We have developed a range of strategies to take advantage of the ever-evolving Emerging Markets asset class.
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Past Performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise. Where an investment involves foreign currency, it may be subject to fluctuations in value due to movements in exchange rates. Investors may not get back the amount originally invested.
The following is a summary of only some of the risk factors which may apply to an investment in a product or a segregated account managed by SCM (collectively an “Account”): Investment and Trading Risk: All investments risk the loss of capital. Investing in Emerging Markets: The Account will invest primarily in securities traded outside of the United States which entail risks typically not associated with investing in U.S. securities or property such as less publicly available information; accounting, auditing and financial reporting standards not comparable to those of U.S. companies; limited volume in securities markets, more volatile prices, slower settlement, less extensive regulation and additional costs. Concentration of Investments: the Investment Adviser may hold few and relatively large securities positions in relation to the Account’s capital that could result in a loss that materially reduces the Account’s capital. Equity Securities: the prices of these may be affected by general economic and market conditions, such as a broad decline in stock market prices, or by conditions affecting specific issuers, such as changes in earnings forecasts. Small and Mid-Cap Securities: The Account invests in such securities, the stock prices of which can be highly volatile. These companies may experience higher rates of bankruptcy or other failures than larger companies and they may be more likely to be negatively affected by changes in management. Fixed Income Securities: the Account will invest in fixed income securities which may be below “investment grade” and face adverse business, financial or economic conditions that could lead to the issuer’s inability to meet timely interest and principal payments. Companies that issue such securities often are highly leveraged and may not have available to them more traditional methods of financing. A major economic recession could severely disrupt the market for such securities and it is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities. Convertible Instruments: If a convertible instrument held by the Account is called for redemption, the Account will be required to permit the issuer to redeem the instrument, or convert it into the underlying stock, and will hold the stock to the extent the Investment Adviser determines that such equity investment is consistent with the investment objective of the Account. Currencies: the Account will invest in securities denominated in currencies other than the currency in which the Account is valued and therefore the value of the Account’s assets will fluctuate with U.S. dollar exchange rates as well as with price changes of the Account’s investments in the various local markets and currencies. Illiquid Assets: certain investment positions of the Account may become illiquid and such investments may require a significant amount of time from the date of initial investment before disposition. Limited Liquidity: an investment in the Account is not freely transferable and withdrawals are generally permitted only at certain periods upon prior written notice. Valuation Risks:certain securities held by the Account may be difficult to value and third party pricing information for the Account’s securities or other investments may not always be available. Absence of Regulatory Oversight. the Account does not intend to register under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and interests in the Account are not registered under the Securities Act of 1933, as amended (the “Securities Act”), Imposition of Tax Regardless of Cash Distributions: the Account may generate taxable income for a Member even though the value of the Member’s interest in the Account has declined. A Member may have to use personal funds to pay the income tax owed on the income or gain allocated to the Member. Brokerage: the Investment Adviser need not seek the lowest available commission cost and may cause commissions to be paid to a broker that pays for research or other services at a higher price than that which might be charged by another broker or dealer for effecting the same transaction. In-Kind Distributions: Members may receive in-kind distributions of securities or obligations in the Account’s portfolio which may not be readily marketable or saleable. Conflicts of Interest: the Investment Adviser may, from time to time, face conflicts of interest relating to its dealings with the Account.
The foregoing summary list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Account. Prospective investors consult with their own legal, tax and financial advisers before deciding to invest in an Account.