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Global Equity Investment Fund
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Conservative
investment approach

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Value approach when
selecting stocks – proven
as the best in the long-term

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Investing in developed
markets – USA and Europe

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Partial protection
against market declines

Target
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Fund objectives

Deliver long-term portfolio returns above the long-term growth values of the S&P 500 Index, outperforming the index in periods of decline or stability while possibly lagging behind the index in periods of rapid growth and overvaluation.

Long-term target return: 9–10% p.a. in USD with low volatility.

Investment strategy
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Investment strategy

The fund is managed as a hybrid of an absolute return fund and a relative return fund. The fund portfolio comprises options and long positions in equities at fair prices.

The hybrid strategy implies that the fund is partially hedged against losses that may occur as a result of a correction in the developed markets, in particular the S&P 500.

With this objective in mind, the fund enters into:

  • short positions – i.e. sells put options on stocks with strikes below market prices at the time of the sale (or "out of the money" options), thus reducing the volatility of the portfolio over the medium term;
  • hedged long positions in stocks that protect against moderate market declines
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This product is suitable for
Target Investor

An investor with a relatively high-risk tolerance, willing to incur temporary losses but receive a compensation of long-term returns, higher than those of more conservative funds. It is also an investor with a capital of at least a few hundred thousand dollars – the entry threshold is $100,000; holding 100% of the funds in equities is not recommended by any capital preservation and growth strategy.

Fund objectives

Deliver long-term portfolio returns above the long-term growth values of the S&P 500 Index, outperforming the index in periods of decline or stability while possibly lagging behind the index in periods of rapid growth and overvaluation.

Long-term target return: 9–10% p.a. in USD with low volatility.

Fund
Fund facts Investment terms
Jurisdiction Cayman islands
Broker EXANTE, Saxo Bank A/S
Bank Northern Trust
Investment manager Movchan Advisers Ltd.
Administrator APEX Fund Services Ltd.
Auditor Deloitte Touche Tohmatsu Ltd.
Legal advisor Walkers
Included in databases Preqin, Eurekahedge, Refinitiv, Bloomberg, Context365, BarclayHedge
Investment currency USD, EUR
Minimum investment size USD 100,000; EUR 100,000
Liquidity monthly; entry and exit without commissions and limits
Management Fee 1/1.25% depending on the share class
Performance fee 10/15/50% depending on the share class
Dividends no
Why this is profitable Strategy advantages
Lower risk than that of the stock market arr
Good liquidity arr
Investors are not involved in the process arr
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The fund's primary sub-strategy is to sell "out-of-the-money" puts on US equities. This strategy makes it possible to earn a (limited) positive return, even if the share price falls within a specific range.
To implement this kind of strategy, a private investor will need to "freeze" funds, in most instruments, for two to six months. The fund investor can withdraw funds on the first day of each month by giving the administrator a 10-day notice.
Building the portfolio, similar to the portfolio of GEIST SP, requires performing a considerable amount of hard analytical work and investment in the automation of analytics and continuous market monitoring. GEIST SP frees its investors from such a burden.
Why this is profitable Advantages of the structure
High-quality infrastructure arr
No need for a bank or brokerage account arr
No income tax until the redemption arr
Capital gains tax rather than ordinary income tax arr
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GEIST SP is serviced by a first-class administrator (APEX Fund Services Ltd.), reliable banks and brokers (UBS Switzerland AG, Northern Trust), and an internationally recognised international auditor (Deloitte Touche Tohmatsu Ltd.). The structure carries no operational risk and offers investors a transparent investment history which can be easily presented to any financial services provider or regulator.
GEIST SP investors can subscribe to shares directly through the administrator without using an existing (or opening a new) account with an intermediary financial institution. It is also possible to buy fund shares through the investor account at a financial intermediary – a convenient bank or broker connected to the Euroclear, Allfunds, IFSAM or Clearstream clearing systems.
GEIST SP Investors do not pay income taxes until their investments are redeemed.
The realised appreciation of GEIST SP shares is subject to capital gains tax, with levels usually lower than those of ordinary income tax. Certain jurisdictions (such as Cyprus) have 0 capital gains tax.*
Results
Graph Historical metrics
Value of USD 100 invested since 08.07.2020
Class 3 USD Class 1 USD
Risks Risk management
Risk of investment in shares arr
Risk of insufficient diversification arr
Liquidity risk arr
Risks associated with companies of small and mid-level capitalisation arr
Risks associated with short selling arr
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Description All investments carry some form of risk. Among traditional instruments, stocks are among the riskiest because shareholders' claims on a company are satisfied last; not only do they lose more in bankruptcy, but the volatility of stocks is higher than that of bonds of the same companies.

Risk management method The fund primarily sells puts on stocks with strikes below market prices (“out of the money” options). This strategy reduces the fund's losses when stock prices fall but also limits the returns during rising markets.

Description With a large proportion of a single position in the portfolio, its price correction can significantly reduce the profitability of the entire portfolio.

Risk management method The diversification risk is much higher when a fund invests in the same type of companies and if it invests at inflated prices. Therefore, our fund sets limits by country, industry and individual company, and evaluates each security before investing, rejecting overvalued ones.

Description Different exchanges offer different liquidity. Liquidity also depends on the size of the company and the proportion of shares traded on the stock exchange. If there is insufficient liquidity, the spread between the purchase price and sale price is higher, and shares can be bought at higher and sold at lower prices than in the case of similar securities that are more liquid. Also, large positions may require a longer time to buy or sell, during which the price can change significantly.

Risk management method Primarily, the fund invests in securities traded on American exchanges, which are the most liquid in the world. In addition, the size of the fund implies small positions that are acquired and liquidated within a short time.

Description Small and mid-cap stocks are more volatile because their business is less established; the discount rate reflecting the risk of investing in these companies is higher, and the market reaction to the news is usually stronger.

Risk management method The fund invests in small and medium-sized companies in rare cases, and the allocation to one company does not exceed 1%.

Description When opening short positions, in a traditional sense, losses can be unlimited.

Risk management method The fund enters short positions through the purchase of put options, which limits losses to the premiums paid for the options. The share of the fund's assets that can be allocated to short positions is limited to 1%.

Team
The portfolio management team includes experienced investment managers and specialists in equity markets, value investing, corporate finance, and options strategies.
Elena Chirkova, PhD(c) Senior Partner echirkova@movchans.com
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  • Specialist in asset management, corporate finance, financial markets and asset valuation with 30 years of experience.
  • Formerly: Advisor at Rothschild Investment Bank, Director of Corporate Governance at Deloitte, Vice President of Investment Banking at Troika Dialog. Visiting scholar at Harvard University School of Economics; teaches at the HSE School of Finance. Author of articles and books on economics and finance, including "The Warren Buffett Philosophy of Investment", published in 2015 by McGraw-Hill Education, and "Value Investing. Persons and Principles".
  • Graduated from the Faculty of Economics at the Lomonosov Moscow State University, Master's program at the Claremont Graduate School (California, USA). PhD (Economic Sciences) candidate.
Konstantin Zhdanovich Financial analyst kzhdanovich@movchans.com
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  • Building GEIST investment portfolio; responsibilities in the process of company fair value assessment and analysis of options strategies.
  • In the past, involved in business valuation and intangible asset valuation at a private Russian company.
  • Graduated from the Bachelor's Programme in Economics and Master's Programme in Strategic Financial Management at the Higher School of Economics.
Zhansulu Mukhamejanova, ACCA Manager zmukhamejanova@movchans.com
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  • Specialist in financial consulting and audit with 10 years of experience.
  • In the past, she worked as an external auditor at Ernst & Young, worked with the largest state-owned companies, small and medium-sized businesses and government agencies in the field of audit and professional ACCA training; areas of specialisations: oil and gas industries, energy, and mining. As a financial advisor to medium-sized companies, provided regular reporting to management and shareholders.
  • Is a member of ACCA, a CFA II candidate and a certified specialist in AML.
  • Graduated from the University of Sydney with a bachelor's degree in economics and finance.
Sergei Gurov Financial analyst sgurov@movchans.com
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Dear friends!
Disclaimer

This webpage is operated by Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) SP registered in Cayman Islands as a Segregated Portfolio of the exempted company incorporated with limited liability and registered as a segregated portfolio company under the laws of the Cayman Islands and registered as a mutual fund under the Mutual Funds Law (as amended) of the Cayman Islands with company registration number 1641581.

To verify https://www.cima.ky/upimages/commonfiles/QuarterlyListofallMutualFundsregisteredandlicensedwiththeCaymanIslandsMonetaryAuthority-31December2020_1610460966.pdf

The registered address of company:
Willow House, Cricket Square, PO Box 709, Grand Cayman KY1-1107, Cayman Islands

Investors

Only Eligible Investors who are Non-U.S. Persons could invest to GLOBAL EQUITY INVESTMENT FUND (GEIST) SP.

Compliance Information

The views expressed herein do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) SP and no assurances are made as to their completeness or accuracy. An investment in Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) SP should be viewed as a means of diversification within the context of an overall investment portfolio, and an investment should be made only after consulting with independent and qualified sources of investment and tax advice. No information on this site constitutes investment, tax, legal or any other advice.

If you are unsure about the meaning of any information provided, you must consult an appropriate regulated financial or other professional adviser. An investment in Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) SP is speculative and involves a high degree of risk. An investment in the products referred to in this website is suitable only for investors who can afford to lose all or a portion of their investment. No one should commit to invest a large percentage of their readily marketable assets in Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) SP. There can be no assurance that the investment objective of any of the products will be achieved and investment results may vary substantially over time. Investment in any of the products is not intended to be a complete investment program for any investor. Past performance is not a guarantee of future performance. The price of units or shares can go down as well as up and may be affected by changes in rates of exchange. Income from investments may also fluctuate and be affected by changes in the rates of exchange. Data is complimentary to and not a substitute for independent professional advice from a person qualified to provide it in your home country. The information contained on this website is subject to copyright with all rights reserved.

 

 

I certify that I have read the above information and that I am a qualified investor and non-U.S. resident.

Clicking "No" will close this web-site.

⚡️ATTENTION!


The success of our Group of Companies, the rich experience of the managers and high interest from investors have become targets of cyber scammers.

They are pretending to be a partner of Movchan's Group.

These scammers follow a standard scheme:
- an extensive network structure of many sites was created;
- a course on trading supposedly featuring Andrei Movchan is advertised on social media; - when subscribing to the course, a gullible client goes through a real sales funnel, with an introduction, freebees, talking to a "manager,” etc.;
- marketing materials are sent out with our real media channels, website and e-mail, indicated to mislead;
- the client receives an invitation to the personal account of the trading system. Gradually, the “course” itself evaporates, replaced by an offer to transfer money to this platform with a commission in the amount of a small percentage of the profit.

Of course, customers should not expect to make a profit. The true goal of the scammers might be swindling money into accounts of their companies and then appropriating it, or installing phishing and other malicious programs disguised as robots on our clients' computers. These "robots" can leak personal data, access to accounts, etc., as well as drain the client's account with any broker through a series of transactions.

Currently, neither Andrei Movchan himself, nor the Movchan’s Group of Companies is conducting training courses!

Please be careful and check the information on our official website and on our Telegram channel.

We are conducting an investigation to identify the scammers and put an end to their activities.

✉️For more information, you can write to contact@movchans.com with any questions.




⚡️ВНИМАНИЕ!


Успех нашей Группы компаний, накопленный опыт управляющих и высокий интерес со стороны инвесторов стали объектами внимания кибермошенников.

Они выдают себя за партнера Movchan’s Group.

Мошенники действуют по стандартной схеме:
- создана обширная сетевая структура из множества сайтов;
- рекламируется в социальных сетях курс по трейдингу якобы от Андрея Мовчана;
- при подписке на курс доверчивый клиент проходит настоящую воронку продаж, с прогревом, бесплатными возможностями, общением с «менеджером» и пр.;
- направляются маркетинговые материалы с указанием наших настоящих медиаканалов, сайта и e-mail с целью введения в заблуждение;
- клиенту приходит приглашение в личный кабинет торговой системы. Постепенно и сам «курс» растворяется и заменяется предложением перевести деньги на данную платформу с оплатой комиссии в размере небольшого процента от прибыли.

Разумеется, получение прибыли клиентами не предполагается. Истинной целью мошенников может быть как выманивание денег на счета своих компаний с последующим их присвоением, так и установка фишинговых и других вредоносных программ на компьютеры клиентов под видом роботов. Такой «робот» может не только слить персональные данные, доступ к счетам и пр., он может с помощью серии сделок обнулить счет клиента в любом брокере.

На данный момент ни Андрей Мовчан лично, ни Группа компаний Movchan’s Group не проводят обучающих курсов!

Пожалуйста, будьте внимательны и проверяйте информацию на нашем официальном сайте и на канале в Telegram.

Мы ведем расследование по выяснению личностей мошенников с целью ликвидации их деятельности

✉️Для получения дополнительной информации вы можете написать с любыми вопросами на электронную почту contact@movchans.com

I certify that I have read the above information and that I am a qualified investor and non-U.S. resident.

Clicking "No" will close this web-site.

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Privacy Policy

Last updated: 13.05.2022

1. Background

Movchan’s Group (“Movchan’s Group”, “we” or “us”) welcome you to our website and appreciate your interest in our products and services.

We understand that your privacy is important to you and that you care about how your information is used and shared online. This page explains how we treat your personal data (“Privacy Policy”).

By continuing to use our website, you confirm that you are 18 years of age or older. Please note that we may amend this Privacy Policy from time to time. The applicable version is always the current one, as referenced above (last updated). If we decide to change our privacy practices, we will post those changes on this page. Please check this page for changes from time to time to make sure you are aware of our latest privacy practices.

This Policy applies to use of any and all data collected by us in relation to your use of this website. Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Privacy Policy is deemed to occur upon your first use of our website. If you do not accept and agree with this Privacy Policy, you must stop using this website immediately.

As of 25 May 2018, the EU General Data Protection Regulation 2016/679 (GDPR) have taken effect for the protection of natural persons against the processing of personal data and the free circulation of such data. The New General Regulation shall replace the Directive 95/46/EU which was applied via law 138(I)/2001. As of 25 May, 2018 the said law shall be considered as abolished.

Our role includes the obligation to secure that, personal data of yours and of any third parties such as employees, contractors, clients, principals and other individuals and contracting parties related to you, which has come or may come into our possession and which may also contain sensitive data, is processed in accordance with relevant Regulation and/or other laws in force.

2. Information about us

This website www.movchans.com, is owned and operated by Movchan Management Ltd., a private company of the Astana International Financial Center under the identification number 210140900043 in accordance with the Constitutional Law of the Republic of Kazakhstan “on the Astana International Financial Center”, whose registered address is AIFC 55/16 Mangilik El Ave., block C3.1, office 323, Z05T3F2, Nur-Sultan.

3. Scope of Privacy Policy

This Privacy Policy applies only to your use of this website. It does not extend to any websites that are linked to from this website (whether we provide those links or whether they are shared by other users). We have no control over how your data is collected, stored or used by other websites and we advise you to check the privacy policies of any such websites before providing any data to them.

4. Collection of data

Some data will be collected automatically by this website (for further details, please see section 7 on use of Cookies), other data will only be collected if you voluntarily submit it, for example, when signing up for our mailing list or filling up the contact form. Depending upon your use of this website, we may collect some or all of the following data:

  • your full name;
  • IP address (automatically collected);
  • operating system (automatically collected);
  • contact information such as email addresses and telephone numbers;
  • country of residence;
  • demographic information such as location, age, gender, preferences and interests (automatically collected);
  • web browser type and version (automatically collected);
  • a list of URLs starting with a referring site, your activity on this website, and the site you exit to (automatically collected);

5. How do we use your data?

We use your data to provide the best possible experience of using this website and communication with us. This includes:

  • Providing and managing your access to this website;
  • Responding to communications from you;
  • To use it for marketing measures. Supplying you with email alerts, newsletters and announcements that you have subscribed to automatically by providing us with your details (you may unsubscribe or opt-out at any time by clicking the “Unsubscribe” button at the bottom of any email);
  • Develop new products, services, features, and functionality;
  • Market and customer research;
  • Analysing your use of this website and gathering feedback to enable us to continually improve this website and your user experience;
  • To facilitate technical administration of this website;

With your permission and where permitted by law, we may use your data for marketing purposes which may include contacting you by email and telephone and text message and post with information, news on our products and services. We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that we fully protect your rights and comply with Our obligations under the EU General Data Protection Regulation 2016/679 (GDPR).

6. Security measures

We make every effort to take appropriate technical and organizational security measures to ensure that your personal data protected against unauthorized access, misuse, loss and/or destruction.

Our employees and the service providers commissioned by us are bound by professional secrecy and must comply with all data protection provisions.

Additionally, access to personal data is restricted to only those employees, contractors and third parties who require this access in order to assure the purpose of data processing and the provision of products and services.

Steps We take to secure and protect your data include:

  • Strong 2048-Bit SSL Extended Validation Certificate Encryption by Comodo.
  • We use Alphabet’s (Google) email services, which are highly secure.
  • We follow strict internal procedures when handling any sensitive data.

Notwithstanding the security measures that we take, it is important to remember that the transmission of data via the internet may not be completely secure and that you are advised to take suitable precautions when transmitting to us data via the internet.

7. Cookies

Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by us and are used only by us. We use Cookies to facilitate and improve your experience of this website and to improve our products and services. By using this website, you may also receive certain third-party Cookies on your computer or device. Third party Cookies are those placed by websites, services, and/or parties other than us. We use third party Cookies on this website for online marketing and advertising services. In addition, this website uses analytics services provided by Google Analytics, Yandex Metrics etc. which also use Cookies. Website analytics refers to a set of tools used to collect and analyze usage statistics, enabling us to better understand how people use this website.

“Cookies” are small pieces of information that are transferred to your browser and stored on your computer’s hard drive. Cookies also allow us to track usage patterns, trends and other aggregate visitor information. Most web browsers automatically accept cookies, but you can usually change your browser settings to prevent that if you would rather not store the information for future use. We may also collect certain technical and routing information about your computer to facilitate your use of the site and its services (such as browser type, operating system and the Internet Protocol (“IP”) address of your computer). Without expressly informing you in each particular instance, we do not match such information with any of your personal information.

If you disagree with us using cookies, please leave this website.

8. Links

This website may contain links to third-party electronic services that are not operated or monitored by us. Please be aware that such third-party electronic services are not bound by this Privacy Policy and that we are not responsible for their content or their principles regarding the handling of personal data. We therefore recommend consulting and checking the individual privacy policies or terms of use of third-party electronic services.

9. Data subject rights

According to applicable data protection laws and regulations, you may have the following rights:

  • requesting information on personal data that we hold about you,
  • asking that your data be deleted if we are not permitted or are not legally obliged to retain the data,
  • demanding that the processing of your data be restricted,
  • objecting to the processing by us,
  • transferred in a generally useable, machine-readable, and standardized format.

You also have a right of appeal (as far as this affects you) to the respective Data Protection Supervisory Authority.

As a data subject you may address any concern of yours on a matter relating to your data protection rights to the company’s Data Protection Officer below.

Data Protection Officer (DPO): Zhadra Abdullina (zabdullina@movchans.com).

10. Do we share your data?

We may share your data within companies in our group.

We may sometimes contract with third parties to supply services to you on our behalf. These may include payment processing, search engine facilities, advertising and marketing. In some cases, the third parties may require access to some or all of your data. Where any of your data is required for such a purpose, we will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, our obligations, and the obligations of the third party under the law.

We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales and other information. All such data will be anonymised and will not include any personally identifying information. We may from time to time share such data with third parties such as prospective investors, affiliates, partners and advertisers. Data will only be shared and used within the bounds of the law.

In certain circumstances we may be legally required to share certain data held by us, which may include your personal information, for example, where we are involved in legal proceedings, where we are complying with the requirements of legislation, a court order, or a governmental authority. We do not require any further consent from you in order to share your data in such circumstances and will comply as required with any legally binding request that is made of us.

Terms Of Use

1. Agreement

By using the website www.movchans.com and any of its pages (hereafter the “website”), you confirm that you have reviewed, understand and agree to the following important legal information and terms of use (the “Terms”). If you do not agree to the terms, please exit the website immediately.

The Terms are subject to change at any time without notice and access to, and use of the website may be restricted or terminated at any time. You are therefore advised to review these Terms each time you access this website.

2. No offer, no advice

The information, products, data, services, tools and documents contained or described on this website are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation to buy or sell investment instruments, to affect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. Prior to making investment decisions investors should conduct a thorough investigation and obtain all necessary professional advice for all issues, including your eligibility to make such investment in terms of the applicable law.

Nothing on this site constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific in­vestor. We recommend that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences.

3. Local legal restrictions

The Content is not intended for use by or distribution to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Movchan’s Group companies does not hold the necessary registration or license. Individuals or legal entities in respect of whom such prohibitions apply, whether on grounds of their nationality, their place of residence or on other grounds, must not access or use the site.

Some entities, services and products of Movchan’s Group may not be registered or licensed under legal and regulatory provisions governing financial services or products and their providers in certain countries.

4. No warranty

Movchan’s Group provides no warranty and makes no representations of any kind whatsoever regarding: (1) the currency, accuracy or completeness of the content; (2) the results to be obtained by any user of the website; or (3) any third-party content accessible on or through the website.

Except to the extent required by current laws and/or regulations, Movchan’s Group, including its directors, agents, employees or subcontractors: (1) disclaims any and all express or implied warranties and conditions including without limitation warranties and conditions as to quality and fitness for a particular purpose; and (2) does not warrant that the website, any content (including any third party content), goods and services referred to therein will be uninterrupted or error free, that defects will be corrected or that the website, the servers from which it is available or any connected website is free of viruses, trojan horses, worms, software bombs or similar items or processes or other harmful components. In order to safeguard against viruses, it is advisable to use up-to-date versions of browsers and to install and continuously update antivirus software. Users should strictly avoid opening e-mails of unknown origin or unexpected e-mail attachments.

Any data, including but not limited to financial market data, quotes, notices, research or other financial information accessible through this website, have been obtained from carefully selected sources believed to be reliable. All such information is provided “as is” to the user without express or implied warranties of any kind, including warranties of quality, originality, non-infringement of intellectual property or fitness for any particular purpose.

The information and opinions in the website are descriptive of Movchan’s Group as a whole and the products and services described may not be available to or suitable for all investors. The fact that a user accesses the Site does not make him a client of Movchan’s Group.

Any expressions of opinion, estimates and projections on the website are those of the authors at the date of writing. They do not necessarily reflect the view of Movchan’s Group and are subject to change at any time without prior warning. Movchan’s Group and its contractual partners may discontinue, or make changes in, the information, data and documents, and the products or services described herein, at any time without prior notice. Any information marked with a date is published as of this date only and no obligation or responsibility is undertaken to update or amend any such information.

5. No liability

TO THE MAXIMUM EXTENT PERMITTED BY CURRENT LAWS AND/OR REGULATIONS, Movchan’s Group, INCLUDING ITS DIRECTORS, AGENTS, EMPLOYEES, SUB-CONTRACTORS AND ITS SALES PARTNERS DISCLAIM ANY AND ALL LIABILITY FOR LOSSES OR DAMAGES (DIRECT OR INDIRECT) OF ANY KIND WHATSOEVER ARISING DIRECTLY OR INDIRECTLYAS A RESULT OF (1) THE CONTENT, ACCURACY, COMPLETENESS OR OTHERWISE OF THE CONTENT OR ANY LINKS OR THIRD PARTY CONTENT; (2) ANY ERRORS IN OR OMISSIONS FROM THE SITE; (3) USE OF OR ACCESS TO THE SITE; (4) ANY INABILITY TO ACCESS OR USE THE WEBSITE FOR ANY REASON.

TO THE FULL EXTENT PERMITTED BY CURRENT LAWS AND/OR REGULATIONS, Movchan’s Group SHALL NOT BE LIABLE FOR ANY (1) LOSS OF PROFITS OR REVENUE OR SAVINGS OR OTHER ECONOMIC LOSS, (2) LOSS OF BUSINESS OR GOODWILL, (3) LOSS OF OR DAMAGE TO DATA, (4) INCIDENTAL OR SPECIAL LOSS, (5) WASTED OR LOST MANAGEMENT TIME, OR (6) INDIRECT OR CONSEQUENTIAL LOSS ARISING FROM USE OF OR ACCESS TO THE SITE, EVEN IF ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE OR IF SUCH LOSS OR DAMAGE WAS FORESEEABLE.

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Lower risk than that of the stock market The fund's primary sub-strategy is to sell "out-of-the-money" puts on US equities. This strategy makes it possible to earn a (limited) positive return, even if the share price falls within a specific range.
Good liquidity To implement this kind of strategy, a private investor will need to "freeze" funds, in most instruments, for two to six months. The fund investor can withdraw funds on the first day of each month by giving the administrator a 10-day notice.
Investors are not involved in the process Building the portfolio, similar to the portfolio of GEIST SP, requires performing a considerable amount of hard analytical work and investment in the automation of analytics and continuous market monitoring. GEIST SP frees its investors from such a burden.
High-quality infrastructure GEIST SP is serviced by a first-class administrator (APEX Fund Services Ltd.), reliable banks and brokers (UBS Switzerland AG, Northern Trust), and an internationally recognised international auditor (Deloitte Touche Tohmatsu Ltd.). The structure carries no operational risk and offers investors a transparent investment history which can be easily presented to any financial services provider or regulator.
No need for a bank or brokerage account GEIST SP investors can subscribe to shares directly through the administrator without using an existing (or opening a new) account with an intermediary financial institution. It is also possible to buy fund shares through the investor account at a financial intermediary – a convenient bank or broker connected to the Euroclear, Allfunds, IFSAM or Clearstream clearing systems.
No income tax until the redemption GEIST SP Investors do not pay income taxes until their investments are redeemed.
Capital gains tax rather than ordinary income tax The realised appreciation of GEIST SP shares is subject to capital gains tax, with levels usually lower than those of ordinary income tax. Certain jurisdictions (such as Cyprus) have 0 capital gains tax.*
Risk of investment in shares All investments carry some form of risk. Among traditional instruments, stocks are among the riskiest because shareholders' claims on a company are satisfied last; not only do they lose more in bankruptcy, but the volatility of stocks is higher than that of bonds of the same companies.
Risk of insufficient diversification With a large proportion of a single position in the portfolio, its price correction can significantly reduce the profitability of the entire portfolio.
Liquidity risk Different exchanges offer different liquidity. Liquidity also depends on the size of the company and the proportion of shares traded on the stock exchange. If there is insufficient liquidity, the spread between the purchase price and sale price is higher, and shares can be bought at higher and sold at lower prices than in the case of similar securities that are more liquid. Also, large positions may require a longer time to buy or sell, during which the price can change significantly.
Risks associated with companies of small and mid-level capitalisation Small and mid-cap stocks are more volatile because their business is less established; the discount rate reflecting the risk of investing in these companies is higher, and the market reaction to the news is usually stronger.
Risks associated with short selling When opening short positions, in a traditional sense, losses can be unlimited.
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