Risk disclosure

Capital at risk

Capital at risk. Past performance is not a reliable indicator of future results.

You may receive less than the amount you invested, and in some circumstances you could lose your entire investment. Investment values can fall as well as rise, and losses may be permanent.

Market risk

The value of investments can be affected by changes in financial markets, economic conditions, interest rates, inflation, political developments, investor sentiment, and other factors.

Market movements can affect both individual investments and the overall value of a portfolio. Diversification can help manage risk but cannot eliminate it.

Concentration risk

A portfolio with significant exposure to a particular company, sector, asset class, market, or investment theme may be more affected by adverse developments in that area.

The impact of an individual investment can be greater where a portfolio has limited diversification.

Liquidity risk

Some investments cannot be sold immediately or may only be available for withdrawal at specified times. Market conditions can also affect the ability to sell an investment at an expected price.

Investors should review the liquidity and withdrawal terms of a portfolio before investing and ensure that the investment is appropriate for their financial needs and time horizon.

Currency risk

Where a portfolio invests in assets denominated in currencies other than the portfolio's base currency, movements in exchange rates can affect the value of the investment.

Currency movements can increase or reduce investment returns independently of changes in the underlying asset.

Counterparty and operational risk

Investments may involve exposure to issuers, financial institutions, custodians, service providers, or other counterparties. The failure or financial difficulty of a counterparty can result in losses or delays.

Operational events, technology failures, processing errors, fraud, cyber incidents, or other disruptions may also affect investment services. We maintain appropriate measures designed to manage these risks, but no financial platform or investment service can eliminate operational risk entirely.

Interest rate and credit risk

Investments in bonds, loans, and other credit-related instruments may be affected by changes in interest rates, credit conditions, borrower circumstances, and the financial strength of issuers or borrowers.

A deterioration in credit quality or a failure to meet financial obligations can reduce the value of an investment and may result in a partial or total loss.

Private-market and alternative investment risk

Investments with exposure to private markets or alternative assets may involve greater valuation uncertainty, limited liquidity, longer investment horizons, and additional risks compared with more liquid public-market investments.

Investors should carefully review the specific risks and terms applicable to any portfolio containing private-market or alternative investments.