Risk factors.

The summary below is not exhaustive. It does not replace the risk factors in the fund’s offering memorandum and supplemental offering memorandum, which prevail in the event of any inconsistency. Prospective investors should read the offering documents in full and take independent legal, tax and financial advice.

1. Leverage

The fund may use leverage through borrowing, margin and derivative exposure. Leverage magnifies both gains and losses, and a relatively small adverse market movement can result in a substantial loss, including a loss greater than the margin deposited.

2. Derivatives

The fund may trade futures, forwards, options, swaps and contracts for difference. These instruments can be highly volatile, may be illiquid, can involve embedded leverage and may not perform as expected as hedges.

3. Liquidity

Some positions may be difficult to value or to close at a favourable price, particularly in stressed markets. Redemptions may be restricted, suspended or paid in kind, and investors should not expect immediate liquidity. The offering documents state that shares are suitable only for investors who do not require immediate liquidity.

4. Key person

The fund depends on a small number of individuals for portfolio management, technology and operations. The departure, incapacity or death of any of them could adversely affect the fund.

5. Model and technology

Quantitative and machine learning models may contain errors, rely on incomplete or inaccurate data, be overfitted to historical conditions, or stop working when market regimes change. System failures, cyber incidents and execution errors may cause losses.

6. Counterparty

The fund is exposed to the credit risk of brokers, custodians, banks and other counterparties. The insolvency or default of a counterparty could result in delay or loss of assets held with it.

7. Concentration

The fund may hold concentrated positions in a limited number of markets, instruments, currencies or themes. This can increase volatility and the impact of an adverse move in any single exposure.

8. Regulatory, legal and tax

Changes in law, regulation or tax treatment in the Cayman Islands or elsewhere may adversely affect the fund, its strategy or its investors. The amount of information available to investors is limited, and investors should seek their own tax advice.

9. Currency

Assets may be denominated in currencies other than the share class currency. Exchange rate movements, currency controls and the cost or failure of currency hedging may reduce returns.

10. Segregated portfolio structure

Although the assets and liabilities of each segregated portfolio are intended to be ring-fenced under Cayman Islands law, that segregation may not be recognised by courts in other jurisdictions.

11. Loss of capital

There can be no assurance that the fund will achieve its investment objective. Investors may lose all or a substantial part of their investment.

Nothing on this website is an offer to sell or a solicitation of an offer to buy any security or fund interest.

Review with counsel