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MS Lynx UCITS Fund

MS Lynx UCITS Fund Strategy Overview

The MS Lynx UCITS Fund seeks to provide exposure to Lynx’s Programme, a diversified, medium-term managed futures programme. Further diversification is achieved by using trend systems over multiple timeframes and contrarian and intermarket models help achieve better risk-adjusted returns and enhance performance in a non-trending market environment.

Lynx Asset Management AB (“Lynx” which manages USD 5.2bn of assets as of 30 September 2018) is based in Sweden, and was founded in 1999 by Jonas Bengtsson, Svante Bergström and Martin Sandquist.  In 2002, Lynx joined Brummer & Partners, the leading Nordic hedge fund group, which acquired a 40% stake. Lynx has over 73 employees (including 34 investment professionals, 22 researchers and 12 programmers).

  • Systematic trend following using multiple approaches and applied over different timeframes
  • Programme applied on the most liquid global futures and forwards markets across fixed income, currencies, equity indices and commodities
  • Allocation to diversifying models that exploit other market phenomena than price momentum (e.g. mean reversion, relative value, pattern recognition) in order to enhance performance in a non-trending market environment
  • Target volatility of 18% p.a. before fees

Performance as of 14/02/2019

NAVMTDYTDLTD
823.72€2.39%1.59%-13.53%
Loading

Past performance is not an indicator of future performance.

Details

Investment Philosophy
  • Trend-following strategies offer attractive returns over time
  • Diversification in using different types of models reduces portfolio risk
  • Programme applied on the most liquid global futures and forwards markets
  • Varying risk level protects downside
  • 100% systematic investment process including trading and risk management
Instruments
  • The Lynx Programme is applied across a diversified portfolio of around 75 liquid futures and forward markets across four sectors:
    • Fixed Income
    • Currencies
    • Equity indices
    • Commodities
Investment Process
  • Investment committee sets risk budgets per market/model biannually
  • Day-to-day position taking is 100% systematic, bottom-up driven
  • Execution by proprietary algorithms, monitored 24 hours by trading desk
Risk Management
  • Stop-loss mechanisms on individual model level
  • Focus on diversification and portfolio construction
  • Three parallel VaR-models with limits on instrument, asset class and portfolio level

Fund Facts

Legal Structure:UCITS Irish OEIC
Umbrella Fund:FundLogic Alternatives PLC
Fund Manager:FundLogic SAS
Passporting:Approved in UK, Italy, Germany, France, Switzerland, Sweden, Finland, Belgium, Spain, Singapore, Luxembourg and Austria
Base Currency:USD
Other Currency Share Classes:EUR, GBP, CHF
Liquidity:Weekly
Dealing Deadline (Subscription):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Settlement Date (Redemption):within 5 Business Days after the relevant Dealing Day

Key Professionals

Svante Bergström
Portfolio Manager, CEO and Founding Partner

Svante Bergström is a B.Sc. econ and business admin graduate from the Stockholm School of Economics. Between 1984 and 1991, Bergström worked for Hagströmer & Qviberg Fondkommission, as a stock broker, and later as head of the firm’s bond trading department. In 1993, he joined Nordbanken as a quantitative analyst and bond trader within the Strategic Trading unit. In 1996, Mr. Bergström set up Nordbanken’s Proprietary Trading unit, where the investment methodology for Lynx was originally formulated. Bergström is a Founding Partner and has been Portfolio Manager of Lynx since the fund’s inception.

Jonas Bengtsson
Portfolio Manager and Founding Partner

Jonas Bengtsson holds a Licentiate degree in engineering physics from the Lund Institute of Technology. In 1993, Bengtsson joined Gota Bank (later merged with Nordbanken) as a quantitative analyst. From 1994, he was employed by the Strategic Trading unit at Nordbanken with responsibility for quantitative research. As of 1996, he was employed by the Proprietary Trading unit. Bengtsson is a Founding Partner and has been Portfolio Manager of Lynx since the fund’s inception.

Ander Holst
Portfolio Manager and Partner

Anders Holst holds an MSc degree in Engineering Physics and Financial Mathematics from the Royal Institute of Technology in Stockholm and an MSc degree in Business Administration and Economics from Stockholm University. Holst has worked within the financial markets both during and after his studies and has previously been involved in both marketplace administration/development and trading. Holst joined Lynx in 2004 and became portfolio manager and partner in 2011.

Henrik Johansson
Portfolio Manager and Partner

Henrik Johansson holds an MSc in Engineering Physics from the Royal Institute of Technology in Stockholm. Johansson joined ABB as a trainee in 1994 and worked at the Treasury Center from 1995–1996 with, among other things, evaluation and implementation of quantitative trading systems in the FX markets. Between 1996 and 1997 Johansson held a position as financial analyst and later Risk Manager within Skandia Investment Manager. In 1997, Johansson joined Nektar Asset Management and was until 2006 responsible for the Quant Team before moving to the service company within Brummer & Partners with responsibility for Risk, Valuations, System Development and IT. Johansson was also member of the Board of Directors at Lynx Asset Management between 2005 and 2008. In 2008, Johansson joined SEB Merchant Banking as Global Head of Risk Management, a position he held until joining Lynx Asset Management in 2011 as Head of Research and partner. Johansson became portfolio manager of Lynx in 2014.

Jesper Sandin
Portfolio Manager and Partner

Jesper Sandin holds an MSc degree in Engineering Physics and Financial Mathematics from the Royal Institute of Technology in Stockholm and is a Certified Financial Analyst from IFL Stockholm School of Economics. Sandin started his career in the financial markets in 1996, as a quantitative
analyst at Skandia Asset Management. In 1998 Sandin became Head of Quantitative Research at the First National Swedish Pension Fund and in 2006 he joined Brummer & Partners in a global tactical asset allocation research venture. Sandin joined Lynx in 2008 and became portfolio manager and partner in 2011.

Daniel Chapuis
Portfolio Manager and Partner

Daniel Chapuis studied Engineering Physics at the Royal Institute of Technology in Stockholm. Chapuis started his career at the First National Swedish Pension Fund as a quantitative analyst in 2000, where his main responsibility was to develop and manage trading models within fixed income. In 2006 he joined Brummer & Partners in a global tactical asset allocation research venture. Chapuis has worked as a Quantitative Researcher at Lynx since 2008, and he became portfolio manager and partner in 2017.

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.
Includes 0.40% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc. 

Overview

MS Lynx UCITS Fund Strategy Overview

The MS Lynx UCITS Fund seeks to provide exposure to Lynx’s Programme, a diversified, medium-term managed futures programme. Further diversification is achieved by using trend systems over multiple timeframes and contrarian and intermarket models help achieve better risk-adjusted returns and enhance performance in a non-trending market environment.

Lynx Asset Management AB (“Lynx” which manages USD 5.2bn of assets as of 30 September 2018) is based in Sweden, and was founded in 1999 by Jonas Bengtsson, Svante Bergström and Martin Sandquist.  In 2002, Lynx joined Brummer & Partners, the leading Nordic hedge fund group, which acquired a 40% stake. Lynx has over 73 employees (including 34 investment professionals, 22 researchers and 12 programmers).

  • Systematic trend following using multiple approaches and applied over different timeframes
  • Programme applied on the most liquid global futures and forwards markets across fixed income, currencies, equity indices and commodities
  • Allocation to diversifying models that exploit other market phenomena than price momentum (e.g. mean reversion, relative value, pattern recognition) in order to enhance performance in a non-trending market environment
  • Target volatility of 18% p.a. before fees
Performance

Performance as of 14/02/2019

NAVMTDYTDLTD
823.72€2.39%1.59%-13.53%
Loading

Past performance is not an indicator of future performance.

Details

Details

Investment Philosophy
  • Trend-following strategies offer attractive returns over time
  • Diversification in using different types of models reduces portfolio risk
  • Programme applied on the most liquid global futures and forwards markets
  • Varying risk level protects downside
  • 100% systematic investment process including trading and risk management
Instruments
  • The Lynx Programme is applied across a diversified portfolio of around 75 liquid futures and forward markets across four sectors:
    • Fixed Income
    • Currencies
    • Equity indices
    • Commodities
Investment Process
  • Investment committee sets risk budgets per market/model biannually
  • Day-to-day position taking is 100% systematic, bottom-up driven
  • Execution by proprietary algorithms, monitored 24 hours by trading desk
Risk Management
  • Stop-loss mechanisms on individual model level
  • Focus on diversification and portfolio construction
  • Three parallel VaR-models with limits on instrument, asset class and portfolio level
Fund Facts

Fund Facts

Legal Structure:UCITS Irish OEIC
Umbrella Fund:FundLogic Alternatives PLC
Fund Manager:FundLogic SAS
Passporting:Approved in UK, Italy, Germany, France, Switzerland, Sweden, Finland, Belgium, Spain, Singapore, Luxembourg and Austria
Base Currency:USD
Other Currency Share Classes:EUR, GBP, CHF
Liquidity:Weekly
Dealing Deadline (Subscription):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Settlement Date (Redemption):within 5 Business Days after the relevant Dealing Day
Key Professionals

Key Professionals

Svante Bergström
Portfolio Manager, CEO and Founding Partner

Svante Bergström is a B.Sc. econ and business admin graduate from the Stockholm School of Economics. Between 1984 and 1991, Bergström worked for Hagströmer & Qviberg Fondkommission, as a stock broker, and later as head of the firm’s bond trading department. In 1993, he joined Nordbanken as a quantitative analyst and bond trader within the Strategic Trading unit. In 1996, Mr. Bergström set up Nordbanken’s Proprietary Trading unit, where the investment methodology for Lynx was originally formulated. Bergström is a Founding Partner and has been Portfolio Manager of Lynx since the fund’s inception.

Jonas Bengtsson
Portfolio Manager and Founding Partner

Jonas Bengtsson holds a Licentiate degree in engineering physics from the Lund Institute of Technology. In 1993, Bengtsson joined Gota Bank (later merged with Nordbanken) as a quantitative analyst. From 1994, he was employed by the Strategic Trading unit at Nordbanken with responsibility for quantitative research. As of 1996, he was employed by the Proprietary Trading unit. Bengtsson is a Founding Partner and has been Portfolio Manager of Lynx since the fund’s inception.

Ander Holst
Portfolio Manager and Partner

Anders Holst holds an MSc degree in Engineering Physics and Financial Mathematics from the Royal Institute of Technology in Stockholm and an MSc degree in Business Administration and Economics from Stockholm University. Holst has worked within the financial markets both during and after his studies and has previously been involved in both marketplace administration/development and trading. Holst joined Lynx in 2004 and became portfolio manager and partner in 2011.

Henrik Johansson
Portfolio Manager and Partner

Henrik Johansson holds an MSc in Engineering Physics from the Royal Institute of Technology in Stockholm. Johansson joined ABB as a trainee in 1994 and worked at the Treasury Center from 1995–1996 with, among other things, evaluation and implementation of quantitative trading systems in the FX markets. Between 1996 and 1997 Johansson held a position as financial analyst and later Risk Manager within Skandia Investment Manager. In 1997, Johansson joined Nektar Asset Management and was until 2006 responsible for the Quant Team before moving to the service company within Brummer & Partners with responsibility for Risk, Valuations, System Development and IT. Johansson was also member of the Board of Directors at Lynx Asset Management between 2005 and 2008. In 2008, Johansson joined SEB Merchant Banking as Global Head of Risk Management, a position he held until joining Lynx Asset Management in 2011 as Head of Research and partner. Johansson became portfolio manager of Lynx in 2014.

Jesper Sandin
Portfolio Manager and Partner

Jesper Sandin holds an MSc degree in Engineering Physics and Financial Mathematics from the Royal Institute of Technology in Stockholm and is a Certified Financial Analyst from IFL Stockholm School of Economics. Sandin started his career in the financial markets in 1996, as a quantitative
analyst at Skandia Asset Management. In 1998 Sandin became Head of Quantitative Research at the First National Swedish Pension Fund and in 2006 he joined Brummer & Partners in a global tactical asset allocation research venture. Sandin joined Lynx in 2008 and became portfolio manager and partner in 2011.

Daniel Chapuis
Portfolio Manager and Partner

Daniel Chapuis studied Engineering Physics at the Royal Institute of Technology in Stockholm. Chapuis started his career at the First National Swedish Pension Fund as a quantitative analyst in 2000, where his main responsibility was to develop and manage trading models within fixed income. In 2006 he joined Brummer & Partners in a global tactical asset allocation research venture. Chapuis has worked as a Quantitative Researcher at Lynx since 2008, and he became portfolio manager and partner in 2017.

Shares

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.
Includes 0.40% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc. 

    Access to the products presented on this website may be subject to restrictions regarding certain investor profiles and / or countries. REMINDER OF COUNTRIES HAVING AUTHORIZED PASSPORTING Information about products described in this website is exclusively dedicated to sophisticated prospective, institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Please find here below a list of the “Passporting” status of the products for which information is provided on this website:   NO OFFER None of the information contained in this website constitutes a solicitation or offer by Longchamp Asset Management or its affiliates (together “Longchamp Asset Management”) to buy or sell any securities, futures, options or other financial instruments or to participate in any other strategy. Information about products described in this website is exclusively dedicated to sophisticated prospective, professional clients or institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Pricing and other information generated through the use of data made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. Information contained in the website does not constitute an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorized or where they are not available for distribution in the jurisdiction of the reader of this information. In particular, the information in the Website is not for distribution in the United States. SELLING RESTRICTIONS No offering of the products described on this website, or possession or distribution of any offering material in relation thereto, is permitted in any jurisdiction unless in compliance with all applicable laws, regulations, codes, directives, orders and/or regulatory requirements, rules and guidance in force. The products described in this website may be subject to restrictions with regard to (i) persons or (ii) countries under national regulations. As a visitor of this website, it is your responsibility to be aware of and to respect all applicable laws and regulations. The visitor of this website should make its own assessment to invest into any product presented in this website. Any securities referred to on this website, or any offering material in relation thereto, will not be registered under the Securities Act. This Website is not directed to persons who are residents of the United States or to any country where the FundLogic Funds are not authorised for distribution or in which the dissemination of information regarding the FundLogic Funds on the World Wide Web is not permitted. The products described on this website may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person (as defined in Regulation S under the Securities Act). Should an Internet Protocol resolution search indicate that your access to this website is coming from the United States, it is therefore subject to certain restrictions. The securities on this website have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered within the United States or to or for the account of U.S persons. Please contact us, should you evaluate this information is incorrect, and for any further information request. Longchamp Asset Management Email : ir@longchamp-am.com Tel : +33 1 71 70 40 30 The information contained in the website is for information purposes only and is not an offer (or solicitation of an offer) to buy/sell or borrow/lend the securities mentioned or to participate in any particular trading strategy. By clicking this box, I expressly acknowledge and confirm that I am not a U.S. Person (as defined in Regulation S of the U.S. Securities Act of 1933, as amended), nor am I acting on behalf of a U.S. Person. OFFERING CIRCULAR OR PROSPECTUS An offering circular or prospectus (the “Offering Documents”) referring to a specific product will be available on this website. Potential investors should base any investment decision they make solely on the basis of information contained in the Offering Documents and should read the information contained therein carefully, in particular the description of risk factors associated with any structured products. The products described on this website have been issued by Longchamp Asset Management or third party issuers. All information on this website and the Offering Documents with respect to any third party entity not affiliated with Longchamp Asset Management has been provided by, and is the sole responsibility of, such third party and has not been independently verified by Longchamp Asset Management or any other independent third party and Longchamp Asset Management accepts no liability for such information. NO INVESTMENT ADVICE Information made available on this website should not be considered as investment advice or any form of personal recommendation to purchase products described thereon. Users should consult their independent financial or other applicable advisor(s) before investing in the products described on this website. HISTORICAL PERFORMANCE Past performance information contained on this website is not indicative of future results. INDICATIVE PRICES All prices or values are indicative only, and may vary significantly from executable prices or from prices obtained from elsewhere. Price and availability of the securities are subject to change without notice. USE OF LINKS This website contains links to third party websites. These links are provided only as a convenience. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by Longchamp Asset Management of any information contained in any third party website. In no event shall Longchamp Asset Management be responsible for the information contained on that site or your use of or inability to use such site. You should also be aware that the terms and conditions of such site and the site’s privacy policy may be different from those applicable to your use of this website. LIMITATION OF LIABILITY Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from interception by third parties of any information or services made available to you via this website or the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Longchamp Asset Management. Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur if you use a link to this site. Longchamp Asset Management shall prohibit anyone from creating such a link without its prior express authorization. In no event will Longchamp Asset Management or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Longchamp Asset Management or any other such party has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user’s equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure.

    To continue your navigation, please select your investor type:

    Institutional Investor

    Private Investor


    By clicking “Accept” you confirm that (i) you do not have your legal residence in the United States, (ii) you are not a U.S.-Person; (iii) you have been informed of the countries where the products have been passported, (iv) and that you have read the Terms of Use above and agree with them.

    Access to the products presented on this website may be subject to restrictions regarding certain investor profiles and / or countries. REMINDER OF COUNTRIES HAVING AUTHORIZED PASSPORTING Information about products described in this website is exclusively dedicated to sophisticated prospective, institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Please find here below a list of the “Passporting” status of the products for which information is provided on this website:   NO OFFER None of the information contained in this website constitutes a solicitation or offer by Longchamp Asset Management or its affiliates (together “Longchamp Asset Management”) to buy or sell any securities, futures, options or other financial instruments or to participate in any other strategy. Information about products described in this website is exclusively dedicated to sophisticated prospective, professional clients or institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Pricing and other information generated through the use of data made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. Information contained in the website does not constitute an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorized or where they are not available for distribution in the jurisdiction of the reader of this information. In particular, the information in the Website is not for distribution in the United States. SELLING RESTRICTIONS No offering of the products described on this website, or possession or distribution of any offering material in relation thereto, is permitted in any jurisdiction unless in compliance with all applicable laws, regulations, codes, directives, orders and/or regulatory requirements, rules and guidance in force. The products described in this website may be subject to restrictions with regard to (i) persons or (ii) countries under national regulations. As a visitor of this website, it is your responsibility to be aware of and to respect all applicable laws and regulations. The visitor of this website should make its own assessment to invest into any product presented in this website. Any securities referred to on this website, or any offering material in relation thereto, will not be registered under the Securities Act. This Website is not directed to persons who are residents of the United States or to any country where the FundLogic Funds are not authorised for distribution or in which the dissemination of information regarding the FundLogic Funds on the World Wide Web is not permitted. The products described on this website may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person (as defined in Regulation S under the Securities Act). Should an Internet Protocol resolution search indicate that your access to this website is coming from the United States, it is therefore subject to certain restrictions. The securities on this website have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered within the United States or to or for the account of U.S persons. Please contact us, should you evaluate this information is incorrect, and for any further information request. Longchamp Asset Management Email : ir@longchamp-am.com Tel : +33 1 71 70 40 30 The information contained in the website is for information purposes only and is not an offer (or solicitation of an offer) to buy/sell or borrow/lend the securities mentioned or to participate in any particular trading strategy. By clicking this box, I expressly acknowledge and confirm that I am not a U.S. Person (as defined in Regulation S of the U.S. Securities Act of 1933, as amended), nor am I acting on behalf of a U.S. Person. OFFERING CIRCULAR OR PROSPECTUS An offering circular or prospectus (the “Offering Documents”) referring to a specific product will be available on this website. Potential investors should base any investment decision they make solely on the basis of information contained in the Offering Documents and should read the information contained therein carefully, in particular the description of risk factors associated with any structured products. The products described on this website have been issued by Longchamp Asset Management or third party issuers. All information on this website and the Offering Documents with respect to any third party entity not affiliated with Longchamp Asset Management has been provided by, and is the sole responsibility of, such third party and has not been independently verified by Longchamp Asset Management or any other independent third party and Longchamp Asset Management accepts no liability for such information. NO INVESTMENT ADVICE Information made available on this website should not be considered as investment advice or any form of personal recommendation to purchase products described thereon. Users should consult their independent financial or other applicable advisor(s) before investing in the products described on this website. HISTORICAL PERFORMANCE Past performance information contained on this website is not indicative of future results. INDICATIVE PRICES All prices or values are indicative only, and may vary significantly from executable prices or from prices obtained from elsewhere. Price and availability of the securities are subject to change without notice. USE OF LINKS This website contains links to third party websites. These links are provided only as a convenience. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by Longchamp Asset Management of any information contained in any third party website. In no event shall Longchamp Asset Management be responsible for the information contained on that site or your use of or inability to use such site. You should also be aware that the terms and conditions of such site and the site’s privacy policy may be different from those applicable to your use of this website. LIMITATION OF LIABILITY Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from interception by third parties of any information or services made available to you via this website or the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Longchamp Asset Management. Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur if you use a link to this site. Longchamp Asset Management shall prohibit anyone from creating such a link without its prior express authorization. In no event will Longchamp Asset Management or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Longchamp Asset Management or any other such party has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user’s equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure.

    To continue your navigation, please select your investor type:

    Institutional Investor

    Private Investor


    By clicking “Accept” you confirm that (i) you do not have your legal residence in the United States, (ii) you are not a U.S.-Person; (iii) you have been informed of the countries where the products have been passported, (iv) and that you have read the Terms of Use above and agree with them.

    Your Profile : No profil - Select

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