The information and opinions contained herein are based upon sources believed by GuardCap Asset Management Limited (“GuardCap”) to be reliable, but which may not have been independently verified and no guarantees, representations or warranties are made as to its accuracy, completeness or suitability for any purpose. This information is subject to change at any time, without notice, and without update. This document is provided for information purposes only. Certain information contained in this document has been obtained from external parties which we believe to be reliable, however we cannot guarantee its accuracy. This commentary may also include forward looking statements concerning anticipated results, circumstances, and expectations regarding future events. Forward-looking statements require assumptions to be made and are, therefore, subject to inherent risks and uncertainties. The value of investments and any income from them is not guaranteed and may go down as well as up; you may get back less than the amount invested.