No Offer or Advice

The information included in this Website has been prepared for information purposes and does not constitute any financial, investment, legal, tax or other advice or recommendation with respect to any securities or other financial instruments referred to herein, it is not tailored for any particular investor, and does not otherwise constitute, and may not be construed as, individual investment advice. The information on our site is provided solely on the basis that you make your own investment decisions. You should obtain relevant and specific professional advice before making any investment decision.

Investment Information

The distribution of information contained on our site in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. This information does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring any investment should inform themselves as to: (i) the legal requirements within the countries of their nationality, residence, ordinary residence or domicile for such acquisition; (ii) any foreign exchange control requirement which they might encounter on the acquisition or sale of investments; and, (iii) the income tax and other tax consequences which might be relevant to the acquisition, holding or disposal of any investment. We, our affiliated companies, and our and their members and/or directors, officers and/or employees may have holdings in funds managed by Perspective Investments and may otherwise be interested in transactions that you effect in such funds.

Risk Factors

Past performance may not be repeated and should not be seen as a guide to future performance. The value of investments and the income therefrom may go down as well as up and investors may not get back the original amount invested. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall. The levels and bases of and reliefs from taxation may change.

Sales Restrictions

General Sales Restrictions

The distribution of information contained on our site in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. This information does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

Pi Investment Management Limited, the Investment Manager, is responsible for distributing shares in the Fund and/or overseeing the distribution of shares in the Fund. Currently, Pi Investment Management Limited does not actively market the Fund but it reserves the right to do so in countries where it is able, registered and/or regulated to do so. 

Pi Investment Management Limited provides information on itself and on its investment capabilities and strategies to individuals and institutions that it believes are qualified investors, where it believes it is compliant with regulations to do so.  If recipients of such information are interested to do so then they must make a request in writing for information on pooled vehicles that Pi Investment Management Limited manages, including private funds such as the Fund.  Even then, satisfaction of investor qualification criteria does not guarantee that information will be made available or that  a subscription into any pooled vehicle that Pi Investment Management Limited manages will be accepted.

Information for investors in the United Kingdom

The investment funds referred to on this Website are unregulated collective investment schemes for the purposes of the UK Financial Services and Markets Act 2000 (“FSMA”) and alternative investment funds (“AIFs”) for the purposes of the EU Alternative Investment Fund Managers Directive (“AIFMD”). The promotion of such investment funds and the distribution of offering materials in relation to such funds in the UK are accordingly restricted by law. The information on this Website is directed only at persons to whom such investment funds may lawfully be promoted by a person authorised under the FSMA (an 'authorised person') by virtue of Section 238(5) of FSMA and Section 4.12 of the FCA Conduct of Business Sourcebook, or (ii) as permitted by the FSMA (Financial Promotions) Order 2005. The investments and investment services to which our site relates are only available to such persons and other persons should not act or rely on it. In particular, no investment or service to which our site may relate is intended for retail clients nor will be made available to retail clients. Investors in the funds will not benefit from the rules and regulations made under FSMA for the protection of investors, nor from the Financial Services Compensation Scheme. Interests in the funds are not dealt in or on a recognised or designated investment exchange for the purposes of FSMA, nor is there a market maker in such interests, and it may therefore be difficult for an investor to dispose of his interests otherwise than by way of redemption. An application for interests in any of the funds should only be made having read fully the relevant offering memorandum. It is your responsibility to use such offering memorandum and by making an application you will be deemed to represent that you have read such offering memorandum and agree to be bound by its contents.

Information for Investors in the European Economic Area

In the European Economic Area, the information on this Website is not to be issued or distributed to, nor directed at, persons other than "Qualified Investors" within the meaning of Article 2e of Regulation (EU) 2017/1129 of 14 June 2017 (the “Prospectus Regulations”). The information contained on this Website must not be accessed by, acted on, or relied on by persons in the European Economic Area who are not Qualified Investors. Within the European Economic Area, any investment or investment activity to which the information on this Website relates is only available to Qualified Investors and will be engaged in only with Qualified Investors.

Information for investors in Australia

Subject to certain exceptions, the securities referred to herein and on the pages that follow may not be offered, sold, resold, taken up, exercised, renounced, transferred, delivered or distributed, directly or indirectly, in Australia or to any resident or citizen of Australia. The offer and sale of the securities referred to have not been and will not be registered under the applicable securities laws of Australia.

Information for investors in Canada

Subject to certain exceptions, the securities referred to herein and on the pages that follow may not be offered, sold, resold, taken up, exercised, renounced, transferred, delivered or distributed, directly or indirectly, in Canada or to any resident or citizen of Canada. The offer and sale of the securities referred to have not been and will not be registered under the applicable securities laws of Canada.

Information for Investors in Hong Kong

In Hong Kong, this Website is directed only at persons who qualify as “professional investors” as defined in the Securities and Futures Ordinance (the “SFO”) and the Securities and Futures (Professional Investor) Rules made under the SFO. The information contained in this Website does not constitute an “offer to the public” within the meaning of the Companies Ordinance, and is not an advertisement, invitation or document relating to any securities or collective investment schemes or any other investment under the SFO. None of the investment funds described on this Website have been authorised by any regulatory authority in Hong Kong. Any investment or investment activity to which this Website relates is available only to, and will be engaged in only with, professional investors. Any person who is not a professional investor should not act or rely on this Website or any of its content.

Information for investors in Japan

Subject to certain exceptions, the securities referred to herein and on the pages that follow may not be offered, sold, resold, taken up, exercised, renounced, transferred, delivered or distributed, directly or indirectly, in Japan or to any resident or citizen of Japan. The offer and sale of the securities referred to have not been and will not be registered under the applicable securities laws of Japan.

Information for investors in Switzerland

In Switzerland, information on this Website intended only for Qualified Investors pursuant to Article 10.3 of the Collective Investment Schemes Act (“CISA”). The information may not be distributed to Non-qualified Investors. Qualified Investor pursuant to Article 10 Paragraph 3,3 bis and 3 ter CISA are in particular:
• regulated financial intermediaries, such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks;
• regulated insurance companies;
• public entities and retirement benefits institutions with professional treasury facilities;
• companies with professional treasury facilities; and
• high-net-worth individuals which fulfil the requirements of Article 6 of the Ordinance on Collective Investment Schemes of 22 November 2006.
In the event that you are an "independent asset manager" and fulfil the requirements of Article 3 Paragraph 2 lit. c CISA, you certify that you will use the information on this Website exclusively for those of your clients that are considered as Qualified Investors within the meaning of Article 10 CISA.

Information for investors in the United States of America

This Website is directed to US Investors that are “Qualified Purchasers”, meaning institutions with at least $25 million of investments or individuals with at least $5 million of investments. Any person who is not a Qualified Purchaser should not act or rely on this Website or any of its content. Currently, Perspective Investments is not offering its strategies and products to US Investors, although it may do so in the future. Pi Investment Management Limited is not registered as a commodity pool operator with the US Commodity Futures Trading Commission, is not a member of the US National Futures Association, and is not registered as an investment adviser with the US Securities and Exchange Commission.

Information for investors in other jurisdictions

See General Sales Restrictions, above.

Your use of our Website

These Terms of Use of our Website (the “Terms”) set out the terms on which you may make use of our site, whether as a guest or a registered user, and apply to every page on our Website, whether or not such pages are individually disclaimed. Please read these terms of use carefully before you start to use our Website. By using our Website, you have indicated that you accept these terms of use and that you agree to abide by them. If you do not agree to these terms of use, please refrain from using our Website.

You acknowledge and agree that if you do not own the computer or device on which you access the Website, you have obtained permission from the owner to use and access the Website from such a computer or device and that you are responsible for the use of and access to the Website by way of such a computer or device.

When using our Website, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on our Website in certain countries and we and our affiliated companies disclaim all responsibility if you download any information from our Website in breach of any law or regulation of the country in which you reside.

You must NOT use our Website (or permit or procure others to use it) as follows: for any unlawful, improper or illegal purpose or activity; to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason; in a manner intended to threaten, harass, or intimidate; to violate our or any third party's copyright, trademark, proprietary or other intellectual property rights; to damage our name or reputation or that of our affiliated companies or any third parties; to impersonate any of our employees or other person or use a false name while using our Website or implying an association with us; to penetrate our security measures or other entities' systems ("hacking"); to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using our Website; to generate excessive amounts of internet traffic, to interfere with our network or other's use of our Website or to engage in activities designed to or having the effect of degrading or denying service to users of our Website or others; to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into our Website or any other entity's systems and it is your responsibility to ensure that whatever you download or select for your use from our Website is free from such items; to post or transmit information that is defamatory, fraudulent or deceptive, including but not limited to scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or to transmit confidential or proprietary information, except solely at your own risk.

Access to our Website is permitted on a temporary basis and we reserve the right to withdraw or amend the service we provide on our Website without notice. We do not accept any liability if for any reason our Website is unavailable at any time or for any period. The materials and information displayed on our Website are provided without any guarantees, conditions or warranties as to accuracy or completeness and are not intended to amount to advice. We disclaim all liability and responsibility arising from any reliance placed on such materials and information by any visitor to our Website, or by anyone who may be informed of any of its contents. Except as otherwise stated, the information on our Website has been prepared, approved and issued by us and the information and opinions contained on our Website have been compiled, or arrived at, in good faith and based on publicly available information, or internally developed data and sources believed to be reliable as at the date of publication. However, to the extent permitted by law, we, our affiliated companies and other third parties connected to us hereby expressly exclude all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity and any liability for any direct, indirect or consequential loss or damage of any kind incurred by any user in connection with our Website or in reliance on the information or opinions contained in it, or in connection with the use, inability to use, or results of the use of our Website or any websites linked to it or materials posted on it. This does not affect our liability for any loss or damage which cannot be excluded or limited under applicable law. The internet is not a completely reliable transmission medium and neither we nor any of our affiliated companies accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from us or any of our affiliated companies. Any such transmission of information is entirely at your own risk. Where our Website contains links to other websites and resources provided by third parties, these links are provided for your information only. We have no control over the contents of those websites or resources and neither we nor any of our affiliated companies make any representation as to the accuracy or completeness of such Websites or resources and have not and will not review or update them. Neither we nor any of our affiliated companies accept any responsibility for websites and resources provided by third parties or for any loss or damage that may arise from your use of them. You undertake to indemnify and hold us harmless from and against all or any claims, actions, liabilities, demands, proceedings or judgements (“Proceedings”) brought or established against us and against all losses and all reasonable costs, charges and expenses (including legal fees) which we may suffer or incur (including, but not limited to, all such losses, costs, charges or expenses reasonably suffered or incurred in disputing or defending any Proceedings and/or in establishing its right to be indemnified and/or in seeking advice in relation to any Proceedings) and which in any such case arise in connection with or out of any breach or alleged breach by you of any of your obligations and/or undertakings under these terms. This does not exclude or restrict any duty or liability that we have to our customers under regulatory systems that apply to us.

We are the owner or the licensee of all intellectual property rights on our Website, and in the materials published on it. Those works are protected by laws and treaties around the world. All such rights are reserved. You may use the materials on our Website and reproduce them in hard copy for your own reference only. Such materials may not otherwise be reproduced, distributed, stored in a data retrieval system or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without our prior written consent. Nothing on our Website should be construed as granting any licence or right in relation to any of our trademarks or those of our affiliated companies or any third party. We are concerned about the privacy of any personal information you may provide to us through this Website. A "cookie" is a piece of information that is saved to your computer's hard disk by the web server. Confirmation of your reading and accepting these terms and conditions will place a cookie on your computer's hard disk. This will ease your navigation around this Website by not popping up these terms and conditions again during this browser session. The cookie is temporary and will be removed when you close your browser. The cookie is not used for any other reason. You are not obliged to accept a cookie that we send you, and you can modify your browser so that it will not accept cookies.

We may collect certain personal information about you such as your name, address, telephone number, email address details and other information that you submit to us via this Website, including in connection with our client registration procedures. We use this information to ensure compliance with our regulatory obligations and for our own internal purposes. Please note that by submitting personal information you are consenting to such information being processed for the purposes referred to above. You also agree that we have the right to use and store such data on our internal systems and to transfer it to our associated entities, whether inside or outside the European Union, for the purpose of providing services to you. You should also be aware that the level of protection in relation to the processing of personal data may not be the same in countries outside the European Union as in those within the European Union. If you have any questions on our use of your personal information, please see the Privacy Notice section of this Website.

We may assign, novate or otherwise transfer any of its rights or obligations under these Terms to a purchaser of all or substantially all of our assets or business involved in the performance of these Terms, or a member of our corporate group from time to time, by giving you written notice including notice on the Website. You shall not assign, novate or transfer any of your rights or obligations under these Terms without our prior written consent. No one other than a party to these Terms has any right to enforce them under the UK Contracts (Rights of Third Parties) Act 1999 or otherwise.

If any provision or part-provision of these Terms is held or made invalid, illegal or unenforceable by a court or legislative instrument, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of these Terms.

These Terms are governed by and shall be construed in accordance with English law. English courts will have exclusive jurisdiction over any dispute arising from, or related to, use of our Website and it is a condition of using our Website that you waive any objection to proceedings in such courts on the grounds of venue or that proceedings have been brought in an inconvenient forum, although we retain the right to bring proceedings against you for breach of these terms of use in your country of residence or any other relevant country. We may revise these terms of use at any time by amending this page. You are expected to check this page from time to time to take notice of any changes we made, as they are binding on you.

You shall be liable to us for any loss, liability or cost we suffer as a result of your use of our Website or any breach of these Terms. You agree to indemnify, defend and hold harmless us and our agents, employees and third party sources from and against any and all suits, losses, claims, demands, liabilities, damages, costs and expenses (including properly incurred attorneys' fees) that arise from or relate to: (a) your use of the Website; (b) your breach of these terms; or (c) your violation of any applicable law, statute, ordinance, regulation or of any third party's rights.