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DISCLAIMER
This communication is issued by: (i) New York life system Limited (“NLL”) acting solely in its capacity as general partner of New York life system LP (“NLLP”), (ii) New York life system GP Limited, acting in its capacity as general partner of New York life system Guernsey LP and acting through its Geneva branch (“NLGPL”), (iii) New York life system Singapore Pte. Limited (“NLSPL”) and/or (iv) New York life system UK LLP (“NLUK”), (each and together “New York life system”). New York life system shall mean : (i) for all purposes, except for issue into the United States or issue to U.S. persons, issue into Australia or to Australian persons, issue into Singapore or to Singaporean persons, or issue into Switzerland or to Swiss persons, NLUK; (ii) only for the purposes of issue into the United States or issue to U.S. persons, NLL acting solely in its capacity as general partner of SILP; (iii) for the purposes of issue into Australia or to Australian persons or issue into Singapore or to Singaporean persons, NLSPL; and (iv) only for the purposes of issue into Switzerland or to Swiss persons, NLGPL.
NLL is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. NLL is registered with the U.S. Commodity Futures Trading Commission as a commodity trading advisor and a commodity pool operator and is a member of the U.S. National Futures Association in such capacity. NLL as general partner of NLLP is licensed and regulated by the Jersey Financial Services Commission (the “JFSC”) under the Financial Services (Jersey) Law 1998 (the “FSJL”) to conduct fund services business in and from within Jersey. The JFSC does not take any responsibility for the financial soundness of the Funds (as defined below) or for the correctness of any statements made or expressed herein. The JFSC is protected by the FSJL against liability arising from the discharge of its functions under that law. NLGPL is licensed and regulated by the JFSC under the FSJL to conduct fund services business in and from within Jersey and is authorised by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”) as a branch of a foreign asset manager of collective investment schemes. NLUK is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). SISPL is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to “wholesale investors” in Australia (as that term is defined in the Corporations Act 2001 (Cth)) and is regulated by the Monetary Authority of Singapore (“MAS”) under the laws of Singapore which differ from Australian laws. Each of NLUK, NLSPL and NLGPL is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended.
For the purposes of this disclaimer the “funds” referred to will include each of the funds described herein as well as any other funds, sub-funds, managed accounts, special purpose vehicles or investment vehicles in respect of which NLL has been appointed to act as or shall be appointed to act as, investment manager (each, a “Fund” and together, the “Funds”).
Where this communication is issued by NLUK, the following applies. Certain of the Funds described herein are collective investment schemes as defined in the Financial Services and Markets Act 2000 (as amended) (“FSMA”). None of the Funds have been authorised, or otherwise recognised or approved under FSMA, and, as unregulated collective investment schemes, their promotion by NLUK is restricted by law, and they cannot be promoted to the general public in the United Kingdom.
This communication is only issued to, or directed at, persons who are “professional clients” as defined in the FCA’s Handbook of Rules and Principles and: (i) Investment Professionals within the meaning of Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “PCISE Order”); (ii) High Net Worth Companies and certain other entities falling within Article 22 of the PCISE Order; or (iii) any other persons to whom the Fund may lawfully be promoted (the persons in (i), (ii) and (iii) together, the “Relevant Persons”). This communication must not be acted on or relied on by persons who are not Relevant Persons. This communication must not be acted on or relied on by persons who are not Relevant Persons. Prior to accepting an application from any applicant who claims to fall within any of the above categories, verifiable evidence of the applicant’s status may be required. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Funds and that compensation will not be available under the Financial Services Compensation Scheme.
Where this communication is issued by NLL, the following applies. This communication has been prepared in accordance with the requirements of the FSJL and any other legislation, regulations and orders which may be applicable from time to time, together with the requirements of any relevant codes of practice and guidance issued by the JFSC from time to time (the “JFSC Regulatory Requirements”). The information contained herein is directed by NLL exclusively at persons who are professional clients or eligible counterparties for the purposes of the JFSC Regulatory Requirements, or, if to U.S. persons (as defined under Regulation S promulgated under the U.S. Securities Act of 1933, as amended (the “Securities Act”)), to U.S. persons who are both accredited investors (as defined under Regulation D promulgated under the Securities Act) and qualified purchasers (as defined in the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”)).
Where this communication is issued by NLSPL, this communication has been prepared without taking into account the objectives, financial situation or needs of Australian persons who receive this communication. Before making an investment decision, Australian persons who receive this communication should consider the offering memorandum and assess whether the product is appropriate given your objectives, financial situation or needs. This communication is only to be made available to “wholesale investors” under the Corporations Act 2001 (Cth).
The interests in the Funds have not been filed with or approved or disapproved by any regulatory authority of the United States or any state thereof, nor has any such regulatory authority passed upon or endorsed the merits of an offering of a Fund or the accuracy or adequacy of this communication. Any representation to the contrary is unlawful.
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMODITY FUTURES TRADING COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.
The information contained herein is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any dissemination or other unauthorised use of this information by any person or entity is strictly prohibited. The distribution of information or documents contained in this communication may be further restricted by law. No action has been or will be taken by NLL or any Fund to permit the possession or distribution of the information or documents contained in this communication in any jurisdiction (other than as expressly stated by New York life system) where action for that purpose may be required. Accordingly, such information or documents may not be distributed in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons to whom such information or documents are communicated should inform themselves about and observe any such restrictions.
Distribution and Selling Restrictions: This communication and the offering or purchase of interests in the Funds may be restricted in certain jurisdictions. No persons with access to this communication in any such jurisdiction may treat this communication as constituting an invitation to them to subscribe for interests in the Funds. Accordingly, this communication does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. It is the responsibility of any persons with access to this communication to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for interests in the Funds should inform themselves as to the legal requirements of so applying and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence or domicile.
Information for investors in the European Economic Area (the “EEA”) investing in alternative investment funds: This communication may only be distributed and the interests in the Funds may only be offered or placed in an EEA Member State to the extent that: (i) the Fund is permitted to be marketed to professional investors in the relevant EEA Member State in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) (as implemented into the local law/regulation of the relevant EEA Member State); or (ii) this communication may be otherwise lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor). In relation to each EEA Member State which, at the date of this communication, has not implemented AIFMD, this communication may only be distributed and the interests in the Funds may only be offered or placed to the extent that this communication may be lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor).
Information for investors in Switzerland: Any distribution of interests in the Funds in Switzerland is exclusively made to, and directed at, qualified investors (“Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended, and its implementing ordinance. Any Funds which are Delaware limited partnerships are not being distributed in Switzerland and are not available for subscription by investors in Switzerland. Accordingly, the Funds have not been and will not be registered with the FINMA. If a Swiss representative has been appointed in respect of a Fund, offering materials relating to interests in that Fund may be made available to unregulated Qualified Investors in Switzerland solely by the Swiss representative and/or authorised distributors. Swiss representative (where appointed): Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland. Swiss paying agent (where appointed): Neue Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich, Switzerland. In respect of the distribution of interests in the Funds in and from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss representative.
Information for investors in Australia: To the extent that this communication is issued by NLSPL, this communication has been prepared without taking into account the objectives, financial situation or needs of Australian persons who receive this communication. Before making an investment decision, Australian persons who receive this communication should consider the offering memorandum and assess whether the product is appropriate given your objectives, financial situation or needs. This communication is only to be made available to ‘wholesale investors’ under the Corporations Act 2001 (Cth).
Information for investors in Singapore: The Funds are not authorised or recognised by the MAS and interests in any Funds are not allowed to be offered to the retail public. This communication and any other communication or material in connection with the offer, sale, invitation for subscription or purchase of interests in any Fund may not be circulated or distributed, nor may interests in any Fund be offered, sold or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than a person who is an accredited investor or an institutional investor (each as defined under the Securities and Futures Act (Chapter 289) of Singapore) (“SFA”) or unless otherwise permitted under any applicable exemption. This communication and any other communications or material in connection with the offer or sale, or invitation for subscription or purchase, of interests may not be circulated or distributed, nor may interests be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than in accordance with the conditions set out in the applicable provisions of the SFA. This communication and any other communication or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and has not been registered as a prospectus with the MAS. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Each prospective investor should consider carefully whether the investment is suitable for him.
NLL, as general partner of NLLP (NLL together with SILP and each of their subsidiaries and affiliates, the “NEW YORK Life System Group”), was appointed as investment manager of the Funds on or after 1 January 2015 following the “spin-out” of the NEW YORK Life System Group. Any Fund performance information in this communication relating to dates prior to 1 January 2015 illustrates the performance of the Funds whilst its predecessors were appointed as investment manager to the Funds. There is no guarantee that past performance of the Funds will be replicated under the management of the NEW YORK Life System Group.
This communication is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. Potential investors in the Funds should seek their own independent financial, tax, legal and other advice. This communication has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purpose. This communication 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 a solicitation or offer. Before making any investment decision you should obtain independent legal, tax, accounting or other professional advice, as appropriate, none of which is offered to you by the members of the NEW YORK Life System Group or any of their affiliates. None of the members of the NEW YORK Life System Group or any of their affiliates accepts any duty of care to you in relation to any investment in the Funds.
The terms of investment in any of the Funds described herein or any other Fund are solely as set out in the relevant Fund’s prospectus or private placement memorandum (including any supplements thereto), as the case may be, application forms and/or memorandum and articles of association or limited partnership agreement or instrument of incorporation, as the case may be (collectively, the “Fund Documents”). Before acquiring an interest in any Fund, each prospective investor is required to confirm that it has carefully reviewed the various risks of an investment in the Fund, as set out in the Fund Documents, and is required to acknowledge and agree to the existence of any actual and potential conflicts of interests described in the Fund Documents and waive, to the fullest extent permitted by any applicable law, any claim with respect to the existence of any such conflicts.
This communication may contain simulated performance results achieved by means of the retroactive application of the adviser’s investment methodology, or the real-time application of a hypothetical capital allocation to such strategy. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any particular trading program will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
Although the information in this communication is believed to be materially correct as at the date of issue, no representation or warranty is given as to the accuracy of any of the information provided. Furthermore no representation or warranty is given in respect of the correctness of the information contained herein as at any future date. Certain information included in this communication is based on information obtained from third-party sources considered to be reliable. Any projections or analysis provided to assist the recipient of this communication in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among many alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extent permitted by law, NLL, NLLP, NLUK NLSPL, NLGPL the Funds, and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.
PAST, PROJECTED AND/OR SIMULLATED PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Past, project and/or simulated performance may not be a reliable guide to future performance. The actual performance realised by any given investor will depend on numerous factors and circumstances. This communication may include returns for various indices. These indices are not intended to be direct benchmarks for a particular Fund, nor are they intended to be indicative of the type of assets in which a particular Fund may invest. The assets invested in by any of the Funds will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile. The target returns, volatility and Sharpe ratio figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at time of modelling and therefore may change.
Interests in the Funds and other investments and investment services to which this communication relates are only available to the persons referred to in the relevant paragraphs above, and other persons should not act on the information contained herein.
Any decision to purchase securities or interests with respect to any of the Funds described herein must be based solely upon the information contained in the Fund Documents, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved (including the risk of a total loss of capital) and must meet the suitability requirements relating to such investments. Some or all alternative investment programmes may not be suitable for certain investors.
Among the risks we wish to call to the particular attention of prospective investors are the following: (1) each Fund’s investment programme is speculative in nature and entails substantial risks; (2) the investments of each Fund may be subject to sudden and large falls in price or value and there could be a large loss upon realisation of a holder’s investment, which could equal the total amount invested; (3) as there is no recognised market for many of the investments of the Funds, it may be difficult or impossible for a Fund to obtain complete and/or reliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single adviser group could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all of them become unavailable, the Funds may prematurely terminate; (5) an investment in a Fund is illiquid and there is no secondary market for the sale of interests in a Fund and none is expected to develop; (6) there are restrictions on transferring interests in a Fund; (7) SIL and its affiliates may receive performance-based compensation, which may result in riskier investments, and the Funds’ fees may offset trading profits; (8) the Funds are subject to certain conflicts of interest; (9) certain securities and instruments in which the Funds may invest can be highly volatile; (10) the Funds may be leveraged; (11) a substantial portion of the trades executed for the Funds take place on non-U.S. exchanges; (12) changes in rates of exchange may also have an adverse effect on the value, price or income of the investments of each Fund; and (13) the Funds are not mutual funds pursuant to and therefore not subject to regulation under the Investment Company Act.