Amati Global Investors Limited

This website is not intended to provide investment, tax or legal advice and none of its content should be construed as a recommendation to buy, sell, or hold, any security, investment product or service. You are solely responsible for determining whether any investment is appropriate for you, based on your investment objectives, financial circumstances and risk tolerance. If you are unsure about the meaning of any information provided, or if you are uncertain as to how to proceed, please consult an independent financial adviser. If you do not have a financial adviser, please contact, where information on finding one can be obtained.

Any research or analysis contained in this website has been prepared or obtained by Amati for its own use. While sources of information are believed to be reliable, no guarantee, warranty or representation is given as to their accuracy or completeness. Investment markets and conditions can change rapidly and as such any views expressed should not be taken as statements of fact nor should reliance be placed on these views when making investment decisions.

By checking the box and proceeding to the website you have confirmed that you have read and understood the information set out below and that you fully understand the risks involved in an investment of this nature.

Risk Warnings – general

1. Past performance is not a reliable indicator of future performance.
2. The value of investments and the income from them may go down as well as up, which means that your entire capital is at risk and you may not get back the full amount invested.
3. Investment in smaller companies can be higher risk than investment in well-established blue chip companies. Funds investing significantly in smaller companies can be subject to more volatility due to the limited marketability of the underlying asset.
4. Smaller companies are less likely to have multinational markets for their products or services than large companies and, as a result, may be more exposed to national economic cycles rather than global economic cycles.
5. Investors should be aware that any investment in equities is subject to risk, and that investment in smaller companies, in particular unquoted companies and those quoted on the Alternative Investment Market (AIM), carries an even higher risk than that of larger companies listed on the main market of the London Stock Exchange. This is due to the higher volatility and lack of liquidity often found in smaller company shares, as well as typically higher levels of business specific risks. Illiquidity means that buying and selling portfolio holdings may take some time, and in a worst case scenario portfolio companies could be delisted from AIM, making them very difficult to buy or sell, which in turn could affect the value of your investment.
6. Taxation rules and legislation may be subject to change and depends on the circumstances of each investor.
7. The real value of any returns that a Shareholder may receive from an investment could be affected by interest rates and inflation over time.
8. The spread between the buying price and the selling price of AIM-traded companies’ shares may be wide and thus the mid-market price used for valuation may not be achievable. Unquoted shares are inherently more difficult to value and, as a result, valuations are subject to uncertainty. The market for new shares on AIM is subject to market forces and there can be no certainty that there will be sufficient new share issues to enable to the company to achieve the intended level of investment in qualifying investments.
9. There is a risk that any company providing services such as safe keeping of assets or acting as counterparty to derivatives may become insolvent, which may cause investment losses.

Risk Warnings – product specific

WS Amati UK Listed Smaller Companies Fund

WS Amati Strategic Metals Fund

WS Amati Global Innovation Fund

1. You should regard your investment as long-term. A dilution adjustment may be applied to the share price whenever a fund is expanding or contracting. Should you buy when a fund is expanding and sell when a fund is contracting, this will have an adverse impact on the return from your investment. Further information regarding the dilution adjustment may be found in the Supplementary Information Document or the full Prospectus.
2. To make an informed decision about investing in these funds you need to read the relevant Key Investor Information Document and Supplementary Information Document and decide whether to contact an authorised intermediary. If you do not already have a copy, please call Waystone Management (UK) Ltd on 0345 922 0044. The relevant Supplementary Information Document and Key Investor Information Document details your cancellation rights (if any) and shows you how charges and expenses might affect your investment.
3. Under the OEIC Regulations, each Sub-fund is a segregated portfolio of assets and those assets can only be used to meet the liabilities of, or claims against, that Sub-fund. Whilst the provisions of the OEIC Regulations provide for segregated liability between Sub-funds, the concept of segregated liability is relatively new. Accordingly, where claims are brought by local creditors in foreign courts or under foreign law contracts, it is not yet known whether a foreign court would give effect to the segregated liability and cross-investment provisions contained in the OEIC Regulations. Therefore, it is not possible to be certain that the assets of a Sub-fund will always be completely insulated from the liabilities of another Sub-fund of the Company in every circumstance.
4. The investment manager may employ derivatives with the aim of reducing the risk profile of the funds, reducing costs or generating additional capital or income, in accordance with Efficient Portfolio Management (“EPM”).To the extent that derivative instruments are utilised for hedging purposes (reduction of the risk profile of the funds), the risk of loss to the funds may be increased where the value of the derivative instrument and the value of the security or position which it is hedging prove to be insufficiently correlated.
5. The investments associated with the WS Amati Strategic Metals Fund are concentrated in natural resource companies, which are subject to greater risk and volatility than those in other funds with investments across a range of industries and sectors.
6. The return on investments in overseas markets may increase or decrease as a result of exchange rate movements. This is of particular relevance to the WS Amati Strategic Metals Fund and the WS Amati Global Innovation Fund.
7. The WS Amati Strategic Metals Fund invests in companies that are susceptible to fluctuations in certain commodity markets and to price changes due to trade relations. Any negative changes in commodity markets that may be due to changes in supply and demand for commodities, market events, political events, regulatory developments, other catastrophic events, or other factors that the Investment Manager cannot control could have an adverse impact on those companies.
8. The WS Amati Strategic Metals Fund and (to a more limited extent) WS Amati Global Innovation Fund invests in companies that have operations in developing markets and which may therefore be subject to higher volatility due to political, economic and currency instability.
9. The WS Amati Global Innovation Fund may invest in securities or instruments which have exposure to the Chinese market. The fund may have direct access to certain eligible Permissible PRC Instruments via Hong Kong Stock Connect. This is a relatively new scheme whose rules may change at any time in a manner which may adversely affect the fund. Investing in the securities markets of China is subject to the risks described in paragraph 8 above, as well as China-specific risks. The legal rights of investors in China may be subject to uncertainties as the relevant legal and regulatory systems and practice in the PRC are less well established than is generally the case in more developed markets and subject to change, and there is a risk of governmental intervention under exceptional circumstances. Key market infrastructure, such as custody and trading systems, is comparatively new and less tested. Political developments involving China may lead to the imposition of additional constraints on foreign investment in China which may adversely affect the fund.

Amati AIM IHT Portfolio Service

1. Tax treatment may be subject to change and depends on the individual circumstances of each investor. The availability of tax reliefs also depends on the investee companies maintaining their qualifying status.
2. Amati, in its capacity as Discretionary Fund Manager (DFM), will select stocks which it expects to qualify for Business Property Relief (BPR), but it cannot guarantee that 100% of the portfolio will be exempt from Inheritance Tax after 2 years, nor that the qualification rules as set out by HMRC will not change in future in a way that affects the status of individual holdings.
3. Amati, in its capacity as Discretionary Fund Manager (DFM), will select stocks which it expects to qualify for Business Property Relief (BPR), but it cannot guarantee that 100% of the portfolio will be exempt from Inheritance Tax after 2 years, nor that the qualification rules as set out by HMRC will not change in future in a way that affects the status of individual holdings.
4. Current tax rules and the available tax reliefs offered on investments into AIM-quoted stocks may change at any time, and there is a considerable risk that if the legislation changed in respect of these tax reliefs, then those portfolio companies that no longer qualified for such reliefs would be subject to heavy selling pressure, potentially leading to significant investment losses.

Issued by: Amati Global Investors Limited, 8 Coates Crescent, Edinburgh EH3 7AL.
Registered in Scotland (company no. SC199908). FCA reference number: 198024

Amati Global Investors is authorised and regulated by the Financial Conduct Authority.