This document intends to provide information and opinions on different matters. It is intended only for this purpose. This document does not constitute an advice, an offer nor a solicitation by Banque Eric Sturdza S.A. or on behalf of Banque Eric Strudza S.A. to buy or sell any financial instrument or to subscribe to any financial instrument. This document does not contain any recommendation personal or generic and does not take into account the investment objectives, financial situation or needs, or knowledge and experience of any persons. This document does not contain any offer or any solicitation to purchase or subscribe to any financial services or to participate in any financial strategy in any jurisdiction. It does not constitute an advertisement or an investment recommendation or a research or strategy recommendation. Moreover, it is provided for informational and illustrative purposes only and does not contain financial analysis. This document mentions and presents benchmarks which may only be used for comparison. The information provided must not be relied on and must not be the only source to make a decision about financial investments. It is also not a legal or tax advice, or any recommendation about any kind of financial services and is not intended to constitute any kind of basis on which to make a decision on a financial investment. Banque Eric Sturdza SA is not responsible and may not be held responsible for any loss arising from decision taken on the basis of the information provided in this document or for any liabilities arising from such decision. Although all due diligence has been performed to ensure that this information is accurate at the time of its publication, no guarantee is given regarding its accuracy, exhaustiveness or reliability. The information provided may change, even immediately after publication and there is no obligation to provide an up to date information at any time. Furthermore, the information provided in this document do not intend to provide all the legal and necessary information on financial instruments or on issuers. Other publications from Banque Eric Sturdza SA may in the past or in the future reach different conclusions from the information contained in this document. Furthermore, the present document and the information provided do not in any way engage the responsibility of Banque Eric Sturdza S.A., its affiliated companies, or its employees.
Information on risks
Investments are subject to a variety of risks. Before taking any decision of investment or entering in any transaction, any investor should request detailed information on the risks associated with the decision of investment and with the financial investment. Some type of products are in general bearing higher risks than others but general rules cannot be relied on. It is remembered that past performance is not a reliable indication of future results and that historical returns and past performance as well as financial market scenarios are not reliable indicator of future performance, significant losses remaining always possible. The value of any investment depends also on the fact that the base currency of the portfolio is different from the currency of the investment subject to the foreign exchange rates. The exchange rates may fluctuate and adversely affect the value of the investment when it is realized and converted in the base currency of the portfolio.
This document is not directed towards specified jurisdictions or toward specific person or entity resident in a specific jurisdiction and doesn’t constitute any act of distribution, in jurisdiction where such publication or such distribution is contrary to the applicable law or regulation or would be contrary to any mandatory license requirement. This document is provided for the sole use of its recipient and must not be transferred to a third person or reproduced.