Disclaimer

Issued by Marathon Asset Management Limited (“Marathon”), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom and registered with the Securities and Exchange Commission as an investment adviser in the United States of America. Note that Marathon, its affiliates and funds, and any associated documents, may not be registered or approved for marketing and distribution in the jurisdiction in which the reader resides, and therefore this document should not be seen as investment advice or as an invitation to invest to anyone to whom it would be unlawful to make such an offer or solicitation under applicable law and regulation.

Past performance is not a reliable indicator of future performance or results. The value of investments and the income from them can fall as well as rise. An investment may involve a high degree of risk and any investment objective may not be realised so that the original amount invested may not be returned. Returns data will be shown with dividends re-invested. Where gross returns are presented they do not reflect the deduction of investment advisory fees but are net of tax and trading expenses. Actual returns will be reduced by Marathon's fees and any other expenses which may be incurred. Representative fee structures and effect of fees upon client accounts are available on request; with further details set out in Part 2A of Marathon’s Form ADV. Please note certain risk metrics and statistics are provided based upon gross of performance data.

Stock examples, where included, demonstrate an investment theme or process. They do not represent all of the securities purchased, sold or recommended for advisory clients over the last year. A complete list of Marathon’s recommendations during the past 12 months is available upon request. No assumption should be made that investment in any security listed were or will be profitable nor will this fully represent a client’s investment experience. Where Marathon provides illustrative data in respect of a strategy, this may be based on one or more selected Marathon client accounts (with multiple data sets linked) to create the representative account.

Information provided does not constitute and should not be relied upon as investment advice nor any other advice; and may be based on research which has been acted on by Marathon or its employees for their own purposes. It also does not constitute an offer or solicitation to acquire units in a collective investment scheme to anyone to whom it would be unlawful to make such an offer or solicitation under applicable law and regulation. Marathon is not a fiduciary with respect to any person or plan by reason of providing this document. Recipients should carefully consider their own circumstances in assessing any potential investment course of action and consult their advisors accordingly; referring to relevant fund prospectuses, offering memorandums, key information documents or investment advisory agreements prior to making any final investment decisions. Please note that whilst this information has been prepared using best available data, Marathon assumes no responsibility for the consequences of any investment decisions made in reliance upon it. Where information contains data provided or derived from third parties and/or is data that may have been categorised or otherwise reported based upon client direction – Marathon assumes no responsibility for the accuracy, timeliness or completeness of any such information. Separately, fund prices may not have been audited by external auditors.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Marathon. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

This document is intended solely for the recipient to whom Marathon has addressed it and should not be transmitted to any other person, or reproduced or shared (in whole or part) with any third party without our written consent. All parties acknowledge they are duly licenced as applicable to receive index data. Further, any information, data or material attributed to a party other than Marathon shall not be reproduced without the written permission of the relevant party © Marathon 2024