To continue to the rest of our website, please read the terms and conditions alongside and click the 'I accept' button at the bottom of the page.

The attention of United Kingdom and United States residents is drawn to the following terms and conditions which operate in respect of the information contained in this website:-

United Kingdom

This website contains information on collective investment schemes constituted under the laws of the Isle of Man (the “Funds”). Such schemes may only be promoted in the United Kingdom in accordance with section 21 of the Financial Services and Markets Act 2000 (the “FSMA”) and the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Order”).

The information contained in this website is directed only to investment professionals. As such, it is exempt from the general prohibition on financial promotion contained in section 21 of the FSMA by virtue of Article 19 of the Order.

The contents of this website are directed at persons having professional experience in matters relating to investments and investment in the Funds is only available to such persons. Persons who do not have such experience should not rely on the information contained in this website but should instead consult their professional adviser through whom investment in the Funds may be possible.

In order to access certain information through this website, a password will be required. Application should be made to Armstrong Management Limited who will then verify that the recipient of the information is an investment professional prior to issuing the requisite password.

For the purposes of Article 19 of the Order, “investment professional” means:-

1. a person authorised under the FSMA;
2. a person exempt from authorisation under the FSMA;
3. any other person:
1. whose ordinary activities involve him in carrying on the controlled activity to which access to this website relates by way of business; or
2. who it is reasonable to expect will carry on such activity for the purposes of a business carried on by him;
4. a government, local authority (whether in the United Kingdom or elsewhere) or an international organisation;
5. a person (“A”) who is a director, officer or employee of a person (“B”) falling within any of sub-paragraphs (a) to (d) where the communication is made to A in that capacity and where A’s responsibilities when acting in that capacity involve him in the carrying on by B of controlled activities.

It should be noted that the Funds may only be promoted by authorised persons in the United Kingdom under the provisions of section 238 of the Act and regulations made thereunder.

United States

None of the Shares in the Funds have been or will be registered under the United States Securities Act of 1933 as amended (the “1933 Act”), and none of the Shares in the Funds may be offered or sold, directly or indirectly, in the United States of America, its territories or possessions and all areas subject to its jurisdiction or to or for the benefit of any national or resident thereof (including any corporation, partnership or other entity created or organised in or under the laws of the United States or any political subdivision thereof) and any estate or trust which is subject to United States federal income taxation regardless of the source of its income.

Armstrong Management Limited

Armstrong Management Limited, the Manager of the Funds, is exempt from the requirement to hold an investment business licence under the Investment Business Act 1991 of the Isle of Man and qualifies as an exempt person under the provisions of the Investment Business (Exemption) (Fund Managers) Regulations 1999 of the Isle of Man. Armstrong Management Limited has, with the exception of the receipt of management fees and the power to appoint investment advisers, delegated its activities to the Administrator of the Funds which is the holder of a category 3(b) investment business licence under the Investment Business Act 1991 of the Isle of Man.