environment. All of this will have nasty multiplier effects on the growth outlook.
</p><br>
<p><strong>Monetary Policy Lags</strong></p>
<p>Monetary policy lags the economic cycle, generally by about 12 months. The Fed relies heavily on data that is distorted, noisy and dated. The economy continually resets to reflect the current or expected interest rate regime. This is where the potential for central bank errors reside as monetary policy is often backwards looking, focusing on inflation and employment metrics, which are lagging rather than leading indicators.</p><br>
<p>Since March the Fed has raised rates by 225bp and promises to continue with aggressive action.
We believe we are likely in the early stages of a recession, but the Fed is still tightening and simultaneously reducing the balance sheet at an aggressive clip. That’s to say the brakes are being slammed on hard.</p>
<br>
<p><strong>The Fed IS Hiking Further & Faster Than Any Time In Modern History</strong></p>
<img src="images/atps/bc-3.jpg" alt="" />
<p style="font-size:10px;"><strong>Source: Federal Reserve - September 2022.</strong></p>
<br>
<p>It’s unusual for central banks to be tightening monetary conditions into a recession. That did occur during Paul Volcker’s reign as Federal Reserve Chair, during back to back recessions. By the end of 1982, unemployment had risen to nearly 10% inflation had fallen 5% and long term interest rates began to decline. It was at this point that the Fed eased the fed funds rates back to 9%, and in today’s terms would suggest the Fed is comfortable with enduring material ‘economic pain’, before any volte face in interest rate policy.</p><br>
<p>Once a recession is underway, history shows that a catalyst of some sort, habitually a combination of fiscal and monetary policy, has been needed to stimulate the economy. If we are to presume that the Republicans take the House this congress, the resulting grid lock will not be fertile ground for further fiscal stimulus meaning it's all going to be on the Fed or other central banks to reverse course.</p><br>
<p>In response to the recession that followed the 2008 credit crisis, in the first months of 2009 the central banks globally dramatically eased financial conditions. The stock market bottomed in March of 2009 and the recession ended in June of that year. </p><br>
<p>Central monetary policy committees globally have made it clear that inflation is their number one priority, besting global growth. But the Fed does not exist in a political vacuum. At some point, it’s likely that central banks globally will need to shift their focus from fighting inflation to supporting their economies, but that remains difficult whilst inflation numbers are robust.</p><br>
<p><strong>Asset Allocation Considerations</strong></p><br>
<p style="font-style: italic;">Fixed Income</p>
<p>Bond markets believe a recession is inevitable, in that the yield curve remains inverted (short term interest rates are higher than long term ones). Recently the expectation for interest rate cuts in the first quarter of 2023 were unwound. All credit as an asset classes remains under pressure, and as yet still seems to trade of inflation concerns rather than economic growth ones.</p><br>
<p style="font-style: italic;">Equities</p>
<p>At market lows we have repeatedly observed that real relative valuation support for equities depends on the convergence of the 10 year note yield with the dividend yield. This convergence signals the end of the recession. Currently these metrics are far apart, with the 10 year at roughly 2.8% and the dividend yield at 1.6%. So, either the 10 year note goes to 1.6% or the S&P might have to go to-- well, it would have to basically go down around 3,200, or there's a meeting of the minds in between.</p><br>
<p style="font-style: italic;">Precious Metals</p>
<p>A strong US Dollar and higher interest rates are anathema to precious metals. We do believe they will turn just before the market more broadly senses a turn in monetary policy. We are of the view that precious metals will see a major bottom and new bull run start before the year is out. </p><br>
<p style="font-style: italic;">Commodities</p>
<p>Planting concerns, higher input costs and continued export restrictions have seen soft commodities perform better than many others. Chinese lockdowns have led to significant weakness in industrial metals, whilst a correction in crude and gasoline prices portends well for inflation numbers, yet reflects global economic conditions softening more generally.</p>
<br>
<p><strong>Conclusion: Gathering Storm Clouds</strong></p><br>
<p>As we have alluded to in the charts above, we feel inflation fears will recede in the coming weeks. In fact, the degree to which financial conditions have tightened lead us to allow for a much more rapid unwind of the inflationary numbers than would appear to be priced in. </p><br>
<p>In such an environment, bonds remain to us significantly mispriced and that longer term government bonds are in the midst of finding a bottom. However, that does not necessarily mean the green light for equities, as whilst the mood generally is darkening, earnings estimates for the coming quarters remain too optimistic to our mind. Bear markets are not one way traffic and even after the Bear Sterns difficulties in 2008, the S&P 500 went on to rally 17% before rolling over once more. That is why we continue to take an active approach to our market exposure – taking on hedged positions as the storm clouds gather but then seeking to capture the shorter term inevitable rallies that will punctuate the ongoing bear market. </p>
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ARIA, ARIA Capital Management and ARIA Private Clients are trading names of ARIA Capital Management (Europe) Limited. ARIA Capital Management (Europe) Limited is authorised and regulated by the Malta Financial Services Authority, with Firm Reference number FEXS. A Limited Company registered in Malta No: C 26673.</div>
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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;">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>
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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;">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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