Investment Company Sales

The Market Abuse Regulation (“MAR”) requires the disclosure of explicit or implicit Investment Recommendations in relation to financial instruments subject to MAR.

• The Cantor Fitzgerald Europe (“CFE”) Investment Companies sales desk produces Investment Recommendations that are defined against short-term discount/premium ranges.
  
  A selected fund which has a discount/premium towards the lower end of its range may therefore represent a BUY indication to investors.
  
  A selected fund which has a discount/premium towards the upper end of its range may be a SELL indication to investors.

• A summary of any basis of valuation or methodology and the underlying assumptions used to either evaluate a financial instrument or an issuer referred to in this investment recommendation is available here.

• The proportion of “Discount” and/or “Premium” recommendations over the last 12 months and percentage distribution of our investment recommendations as at the last quarter end is available here.

• CFE has internal controls and information barriers set up to separate the public and private sides of the business, including a Chinese wall between the Corporate Finance department and other departments, with formal wall-crossing procedures in place. CFE has policies and procedures designed to control conflicts of interest including the Conflicts of Interest Policy, which sets out among other things procedures for mitigating or avoiding conflicts of interest. CFE policies and procedures apply to investment recommendations. The relevant CFE staff undertakes training on a yearly basis in relation to conflicts of interest.

• The remuneration of persons involved in the production of this investment recommendation is not directly tied to transactions in services provided by the Corporate Finance department or any other department other than the department for which the person works, although it may be related to the results of CFE as a whole to which other departments contribute.

Visit the CFE MAR Investment Recommendation homepage for additional information including:

• Investment recommendation History
• Conflicts of interest; and
• Quarterly data on investment recommendations