PROFESSIONAL INVESTOR AGREEMENT

The Investor has, by reason of its business & financial experience, such knowledge, sophistication and experience in financial and business matters and in making investment decisions of this type that it is capable of:
1. Evaluating the merits & risks of an investment in the Securities and making an informed investment decision;
2. Protecting its own interest; and
3. bearing the economic risk of such investment for an indefinite period of time.

READ THE DISCLAIMER

DISCLAIMER | Horatius Capital Limited is an Appointed Representative of Privium Fund Management (UK) Limited (“Privium”) which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. The content of this website is for information only and is not intended to be independent investment research. It is not an invitation to buy or sell an investment and is not advice on investments, taxation or on any other matter.This information is not intended to be used by or distributed to any person or entity in a jurisdiction or country where this would be contrary to local law or regulation. Within the EEA, the fund is only available to Professional Investors as defined by local Member State law and regulation. Outside the EEA, the fund is only available to Professional Clients or Eligible Counterparties as defined by the FCA, and in compliance with local law. This content is not intended for distribution in the United States (“US”) or for the account of US persons, as defined in the Securities Act of 1933, as amended except to persons who are “Accredited Investors”, as defined in that Act and “Qualified Purchasers” as defined in the Investment Company Act of 1940, as amended. It is not intended for distribution to retail clients. The representative in Switzerland is ARM Swiss Representatives SA, Route de Cité-Ouest 2, 1196 Gland, Switzerland. The paying agent in Switzerland is Banque Heritage, 61, route de Chêne, Case Postale 6600, CH-1211 Geneve 6, Switzerland. The Prospectus, the Articles of Association and annual financial statements can be obtained free of charge from the representative in Switzerland. The place of performance and jurisdiction is the registered office of the representative in Switzerland with regards to the Shares distributed in and from Switzerland. We believe the information on this website is based on reliable sources, but its accuracy cannot be guaranteed. The opinions expressed represent our views at the time of publication and are subject to change. Neither Privium nor Horatius Capital Limited will be liable for any losses relating to the accuracy, completeness or use of information on this website, including any consequential loss. Past performance does not predict future results and the capital value of investments and the income generated can fluctuate. Where investments are exposed to currencies other than the base currency of the managed account, they may be subject to foreign exchange rate fluctuations.

The registered office of Privium is The Shard, 24th Floor, 32 London Bridge Street, London, SE1 9SG.

Copyright©2019, Privium Fund Management (UK) Limited. All rights reserved.

Emerging Market investment grade sovereign debt offers yield pick-up

by | Dec 16, 2020 | EM IG spreads, Global Interest Rates

The graph from JP Morgan shows the Yield for Emerging Market Investment Grade sovereigns relative to several other sovereign or investment grade bond classes. Taken from the end of September, it nonetheless highlights the yield pick up available for investors able OR willing to make the shift into the Emerging Market space. With “low for longer” going to be driving Fed and ECB policy for sometime to come, this shift may continue in both the EM IG as well as the EM HY space.

Global Negative Yielding Debt: The New Normal

by | Dec 16, 2020 | Uncategorised

The new normal for investors has become the reality of negative yielding debt. Not only is this now a mainstay of many European Government Bond markets but investment grade debt, adjusted for inflation, is now also beginning to move into the same category. Paying a borrower to own their credit risk is something many emerging market borrowers would dearly wish for, but many are benefitting already from the absolute fall in global interest rates. This, plus the continued demand from investors for positive yields has gone some way to mitigate some of the Covid 19 related risks of lower GDP, lower tax revenue and higher fiscal deficits. As always, not all emerging market borrowers are equal and understanding both the economic and political dynamic has become more important that ever.

Bloomberg is the source of the data.

Turkey: Geo-Politics Impact on the FX Rate and Reserves

by | Oct 29, 2020 | Turkey

 

Turkey is one country we are currently watching with interest. The precipitous fall in US $ Foreign Exchange Reserves as well as the recent decline of the currency through 8 to the US dollar, is making many investors sit up and take notice.

Not only has Coronavirus decimated the tourist industry, a significant source of foreign exchange, but it is also putting the Government fiscal situation under increased strain.

The on-going adventurism of Turkish foreign policy, sabre rattling, or merely a tactic to divert domestic attention away from the unravelling economy, is creating a stir in Europe, Russia and the United States. One argument is that this is a land grab ahead of the expected change in President in the US and a likely re-set of relations under Biden.

Either way, the geo-political dimension to Turkey is creating some very interesting potential trades.

29/10/20

EmailPhoneLogin