Buscando diversificación real en en mercados turbulentos
Los inversores tienen dificultades para encontrar diversificación cuando retroceden a la vez los mercados de renta variable y de renta fija. En estos entornos, son evidentes las ventajas que brinda la exposición a activos descorrelacionados.
Históricamente, el fondo Jupiter Merian Global Equity Absolute Return Fund (GEAR) ha representado una buena fuente de diversificación porque ha ofrecido una baja correlación tanto con la renta variable como con la renta fija. Desde su creación hace trece años, el fondo no ha tenido correlación con el índice MSCI World.
Correlación del Jupiter Merian Global Equity Absolute Return Fund con el índice MSCI World en periodos móviles
Correlación del Jupiter Merian Global Equity Absolute Return Fund con el índice Bloomberg Global Aggregate en periodos móviles
Por ello, los inversores buscan reducir el riesgo configurando carteras diversificadas a partir de activos descorrelacionados, con la esperanza de que esta situación continúe y de que no todo caiga a la vez. Tradicionalmente, la diversificación se ha conseguido combinando la renta fija y la renta variable, ya que, a menudo, cuando los mercados de renta variable caen, los de renta fija suben. No obstante, 2022 ha sido diferente hasta la fecha: tanto la renta variable como la renta fija han caído y, como consecuencia de ello, muchos inversores han comprobado que sus carteras están menos diversificadas de lo que esperaban. Por esta razón algunos inversores están mirando con nuevos ojos a los activos alternativos que no tienen correlación con la renta variable ni con la renta fija, como el fondo GEAR.
¿Cómo ha conseguido el fondo GEAR su larga trayectoria de descorrelación con la renta variable y la renta fija? En su condición de fondo neutral al mercado, configuramos la cartera cuidadosamente con el fin de equilibrar sus posiciones largas y cortas. Gracias a su cartera de posiciones cortas, el fondo puede generar ganancias incluso cuando los mercados bursátiles retroceden. Además, debido al equilibrio entre las posiciones cortas y las posiciones largas, el fondo presenta una baja dependencia de las bolsas en general.
Cuando retroceden al unísono la renta variable y la renta fija mundial, la diversificación es difícil de encontrar
El fondo ha conseguido una rentabilidad positiva en el año
Las rentabilidades pasadas no garantizan rentabilidades presentes o futuras y no tienen en cuenta las comisiones y gastos originados en la emisión y reembolso de las participaciones. Las rentabilidades pueden aumentar o disminuir como consecuencia de las fluctuaciones de las divisas.
Para los inversores resulta fácil tomar como referencia los máximos de los precios (el «anclaje» es un sesgo conductual o psicológico muy conocido). Nuestro proceso trata de aprovechar los sesgos conductuales del mercado. Los inversores pueden considerar de forma subjetiva que los precios deberían situarse en sus máximos, pero la historia ha demostrado que pueden seguir cayendo con fuerza desde ese nivel.
La estrategia ha gestionado bien la volatilidad, manteniéndola generalmente por debajo del objetivo máximo del 6%
Volatilidad del índice MSCI World
Jupiter Merian Global Equity Absolute Return Fund (I USD Acc)
01 Jul ’12 a 31 Jun ’13 | 01 Jul ’13 a 31 Jun ’14 | 01 Jul ’14 a 31 Jun ’15 | 01 Jul ’15 a 31 Jun ’16 | 01 Jul ’16 a 31 Jun ’17 | |
|---|---|---|---|---|---|
Jupiter Merian Global Equity Absolute Return Fund I USD Acc | 15.6 | 3.9 | 5.4 | 3.3 | 5.7 |
US Federal Reserve Funds Base Rate | 0.2 | 0.1 | 0.1 | 0.3 | 0.6 |
01 Jul ’17 a 31 Jun ’18 | 01 Jul ’18 a 31 Jun ’19 | 01 Jul ’19 a 31 Jun ’20 | 01 Jul ’20 a 31 Jun ’21 | 01 Jul ’21 a 31 Jun ’22 | |
|---|---|---|---|---|---|
Jupiter Merian Global Equity Absolute Return Fund I USD Acc | 8.0 | -6.6 | -10.6 | 16.9 | 5.9 |
US Federal Reserve Funds Base Rate | 1.4 | 2.2 | 1.3 | 0.1 | 0.2 |
3 Meses | 1 Año | 3 Años | 5 Años | 10 Años | |
|---|---|---|---|---|---|
Jupiter Merian Global Equity Absolute Return Fund I USD Acc | 1.4 | 5.9 | 10.6 | 11.5 | 54.1 |
US Federal Reserve Funds Base Rate | 0.2 | 0.2 | 1.6 | 5.3 | 6.6 |
Fuente: Morningstar, valor liquidativo al inicio y al final del periodo, con reinversión de rendimientos brutos, después de comisiones, en USD, hasta 31.05.22.
Reflexiones más recientes
The value of active minds: pensamiento independente
Una característica clave del enfoque de inversión de Jupiter es que evitamos la adopción de una visión de la casa, prefiriendo permitir a nuestros gestores de fondos especializados formular sus propias opiniones sobre su clase de activos. En consecuencia, debe tenerse en cuenta que las opiniones expresadas -incluidas las relativas a consideraciones medioambientales, sociales y de gobernanza- son las del autor o autores, y pueden diferir de las opiniones mantenidas por otros profesionales de la inversión de Jupiter.
- Riesgo de inversión: no puede garantizarse que el Fondo vaya a lograr su objetivo. Podría producirse una pérdida parcial o total del capital invertido. Además, el Fondo podría superar su límite de volatilidad. Podría producirse una pérdida parcial o total del capital invertido.
- Riesgo de las acciones de la empresa (es decir, de la renta variable): el valor de las acciones de la empresa (es decir, de la renta variable) y de las inversiones similares puede bajar o subir en respuesta a los resultados de las empresas individuales y puede verse afectado por los movimientos diarios de la bolsa y las condiciones generales del mercado. Otros factores influyentes son las noticias políticas y económicas, los beneficios de las empresas y los acontecimientos corporativos importantes.
- Riesgo de derivados: el Fondo utiliza derivados para generar rendimientos y/o reducir los costes y el riesgo general del Fondo. La utilización de derivados puede conllevar un nivel de riesgo más elevado. Una pequeña variación del precio de una inversión subyacente puede dar lugar a una variación desproporcionadamente elevada del precio de la inversión en el derivado. Los derivados también conllevan un riesgo de la contraparte, puesto que puede ocurrir que las entidades que actúan como contrapartes de los derivados no cumplan sus obligaciones contractuales.
- Riesgo de divisas: el Fondo puede estar expuesto a diferentes divisas y puede utilizar técnicas para intentar reducir los efectos de las variaciones del tipo de cambio entre la divisa de las inversiones subyacentes y la divisa base del Fondo. Estas técnicas pueden no eliminar todo el riesgo cambiario. El valor de sus acciones puede subir o bajar como resultado de los movimientos de los tipos de cambio.
- Riesgo de Stock Connect: el Fondo puede invertir en acciones A de China a través de la conexión bursátil China-Hong Kong (‘Stock Connect’). El Stock Connect se rige por reglas que no han sido probadas y que pueden variar. Las limitaciones comerciales y las restricciones a la propiedad extranjera pueden restringir la capacidad del Fondo para llevar a cabo su estrategia de inversión.
El fondo podría estar sujeto a factores de riesgo adicionales, véase el Folleto si desea obtener más información.
La inversión constituye la adquisición de acciones del fondo, no los activos subyacentes del fondo. Consulte el folleto de ventas más reciente del fondo y el Documento de datos fundamentales para el inversor, especialmente el objetivo de inversión y las características del fondo, incluidas las relacionadas con los criterios ESG (en su caso), antes de tomar cualquier decisión final de inversión. Están disponibles en la Biblioteca de documentos. Le recomendamos que comente cualquier decisión de inversión con un asesor financiero, sobre todo si no está seguro de que una inversión sea adecuada. Jupiter no está autorizada para prestar asesoramiento en materia de inversión.
Important Information: Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested.
The views expressed are those of the speaker at the time of recording, are not necessarily those of Jupiter and may change in the future. This is particularly true during periods of rapidly changing market circumstances.
This is a marketing communication. Please refer to the latest sales prospectus of the sub-fund and to the Key Investor Information Document (KIID), particularly to the sub-fund’s investment objective and characteristics, before making any final investment decisions.
This document is intended for investment professionals and is not for the use or benefit of other persons, including retail investors.
This document is for informational purposes only and is not investment advice. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term.
Past performance is not a guide to future performance. Company/Holding/Stock examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not a guide or guarantee for the expected level of distributions to be received. The yield may fluctuate significantly during times of extreme market and economic volatility. Awards and Ratings should not be taken as a recommendation. The views expressed are those of the Fund Manager(s) / author(s) at the time of preparation, are not necessarily those of Jupiter as a whole and may be subject to change. This is particularly true during periods of rapidly changing market circumstances. Every effort is made to ensure the accuracy of the information provided but no assurance or warranties are given.
This is not an invitation to subscribe for shares in the Jupiter Asset Management Series plc (the Company) or any other fund managed by Jupiter Asset Management (Europe) Limited or Jupiter Investment Management Limited. The Company is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.
This information is only directed at persons residing in jurisdictions where the Company and its shares are authorised for distribution or where no such authorisation is required.
The sub fund(s) may be subject to various other risk factors, please refer to the latest sales prospectus for further information.
Prospective purchasers of shares of the sub fund(s) of the Company should inform themselves as to the legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. Subscriptions can only be made on the basis of the latest sales prospectus and the Key Investor Information Document (KIID), accompanied by the most recent audited annual report and semi-annual report. These documents are available for download from www.jupiteram.com or can be obtained free of charge upon request from any of:
EU/EEA countries in which the Company is registered for distribution: Unless otherwise specified in this document, Citibank Europe plc (the Company’s Administrator) is responsible for processing subscription, repurchase and redemption orders and making other payments to Shareholders. Citibank Europe plc, 1 North Wall Quay, Dublin 1, Ireland, email: [email protected].
The following information and documents are available from www.eifs.lu/jupiteram: Information on how orders (subscription, repurchase and redemption) can be made and how repurchase and redemption proceeds are paid; Information and access to procedures and arrangements related to investors’ rights and complaints handling; Information in relation to the tasks performed by the Company in a durable medium; The latest sales prospectus, the articles of association, the annual and semi-annual reports and the Key Investor Information documents. The Manager may terminate marketing arrangements. Information on sustainability-related aspects are available from jupiteram.com.
Austria: Erste Bank der oesterreichischen Sparkassen AG (Austrian Facilities Agent), Am Belvedere 1, 1100 Vienna, Austria.
France: BNP Paribas Securities Services, Les Grands Moulins de Pantin, 9 rue du Debarcadère 93500 Pantin, France.
Germany: GerFIS – German Fund Information Service UG (Haftungsbeschränkt), Zum Eichhagen 4, 21382 Brietlingen, Germany.
Hong Kong: Jupiter Asset Management (Hong Kong) Limited, Suite 1706, Alexandra House, 18, Chater Road, Central, Hong Kong.
Italy: Allfunds Bank S.A.U., Milan Branch, Via Bocchetto, 6, 20123 Milano, Italia; Societe Generale Securities Services S.p.A, Via Benigno Crespi 19A – MAC2, Milan. The sub-fund has been registered with the Commissione Nazionale per le Società e la Borsa (CONSOB) for the offer in Italy to retail investors.
Luxembourg: BNP Paribas Securities Services, Luxembourg Branch, 60, avenue J-F Kennedy L-1855 Luxembourg Grand-Duchy of Luxembourg.
Spain: Allfunds Bank, C/ La Estafeta 6, Edificio 3, 28109 Alcobendas, Madrid, Spain. For the purposes of distribution in Spain, the Company is registered with the Spanish Securities Markets Commission – Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 301, where complete information, including a copy of the marketing memorandum, is available from the Company authorised distributors. Subscriptions should be made through a locally authorised distributor. The net asset value is available on www.jupiteram.com.
Sweden: Skandinaviska Enskilda Banken AB («SEB»), Kungsträdgårdsgatan 8, SE-106 40, Stockholm, Sweden.
Switzerland: Copies of the Memorandum and Articles of Association, the Prospectus, KIIDs and the annual and semi-annual reports of the Company may be obtained free of charge from the Swiss representative First Independent Fund Services Ltd., Klausstrasse 33, CH-8008 Zurich. BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich is the Swiss paying agent.
Taiwan: Capital Gateway Securities Investment Consulting Enterprise, 9F/9F-1, No. 171, Songde Road, Xinyi District, Taipei City, Taiwan, R.O.C.
United Kingdom: Jupiter Investment Management Limited (UK Facilities Agent), The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, United Kingdom. The Fund is recognised by the FCA.
Issued by Jupiter Asset Management (Europe) Limited (JAMEL, the Manager), The Wilde-Suite G01, The Wilde, 53 Merrion Square South, Dublin 2, D02 PR63, Ireland which is registered in Ireland (company number: 536049) and authorised and regulated by the Central Bank of Ireland (number: C181816).
No part of this document may be reproduced in any manner without the prior permission of JAMEL.
For professional investors in Hong Kong only
Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall.
This communication provides information relating to Jupiter Merian Global Equity Absolute Return Fund (the “Fund”), which is a sub-fund of Jupiter Asset Management Series plc. Jupiter Asset Management Series plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.
This communication has been prepared for general information only. It does not purport to be all-inclusive or contain all of the information which a proposed investor may require in order to make a decision as to whether to invest in the Fund. Nothing in this communication constitutes a recommendation suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. No investment decisions should be made without first reviewing the offering document (including the risk factors) and the key fact statement of the Fund (if applicable) which can be obtained from www.Jupiteram.com. This communication has not been reviewed by the SFC.
This communication is issued by Jupiter Asset Management (Asia Pacific) Limited which is licensed to carry out Type 1 and Type 4 regulated activities in Hong Kong.
The Fund is not authorised by the Securities and Futures Commission (“SFC”) in Hong Kong. and is not available to retail investors in Hong Kong. This document is distributed to professional investors only and has not been reviewed by any regulatory body in Hong Kong. It is for reference only and for those persons or entities in any jurisdiction or country where the information in this document and use thereof is not contrary to local law or regulation. It is intended solely for the use of the person to whom it has been addressed and delivered and shall not be reproduced in any form or transmitted to any other third party. In particular: (i) no offer or invitation to subscribe for shares in the Fund may be made to the public in Hong Kong; (ii) this document has not been approved by the SFC or any other regulatory authority in Hong Kong and accordingly shares in the Fund may not be offered or sold in Hong Kong by means of this document or any other document other than in circumstances which do not constitute an offer to the public for the purposes of the Hong Kong Securities and Futures Ordinance (“SFO”), as may be amended from time to time. If you are in doubt, please consider seeking independent professional advice.
The net asset value of the Fund may have high volatility due to the nature of the asset class invested. Your attention is drawn to the stated investment policy which is set out in the Fund’s prospectus.
For Institutional investors in Singapore only
Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall.
This communication provides information relating to a fund known as Jupiter Merian Global Equity Absolute Return Fund (the “Fund”), which is a sub-fund of Jupiter Asset Management Series plc. Jupiter Asset Management Series plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.
This communication is issued by Jupiter Asset Management Series plc.
The Fund is only notified as a restricted scheme by MAS and is not allowed to be offered to the Singapore retail public. This marketing document shall be construed as part of an information memorandum for the purposes of section 305(5) of the Securities and Futures Act, Cap. 289 of Singapore (the «SFA»). Accordingly, this marketing document must not be relied upon or construed on its own without reference to the information memorandum. This marketing document is not a prospectus as defined in the SFA and accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply.
This document has not been registered as a prospectus by MAS, and the offer of the shares is made pursuant to the exemptions under Sections 304 and 305 of the SFA. Accordingly, the shares may not be offered or sold, nor may the shares be the subject of an invitation for subscription or purchase, nor may this marketing document or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the shares be circulated or distributed, whether directly or indirectly, to any person in Singapore other than under exemptions provided in the SFA for offers made (a) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA, (b) to a relevant person (as defined in Section 305(5) of the SFA), or any person pursuant to an offer referred to in Section 305(2) of the SFA, and in accordance with the conditions specified in Section 305 of the SFA or (c) otherwise pursuant to, and in accordance with, the conditions of any other applicable provision of the SFA.
The net asset value of the Fund may have high volatility due to the nature of the asset class invested. Your attention is drawn to the stated investment policy which is set out in the Fund’s prospectus.
For professional investors in US Offshore only
Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall.
The Jupiter Merian Global Equity Absolute Return Fund has not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person, unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.
This presentation is for informational purposes only and is not investment advice. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term.
Past performance is no guide to the future. Company examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not a guide or guarantee for the expected level of distributions to be received. The yield may fluctuate significantly during times of extreme market and economic volatility. Awards and ratings should not be taken as a recommendation.
The views expressed are at a point of time and are subject to change. This is particularly true during periods of rapidly changing market circumstances. Every effort is made to ensure the accuracy of the information provided but no assurance or warranties are given.
Issued by Jupiter Asset Management Limited (JAM), registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ is authorised and regulated by the Financial Conduct Authority.
No part of this presentation may be reproduced in any manner without the prior permission of JAM.
For professional investors in LATAM only
Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall.
Legal Notice for Residents in the Republic of Argentina: This document includes a private invitation to invest in securities. It is addressed only to you on an individual, exclusive, and confidential basis, and its unauthorised copying, disclosure, or transfer by any means whatsoever is absolutely and strictly forbidden. Jupiter Asset Management (Europe) Limited, will not provide copies of this document, or provide any kind of advice or clarification, or accept any offer or commitment to purchase the securities herein referred to from persons other than the intended recipient. The offer herein contained is not a public offering, and as such it is not and will not be registered with, or authorised by, the applicable enforcement authority. The information contained herein has been compiled by Jupiter Asset Management (Europe) Limited, who assumes the sole responsibility for the accuracy of the data herein disclosed.
Legal Notice for Residents in Brazil: The Funds may not be offered or sold to the public in Brazil. Accordingly, the Funds have not been and will not be registered with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, the “CVM”), nor have been submitted to the foregoing agency for approval. Documents relating to the Funds, as well as the information contained therein, may not be supplied to the public in Brazil, as the offering is not a public offering of Funds in Brazil, nor used in connection with any offer for subscription or sale of Funds to the public in Brazil.
Aviso Legal para Residentes en Chile: ESTA OFERTA PRIVADA SE INICIA EL DÍA SEGUN LO ESTABLECIDO EN EL TITULO Y SE ACOGE A LAS DISPOSICIONES DE LA NORMA DE CARÁCTER GENERAL Nº 336 DE LA SUPERINTENDECIA DE VALORES Y SEGUROS, HOY COMISIÓN PARA EL MERCADO FINANCIERO. ESTA OFERTA VERSA SOBRE VALORES NO INSCRITOS EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA COMISIÓN PARA EL MERCADO FINANCIERO, POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA; POR TRATAR DE VALORES NO INSCRITOS NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO DE LOS VALORES SOBRE LOS QUE VERSA ESTA OFERTA; ESTOS VALORES NO PODRÁN SER OBJETO DE OFERTA PÚBLICA MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE.
Legal Notice for Residents of Mexico: The securities have not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking and Securities Commission and, as a result, may not be offered or sold publicly in Mexico. The fund and any underwriter or purchaser may offer and sell the securities in Mexico on a private placement basis to Institutional and Accredited Investors pursuant to Article 8 of the Mexican Securities Market Law.
Legal Notice for Residents of Paraguay: The Shares have not been registered with the Commision Nacional de Valores of Paraguay (CNV), neither with the Stock Exchange of Asuncion (BVPASA) and are being placed by means of a private offer. CNV nor BVPASA has not reviewed the information provided to the investor. This document is only for the exclusive use of specific investor in Paraguay and is not for public distribution.
Legal Notice for Residents of Peru: The funds have not been registered before the Superintendenciadel Mercado de Valores(SMV) and are being placed by means of a private offer. SMV has not reviewed the information provided to the investor. This document is only for the exclusive use of institutional investors in Peru and is not for public distribution.
Legal Notice for Residents of Uruguay: The sale of the securities qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The securities must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The securities are not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay. The securities correspond to investment funds that are not investment funds regulated by Uruguayan law 16,774 dated September 27, 1996, as amended.