This communication is issued by one or more affiliates of the Trovio Group Ltd (“Trovio”), including TCM Macro Pty Ltd ACN 620 623 234 AFSL 515204, TCM Capital AM Pty Ltd, an authorised representative of TCM Macro Pty Ltd (collectively “TCM”). Any communication you have received in relation to any of the funds that Trovio manages and/or providing advice on and all of their affiliated funds (the “Fund” or “Funds”), including this market report, (the “Communication”) is provided for informational purposes only. It does not contain all material information pertinent to an investment decision, including disclosures of conflicts and risk factors associated with an investment in a fund.  

This material should not be construed as an offer to sell or the solicitation of an offer to buy any security or asset in any jurisdiction where such an offer or solicitation would be illegal. It does not take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.  

Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. 

Certain information in the Communication may constitute "forward-looking statements", which can be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "anticipate", "target", "project", "estimate", "intend ", " continue" , or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual policies, procedures, and processes of the investment manager and the performance of the Fund(s) may differ from those reflected or contemplated in such forward-looking statements and no undue reliance should be placed on these forward-looking statements, nor should the inclusion of these statements be regarded as the Trovio’s representation that the Fund(s) will achieve any strategy, objectives or other plans. 

The material is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Trovio is under no obligation to notify you of such changes and you should discuss this material with your Trovio representative to ensure such material has not been updated, modified amended and/or supplemented. 

Opinions expressed are our current opinions as of the date appearing on this material only and only represent the views of the author and not those of Trovio, unless otherwise expressly noted.