By: Graham Wainer
"It’s close to impossible to apply brakes to the economy without breaking something."
Niall Ferguson, Bloomberg, 19 March 2023
EXECUTIVE SUMMARY
Disclaimer: This document has been prepared for information only and is not intended for onward distribution. It is neither an offer to sell, nor a solicitation to buy, any investments or services. The information on this document does not constitute legal, tax, or investment advice. It does not constitute a personal recommendation and does not take into account the individual financial circumstances needs or objectives of the recipients. You must not, therefore, rely on the content of this document when making any investment decisions.
Any information which could be construed as investment research has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Past performance is not a guide to future returns. If the information is not displayed in your base currency, then the return may increase or decrease due to currency fluctuations.
All investments risk the loss of capital.
The value of investments may go down as well as up, and for products designed to return income, the distributions can also go down or up and you may not receive back the full value of your initial investment.
Changes in the rates of exchange between currencies may cause the value of investments to go up or down in the reporting currency.
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Issued by Stonehage Fleming Investment Management Limited (SFIM). Authorised and regulated by the Financial Conduct Authority (194382) and registered with the Financial Sector Conduct Authority (South Africa) as a Financial Services Provider (FSP No. 46194). This document has been approved for distribution in South Africa. Approved for distribution in Jersey by affiliates of Stonehage Fleming Investment Management that are regulated for the provision of financial services by the JFSC.
In addition to the information provided by SFIM, you may wish to consult an independent professional.
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