This website was prepared by Drexel Morgan Capital Advisers (“DMCA”) for illustrative and informational purposes only.  Any information or opinion expressed in this website does not constitute a recommendation, offer, or solicitation of an offer to buy or sell any security or financial instrument or to participate in any investment strategy. Any reference to past performance is not indicative of future results.

 This website was prepared and intended for sophisticated investors who are capable of understanding the risks associated with the investments and strategies described herein.

Certain financial instruments and transactions give rise to substantial risk and are not suitable for all investors. Depending on your specific investment objectives and financial position, the investments and strategies discussed throughout this website may or may not be suitable for you. It is up to you to weigh any decision carefully. This material does not provide individually tailored investment advice. You should independently evaluate any investments and strategies discussed on this website, and consult your business advisor, attorney, and tax and accounting advisors with respect to the price, suitability, value, risk, and/or general appropriateness of an investment or strategy.  The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

This website must not be provided to, and may not be used by, any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules, or regulations of any governmental authority or regulatory or self-regulatory organization or clearing organization or where DMCA is not authorized to provide such information or services.

The views and opinions expressed throughout this website are those of the portfolio management team at the time of writing, are subject to change based on market, economic and other conditions, and should not be construed as recommendations or investment advice.  

Certain information and figures contained herein have been obtained from sources outside of DMCA that are considered to be reliable, but DMCA makes no representations or guarantees as to the accuracy or completeness of this information or data.

This material may not be reproduced or distributed without DMCA’s prior written consent.  Please see our Terms of Use for more details.

Certain material risks generally associated with DMCA’s strategies and managed accounts are described below. Investors should be aware that this is not an exhaustive list of risks related to investing with DMCA, and some of these risks may only apply to certain strategies. Please refer to the offering documents of any investment product in which you invest, and/or any agreement governing the investment management relationship between you and DMCA, for more information regarding the risks related to your particular account.

RISK OF LOSS

Investing in securities involves risk of loss, including possible loss of principal.  that investors should be prepared to bear. There is no guarantee that any investment strategy will meet its objective.

MARKET RISK

Investing in securities involves risk that the overall market will perform poorly or that the returns from the securities in which a client invests will underperform returns from the general securities markets or other types of investments.  The value of investments will go up and down, sometimes rapidly and drastically, particularly in response to global events, such as health crises, war, economic cycles, political disruption, and pandemics.

ALTERNATIVE INVESTMENTS

Investment in alternative investment products requires that the investor meet certain suitability standards, and therefore, may not be suitable for all investors. Alternative investments are speculative, involve a high degree of risk, are typically highly illiquid and engage in leverage or other speculative practices that may increase volatility and risk of loss. Investors could lose all or a substantial portion of their investment. In addition, alternative investments typically have higher fees than other investments which will lower returns.

ASSET ALLOCATION RISK

An account’s investment performance depends, at least in part, on how its assets are allocated and reallocated among asset classes. Such allocation could focus on asset classes or investments that perform poorly or underperform other asset classes or available investments.

CONCENTRATION RISK: 

Concentrating investments potentially increases the risk of loss because the securities of many or all of the companies may decline in value due to developments adversely affecting the industries in which they operate. This effect is more pronounced in accounts that are sized below DMCA’s recommended account size for each strategy, although this risk can exist in accounts above DMCA’s recommended account size for any given strategy.

FOCUSED INVESTMENT RISK 

An account that invests a substantial portion of its assets in a particular market, industry, group of industries, country, region, group of countries, asset class or sector generally is subject to greater risk than an account that invests in a more diverse investment portfolio. In addition, the value of such an account is more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, industry, region or sector. This is because, for example, issuers in a particular market, industry, region or sector often react similarly to specific economic, market, regulatory, or political developments.

MANAGEMENT RISK 

Each actively managed account is subject to management risk. DMCA’s portfolio managers will apply investment techniques and risk analyses in making investment decisions for actively managed accounts, but there can be no guarantee that these decisions will produce the desired results.

CONFIDENTIAL INFORMATION ACCESS RISK

The risk that the intentional or unintentional receipt of material, non-public information (“Confidential Information”) by DMCA could limit its ability to sell certain investments held by a client or pursue certain investment opportunities on behalf of a client, potentially for a substantial period of time. Also, certain issuers may not have any traded securities (“Private Issuers”) and may offer private information pursuant to confidentiality agreements or similar arrangements. DMCA may access such private information, while recognizing that the receipt of that information could potentially limit its ability to trade in certain securities on behalf of a client if the Private Issuer later issues publicly traded securities. In addition, in circumstances when DMCA declines to receive Confidential Information from issuers, a client may be disadvantaged in comparison to other investors, including with respect to evaluating the issuer and the price a client would pay or receive when it buys or sells those investments. In managing a client’s account, DMCA may, in its discretion, seek to avoid the receipt of Confidential Information about investments being considered for the client’s portfolio if the receipt of the Confidential Information would restrict one or more clients, from trading in securities they hold or in which they may invest. Avoidance of Confidential Information may also limit DMCA’s ability to pursue certain investment opportunities on behalf of a Client.

DMCA is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”).  Registration of an investment adviser with the SEC does not imply any level of skill or training. Please visit the SEC’s website at www.adviserinfo.sec.gov to see DMCA’s Form ADV and Form CRS, which contain important disclosures, including further disclosures about material conflicts of interest, risks, and limitations associated with DMCA.

PROFESSIONAL DESIGNATIONS

The descriptions of Professional Designations are provided to assist you in evaluating the professional designations and minimum requirements of our investment professionals to hold these designations.

Chartered Financial Analyst (CFA®)

Qualification as a CFA® charter holder requires:

  •  Successful completion of Levels I, II, and III examinations.
  •  At least four years of acceptable professional work experience related to the investmentdecision-making process. This may be accrued prior to, during, or after completing theexams.
  •  Membership in CFA Institute and application for membership with a CFA Institute society.
  •  Agreement to comply with, among other things, the CFA Institute conditions, requirements,policies, and procedures as defined in the CFA Institute Articles of Incorporation, Bylaws,and Code of Ethics and Standards of Professional Conduct.
  •  Fulfill local CFA Institute society requirements, which vary by society.
  •  Submission of an annual Professional Conduct Statement and annual membership dues.

CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.Certificate of Investment Performance Measurement (CIPM®)Qualification as a CIPM® certificate requires:

  • Successful completion of Level III of the CFA examination.
  • Successful completion of Level II of the CIPM examination.
  • At least four years of experience in evaluating or applying financial, economic, and/orstatistical data as part of the investment decision-making process; supervising persons whoconduct such activities; or teaching such activities.• Membership in CFA Institute and application for membership with a CFA Institute society. • Agreement to comply with, among other things, the CFA Institute conditions, requirements, policies, and procedures as defined in the CFA Institute Articles of Incorporation, Bylaws, andCode of Ethics and Standards of Professional Conduct.
  • Fulfill local CFA Institute society requirements, which vary by society.
  • Submission of an annual Professional Conduct Statement and annual membership dues.

CIPM® and Certificate of Investment Performance Measurement® are registered trademarks owned by the CFA Institute.

Qualifications for attaining the AIF® designation:

  • Successful completion of the AIF® Training and examination.
  • At least 8 years of experience in a non-clerical role within a financial services industry or; (2) years of relevant experience and a bachelor’s degree (or higher) and a professional credential or; (5) years of relevant experience and a bachelor’s degree (or higher) or a professional credential.
  • Submission of agreement to comply with the Code of Ethics and Code of Conducts Standards, application and dues.

Effective as of August 6, 2020