Terms & Conditions
Terms & Conditions of Use
Your use of the Website
In connection with your use of this website, you agree: (i) to comply with all applicable laws and regulatory requirements relating to your use of the website; (ii) that all information provided by you in connection with your use of the website is complete and accurate; (iii) that none of the information displayed on the website constitutes investment, financial or legal advice and that you are not relying on it as such and will take independent professional advice as necessary before making any investment decision; and (iv) to keep any password that may be assigned to you in order to access the website confidential; not to share such password with, or pass such password to, any other person; and to notify Cirera Capital Limited if you become aware of such password being used by any other person to access the website.
Cirera Capital Limited
This website has been published by Cirera Capital Limited (“Cirera”) a limited company established under the laws of England and Wales. Cirera is an alternative investment fund manager (“AIFM”) authorised and regulated by the Financial Conduct Authority (“FCA”).
This website is not intended as an offer or solicitation with respect to the purchase or sale of any security. This document is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. In particular this document is not intended for distribution in the United States or for the account of U.S. persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (the 'Securities Act')) except to persons who are 'qualified purchasers' (as defined in the United States Investment Company Act of 1940, as amended (the 'Company Act')) and 'accredited investors' (as defined in Rule 501(a) under the Securities Act of 1933).
This website is a marketing communication and is intended solely for distribution to professional clients, eligible counterparties and other persons to whom the Cirera Funds (as defined below) may lawfully be promoted under the Financial Services and Market Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and/or Chapter 4.12 of the FCA's Conduct of Business Rules, as appropriate.
Information on this website is confidential and may not be reproduced, in whole or in part, or delivered to any other person without the prior written consent of Cirera. Proprietary information is presented solely for discussion purposes. Under no circumstances should it be used, or considered, as an offer to sell, or a solicitation of any offer to buy any investment, nor shall it or the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract for any investment. Any offer of investments will only be made on the basis of an offering memorandum or a prospectus in respect of such investments (containing a description of material terms of the investment and the relevant investment risks).
All opinions, projections and estimates constitute the judgment of the author as of the date published and are subject to change without notice. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained on this website by Cirera or any investment fund or account managed or advised by Cirera (collectively, “Cirera Funds” or "Funds"). Statements and analysis contained in this document are based upon a number of assumptions. Changes in such assumptions could produce materially different results.
The information presented on this website is not investment advice and does not take into consideration the investment objectives, financial situation or particular needs of any investor. Investing entails certain risks, including the possible loss of the entire principal amount invested. Prospective investors should seek their own financial, tax, accounting and legal advice in connection with any proposed investment. Users should be aware that Cirera is not acting for, or advising, them and is not responsible for providing them with the protections available under the UK regulatory system.
Any investor who proposes to subscribe for an investment in Cirera Funds must be able to bear the risks involved and must meet the respective Fund’s suitability requirements. Some or all alternative investment programs may not be suitable for certain investors. No assurance can be given that investment objectives will be achieved.
Cirera’s investments may be speculative and involve a substantial degree of risk. The Funds may be leveraged and engage in other speculative investment practices that may increase the risk of investment loss. The fees and expenses typically earned by Cirera and its funds or affiliates may offset the Funds' trading profits. The instruments in which the Funds invests may involve complex tax structures and there may be delays in distributing important tax information. The Funds are not required to provide periodic pricing or valuation information to investors with respect to its individual investments. Cirera is not subject to the same regulatory requirements as mutual funds. Cirera is subject to various other risk factors and conflicts of interest. For further information regarding the risk factors and conflicts of interest with respect to Cirera, please refer to the Funds' Offering Memoranda. Inherent in any investment is the potential for loss.
Cirera’s portfolio managers have had positive trading results over certain periods in the past while employed at prior firms. However, prospective investors must consider the uncertain significance of past performance in determining whether or not to invest in funds offered by Cirera. Investors should not substantially rely on the past record of Cirera’s portfolio managers as a prediction of future performance. Investors should not assume that trading decisions made by Cirera in the future will be profitable. Because some investors may have different fee arrangements and depending on the timing of a specific investment, net performance for an individual investor may vary from the net performance as stated herein.
Intellectual Property Rights
You are given access to the content on this website on a confidential basis. You are not allowed to create links to the website from any other website without our prior written consent.
You may download the information on this website and reproduce it in hard copy for your personal use only. The information contained in this website may not otherwise be reproduced, copied, stored, transmitted or redistributed in whole or in part to any other person or incorporated in any way into another database, document or other materials, systematically or otherwise, without the prior written consent of Cirera. If you download, print or copy any pages or content from the website as permitted by these terms, you must ensure that any copyright, trade mark or other intellectual property rights notices contained in the content are reproduced. You acknowledge that you do not acquire any ownership rights by downloading content from the website.
Limitations of Liability
In no event will Cirera (or its affiliates, directors, officers, partners or employees) be liable to you for any loss or damage of any nature (and whether arising from negligence, breach of contract or otherwise) arising from or in connection with your access to or inability to access, your use (or attempted use) of, the website or the information displayed on the website, or in the event of any failure or interruption of the website, or resulting from the act or omission of any other party involved in making the website, the data displayed on the website or the products or services offered on the website, regardless of whether or not such loss or damage was foreseeable or within the control of Cirera.
Governing Law and Dispute Resolution
The Fund has appointed ACOLIN Fund Services AG, succursale Genève, 6 Cours de Rive, 1204 Geneva, Switzerland, as its Swiss Representative. Banque Heritage SA, 61 Route de Chêne, CH-1208 Geneva, Switzerland is the Swiss Paying Agent. In Switzerland shares shall be distributed exclusively to qualified investors. The fund offering documents, articles of association and audited financial statements can be obtained free of charge from the Representative. The place of performance with respect to shares distributed in or from Switzerland is the registered office of the Representative.
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Commitment to the UK Stewardship Code
UK Stewardship Code COBS 2.2.3R of the FCA’s Conduct of Business Sourcebook requires Cirera Capital Limited (“Cirera”, or the “Firm”) to disclose clearly on its website the nature of its commitment to the Financial Reporting Council’s Stewardship Code (the “Code”).
The Code was first published by the FRC in July 2010, then updated in September 2012, and then subsequently the FRC published a new UK Stewardship Code 2020 which took effect from the 1 January 2021. The code is a voluntary code and sets out a number of principles aiming to enhance engagement between institutional investors (including both fund managers and asset owners) and companies.
The FRC defines ‘stewardship’ as ‘the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.’
The twelve principles of the 2020 Code for asset managers are:
Purpose and governance
1. Signatories’ purpose, investment beliefs, strategy, and culture enable stewardship that creates long term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.
2. Signatories’ governance, resources and incentives support stewardship
3. Signatories manage conflicts of interest to put the best interests of clients and beneficiaries first.
4. Signatories identify and respond to market-wide and systemic risks to promote a well- functioning financial system.
5. Signatories review their policies, assure their processes and assess the effectiveness of their activities
6. Signatories take account of client and beneficiary needs and communicate the activities and outcomes of their stewardship and investment to them.
7. Signatories systematically integrate stewardship and investment, including material environmental, social and governance issues, and climate change, to fulfil their responsibilities.
8. Signatories monitor and hold to account managers and/or service providers.
9. Signatories engage with issuers to maintain or enhance the value of assets.
10. Signatories, where necessary, participate in collaborative engagement to influence issuers.
11. Signatories, where necessary, escalate stewardship activities to influence issuers.
Exercising rights and responsibilities
12. Signatories actively exercise their rights and responsibilities.
Cirera invests in a variety of asset classes in a variety of jurisdictions globally and exposure to UK listed companies is chiefly achieved through investment in (non-voting) financial derivative positions. Since the Firm’s strategy does not involve investing in the shares of companies, the Code has a limited application to its investment activities.
The Firm has a conflicts of interest policy in place to identify the risk of any conflicts of interest arising with or between its clients and has in place procedures to deal with any conflicts that may arise. All policies and procedures are regularly reviewed and updated. There are currently no circumstances and manner in which Cirera will vote on behalf of clients.
While the Cirera generally supports the objectives that underlie the Code, the Firm does not consider it appropriate to commit to adhering to the Code at this time. If the Firm’s investment strategy changes such the provisions of the Code become relevant, the Firm will review and if necessary, amend this disclosure accordingly.