All investments involve risk. The value of your investment and the income from it will fluctuate and a loss of capital may occur.
Active management exists because some investors want to generate better returns than the overall market: alpha, in other words, rather than just beta. In exchange for this opportunity, investors frequently submit to greater risk, inconsistent returns, and portfolio characteristics that differ from the reference benchmark.
PineBridge Investments focuses on alpha, but at a similar level of risk to the benchmark. Our alpha tools are designed to consistently seek excess returns from stock selection without adding tracking error or other market risk and have been tested across widely varying market conditions1. And our global platform is structured to facilitate collaboration among analysts working in different regions and capitalization ranges to identify potential investment opportunities wherever they may exist.
One of the most important tools is our Lifecycle Categorization Research (LCR) framework, which we use to evaluate a company based on its maturity and cyclicality. We view this longstanding framework (it has existed at our firm for over two decades) as a “better mousetrap” than the standard approach of thinking about companies based on GICS-assigned sectors. What makes us think our system is better, at least for our purposes? As portfolio managers wholly focused on deriving active risk from stock-specific sources, we simply think it gives us a more fine-tuned instrument for picking up on and isolating the mispricing opportunities that arise as companies evolve through time. To illustrate how this worked over the last three years (as of 31 May 2023) for the PineBridge Global Focus Equity Fund, for example, the Fund featured an annual excess return of 4.9% (net of fees) that placed it in the top first percentile of Morningstar’s universe of 1,501 global large cap core equity managers2. Stock selection drove nearly all the alpha and each LCR category was a positive contributor.
Source: PineBridge and FactSet, as of 31 March 2023. Represents performance attribution information for the PineBridge Global Focus Equity Fund (the “Fund”), which is a sub-fund of PineBridge Global Funds, an Irish domiciled UCITS umbrella fund, authorised and regulated by the Central Bank of Ireland. The Fund’s inception date is 7 January 1999 with the current portfolio manager commencing on 1 January 2016. There can be no assurance that any of the above allocations will remain in the portfolio at the time this information is presented. Diversification does not ensure against loss in any market. Benchmarks are used for illustrative purposes only - it is not possible to invest directly in an index. Past performance is not indicative of future results.
To determine whether a stock is a good investment, every investor needs a sound basis for comparison. Because the global stock universe encompasses some 58,000 names, many investors start by categorizing them into sectors and industry or sub-industry groupings. In this way, they aim to create smaller subsets of companies with similar characteristics and risk profiles that can help highlight whether a company’s current and future earnings potential is being priced attractively by the market, or not.
And the approach makes a lot of sense… some of the time. For illustrative purposes and not an indication of whether we own or will own these stocks, take Ford, Toyota, and GM3. They all fit together naturally enough in the automobile industry group of the Consumer Discretionary sector. Each operates under roughly similar capital structures, growth drivers, and sets of expectations that play into how the market values their earnings and earnings potential. But then what to make of a company like Tesla, another automobile industry constituent valued using almost a diametrically different set of expectations? Or take the adjacent Consumer Discretionary retail industry group. Are Target and The Home Depot really the best comparators for a company like Lululemon, or Amazon for that matter?
Unfortunately, such awkward and misaligned comparisons are an all-too-common result of sector- and industry-based analysis. That’s why we created a system for grouping companies into more homogenous categories based on a company’s position in its lifecycle and its overall sensitivity to the economic cycle. We have six categories in our taxonomy, each with its own criteria, valuation method, and return requirement. In classifying a cyclical company, for example, we’ll first normalize its revenue and earnings to smooth out the “lumps” across the economic cycle. We then assess its underlying growth trend to determine whether it is presently a High Cyclical Growth or Mature Cyclical company: the faster it is growing through the cycle, the likelier we are to categorize it as the former and value it using a higher multiple to reflect those higher future-state earnings estimates. In contrast, a company with a stable revenue and margin outlook is more likely to be a Mature Stable company. A company in this category will be valued against the market, peers, and its own history – and given its better visibility, require less return potential than a High Stable Growth company to be an attractive investment.
For illustrative purposes only. Any views represent the opinion of the investment manager and are subject to change.
Once the categories are set, we can then start comparing like companies to like companies. This is where mispricing opportunities start to emerge that (to our benefit) are often missed by investors using the standard GICS groupings. A US industrial automation company, for instance, that appears expensive relative to other Industrials may look quite a bit more reasonably priced when viewed instead across the sectors against other Mature Stable companies with similarly healthy levels of profitability and steady (if unspectacular) growth.
As the name implies, Lifecycle is about movement, and the opportunity to anticipate and capture changes in a business as it evolves over time. We don’t need a company to change lifecycle categories to be a good investment. But if it is going to move, we want it to move left in the diagram below, transitioning from a more mature business back toward a more robust stage of growth. In such instances, we expect its valuation to re-rate higher as the market gains visibility into the new lifecycle stage.
For illustrative purposes only. Any views represent the opinion of the investment manager and are subject to change.
For illustrative purposes, Microsoft4 is an interesting case to examine here. Through the course of its history, the company has run the entire LCR gamut from Exceptional Growth (A) to Mature Stable (D3) and back to High Stable Growth (B). In its early years in the early to mid-1980s, we likely would have categorized Microsoft as an A stock. We would have assessed its likelihood of success, evaluated its funding sources, required a high return potential to justify the risks, and used a standard discounted cash flow model for valuation. A decade later, the company became a B stock as revenue grew and its outlook became more stable. Continued steady (and accelerating) growth along with expanding margins are textbook B-stock traits that would have attracted the PineBridge equity team and allowed us to lower our return requirements and look beyond the earnings multiple at which the stock was trading given its steadier footing and improved revenue and earnings visibility. However, by the aughts, the company had begun shifting back to the right and became a D3 company as the revenue and earnings compounded annual growth rate (CAGR) downshifted below 10%. The forward-looking nature of LCR ideally would have anticipated this change well before it occurred. Ditto the emergence of its cloud business 15 years later that foretold yet another shift – this one back to the leftward part of the LCR curve.
Stock selection is our only alpha source. To keep it that way, in addition to our portfolio of high-quality, high-conviction investments, we seek to mitigate all other risks, including the psychological risks of exiting holdings early as a natural reaction to portfolio excess return volatility or exiting too late due to overconfidence.
We control these risks by limiting the active exposure of the portfolio to LCR categories, since investment styles that roughly correlate with a company’s growth rate (i.e., “growth” vs. “value”) are some of the biggest sources of market risk in equity portfolios. (See “Global Equities: Thinking Outside the (Style) Box for More Sustained Alpha.”) A recent case in point was the dramatic shift in style leadership in 2022, which saw growth stocks, after years of outperformance, plummet by three times as much as those categorized as value shares. Of course, controlling for LCR categories means the LCR characteristics of the benchmark must also be known. So, our global equity team maps the benchmark’s alignment to our LCR categories twice per year.
This risk management discipline contributes to a surprisingly low tracking error given our portfolios’ generally high active share. For example, the PineBridge Global Focus Equity Fund has a tracking error since inception (7 January 1999) of just 4.4%, as of 31 March 2023 (some active managers range as high as 7% or more). It also maintains a portfolio beta of roughly 1 and yet boasts an active share of 93% from inception to 31 March 2023. This unique juxtaposition of high conviction and low tracking error and market risk is a direct product of the organic and differentiated way that LCR allows the portfolio team to home in on the business operations risks specific to each holding while controlling for the style, interest rate, currency, and other market risks around which the team has far less conviction. Focusing and diversifying risks this way also helps to limit relative volatility, which improves our ability to own investments over the medium to long term, consistent with the time frame over which we anticipate alpha from each investment will develop.
Finally, the precision of LCR for risk management alleviates the need to own positions whose primary role is risk management. This frees the portfolio management team to invest in a wider range of companies and results in an even more differentiated portfolio. Of interest to note, as of the first quarter of 2023, six of the PineBridge Global Focus Equity Fund's top 10 holdings weren't even among the top 300 positions of its benchmark.
1 Past performance is not indicative of future results.
2 Source: Morningstar, as of 31 May 2023. Reference class: Y. The peer group is the Morningstar Global Large Cap Core Equity Universe, which in the 3-year period had 1,501 members. Performance is calculated net of fees on NAV to NAV in USD with dividends reinvested. The benchmark for the Fund is the MSCI All-Country World (ACWI) Daily Total Return (Net) Index. Past performance is not indicative of future results..
3 For illustrative purposes only. Information provided should not be construed as a recommendation to buy or sell a security. There is no indication given that the securities shown were purchased, sold or recommended in any portfolio. Any views are the opinion of the Investment Manager and are subject to change.
4 For illustrative purposes only. The selected case study has been chosen by PineBridge to illustrate the investment process. It is not necessarily representative or indicative of all investments made in the existing strategy or fund. Information provided about a portfolio company is intended to be illustrative, and should not be used as an indication of current or future performance of any security, investment, or portfolio company. Prospective investors should be aware that these summaries are selective by nature, do not include all of the transactions made by the Manager's investment team on behalf of the composite and are not necessarily representative or indicative of all of the investments in the portfolio for any period. Past performance is not indicative of future results.
Investing involves risk, including possible loss of principal. The information presented herein is for illustrative purposes only and should not be considered reflective of any particular security, strategy, or investment product. It represents a general assessment of the markets at a specific time and is not a guarantee of future performance results or market movement. This material does not constitute investment, financial, legal, tax, or other advice; investment research or a product of any research department; an offer to sell, or the solicitation of an offer to purchase any security or interest in a fund; or a recommendation for any investment product or strategy. PineBridge Investments is not soliciting or recommending any action based on information in this document. Any opinions, projections, or forward-looking statements expressed herein are solely those of the author, may differ from the views or opinions expressed by other areas of PineBridge Investments, and are only for general informational purposes as of the date indicated. Views may be based on third-party data that has not been independently verified. PineBridge Investments does not approve of or endorse any republication of this material. You are solely responsible for deciding whether any investment product or strategy is appropriate for you based upon your investment goals, financial situation and tolerance for risk.
The Sub-Fund is actively managed, seeking to deliver excess returns over the Sub-Fund’s benchmark. The holdings may or may not be components of the benchmark and the Investment Manager has broad discretion to deviate from the benchmark securities, weightings and risk characteristics. The degree to which the Sub-Fund resembles the composition and risk characteristics of the benchmark is not a specifically targeted outcome and could vary over time, and the Sub-Fund’s performance may be meaningfully different from the Sub-Fund’s benchmark.
Potential investors should consider the following key risks before investing in the Sub-Fund:
Equity Investing Risk: The value of shares and securities related to shares may fall due to issuer related issues, financial market dynamics and world events including economic and political changes.
Concentration Risk: The Sub-Fund may invest in a limited number of securities compared to more diversified Sub-Funds or it may focus its investments and hold relatively large positions in, among other things, particular industries, countries, sectors, currencies or issuers. This may increase the volatility of the value of the Sub-Fund or for the Sub-Fund to bear losses and may also limit the liquidity of certain securities within the Sub-Fund.
Derivative Risk: A Sub-Fund may use derivative instruments for both efficient portfolio management and for investment purposes. Derivative transactions may be subject to significant volatility which may result in a loss greater than the principal amount invested.
Counterparty Risk: A Sub-Fund may have credit exposure (by virtue of position in swaps, repurchase agreements, FDI etc.) to its trading parties and may bear the risk of default of the counterparties.
Operational Risk: A Sub-Fund may risk loss resulting from process failures, inadequate procedures or controls.
Currency Risk – Base Currency: Securities may be denominated in currencies different from the Sub-Fund’s Base Currency and there is a risk that changes in exchange rates and exchange control regulations may cause the value of the assets expressed in the Base Currency to rise or fall.
Emerging Markets Risk: Emerging markets are typically smaller, less transparent, and subject to evolving, less stable political and regulatory regimes and securities from these markets may be more expensive to transact in, bear higher risk or have lower liquidity.
Counterparty Risk – Depositary and Sub-Custodians: Custody services in many emerging markets remain undeveloped and there is a transaction and custody risk of dealing in emerging market investments.
Risks Relating to China: Risks of investing in China arise from an uncertain taxation and political regime, restrictions on inward investment, dealing in closed currency and custody arrangements which are not to the same standard as those in developed markets and where the Sub-Fund invests in eligible China A-Shares via the Stock Connect, such investments are subject to risks including market, suspension and operational risks.
Liquidity Risk: The risk that the Sub-Fund may invest some of their assets in illiquid securities and other illiquid financial instruments, in respect of which they may not always be possible to execute a buy or sell order at the desired price or to liquidate the open position.
The risk factors described should not be considered an exhaustive list of risks, which potential investors should consider before investing in the Sub-Fund. For more details on the Sub-Fund’s potential risks please read the Prospectus and Key Investor Information Documents at pinebridge.com/funds.
PineBridge Investments (‘PineBridge’) is a group of international companies acquired by Pacific Century Group from American international Group, Inc. in March 2010. PineBridge companies provide investment advice and market asset management products and services to clients around the world.
PineBridge Investments is a registered trademark proprietary to PineBridge Investments IP Holding Company Limited. Services and products are provided by one or more affiliates of PineBridge however certain incidental middle and back office services may be outsourced to 3rd parties.
PineBridge Global Focus Equity Fund (the “Fund”) is a sub-fund of PineBridge Global Funds, an Irish domiciled UCITS umbrella fund, authorised and regulated by the Central Bank of Ireland. The Fund was formed as a successor fund to AIG Global Equity Fund plc (the "Company") following a scheme of amalgamation with the Company and was launched on 29 July 2005. PineBridge Investments LLC, an Investment Adviser registered with the United States Securities & Exchange Commission and PineBridge Investments Europe Ltd., authorised and regulated by the Financial Conduct Authority, are the Investment Managers to the Fund and also acted in this capacity for the Company.
The inception date of Class ‘Y’ of the Fund was 07 January 1999.
Where performance is presented herein it is representative of Class ‘Y’ in U.S. dollars.
The benchmark for the Fund is the MSCI All Country World Index (ACWI) Daily Total Return Net (the “Index”). The Index is a free float-adjusted market capitalisation weighted index that is designed to measure the equity market performance of developed and Emerging Markets. From inception to 10 February 2014, the benchmark was MSCI World DTR Net Index. From 27 October 2016, the benchmark was changed to the MSCI All Country World Index (ACWI) Daily Total Return Net.
Any performance presented is historical, assumes reinvestment of all interest, dividends and capital gains, and is not indicative of future results. Investment return and principal value of an account will fluctuate, and there can be no assurances that losses will not be incurred.
Rates of return and asset valuations, if shown, are in U.S. dollars, unless otherwise stated and are computed using a time-weighted rate of return. Any performance results for periods of less than one year are not annualized. Income is included net of irrecoverable withholding tax deducted at source in accordance with the domicile of the underlying portfolios. Portfolios are valued on a trade date basis.
Where gross performance returns are quoted, they are presented net of transaction costs and before the deduction of management fees and all operating costs (which include custodian and administration fees).
Where net performance returns are quoted, they are presented net of transaction costs and net of the deduction of management fees and all operating costs (which include custodian and administration fees).
Fund fees and expenses are described in PineBridge Global Fund’s offering documentation, which is available upon request. These fees will reduce a client’s initial investment and expected returns.
Past performance may not be a reliable guide to future performance. The value of units and the income from them may fluctuate.
Before making any investment decision, you must read the Prospectus of the Fund and Sub-Fund, available in English, as well as the Key Investor Information document (KIID), available in one of the official languages of the country.
These documents, as well as the latest annual and semi-annual reports, can be accessed free of charge from our website www.pinebridge.com, from PineBridge Investments Ireland Limited, The Observatory Building, 4th Floor, 7-11 Sir John Rogerson’s Quay, Dublin 2, Ireland Tel: +353 1 697 3919. or from the distributors/local agents mentioned below:
Austria – Paying agent: Erste Bank der österreichischen Sparkassen AG;
Belgium – Financial Services Provider: CACEIS Belgium SA/NV.
Chile – This Unit Class is registered in Chile for Investment by Local Pension Funds only.
Colombia – PineBridge Investments Europe Limited Oficina de Representación is authorised and regulated by The Superintendencia Financiera de Colombia (SFC) to offer, market and promote PineBridge Global Funds.
France – Centralising agent: CACEIS Bank France;
Germany – Paying and information agent: BHF Bank AG. The issue and redemption price of the unit class are published on the PineBridge Investments website www.pinebridge.com/GlobalFunds;
Italy – Paying agent: BNP Paribas Securities Services S.C.A., succursale di Milano.
Spain – The Sub-Fund is authorised for distribution and is recorded in the register of foreign collective investment companies maintained by the Spanish CNMV (under number 686). Distributor: Allfunds Bank;
Switzerland – The Prospectus, the Key Investor Information Document (KIID), the Trust Deed as well as the annual and semi-annual reports of the Sub-Fund may be obtained free of charge on the homepage of the management company or from the Swiss Representative. The Representative and Paying Agent of the Sub-Fund for Switzerland is State Street Bank International GmbH Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich.
United Kingdom – This document is a financial promotion solely intended for professional investors and has been approved for the purposes of Section 21 of the Financial Services and Markets Act 2000, by Pinebridge Investments Europe Limited, an investment management firm regulated in the UK by the Financial Conduct Authority (FCA). The Sub-Fund is a Recognised scheme in the United Kingdom under the Financial Services and Markets Act 2000. UK facilities agent: PineBridge Investments Europe Limited.
US Person – Neither this document not any copy thereof may be sent, taken into, or distributed in the United States or given to any U.S. person.
Asia- For the contact details of distributors/local agents in Asia, please contact your local PineBridge representative.
The Manager may determine to terminate any arrangements made for marketing the Units in one or more jurisdictions in accordance with the UCITS Directive, as may be amended from time to time
Investors and potential investors can obtain a summary of investor rights and information on access to collective redress mechanisms at www.pinebridge.com/investorrights. The information presented relates to an account that is subject to laws and regulations that may be different from those applicable to an account for an investor in a different jurisdiction. Therefore, results may differ materially due to different investment limitations, regulatory environments and portfolio compositions.
The Fund is authorised for public distribution in Austria, Denmark, Finland, Germany, Hong Kong, Ireland, Italy, Luxembourg, Macau, Netherlands, Norway, Singapore, Sweden, Switzerland, Taiwan (ROC) and the United Kingdom.
The units of the Fund may not be offered, sold or delivered in the United States or to or for the account of U.S. Persons.
Last updated as of 01 July 2022.
For Institutional/Professional Investor Use Only and Not for Retail Use or Distribution.
We are not soliciting or recommending any action based on this material. This document should be read in conjunction with the Singapore Prospectus (including defined terms) and the product highlights sheet and is subject at all times to the terms and conditions as set out therein. PineBridge Global Focus Equity Fund (the “Fund”) is a sub-fund of PineBridge Global Funds, an Irish domiciled UCITS umbrella fund, authorized and regulated by the Central Bank of Ireland and registered as a recognised scheme under the Securities and Futures Act (Cap 289) in Singapore. The manager of the Fund, PineBridge Investments Ireland Limited (the “Manager”), has appointed PineBridge Investments Singapore Limited (“PBIS”) as its representative in Singapore. Investors should seek professional advice, and read the prospectus and the product highlights sheet, available from PBIS or any of its appointed distributors, for further details including the risk factors, before investing. Past performance may not be a reliable guide to future performance. Investment involves risks including the possible loss of principal amount invested. The value of the units in the Fund and the income accruing to the units, if any, may fall or rise. The Fund may use or invest in financial derivatives for efficient portfolio management and hedging purposes. This material has not been reviewed or endorsed by the MAS. PineBridge Investments is a group of international companies that provide investment advice and market asset management products and services to clients around the world. PineBridge Investments is a registered trademark proprietary to PineBridge Investments IP Holding Company Limited, PineBridge Investments Singapore Limited (Co. Reg. No. 199602054E), 1 George Street, One George Street, #21-06, Singapore 049145.
PineBridge Investments is a group of international companies that provides investment advice and markets asset management products and services to clients around the world. PineBridge Investments is a registered trademark proprietary to PineBridge Investments IP Holding Company Limited.
Readership: This document is intended solely for the addressee(s) and may not be redistributed without the prior permission of PineBridge Investments. Its content may be confidential, proprietary, and/or trade secret information. PineBridge Investments and its subsidiaries are not responsible for any unlawful distribution of this document to any third parties, in whole or in part.
Opinions: Any opinions expressed in this document represent the views of the manager, are valid only as of the date indicated, and are subject to change without notice. There can be no guarantee that any of the opinions expressed in this document or any underlying position will be maintained at the time of this presentation or thereafter. We are not soliciting or recommending any action based on this material.
Risk Warning: All investments involve risk, including possible loss of principal. If applicable, the offering document should be read for further details including the risk factors. Our investment management services relate to a variety of investments, each of which can fluctuate in value. The investment risks vary between different types of instruments. For example, for investments involving exposure to a currency other than that in which the portfolio is denominated, changes in the rate of exchange may cause the value of investments, and consequently the value of the portfolio, to go up or down. In the case of a higher volatility portfolio, the loss on realization or cancellation may be very high (including total loss of investment), as the value of such an investment may fall suddenly and substantially. In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved.
Performance Notes: Past performance is not indicative of future results. There can be no assurance that any investment objective will be met. PineBridge Investments often uses benchmarks for the purpose of comparison of results. Benchmarks are used for illustrative purposes only, and any such references should not be understood to mean there would necessarily be a correlation between investment returns of any investment and any benchmark. Any referenced benchmark does not reflect fees and expenses associated with the active management of an investment. PineBridge Investments may, from time to time, show the efficacy of its strategies or communicate general industry views via modeling. Such methods are intended to show only an expected range of possible investment outcomes, and should not be viewed as a guide to future performance. There is no assurance that any returns can be achieved, that the strategy will be successful or profitable for any investor, or that any industry views will come to pass. Actual investors may experience different results.
Information is unaudited unless otherwise indicated, and any information from third-party sources is believed to be reliable, but PineBridge Investments cannot guarantee its accuracy or completeness.
This document and the information contained herein does not constitute and is not intended to constitute an offer of securities or provision of financial advice and accordingly should not be construed as such. The securities and any other products or services referenced in this document may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This document and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This document is directed at and intended for institutional and qualified investors (as such term is defined in each jurisdiction in which the security is marketed). This document is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this document, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This document is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof).
Argentina: Any interests identified within this document may not be offered or sold to the public in Argentina. Accordingly, the offering of any fund interest has not been submitted to the Comisión Nacional de Valores (CNV) for approval. Documents relating to this offering (as well as information contained herein) may not be supplied to the general public for purposes of a public offering in Argentina or be used in connection with any offer or subscription for sale to the public in Argentina.
Australia: PineBridge Investments LLC is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 (Cth) in respect of the financial services it provides to wholesale clients, and is not licensed to provide financial services to individual investors or retail clients. Nothing herein constitutes an offer or solicitation to anyone in or outside Australia where such offer or solicitation is not authorised or to whom it is unlawful. This information is not directed to any person to whom its publication or availability is restricted.
Brazil: PineBridge Investments is not accredited with the Brazilian Securities Commission - CVM to perform investment management services. The investment management services may not be publicly offered or sold to the public in Brazil. Documents relating to the investment management services as well as the information contained therein may not be supplied to the public in Brazil.
Chile: PineBridge Investments is not registered or licensed in Chile to provide managed account services and is not subject to the supervision of the Comisión para el Mercado Financiero of Chile (“CMF”). The managed account services may not be publicly offered or sold in Chile.
Colombia: This document does not have the purpose or the effect of initiating, directly or indirectly, the purchase of a product or the rendering of a service by PineBridge Investments ("investment adviser") to Colombian residents. The investment adviser’s products and/or services may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance with decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia. The investment adviser has not received authorisation of licensing from The Financial Superintendency of Colombia or any other governmental authority in Colombia to market or sell its financial products or services in Colombia. By receiving this document, each recipient resident in Colombia acknowledges and agrees that such recipient has contacted the investment adviser at its own initiative and not as a result of any promotion or publicity by the investment adviser or any of its representatives. Colombian residents acknowledge and represent that (1) the receipt of this presentation does not constitute a solicitation from the investment adviser for its financial products and/or services, and (2) they are not receiving from the investment adviser any direct or indirect promotion or marketing of financial products and/or services. Marketing and offering of products and/or services of a foreign financial [or securities related] entity represented in Colombia.
Promoción y oferta de los negocios y servicios de la entidad del mercado de valores del exterior [o financiera, según sea el caso] representada en Colombia.
Dubai: PineBridge Investments Europe Limited is regulated by the Dubai Financial Services Authority as a Representative Office and is making this document available to you. This document is intended for sophisticated/professional investors only and no other Person should act upon it.
Germany: This material is issued by PineBridge Investments Deutschland GmbH, licensed and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
Hong Kong: The issuer of this document is PineBridge Investments Asia Limited, a company incorporated in Bermuda with limited liability, licensed and regulated by the Securities and Futures Commission (SFC). This document has not been reviewed by the SFC.
Ireland: When this document is issued in the EEA, unless stated otherwise, it is approved and issued by PineBridge Investments Ireland Limited, licensed and regulated by the Central Bank of Ireland.
Israel: PineBridge Investments is neither licensed nor insured under the Israeli Investment Advice Law.
Japan: This document is not, and under no circumstances is to be considered as, a public offering of securities in Japan. No registration pursuant to Article 4 paragraph 1 of Japan’s Financial Instruments and Exchange Act (“FIEA”) has been or will be made with respect to any solicitation of applications for acquisition of interests of any vehicle or any account that may be undertaken, on the grounds that any such solicitation would constitute a “solicitation for qualified institutional investors” as set forth in Article 23-13, paragraph 1 of the FIEA. In Japan, this document is directed at and intended for qualified institutional investors (as such term is defined in Article 2, paragraph 3, item 1 of the FIEA; “QIIs”). If any offering is to be made, that would be made on the condition that each investor enters into an agreement whereby the investor covenants not to transfer its interests (i) to persons other than QIIs, or (ii) without entering into an agreement whereby the transferee covenants not to transfer its interests to persons other than QIIs.
Kuwait: The offering of any security in any vehicle has not been approved or licensed by the Kuwait Capital Markets Authority or any other relevant licensing authorities in the State of Kuwait, and accordingly does not constitute a public offer in the State of Kuwait in accordance with Law no. 7 for 2010 regarding the Establishment of the Capital Markets Authority and the Regulating Securities Activities (“CMA Law”). This document is strictly private and confidential and is being issued to a limited number of professional investors: A) who meet the criteria of a Professional Client by Nature as defined in Article 2-6 of Module 8 of the Executive Regulations No. 72 of 2015 of the CMA Law; B) upon their request and confirmation that they understand that the securities have not been approved or licensed by or registered with the Kuwait Capital Markets Authority or any other relevant licensing authorities or governmental agencies in the State of Kuwait; and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purposes whatsoever.
Malaysia: PineBridge Investments Malaysia Sdn Bhd is licensed and regulated by Securities Commission of Malaysia (SC). This material is not reviewed or endorsed by the SC.
Mexico: The fund interest(s) have not been, and will not be, registered with the Mexican National Securities Registry (Registro Nacional de Valores) maintained by the Mexican National Banking Commission, (Comisión Nacional Bancaria y de Valores) or the “CNBV” and may not be publicly offered or sold in the United Mexican States. The materials relating to the fund interest(s) offering may not be distributed publicly in Mexico and the fund interest(s) may not be traded in Mexico. The CNBV has not reviewed or approval these offering materials. This is not a public offering of securities in Mexico.
Netherlands: PineBridge Investment Ireland Limited, Netherlands Branch is licensed and regulated by The Dutch Authority for the Financial Markets (AFM). This is a branch office of PineBridge Investments Ireland Limited, licensed and regulated by the Central Bank of Ireland.
Panama: These fund interest(s) have not been and will not be registered with the Superintendence of the Securities Market of Panama (Superintendencia del Mercado de Valores de la República de Panamá). Accordingly, (i) the fund interest(s) cannot be publicly offered or sold in Panama, except in transactions exempted from registration under the securities laws of Panama, (ii) the Superintendence of the Securities Market of Panama has not reviewed the information contained in this material, (iii) the fund interest(s) securities and the offering thereof are not subject to the supervision of the Superintendence of the Securities Market of Panama, and (iv) the fund interest(s) securities do not benefit from the tax incentives provided by Panamanian securities laws and regulations.
Neither these securities, nor their offer, sale, or transfer, have been registered with the Superintendence of the Securities Market (before named National Securities Commission). The exemption from registration is based on numeral 3 of Article 129 of Decree Law 1 of July 8, 1999 (Institutional Investors), as amended. In consequence, the tax treatment established in Articles 334 to 336 of Decree Law 1 of July 8, 1999, as amended, does not apply to them. These securities are not under the supervision of the Superintendence of the Securities Market (before named National Securities Commission).
Peru: Specifically, the Interests will not be subject to a public offering in Peru. The Interests described herein have not been and will not be approved by or registered with the Peruvian Superintendency of Capital Markets (Superintendencia del Mercado de Valores, or the “SMV”) or the Lima Stock Exchange (Bolsa de Valores de Lima). Accordingly, the Interests may not be offered or sold in Peru except, among others, if such offering is considered a private offer under the securities laws and regulations of Peru. The Interests cannot be offered or sold in Peru or in any other jurisdiction except in compliance with the securities laws thereof. In making an investment decision, institutional investors (as defined by Peruvian law) must rely on their own examination of the terms of the offering of the Interests to determine their ability to invest in the Interests. All content in this document is for information or general use only. The information contained in this document is referential and may not be construed as an offer, invitation or recommendation, nor should be taken as a basis to take (or stop taking) any decision. This document has been prepared on the basis of public information that is subject to change. This information may not be construed as services provided by PineBridge Investments within Peru without having the corresponding banking or similar license according to the applicable regulation.
Singapore: PineBridge Investments Singapore Limited is licensed and regulated by the Monetary Authority of Singapore (MAS). In Singapore, this material may not be suitable to a retail investor. This advertisement or publication has not been reviewed by the MAS.
Sweden: PineBridge Investments Ireland Limited Sweden filial is licensed and regulated by Finansinspektionen. This is a branch office of PineBridge Investments Ireland Limited, licensed and regulated by the Central Bank of Ireland.
Switzerland: This material is issued by PineBridge Investments Switzerland GmbH and classes this communication as a financial promotion which is intended for Institutional and Professional clients as defined by the Swiss Federal Financial Services Act ("FinSA").
Taiwan: PineBridge Investments Management Taiwan Ltd. Is licensed and regulated by Securities and Futures Bureau of Taiwan (SFB). In Taiwan, this material may not be suitable to investors and is not reviewed or endorsed by the SFB.
United Kingdom: This material is issued by PineBridge Investments Europe Limited, licensed and regulated by the Financial Conduct Authority. In the UK this communication is a financial promotion solely intended for professional clients as defined in the FCA Handbook and has been approved by PineBridge Investments Europe Limited. Should you like to request a different classification, please contact your PineBridge representative.
In the UK, this material may also be issued by PineBridge Benson Elliot LLP, registered in England (company number OC317119) with its registered address at 50 Hans Crescent, London, SW1X 0NA. PineBridge Benson Elliot LLP is authorised and regulated by the Financial Conduct Authority.
Uruguay: The sale of the securities qualifies as a private placement pursuant to section 2 of Uruguayan law 18.627. The issuer represents and agrees that it has not offered or sold, and will not offer or sell, any securities to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The securities are not and will not be registered with the Central Bank of Uruguay to be publicly offered in Uruguay. The securities correspond to investment funds that are not investment funds regulated by Uruguayan law 16,774 dated 27 September 1996, as amended.
Where applicable, the Manager may determine to terminate any arrangements made for marketing the Shares in one or more jurisdictions in accordance with the AIFM Directive and UCITS Directive respectively, as may be amended from time to time.
Investors and potential investors can obtain a summary of investor rights and information on access to collective redress mechanisms at www.pinebridge.com/investorrights.
Last updated 04 January 2022.