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18.2. Risk Factors Consideration

Before making an investment decision with respect to Units of any Class in an Investment Compartment, prospective Investors should carefully consider all of the information set out in this Offering Memorandum, as well as their own personal circumstances. The risk factors referred to this document, alone or collectively, may reduce the return on the Units and could result in the loss of all or a proportion of an Investor's investment in the Units of the Investment Compartment. The price of the Units can go down as well as up and their value is not guaranteed. Investors may not receive, at redemption or liquidation, the amount that they originally invested in any Class of Units or any amount at all. 

The risks may include or relate to equity markets, bond markets, foreign exchange rates, interest rates, credit risk, use of derivatives, counterparty risk, market volatility and political risks. The risk factors set out in this Offering Memorandum are not exhaustive. Each Investment Compartment is intended to be a medium to long term investment vehicle, depending on the investment policy. Units may however be redeemed on each Valuation Day. Substantial redemptions of Units by Investors within a limited period of time could cause the relevant Investment Compartment to liquidate positions more rapidly than would otherwise be desirable, which could adversely affect the value of both the Units being redeemed and the outstanding Units. In addition, regardless of the period of time in which redemptions occur, the resulting reduction in the Net Asset Value per Unit could make it more difficult for the relevant Investment Compartment to generate trading profits or recover losses.