This information is confidential and intended for the audiences as indicated. It is not to be distributed to, or disclosed to retail investors.
The views expressed represent the investment teams as of the date indicated, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice.
The information in this document is not, and should not be construed as, an advertisement, an invitation, an offer, a solicitation of an offer or a recommendation to participate in any investment strategy or take any other action, including to buy or sell any product or security or offer any banking or financial service or facility in any jurisdiction where it would be unlawful to do so.. The information presented is not intended and should not be construed to be a presentation of information for any pooled vehicle including U.S. mutual funds. This document has been prepared without taking into account any person’s objectives, financial situation or needs. Recipients should not construe the contents of this document as financial, investment or other advice. It should not be relied on in making any investment decision.
Future results are impossible to predict. This document contains opinions, conclusions, estimates and other forward-looking statements which are, by their very nature, subject to various risks and uncertainties. Actual events or results may differ materially, positively or negatively, from those reflected or contemplated in such forward-looking statements. Past performance is not a reliable indicator of future performance. Investing involves risk including the possible loss of principal.
This presentation does not contain all the information necessary to fully evaluate any investment program, and reliance should not be placed on the contents of this document. Any decision with respect to any investment program referred to herein should be made based solely upon appropriate due diligence by the prospective investor. The investment capabilities described herein involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful.
No representation or warranty, express or implied, is made as to the accuracy or completeness of the information, opinions and conclusions contained in this presentation. In preparing this presentation, reliance has been placed, without independent verification, on the accuracy and completeness of all information available from external sources.
To the maximum extent permitted by law, none of the entities under Macquarie Investment Management nor any other member of the Macquarie Group nor their directors, employees or agents accept any liability for any loss arising from the use of this presentation, its contents or otherwise arising in connection with it.
Other than Macquarie Bank Limited (MBL), none of the entities noted in this presentation are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
Diversification may not protect against market risk.
Investing involves risk, including the possible loss of principal.
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.
A Portfolio may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.
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The following registered investment advisers form part of Macquarie Group’s investment management business, Macquarie Investment Management: Macquarie Investment Management Business Trust, Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Capital Investment Management LLC.
For recipients in the United States, this document is provided by Macquarie Investment Management Business Trust (MIMBT). Institutional investment management is provided by Macquarie Investment Management Advisers (MIMA), a series of MIMBT. MIMBT is a U.S. registered investment advisor, and may not be able to provide investment advisory services to certain clients in certain jurisdictions.
For recipients in the European Economic Area, this document is a financial promotion distributed by Macquarie Investment Management Europe Limited (MIMEL) to Professional Clients or Eligible Counterparties defined in the Markets in Financial Instruments Directive 2014/65/EU. MIMEL is authorised and regulated by the Financial Conduct Authority. MIMEL is incorporated and registered in England and Wales (Company No. 09612439, Firm Reference No. 733534). The registered office of MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD. The investment capabilities described herein are managed by MIMEL, with day-to-day management responsibilities sub-delegated to relevant affiliated managers.
This document has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
For recipients in Switzerland, this document is distributed by Macquarie Investment Management Switzerland GmbH. In Switzerland this document is directed only at qualified investors (the “Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended (“CISA”) and its implementing ordinance.
For recipients in Australia, this document is provided by Macquarie Investment Management Global Limited (ABN 90 086 159 060 Australian Financial Services Licence 237843) solely for general informational purposes. This document does not constitute a recommendation to acquire, an invitation to apply for, an offer to apply for or buy, an offer to arrange the issue or sale of, or an offer for issue or sale of, any securities in Australia. This document has been prepared, and is only intended, for ‘wholesale clients’ as defined in section 761G of the Corporations Act and applicable regulations only and not to any other persons. This document does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or invitation to arrange the issue or sale, or an issue or sale, of interests to a ‘retail client’ (as defined in section 761G of the Corporations Act and applicable regulations) in Australia.
For recipients in PRC, Macquarie is not an authorized securities firm or bank in the People’s Republic of China and does not conduct securities or banking business in the People’s Republic of China.
For recipients in Hong Kong, this document is provided by Macquarie Funds Management Hong Kong Limited (CE No. AGZ772) (MFMHK), a company licensed by the Securities and Futures Commission for the purpose of giving general information in relation to the strategy(ies) described herein. The information contained in this presentation is provided on a strictly confidential basis for your benefit only and must not be disclosed to any other party without the prior written consent of MFMHK. If you are not the intended recipient you are not authorised to use this information in any way. This presentation does not, and is not intended to, constitute an invitation or an offer of securities, units of collective investments schemes or commodities (or any interests in any index thereof) for purchase or subscription in Hong Kong. The information in this presentation is prepared and only intended for professional investors and not to any other person. This presentation has not been approved or reviewed by the Securities and Futures Commission.
For recipients in Korea, this document is provided at the specific request of the recipient who is a person specified under Article 101(2) of the Presidential Decree of the Financial Investment Services and Capital Markets Act (Act) without any solicitation by Macquarie. Therefore, this document may not be distributed, either directly or indirectly, to others in Korea. The person receiving this document represents and warrants that if it receives this document, it is a professional investor as defined under the Act. No member of the Macquarie Group makes any representation with respect to the eligibility of any recipients of this presentation to acquire the products or services therein under the laws of Korea, including but without limitation the Foreign Exchange Transactions Act and Regulations thereunder. The products and services have not been registered under the Act, and none of the interests may be offered, sold or delivered, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to applicable laws and regulations of Korea.
For recipients in Malaysia, Taiwan, The Philippines, this document is provided at the specific request of the recipient.
For recipients in Singapore, the Strategies which are the subject of this document do not relate to a collective investment scheme which is authorised under section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under section 287 of the SFA. The Strategies are not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and shares are not allowed to be offered to the retail public. Each of this document and any other document or material issued in connection with the document is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you. This document has not been registered as a prospectus with the MAS. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of shares may not be circulated or distributed, nor may shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
For recipients in Japan, this document is provided by MFMHK. MFMHK is supported by Macquarie Asset Management Japan Co., Ltd., a Financial Instruments Business Operator: Director General of the Kanto Local Finance Bureau (Financial Instruments Business) No.2769 (Member of Japan Investment Advisers Association). This presentation does not, and is not intended to, constitute an invitation or an offer of securities in Japan. The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan. None of the securities may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re‐offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, or otherwise in compliance with, the Financial Instruments and Exchange Act of Japan and in compliance with any other applicable laws and regulations of Japan.
Macquarie Group, its employees and officers may act in different, potentially conflicting, roles in providing the financial services referred to in this document. The Macquarie Group entities may from time to time act as trustee, administrator, registrar, custodian, investment manager or investment advisor, representative or otherwise for a product or may be otherwise involved in or with, other products and clients which have similar investment objectives to those of the products described herein. Due to the conflicting nature of these roles, the interests of Macquarie Group may from time to time be inconsistent with the Interests of investors. Macquarie Group entities may receive remuneration as a result of acting in these roles. Macquarie Group has conflict of interest policies which aim to manage conflicts of interest.
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For institutional investors and investment professionals only.