This communication is for professional investors and those with a sophisticated knowledge of financial markets. It is not to be distributed to the public or within a country where such distribution would be contrary to applicable law or regulations.
This communication is provided for general information only and should not be viewed as a recommendation or a solicitation of an offer to buy, sell or hold a security, investment or derivative, or as a recommendation to adopt any investment strategy. Investment in funds are subject to the relevant offering documents. No representation is made that any of the services, securities or investment funds referred to herein are suitable for any particular investor. The information may discuss general market activity or industry trends and is not intended to be relied upon as a forecast, research or investment advice. The economic and market views presented herein reflect Investec Asset Management’s (‘Investec’) judgment as at the date shown and are subject to change without notice.
There is no guarantee that views and opinions expressed will be correct, and Investec’s intentions to buy or sell particular securities in the future may change. The investment views, analysis and market opinions expressed may not reflect those of Investec as a whole, and different views may be expressed based on different investment objectives. Investec has prepared this communication based on internally developed data, public and third party sources. Although we believe the information obtained from public and third party sources to be reliable, we have not independently verified it, and we cannot guarantee its accuracy or completeness. Investec’s internal data may not be audited. Information concerning portfolio holdings and sector allocation is subject to change. Unless stated otherwise, the specific companies listed or discussed are included as representative transactions of the strategy. Securities referenced do not represent all of the securities purchased, sold or recommended for portfolios and in aggregate may represent only a small percentage of an account's portfolio holdings.
No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. The securities or investment products mentioned in this document may not have been registered in any jurisdiction. If anything is unclear, please either telephone or email the contact provided with this communication. Investec does not provide legal or tax advice. Prospective investors should consult their tax advisors before making tax-related investment decisions. The value of this investment, and any income generated from it, can go down as well as up and will be affected by changes in interest rates, exchange rates, general market conditions and other political, social and economic developments, as well as by specific matters relating to the assets in which it invests. Indices are shown for illustrative purposes only, are unmanaged, assume reinvestment of income, do not represent the performance of actual accounts and have limitations when used for comparison or other purposes because they may have volatility, credit, or other material characteristics (such as number or types of securities) that are different from a particular product.
In the U.S., this communication should only be read by institutional investors, professional financial advisers and their eligible clients, but must not be distributed to U.S. persons apart from the aforementioned recipients. In Australia, this document is provided for general information only to wholesale clients (as defined in the Corporations Act 2001). In Hong Kong, this document is intended solely for the use of the person to whom it has been delivered and is not to be reproduced or distributed to any other persons; this document shall be delivered to institutional and professional investors only. It is issued by Investec Asset Management Hong Kong Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong (SFC). The Company’s website has not been reviewed by the SFC and may contain information with respect to non-SFC authorised funds which are not available to the public of Hong Kong. In Singapore, this document is for professional investors, professional financial advisors and institutional investors only. In Indonesia, Thailand, The Philippines, Brunei, Malaysia and Vietnam this document is provided in a private and confidential manner to institutional investors only. In South Africa, Investec Asset Management (Pty) Ltd. is an authorised financial services provider. Investec Asset Management Botswana, Unit 5, Plot 64511, Fairgrounds, Gaborone, Botswana, is regulated by the Non-Bank Financial Institutions Regulatory Authority. In Namibia, Investec Asset Management Namibia (Pty) Ltd is regulated by the Namibia Financial Institutions Supervisory Authority.
Except as otherwise authorised, this information may not be shown, copied, transmitted, or otherwise given to any third party without Investec’s prior written consent. Investments carry a risk of capital loss. © 2016 Investec Asset Management. All rights reserved.
The views expressed are as at the date of publication and may no longer be current.
Past performance is not a reliable indicator of future results. The value of investments, and any income generated from them, can go down as well as up; losses may be made.
Equity investment: Value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. bankruptcy), the owners of their equity rank last in terms of any financial payment from that company.
The content of this journal is intended for professional investors and those with a sophisticated knowledge of financial markets (e.g. financial journalists, academics etc.) and should not be relied upon by anyone else.