Risk Disclosure

Investing in financial markets involves risk. Market prices, interest rates, currencies and issuer quality can change, and losses including the loss of invested capital are possible. Past performance is not a reliable indicator of future results.

Key risks

• Market risk: securities can fall in value because of economic, company-specific or geopolitical events.
• Liquidity risk: assets may not be saleable at the expected time or price.
• Currency risk: exchange-rate movements can increase or reduce returns.
• Credit risk: issuers or counterparties may fail to meet obligations.
• Inflation risk: nominal gains may not preserve purchasing power.
• Concentration risk: insufficient diversification can amplify losses.

No guarantee

Forecasts, simulations and model portfolios rely on assumptions and can differ materially from actual outcomes. Diversification and long holding periods cannot eliminate risk.

Personal assessment

Before investing, consider goals, time horizon, financial capacity and tolerance for losses. Tax and legal consequences should be discussed with appropriately qualified professionals.