WHEN CONSIDERING
ALTERNATIVE INVESTMENTS YOU SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT
THAT SOME PRODUCTS USE LEVERAGE AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT
MAY INCREASE THE RISK OF INVESTMENT LOSS, CAN BE ILLIQUID, ARE NOT REQUIRED TO
PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS, MAY INVOLVE
COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX INFORMATION, ARE
NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE
HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND
ARE KNOWN ONLY TO THE INVESTMENT MANAGER.
WITH RESPECT TO ALTERNATIVE INVESTMENTS IN GENERAL, YOU SHOULD BE AWARE THAT:
RETURNS FROM SOME ALTERNATIVE INVESTMENTS CAN BE VOLATILE.
YOU MAY LOSE ALL OR PORTION OF YOUR INVESTMENT.
WITH RESPECT TO SINGLE MANAGER PRODUCTS THE MANAGER HAS TOTAL TRADING AUTHORITY. THE USE OF A SINGLE MANAGER COULD MEAN A LACK OF DIVERSIFICATION AND HIGHER RISK.
MANY ALTERNATIVE INVESTMENTS ARE SUBJECT TO SUBSTANTIAL EXPENSES THAT MUST BE OFFSET BY TRADING PROFITS AND OTHER INCOME. A PORTION OF THOSE FEES IS PAID TO THE WALLINGFORD GROUP.
TRADING MAY TAKE PLACE ON FOREIGN EXCHANGES THAT MAY NOT OFFER THE SAME REGULATORY PROTECTION AS US EXCHANGES.
WITH RESPECT TO AN INVESTMENT IN A FUND, YOU SHOULD BE AWARE THAT:
THERE IS OFTEN A LACK OF TRANSPARENCY AS TO THE FUND'S UNDERLYING INVESTMENTS. AS TO FUND OF FUNDS, THE FUND'S MANAGER HAS COMPLETE DISCRETION TO INVEST IN VARIOUS SUB-FUNDS WITHOUT DISCLOSURE THEREOF TO YOU OR TO US. BECAUSE OF THIS LACK OF TRANSPARENCY, THERE IS NO WAY FOR YOU TO MONITOR THE SPECIFIC INVESTMENTS MADE BY THE FUND OR TO KNOW WHETHER THE SUB-FUND INVESTMENTS ARE CONSISTENT WITH THE FUND'S HISTORIC INVESTMENT PHILOSOPHY OR RISK LEVELS.
A FUND OF FUNDS INVESTS IN OTHER FUNDS AND FEES ARE CHARGED AT BOTH THE FUND AND SUB-FUND LEVEL. THUS THE OVERALL FEES YOU WILL PAY WILL BE HIGHER THAT YOU WOULD PAY BY INVESTING DIRECTLY IN THE SUB-FUNDS. IN ADDITION, EACH SUB-FUND CHARGES AN INCENTIVE FEE ON NEW PROFITS REGARDLESS OF WHETHER THE OVERALL OPERATIONS OF THE FUND ARE PROFITABLE.
THERE IS NO SECONDARY MARKET FOR FUND INTERESTS. TRANSFERS OF INTERESTS ARE SUBJECT TO LIMITATIONS. THE FUND'S MANAGER MAY DENY A REQUEST TO TRANSFER IF IT DETERMINES THAT THE TRANSFER MAY RESULT IN ADVERSE LEGAL OR TAX CONSEQUENCES FOR THE FUND.
A
FUND'S OFFERING MATERIALS OR A MANAGER'S DISCLOSURE DOCUMENT DESCRIBES THE
VARIOUS RISKS AND CONFLICTS OF INTEREST RELATING TO AN INVESTMENT AND TO ITS
OPERATIONS. YOU SHOULD READ THOSE DOCUMENTS CAREFULLY TO DETERMINE WHETHER AN
INVESTMENT IS SUITABLE FOR YOU IN LIGHT OF, AMONG OTHER THINGS, YOUR FINANCIAL
SITUATION, NEED FOR LIQUIDITY, TAX SITUATION, AND OTHER INVESTMENTS.
KEEP IN MIND THAT THE PAST PERFORMANCE OF ANY INVESTMENT IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS. YOU SHOULD ONLY COMMIT RISK CAPITAL TO A FUND
INVESTMENT. ALTERNATIVE INVESTMENT PRODUCTS, INCLUDING HEDGE FUNDS, ARE NOT FOR
EVERYONE AND ENTAIL RISKS THAT ARE DIFFERENT FROM MORE TRADITIONAL INVESTMENTS.
YOU SHOULD OBTAIN INVESTMENT AND TAX ADVICE FROM YOUR ADVISERS BEFORE DECIDING
TO INVEST.
THE WALLINGFORD GROUP MAY ACT AS AN INTRODUCING BROKER FOR INDIVIDUALLY
MANAGED FUTURES ACCOUNTS AND TO SOME OF THE FUNDS AND AS SUCH, MAY RECEIVE A
PORTION OF THE COMMODITY BROKERAGE COMMISSIONS THEY PAY IN CONNECTION WITH THEIR
FUTURES TRADING OR RECEIVE A PORTION OF THE INTEREST INCOME (IF ANY) EARNED ON
AN ACCOUNT'S ASSETS. CERTAIN CTAS MAY ALSO PAY THE WALLINGFORD GROUP A PORTION
OF THE FEES THEY RECEIVE FROM ACCOUNTS INTRODUCED TO THEM BY THE WALLINGFORD
GROUP. BEFORE SEEKING ANY ADVISOR'S SERVICES OR MAKING AN INVESTMENT IN A FUND,
INVESTORS MUST READ AND EXAMINE THOROUGHLY THE RESPECTIVE DISCLOSURE DOCUMENT OR
OFFERING MEMORANDUM.
Information presented on this site has been obtained from sources that the
Wallingford Group believes to be reliable. However, the Wallingford Group has
not and cannot verify the accuracy of such information, and potential investors
should be aware that such information is subject to change without notice. Not
all products and services described on this website are available in all
jurisdictions, and certain investments may not be suitable for all investors.
Certain investment products that are available to U.S. persons have not been
registered with any federal or state regulator, and as a result are available
only to certain qualified investors. Qualifications vary from product to
product.
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independent investment and tax advice before deciding to invest.
Past results are not indicative of future
results. There is risk of loss when investing in managed futures or funds.
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