Products and services outlined on this website are available exclusively to institutional investors, wholesale investors, and financial advisers.

Milliman Financial Strategies Limited (“MFS”) is an authorised MiFID investment firm and is regulated (reference number: 539399) by the Financial Conduct Authority (FCA) in the United Kingdom since 2012.

All investments involve risk, including the possible loss of capital. Past performance is not indicative of future results. Recipients must make their own independent decisions regarding any strategies, securities, or financial instruments mentioned herein.

MFS does not make any representations that products or services described or referenced herein are suitable or appropriate for the recipient. Many of the products and services described or referenced herein involve significant risks, and the recipient should not make any decision or enter into any transaction unless the recipient has fully understood all such risks and has independently determined that such decisions or transactions are appropriate for the recipient.

Any discussion of risks contained herein with respect to any product or service should not be considered to be a disclosure of all risks or a complete discussion of the risks involved. Please see the fund’s prospectus for more information.

The recipient should not construe any of the material contained herein as investment, hedging, trading, legal, regulatory, tax, accounting or other advice. The recipient should not act on any information in this document without consulting its investment, hedging, trading, legal, regulatory, tax, accounting and other advisers.

MFS does not ensure a profit or guarantee against loss. Materials may not be reproduced without the express consent of MFS.

• Market Risk: Prices and yields of many securities can change frequently and can fall based on a wide variety of factors, including but not limited to political and economic news, government policy, changes in technology and business practice, changes in demographics, cultures and populations, natural or human-caused disasters, weather and climate patterns, scientific or investigative discoveries; and costs and availability of energy, commodities, and natural resources.
• Inflation and Interest Rate Risk: Returns that an investor may receive from the Sub-fund could be affected by interest rates and inflation over time. Where inflation is high it may reduce the real return and purchasing power of the investment in the future. If inflation falls or remains low, the yields on short-term inflation-linked securities will fall or remain low. Changes in interest rates affect the value of most investments. Bonds and fixed interest securities are directly impacted by changes in interest rates, where typically an increase in the level interest rates will have detrimental impact on the value of bonds held, whilst increasing the available returns on bonds available for investment.
• Credit and Default Risk: All fixed income or other debt securities have a risk that the issuer may be unable to make interest payments or repay the capital. Generally, the value of a fixed income security will fall in the event of the default or reduced credit rating of the issuer, due to a higher risk of default. Government securities typically offer the lowest credit risk, which is reflected in their lower yield. Corporate debt typically offers a higher yield due to its higher risk. However, changes in economic and political outlook affect the value of such securities.
• Management Risk: The Sub-fund may be subject to management risk because it is an actively managed investment fund. When managing the Sub-fund and applying investment techniques and risk analyses, the Investment Manager’s assessment of market or economic trends, their choice or design of any software models they use, their allocation of assets, or other decisions regarding how the Sub-fund’s assets will be invested cannot be guaranteed to ensure returns on investments.
• Operational Risk: The operations of the Sub-fund could be subject to human error, faulty processes or governance, or technological failures. Operational risks may subject the Sub-fund to errors affecting valuation, pricing, accounting, tax reporting, financial reporting, custody and trading, among other things.
• Liquidity Risk: The Sub-fund may be invested in assets which cannot be liquidated in a timely manner at a reasonable price. This may impact the value of Shares in the Sub-fund and the ability to redeem.
• Investment in Collectives: The Sub-fund may make investments in collective investment schemes. Such investments may involve risks that are not present in direct investments, including, for example, the possibility that an investee collective investment scheme may at any time have economic or business interests or goals which are inconsistent with those of the Sub-fund concerned. Unregulated collective investment schemes in which the Company may invest up to 20% of its scheme property may invest in highly illiquid securities that may be difficult to value.
• Financial Indices: The Sub-fund may invest in securities embedding exposure to financial indices. Any such index must meet the regulatory requirements including being sufficiently diversified, having a clear objective, not relating to a single commodity or concentration of related commodities, being an adequate benchmark for the relevant market, having clear guidelines for the selection of index components, being replicable, having the calculation methodology pre¬determined and published, rebalancing at an appropriate frequency, being subject to an independent valuation, not permitting retrospective changes, not permitting payments from potential index components for inclusion in the index, and having the index constituents and weightings published. The ACD has risk management procedures in place to ensure that any securities embedding exposure to a financial index meet all of the required regulations.
• Equity Securities Risk: Equities are securities that represent an ownership interest in an issuer. Equities can lose value rapidly and typically involve higher (often significantly higher) market risks than bonds, money market instruments or other debt instruments. Fluctuation in value may occur in response to activities of individual companies, the general market, economic conditions, or changes in currency exchange rates.
• Small and Mid-Cap Stock Risk: Stocks of small and mid-size companies can be more volatile and less liquid than stocks of larger companies and often have fewer financial resources, shorter operating histories, and less diverse business lines, and as a result can be at greater risk of long-term or permanent business setbacks.
• Emerging Markets Risk: Investment in emerging markets may involve a higher-than-average risk. Investors should consider whether or not investment in such Sub-funds is either suitable for or should constitute a substantial part of an investor’s portfolio.
• Derivatives Risk: Generally, a Financial Derivative Instrument (FDI) is a financial contract where the value depends upon, or is derived from, the value of an underlying asset, reference rate or index and which may relate to stocks, bonds, interest rates, currencies or currency exchange rates, commodities, and related indices. There is no guarantee that the Sub-fund will achieve the objective for which it entered into a transaction in relation to efficient portfolio management. The use of financial derivative instruments may result in losses for investors.