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This material describes an investment strategy. Any reference to specific funds or vehicles (including any performance information relating to such funds or vehicles) is included solely to illustrate how the strategy has been implemented historically and is not an invitation to invest in any such fund or vehicle. 

The funds referred to herein have not been registered under the U.S. Securities Act of 1933, as amended, and (where applicable) have not been registered under the U.S. Investment Company Act of 1940, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons except pursuant to an available exemption from registration and in a transaction that is lawful under applicable U.S. securities laws.

Where performance is presented, it is intended to be presented in a manner that is fair, balanced and not misleading. To the extent this material is subject to the U.S. Investment Advisers Act marketing rule (Rule 206(4)-1), any applicable requirements relating to the presentation of performance (including net and gross performance and related disclosures, as applicable) are intended to be addressed.

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