Southern Europe strategy plays to strengths

A flurry of investment activity at the end of 2025 underscores Oakley Capital’s ability to leverage its strengths in Southern Europe. This note focuses on the region, which is characterised by under-digitalised industries and low private equity penetration rates.

The sale in June last year of Spanish legal tech business vLex provides a case study for Oakley’s capabilities in the region. Having invested in vLex in 2022, Oakley supported the development of its AI platform and facilitated its move into the US, before it was acquired for $1bn – making it one of only a handful of Spanish tech start-ups to reach unicorn status. It also netted Oakley a gross return in excess of 6x (money multiple) and an IRR >80%.

Oakley Capital Investments (OCI) gives its shareholders access to private equity opportunities sourced by its manager Oakley. With the European private market showing encouraging signs of a recovery, OCI’s 27.9% discount appears attractive.

Consistent long-term returns from private equity

OCI aims to provide shareholders with consistent long-term returns in excess of the FTSE All-Share Index by providing exposure to private equity returns, where value can be created through market growth, consolidation, and performance improvement.

Share price and discount

Time period 31/01/2021 to 10/02/2026

Performance over five years

Time period 31/01/2021 to 31/01/2026

Source: Bloomberg, Marten & Co

About OCI

OCI gives its shareholders access to private equity investments made by Oakley Capital (Oakley). Oakley focuses on medium sized (€100m – €1bn plus enterprise value) high-growth private companies in Europe. It has built up an impressive track record, with NAV and share price returns of about 90% and 110% respectively over the five years to the end of 2025.

Much of this can be attributed to the EBITDA growth that Oakley helps to drive within the portfolio. In the first half of 2025 this averaged 13%, which compares to 15% in 2024.

Four key sectors – technology, digital consumer, education, and business services

Oakley takes controlling stakes in companies that are operating in one of four key sectors – technology, digital consumer, education, and business services. These companies should be benefiting from “mega-trends” that will help drive revenue growth such as growing global demand for quality education; business shift to the cloud; consumer shift to digital search and online spending; increased regulation; and outsourcing.

Partnering with business founders

Where it can, Oakley seeks to partner with business founders, backing proven leaders and running businesses with a high potential for value creation, through structures that ensure alignment with Oakley’s goals (77% of all Oakley’s deals have been founder-led). Often, founders will introduce Oakley to new opportunities, and many are also prepared to entrust their own money to Oakley funds, having contributed more than €350m to Oakley funds to date.

First through the door

Building a rapport with these business founders is key. In the majority of cases, Oakley is the first outside institution to provide capital to these businesses. It is bringing expertise to help them professionalise and providing the capital that they need to grow.

Uncontested deals

71% of the deals that Oakley does are uncontested. The entry multiple is not inflated by a competitive process, but rather reflects the trust that the founder is placing in Oakley, and the fact that they are prioritising cultural fit and chemistry over price.

Leveraging new technology

Typically, Oakley will take a controlling stake, which gives it greater ability to apply its proven value creation strategies to deliver positive outcomes. These include M&A – where Oakley has helped its portfolio companies to complete over 350 bolt-on acquisitions, enabling them to add scale, expand into new verticals and new regions; talent acquisition – where Oakley will help founders to recruit and retain the best management to support their growth plans; and business transformation, for example helping a company shift its business model to recurring revenues, bringing greater cash flow visibility and often a higher valuation.

Oakley’s Portfolio Team of in-house experts help founders and their management teams to execute these value creation initiatives, as well as support other priorities. For example, the Capital Markets team can help portfolio companies to diversify their sources of funding or hedge against interest rate risk, while Oakley’s head of data & analytics helps management teams to identify, plan, and implement data and AI initiatives.

Cross-fertilisation of ideas in areas such as AI

Oakley’s Touring Fund, in which OCI has invested, is backing the next generation of software powered by AI, providing early-stage growth capital to revenue-generating businesses, typically at Series B and C funding rounds. Insights gained through these investments are shared across the portfolio. Oakley’s investment team and portfolio companies are also able to leverage Touring’s expertise and insight to inform decision making.

NAV growth of 6% in 2025 (or 3% before the impact of FX) reflects conservative valuations and a younger portfolio: Oakley has invested the equivalent of 35% of the year-end NAV over the last two years. These additions to the portfolio are expected to deliver substantial EBITDA growth as they mature and become significant contributors to OCI’s performance, with valuation uplifts typically accelerating through the duration of an Oakley investment.

The Southern European opportunity

Significant opportunities in Southern Europe

Several deals towards the end of 2025 highlighted Oakley’s focus on Southern Europe, where it sees large, untapped potential and where investments account for around 24% of OCI’s NAV (excluding direct investments, Touring Capital and PROfounders investments). Oakley’s particular focus in this region is on Spain and Italy where there are relatively low penetration rates by private equity firms (as shown in Figure 1), providing it with ample opportunities to be the first institutional investor in private companies. The region also presents a significant digitalisation opportunity, with many sectors and consumer behaviours underdeveloped compared to other parts of Europe.

Figure 1: Private equity penetration (% of GDP) across Europe

Source: IMF, World Economic Outlook Database, Invest Europe, EDC

The manager states that there is a growing openness among businesses in the region to partner with the “right type” of sponsor. Oakley’s proven skillset in building platforms (through buy-and-build strategies and tech enhancements) and track record in expanding businesses internationally has proved particularly appealing to entrepreneurs in the region. Its local expertise, enhanced by teams operating from offices in Madrid and Milan, is another selling point. Oakley’s track record in the region includes Facile, idealista, Seedtag and vLex (the latter two are covered in detail below).

Spain – a hotbed of technology entrepreneurs

Spain a hotbed of tech entrepreneurs

Oakley considers Spain a hotbed of technology entrepreneurs that are looking for backing to expand internationally. In fact, outside of the UK, Spain has the largest number of start-up hubs in Europe plus an extensive network of founder-led, family businesses that provides a rich array of off-market opportunities for Oakley.

Oakley is invested in seven companies in Spain, where it is looking to take advantage of favourable characteristics such as the country’s status as a gateway to the Americas, a large cohort of talented tech engineers – fostered by high investment by the tech giants, a strong network of business schools, and low private equity penetration compared to other countries.

At the end of December 2025, around 15% of OCI’s NAV was exposed to Spanish businesses. All these investments have several characteristics in common: they are all founder-led businesses, and Oakley has successfully applied similar strategies to accelerate growth such as internationalisation, particularly into the US and strategic M&A (Seedtag and vLex). In the case of Grupo Primavera (enterprise resource planning – now part of Cegid) and Alerce (logistics SaaS), Oakley has supported both companies to expand through a ‘buy-and-build’ strategy.

Paraty Tech

New investment in Paraty Tech

In December, Oakley invested in Paraty through Fund VI and will look to help expand the business internationally. Paraty is a fast-growing hotel demand generation platform that was founded in 2012 by siblings Gina and Franz Matheis. The company provides a fully customisable platform enabling hotels to manage direct reservations, pricing, and availability through their own online and offline direct channels, effectively bypassing reliance on Google search and online travel agencies that will take a cut. Its cloud-based demand generation platform is used by independent hotels, hotel chains and mid-market properties across Iberia, with a growing footprint in Latin America and the US.

Oakley will help Paraty’s team to accelerate international expansion and pursue strategic acquisitions in the fragmented travel tech sector to create a scaled leader with a broadened product offering.

OCI’s look-through share of Oakley’s purchase of Paraty was around £8m.

vLex

Partial exit in vLex nets >80% IRR

A good example of Oakley’s ability to scale up tech companies and expand into international markets is their investment in legal technology company vLex, led by founder Lluis Faus, which achieved unicorn status with the sale of the business to global legaltech leader Clio last year valuing it at $1bn.

Oakley, which invested in the company in September 2022, helped establish a significant market presence in the US with the bolt-on acquisition of Fastcase (transforming vLex into one of the largest owners of legal data in the world) and supported the development of its game changing AI platform, Vincent. This uses vLex’s legal data pool (comprising one billion legal documents across more than 100 countries) as the foundation of an AI-powered legal workflow platform that can construct legal arguments backed by a complete list of sources and legal precedents. Lawyers use Vincent to prepare cases faster, generate comprehensive arguments, and test multiple legal strategies for different jurisdictions. Today, the company serves the majority of the Am Law 100 (a ranking of the largest law firms in America).

In June 2025, Oakley sold its holding in vLex from its Origin I Fund. Oakley expects the transaction to deliver gross returns of more than six times. OCI’s look-through share of proceeds, excluding the underlying shares in Clio, was around £30m.

As part of the transaction, Origin I partially reinvested in the combined business and Origin II separately invested to participate in expected future growth. Oakley believes that significant cross- and up-selling opportunities exist for the combined integrated platform, which has brought together front-end legal work (vLex) and back-end services such as billing, client intake solutions and case management (Clio), essentially creating a one-stop shop for customers in the legal industry.

Seedtag

Oakley’s track record in scaling up Spanish tech businesses and expanding into new markets, especially into the US, also includes its work at Seedtag – a leader in contextual advertising that helps brands and agencies deliver targeted digital advertising without cookies.

Oakley originally invested in Seedtag in 2021, backing co-founders Jorge Poyatos and Albert Nieto, both ex-Google employees who sought to reinvent digital advertising. Oakley supported Seedtag’s launch into North America as well as overseeing the strategic acquisition of KMTX (previously Keymantics) in France. Whilst Oakley sold part of its stake in Seedtag in 2022, netting a strong return, the company has continued its acceleration into the US, the world’s largest advertising market, with additional M&A.

NOX Group

New investment in leading padel equipment brand NOX

Away from the tech sector, Oakley invested in premium padel equipment brand NOX in October via Origin II. Oakley partnered with founder Jesús Ballvé and GPF Partners, which together will retain a significant minority stake in the business.

NOX was founded in 2008 in Barcelona and has become a global benchmark for high-performance padel rackets trusted by both recreational and top professional players worldwide. The company sells more than 400,000 rackets annually across more than 80 countries, accounting for 11% of total global sales. Over the past four years, NOX has delivered a 50%+ revenue CAGR.

The sport of padel is the fastest growing sport globally, growing at an estimated 25% a year thanks to its accessibility, global appeal, alignment with fitness trends, and ability to attract players of all ages. This momentum is further supported by the increase in new court construction and the growing number of tennis clubs converting their courts to padel.

Oakley will help NOX accelerate the brand’s international expansion, with a particular focus on the US and Asian markets, as well as expand into the fast-growing pickleball segment. On a look-through basis, OCI’s share of the deal is £9m.

Other Spanish businesses

Other Spanish businesses in the underlying portfolio include Alerce, a SaaS logistics business; Horizons Optical, a provider of medical software used to manufacture premium glass lenses; and Grupo Primavera, now part of Cegid, a leading provider of cloud-based management solutions.

Italy – digitalisation and consolidation opportunities

Opportunity to invest in digitalisation of Italian industries

Italy features many “analogue” industries, including financial services, that are in desperate need of digitalisation but lack the capital, including financial services. Like in Spain, a large majority of businesses are fully managed by family (67% versus 26% in France and 10% in the UK). Oakley is targeting investments in disruptors that are helping industries evolve. Often these are highly fragmented industries offering consolidation opportunities, such as insurance services.

Join Business Management Consulting (JBMC)

One such disruptor is JBMC, which aims to deliver operational improvement, IT project management, digital transformation, data and other tech-enabled projects for leading banks, insurance firms and payment companies across Italy.

Demand for digital transition specialists, such as JBMC, within the financial sector is particularly strong as more companies move away from legacy systems. Over the past five years, JBMC has grown revenue at a CAGR of over 20%, outpacing the broader market. Its client base is largely “blue-chip”, with a 95% revenue retention rate. Oakley backed JBMC founder and CEO Giovanni Brandani and his team in June 2025, and subsequently helped him recruit industry specialists Massimo Tosato (ex-Schroders) and Carlo Enrico (ex-Mastercard) as special advisers to support JBMC’s growth ambitions.

The €1.2bn Italian financial services consulting market is highly fragmented, providing several M&A opportunities. Oakley will also help support growth by investing in new business origination and expanding capabilities, particularly in data, AI and risk & compliance. 

Tiger HoldCo

Tiger HoldCo launched to consolidate insurance services sector in Southern Europe

In late 2025, Oakley launched Tiger HoldCo, an insurance services platform that will focus on Southern Europe and look to consolidate high-performing, high-growth companies in the commercial specialty insurance services market. The sector in Southern Europe is estimated to be worth over €40bn and is highly fragmented with hundreds of thousands of companies.

Tiger HoldCo will be led by insurance veteran Enrico Vanin as CEO, who most recently served as chief innovation officer at AON, and has also held senior positions at KPMG across EMEA and Asia Pacific.

Operating across managed general agent (MGA), agent, and broker channels, Tiger HoldCo will look to unlock growth by enhancing digital capabilities and leveraging deep industry expertise to professionalise businesses. Oakley states that it has readied an attractive pipeline of acquisition targets.

The Southern European consolidation strategy followed the acquisition of Konzept & Marketing (K&M) in Germany, which has a similar remit but is focused on the DACH region. These two platform strategies demonstrate Oakley’s ability to attract highly-experienced industry veterans with the ambitions, deal networks and expertise to create their own business – in the case of K&M, this is Joachim Mϋller (ex-Allianz) alongside Burkhard Keese (ex-Lloyds of London).

Tiger HoldCo’s first acquisition was ONHC, Italy’s leading provider of private healthcare insurance services.

ONHC

In October, Oakley announced it was investing in ONHC alongside founder and CEO Filippo Ceppellini and his management team, who will continue to lead the company. Founded in 2007, ONHC offers a comprehensive service that spans consulting, product development, intermediation, underwriting, and third-party administration. The company is set to benefit from a shift in healthcare spend in Italy towards the private sector and an underinsured population.

Through support of the Tiger HoldCo platform, ONHC’s strategy for its next phase of growth involves expanding its client base and broadening its service offering through strategic M&A in Italy’s fragmented market for healthcare insurance services.

Other Italian companies

Other Italian companies in the underlying portfolio include Facile, a leading price comparison website; Alessi, a high-end design business focused on homeware; and Fornasetti, a luxury home decor brand.

Asset allocation

At 30 June 2025, OCI had net assets of £1,275m. The net value of the individual fund investments plus the direct investments totalled £1,339m and OCI had cash of £108m (plus £6m in trade and other receivables) offset by £178m of drawings on the revolving credit facility and other working capital.

At 30 June 2025, the underlying portfolio was valued at an average EV/EBITDA ratio of 16.3x (in line with that of end December 2024); the EBITDA growth on the portfolio over 2025 was 13% on average; and the net debt/EBITDA ratio was 4.2x – Oakley points out that the industry average is about 5-6x.

Figure 2: Geographic split of portfolio at 30 June 2025

Source: OCI, Marten & Co

Figure 3: Sector split of private equity funds and direct investment portfolio at 30 June 2025

Source: OCI, Marten & Co

Funds

Figure 4 provides detail on OCI’s commitments by fund – both the original commitment and the amount outstanding at end June 2025, and – where appropriate – the realised returns generated. As at 31 December 2025, OCI’s outstanding commitments had reduced to £992m. The board believes that about £300m of this is not likely to be drawn. The balance should be deployed over the course of the next five years.

Figure 4: OCI by fund at 30 June 2025

Within the pre-existing portfolio, OCI participated in Time Out’s £8m equity placing in December 2025 to the tune of around £3m (reflecting its 38% equity interest), alongside other major institutional investors. OCI’s board also agreed to the extension of its £8m loan to Time Out by a year to June 2027. In compensation, OCI will receive an uplift in the margin from 8% to 12% above SONIA.

Figure 5: Portfolio split by company as at 30 June 2025

Source: OCI, Marten & Co

At 31 December 2025, OCI had £95m of cash and an undrawn credit facility totalling £96m. OCI refinanced its credit facility in April 2025, agreeing a new £325m facility (a £100m increase) with a five-year maturity.

Recent new transactions

Oakley had a busy end to 2025, taking OCI’s total look-through investments for the year to £197m – £96m of which went to fund new investments and £82m for follow-on investments. OCI also benefitted from realisations of £92m. Some of this activity was covered earlier in this note. Here, we outline some of the other prominent deals recently announced.

Global Loan Agency Services (GLAS)

In early January 2026, Oakley announced the acquisition of a majority stake in GLAS, a global provider of loan administration and bond trustee services, through Fund VI. Oakley made the investment alongside La Caisse (formerly CDPQ), which has acquired a minority position, as well as Levine Leichtman Capital Partners, which will retain a small stake. OCI’s look-through share of the purchase was up to £55m.

GLAS will continue to be led by CEO and founder Mia Drennan and her existing executive management team. Oakley will support GLAS to accelerate growth through international expansion, M&A and the continued development of the company’s technology and AI offering.

GLAS offers a wide range of administration and trustee services for the credit markets, overseeing the lifecycle administration of debt instruments, including transaction execution, interest determination, cash flow coordination and stakeholder communications.

It has more than 450 employees across 16 offices in Europe, America, APAC and Middle East, and services a portfolio of over $750bn across its platform. The global private credit market which GLAS serves exceeds $2.4trn in AUM, which is expected to surpass $4.5trn by 2030.

Brevo

Oakley announced in December that it had acquired a co-controlling stake in Brevo, a leading global customer engagement software platform, alongside General Atlantic.

Founded in Paris in 2012 by Armand Thiberge, Brevo provides an intuitive, multi-channel Customer Relationship Management (CRM) software suite to businesses of all sizes worldwide. The company operates in a rapidly expanding market, estimated to be worth around €6bn annually, as businesses increasingly seek to automate their marketing to boost lead generation and enhance customer engagement. The company has scaled into a global platform, delivering 20%+ annual revenue growth, with 99% of its revenue recurring. It serves more than 500,000 customers across over 180 countries, with operations in nine offices worldwide. Oakley will support continued large-scale investments in AI, accelerated growth in the US, and an intensified M&A strategy.

Armand and the Brevo management team made significant reinvestment in the business as part of the deal, with OCI’s look-through contribution via Fund VI anticipated to be £22m.

Athena Racing

Oakley Capital Origin Fund II bought a stake in sailing franchise Athena Racing, which was founded and is led by Sir Ben Ainslie, in December. The investment in the British America’s Cup team follows the creation of the landmark America’s Cup Partnership that will govern the prestigious sailing competition and aims to enhance its commercial appeal and investability.

Oakley says that its investment in Athena reflects its strong belief in the enduring appeal and growth potential of premium sports properties, and that the new partnership should enable Athena to pursue a multi-cycle strategy across future America’s Cup contests, with longer-term sponsorship deals, R&D investment, and talent acquisition. Oakley will support Athena by accelerating commercial partnerships, expanding brand visibility, and scaling operations.

OCI’s look-through share of the investment is anticipated to be up to £13m once fully funded.

Low Tides

Also in December, Oakley announced that Fund VI was investing in Low Tides Holdings, a partnership entity with US global luxury clothing and lifestyle brand James Perse.

Oakley will help the business, which was founded in California in the 1990s and has over 60 stores globally and a strong online presence, to expand its global presence and marketing strategies. OCI’s look-through investment is anticipated to be c.£13m.

Recent disposals

atHome

Aside from the vLex realisation (detailed on page 6), Oakley has also recently disposed of its holding in atHome. It announced in October that Fund III had sold its stake in atHome, Luxembourg’s leading property and automotive marketplace, to Apax Partners. OCI’s look-through share of proceeds was around £16m – a material uplift to the June 2025 book value.

Oakley originally acquired atHome in 2017 as part of a carve-out from REA Group, which included the Italian portal Casa.it. Oakley partnered with the incumbent management team to support the newly independent business and drive its next phase of growth. In 2020, Casa.it was sold to EQT while atHome was sold to Mayfair Equity Partners, with Oakley retaining a minority stake. Following completion of the transaction, Fund III’s investment in atHome and Casa.it delivered gross returns of 2.3x and a 23% IRR.

Performance

Figure 6: OCI performance over the five years ended 31 January 2026

Source: Bloomberg, Marten & Co

OCI’s share price has performed strongly since the so-called “Liberation Day” in April 2025, when global markets sold off on President Trump’s tariff threats. These were soon watered down, but more importantly to OCI, activity in private equity markets picked up and the pace of exits grew. As mentioned earlier, Oakley has been busy deploying OCI’s capital into exciting new opportunities, which it believes will bear fruit in due course.

Figure 7: Cumulative performance over various time periods ended 31 January 2026

Trading update for year ended 31 December 2025

6% NAV total return in 2025

On 28 January, OCI published a trading update for the year ended 31 December 2025. The company delivered a NAV total return of 6% (45p) or 3% (23p) excluding the impact of foreign exchange, and a total shareholder return of 15%. The full year total NAV return includes 45p of net valuation gains, the overwhelming majority of which (around 90%) were driven by earnings growth rather than multiple expansion – proving the fundamentals of the portfolio are strong and leaving it well placed should sentiment continue to improve.

The largest contributors to performance were vLex (now Clio), Phenna, TechInsights, North Sails and Bright Stars, offset by the decline in the share price of publicly listed Time Out Group.

In total, OCI made look-through investments of £197m, equivalent to 16% of year-end NAV. This included £96m of new platform deals (including Paraty Tech and Brevo); follow-on investments totalling £82m (including M&A by Infravadis, K&M and Affinitas); and venture investments of £19m (including Netradyne and Daloopa).

As noted by the manager, the value creation potential of these investments is substantial as growth plans are executed and they mature operationally. This should start to feed through to OCI’s NAV over time.

OCI’s look-through share of proceeds from exits and refinancings during the year totalled £92m, comprising £57m of realisations (atHome and the partial sale of vLex) and £35m of refinancings (including WebPros, Dexters and ECOMMERCE ONE).

Premium/discount

27.9% average discount over 12 months

Over the 12 months ended 31 December 2025, OCI’s share price discount to NAV ranged between 37.9% and 21.1%, averaging 27.9%. At the time of publishing, the discount was in line with this at 27.9%.

OCI’s discount narrowed sharply from its 12-month low point in April 2025 (around the time of “Liberation Day”) as activity in private equity markets picked up after a number of quiet years. There is the potential for activity to increase further across the European market. OCI’s shares may have also benefitted from its listing moving from the Specialist Fund Segment to the Main Market of the LSE in August 2025. The move would have broadened the range of investor platforms that permit dealing in OCI’s shares, and may have had a significant positive impact on demand, which we think has further to play out.

Figure 8: OCI discount over five years ended 31 January 2026

Source: Bloomberg, Marten & Co

The board announced last year that the dividend paid in April 2025 would be the last for the time being, stating that shareholders would be better served if the funds used to pay the dividend were used for share buybacks instead. It committed to a share buyback programme of at least £20m per annum, around 2.2% of OCI’s current market cap. The company repurchased and cancelled £50m shares in 2025.

Previous publications

You can read these notes by clicking the links or visiting our website, quoteddata.com.

IMPORTANT INFORMATION

This marketing communication has been prepared for BlackRock American Income Trust Plc by Marten & Co (which is authorised and regulated by the Financial Conduct Authority) and is non-independent research as defined under Article 36 of the Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing the Markets in Financial Instruments Directive (MIFID). It is intended for use by investment professionals as defined in article 19 (5) of the Financial Services Act 2000 (Financial Promotion) Order 2005. Marten & Co is not authorised to give advice to retail clients and, if you are not a professional investor, or in any other way are prohibited or restricted from receiving this information, you should disregard it. The note does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

The note has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. The analysts who prepared this note are not constrained from dealing ahead of it, but in practice, and in accordance with our internal code of good conduct, will refrain from doing so for the period from which they first obtained the information necessary to prepare the note until one month after the note’s publication. Nevertheless, they may have an interest in any of the securities mentioned within this note.

This note has been compiled from publicly available information. This note is not directed at any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of this note is prohibited.

Accuracy of Content: Whilst Marten & Co uses reasonable efforts to obtain information from sources which we believe to be reliable and to ensure that the information in this note is up to date and accurate, we make no representation or warranty that the information contained in this note is accurate, reliable or complete. The information contained in this note is provided by Marten & Co for personal use and information purposes generally. You are solely liable for any use you may make of this information. The information is inherently subject to change without notice and may become outdated. You, therefore, should verify any information obtained from this note before you use it.

No Advice: Nothing contained in this note constitutes or should be construed to constitute investment, legal, tax or other advice.

No Representation or Warranty: No representation, warranty or guarantee of any kind, express or implied is given by Marten & Co in respect of any information contained on this note.

Exclusion of Liability: To the fullest extent allowed by law, Marten & Co shall not be liable for any direct or indirect losses, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note. In no circumstance shall Marten & Co and its employees have any liability for consequential or special damages.

Governing Law and Jurisdiction: These terms and conditions and all matters connected with them, are governed by the laws of England and Wales and shall be subject to the exclusive jurisdiction of the English courts. If you access this note from outside the UK, you are responsible for ensuring compliance with any local laws relating to access.

No information contained in this note shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.

Investment Performance Information: Please remember that past performance is not necessarily a guide to the future and that the value of shares and the income from them can go down as well as up. Exchange rates may also cause the value of underlying overseas investments to go down as well as up. Marten & Co may write on companies that use gearing in a number of forms that can increase volatility and, in some cases, to a complete loss of an investment.