The market commentary on this website is published by Zephyros London Market IM, LLC (“Zephyros”) for general informational purposes only. It reflects the views of its authors as of the date of publication, which may change without notice, and Zephyros has no obligation to update it.

Nothing on this website is an offer to sell, or a solicitation of an offer to buy, any security, fund interest or investment advisory service. Any such offer will be made only to qualified investors through definitive offering documents, which contain important information about risks, fees and conflicts of interest and which supersede any information on this website.

The commentary is not investment, legal, tax or accounting advice, and does not take into account the objectives, financial situation or needs of any particular person. Readers should consult their own advisers before making any investment decision.

References to specific securities, sectors or markets are for illustrative purposes only and are not recommendations to buy, sell or hold. Zephyros, its personnel and the funds it manages may hold positions in, or change positions in, securities discussed, and may act in ways that differ from the views expressed.

Forward-looking statements, forecasts and opinions are inherently uncertain and actual results may differ materially. Information from third-party sources is believed to be reliable but has not been independently verified, and Zephyros makes no representation as to its accuracy or completeness.

Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results.

Zephyros London Market IM, LLC files reports with the U.S. Securities and Exchange Commission as an exempt reporting adviser. Zephyros is not registered with the SEC as an investment adviser, and its filing status does not imply any level of skill, training or endorsement by the SEC or any other regulator.