Disclosures

Identification

Future Value Capital LLP is authorised and regulated by the Financial Conduct Authority (FCA) with FRN: 537103.

Future Value Capital Spain S.L. is a limited liability company registered in Spain under number B09783945, whose registered office is at Calle de José Abascal, 41, 28003 Madrid. Future Value Capital Spain S.L. is entitled to engage exclusively in investment brokerage — by promoting a potential investor’s willingness to enter into a transaction, but excluding the reception and transmission of orders — to professional clients as defined in Annex II of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II), as implemented in the national legislation of the relevant Member State.

Future Value Capital Spain S.L. is only permitted to provide this service under Article 29(3) of MiFID II, as implemented in the relevant national legislation, for the account and under the liability of ACOLIN Europe AG, Reichenaustrasse 11 a-c, 78467 Konstanz, which is authorised and regulated by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and entered in the public register of tied agents held by the Comisión Nacional del Mercado de Valores (CNMV) in Spain.

Future Value Capital is deemed to be the distributor of financial promotions in the UK, Ireland and Switzerland, and Future Value Capital Spain S.L. is deemed to be the distributor of financial promotions for EU/EEA clients.

MiFIDPRU 8 Disclosure

Future Value Capital LLP’s MiFIDPRU 8 disclosure will be published on this page in due course.

Restricted Access

All persons who access this Site are required to inform themselves of, and to comply with, all applicable sales restrictions in their home country. Access to this Site, and to any information on it (including information relating to any fund described on the Site, each a “Fund”), is not directed at any person in any jurisdiction where, by reason of that person’s nationality, residence or otherwise, it is prohibited to access the Site or to direct such information for any reason. If you are a person in a jurisdiction in which such prohibitions apply, you must not access this Site.

If you are a person located in a jurisdiction with restrictions on the type of person who may access information relating to unregulated Funds, then, by accessing those parts of the Site, you undertake, warrant and represent to Future Value Capital that you are not causing Future Value Capital to breach any of those restrictions. It is your responsibility to be aware of, and to observe, all applicable laws and regulations of any relevant jurisdiction.

Access to any restricted area of this Site requires a valid password, which you must keep confidential; you are solely responsible for maintaining its confidentiality and security, and accept full responsibility for any use of it. Your right to use the Site is subject to your agreement to abide by this Agreement in its entirety, as well as any other rules, procedures, policies, terms or conditions that govern all or any portion of the Site. We may revoke your right to use all or any portion of the Site at any time, for any reason.

Disclosure

The information contained on this Site is exempt from the scheme promotion restriction set out under section 238 of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”), upon the communication of invitations or inducements to participate in unrecognised collective investment schemes, on the grounds that it is issued to and/or directed at only the types of persons referred to above.

In the EU/EEA, the marketing of financial products — and specifically UCITS — is governed by Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (the “UCITS Directive”), and Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings (the “UCITS Regulations”).

The material contained on this Site, which is a financial promotion and marketing communication, is issued in the United Kingdom and the EEA by Future Value Capital, and is issued only to and/or directed only at persons who are professional clients or eligible counterparties for the purposes of Article 24 and Annex II of MiFID II, Article 45 of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 (the “MiFID Org Regulations”), and the Conduct of Business Sourcebook set out in the FCA Handbook.

Accordingly, the opportunity to invest in the Funds, or to participate in any other investments to which this material relates, is only available to professional clients or eligible counterparties, and this material must not be relied on or acted upon by any other persons.

No Offer or Advice

This material is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase interests in the Funds. The Site is not intended as, and is not to be taken as, an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction — including those in which such an offer or solicitation is not authorised, or to any person to whom it is unlawful to make such solicitation or offer. Any decision to purchase securities or interests with respect to any Fund described on this Site must be based solely upon the information contained in the relevant Prospectus.

The material on the Site is not intended to constitute, and should not be construed as, investment advice, and the information herein is not provided in a fiduciary capacity. Potential investors in the Funds should seek their own independent financial advice. Future Value Capital neither provides investment advice to, nor receives and transmits orders from, investors in the Funds, nor carries on any other activity that constitutes ‘MiFID or equivalent third-country business’ for the purposes of the FCA Handbook. The Site does not allow visitors to make investments in any Fund. If you require additional information, please contact appropriate Future Value Capital personnel.

Risk Notice

Future Value Capital wishes to draw your attention to the following. The value of interests in any Fund, and any income from them, may go down as well as up; if you choose to invest, your capital will be at risk and you may lose some or all of the amount invested. Past performance should not be seen as an indication of future results. Changes in exchange rates between the base currency and the currency in which a Fund’s investments are denominated may additionally cause the value of interests to go up or down. Material on the Site is provided for convenience and information purposes only, and is subject to change without notice.

Investments covered in this material may not be dealt on a recognised or designated investment exchange for the purposes of the Act, MiFID II, and associated or derived legislation implemented by the relevant EU/EEA states; it may therefore be difficult for an investor to dispose of such investments other than by redemption, or to obtain reliable information about the risks to which their investment is exposed.

All opinions, forecasts, estimates and comparable information in this material are the non-binding views of our research personnel. Neither Future Value Capital, nor any of its partners, officers, employees or affiliates, gives any guarantee, representation or warranty, or accepts responsibility or liability, for any loss or profit, or any indirect or other consequential losses, arising from reliance on any information, statement or opinion in this material, whether such losses are caused by negligence or otherwise.

Copyright

The contents of this Site may not be reproduced or redistributed without the written consent of Future Value Capital. Unauthorised reproduction or use of the Site, or of the information presented on it, may be subject to prosecution, particularly for infringement of copyright.

Unless stated otherwise, all information, materials, logos and images on this Site — including screen displays, content, text, graphics and look and feel — are the property of Future Value Capital, with all rights reserved. You may download or print individual pages or sections for private, non-commercial or domestic use only, provided you do not remove any copyright or proprietary notices. Downloading or copying from the Site does not transfer title to any software or material to you.

Trademarks

Future Value Capital does not grant permission to use any trademark contained on the Site. Unauthorised use of any trademark may constitute an infringement of the relevant owner’s rights.

No Text or Data Mining, or Web Scraping

You shall not conduct, facilitate, authorise or permit any text or data mining or web scraping in relation to our Site or any services provided via it. This includes using, or permitting, authorising or attempting the use of:

• Any “robot”, “bot”, “spider”, “scraper” or other automated device, programme, tool, algorithm, code, process or methodology to access, obtain, copy, monitor or republish any portion of the Site or any data, content, information or services accessed via it.
• Any automated analytical technique aimed at analysing text and data in digital form to generate information, including but not limited to patterns, trends and correlations.

This clause is an express reservation of our rights in this regard, including for the purposes of Article 4(3) of the Digital Copyright Directive ((EU) 2019/790), and applies only to the extent we are unable to exclude or limit such activity by contract under the laws applicable to us.

Accuracy of Information

No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information on the Site by Future Value Capital or any of its associated companies, and no liability is accepted for its accuracy or completeness. Information may be changed or amended, and the format redesigned, at any time without prior notice and without liability. Future Value Capital does not undertake to update the Site regularly.

We provide no warranty that the Site will be available at any time, and may suspend it at any time without notice or liability.

No Liability

Save in respect of liability for death or personal injury arising from negligence, or for fraudulent misrepresentation, Future Value Capital and its associated companies disclaim, to the fullest extent permitted by law, all liability for any loss or damage — including direct, indirect, special, punitive or consequential damages, losses, costs or expenses — incurred by you, whether arising in tort, contract or otherwise, and arising out of or in connection with your access to or use of, or inability to use, the Site, or use of any information on it, including any loss of profits, business interruption, or loss of programs or data on your equipment or otherwise, even where Future Value Capital is expressly advised of the possibility or likelihood of such damages. This does not exclude or restrict any duty or liability Future Value Capital has to its customers under the regulatory system of the applicable jurisdiction.

Indemnity

You agree to indemnify, defend, and hold harmless Future Value Capital, its affiliates and licensors, and their officers, partners, employees and agents, from and against any claims, liabilities, damages, losses or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use of this website and the information contained on it.

Links to External Websites

The Site may contain links to or from other websites over which Future Value Capital has no control. Such links are provided for your convenience only, and any access to them is at your own risk. Future Value Capital is not responsible for the content of any linked website and does not endorse it.

Malware

We do not guarantee that our Site will be secure or free from bugs or viruses. You are responsible for configuring your information technology, computer programmes and platform to access our Site, and should use your own virus protection software.

You must not misuse our Site by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful, attempt to gain unauthorised access to our Site or any connected server, computer or database, or attack our Site via a denial-of-service or distributed denial-of-service attack. Doing so would constitute a criminal offence under the Computer Misuse Act 1990; we will report any such breach to the relevant law enforcement authorities and co-operate with them, including by disclosing your identity. Your right to use our Site will cease immediately in the event of such a breach.

Severability

If any part of this Agreement is found invalid or unenforceable by a court, tribunal or other competent forum, that finding will not invalidate the remainder of the Agreement. The Agreement will be deemed amended by modifying or severing the relevant part as necessary to render it valid, legal and enforceable while preserving its intent, or, where that is not possible, by substituting a valid, legal and enforceable provision with equivalent effect. Any invalid or unenforceable part is severable in any other jurisdiction, without affecting the validity of that part elsewhere.

Assignment

You may not assign, sub-license or otherwise transfer any of your rights under this Agreement.

Governing Law

Your use of this Site, and any dispute arising from it (whether contractual or non-contractual), is governed by and construed in accordance with the laws of England and Wales, and you submit to the exclusive jurisdiction of the English courts.

If you access the Site from outside the United Kingdom or the EU/EEA, you are responsible for ensuring compliance with local laws relating to accessing it.

Commitment to the UK Stewardship Code

Future Value Capital acts as (i) an investment adviser to a small group of professional clients, and (ii) a distributor of certain fund products from time to time. While we are not subject to its provisions, we welcome the Financial Reporting Council’s initiative in publishing the UK Stewardship Code (the “Code”).

The Code aims to enhance the quality of engagement between institutional investors and companies, to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities. It sets out good practice on engagement with investee companies, to be applied on a ‘comply or explain’ basis.

We support the Code’s objectives, and will take reasonable steps to implement its seven principles where relevant to our activities and operations.

Complaints

Any complaint regarding the services provided by Future Value Capital should be addressed in the first instance to the relevant office listed on our Contact page.