Terms and Conditions of Use

PMA Capital Management Ltd, PMA Investment Advisors and their subsidiaries and affiliates (“PMA”) do not make any representations that information and materials on this website ("Site") are appropriate for use in all jurisdictions in which the Site may be accessible, or that transactions, securities, products, instruments or services offered on this Site are available or indeed appropriate for sale or use in all jurisdictions, or by all investors or other potential clients or users. Those who access this Site do so on their own initiative, and therefore are responsible for compliance with applicable local laws and regulations. By accessing the Site, the user has agreed that they have reviewed the Site in its entirety including any legal or regulatory requirements. By accessing this Site users are assenting to the Privacy Policy. To access the Privacy Policy, please click here.

By accessing information contained in this Site, users are deemed to be representing and warranting that they are either Hong Kong residents or are observing the applicable laws and regulations of their relevant jurisdictions.

The information contained in the Site may showcase any number of views and opinions on macro-economies, securities markets or certain companies and industries based on varying methods of analysis and research. Therefore, specific views and opinions may vary depending on the method of analysis and research. Further, PMA may express or publish views and opinions that vary from the views and opinions contained in the material on this website. It is important to note PMA may invest in ways contrary to the views and opinions expressed on this Site.

To the best of its knowledge and belief, PMA considers the information contained in the Site is accurate as at the date of publication. However, no warranty is given on the accuracy, adequacy or completeness of the information provided by any third party. Neither PMA, nor its affiliates, directors and employees assumes any liabilities in respect of any errors or omissions provided by any third party on the Site. Under no circumstances should any information on this Site or any part of it be copied, reproduced or redistributed.

The price of units or shares of the funds and income from them may go down as well as up and past performance figures are not indicative of future result. Prior to any investment, investors should read the offering documents of the funds for details and risk factors associated with investment in emerging markets before subscribing to the respective funds, and take independent professional advice.

This Site is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this Site. Nor does it intend to provide professional advice. PMA accepts no liability whatsoever for any direct or consequential loss arising from any use of this Site or its contents. Opinions and estimates offered constitute PMA’s judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. PMA believes the information provided here, including statistics, data and estimates from outside sources, is reliable, but such information has not been verified by PMA or its representatives and therefore, PMA does not warrant its accuracy or completeness. References to specific securities and their issuers are for illustrative purpose only and are not intended to be, and should not be interpreted as investment advice or, a recommendation, offer or solicitation for the purpose or sale of any financial investment. Further, references to daily net asset values, strategy presentations, or monthly reports contained within the Site are for illustrative purposes only and PMA does not warrant their accuracy or completeness. No part of this material may, without the PMA's prior written consent, be copied, reproduced or published by any recipient for any purpose. Persons accessing these pages are advised to obtain appropriate professional advice where necessary. Information posted on this site is current only as at the date of posting and may no longer be true or complete when viewed by you. All information contained herein may be changed or amended without prior notice, although PMA does not undertake to update this Site regularly.

The information contained on this Site is solely for Hong Kong professional investors and/or non-Hong Kong residents' where the publication and availability of the Site is not prohibited. For further information in relation to the Hong Kong professional investors [within the meaning of the Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules made thereunder or in other circumstances which do not result in any document on this website being a 'prospectus' within the meaning of the Companies Ordinance,] and/or non-Hong Kong residents' please click here.

All Copyright, patent, intellectual and other property rights in connection with the information contained herein are owned by PMA. No rights of any kind are licensed, assigned or shall otherwise pass to persons accessing this information.

This Site is published and issued by PMA Investment Advisers Ltd, a corporation licensed to carry on a business in Type 4 (advising on securities) and Type 9 (asset management) regulated activities in Hong Kong (CE No. A10087). It is accordingly regulated by the Securities and Futures Commission of Hong Kong.

PMA Capital Management Limited is an exempted limited liability company in the Cayman Islands and does not conduct business outside such jurisdiction.

Hong Kong Professional Investors and/or non-Hong Kong residents'

Under Cap 571 "Securities & Futures Ordinance" Schedule

"Professional investor" ( 專業投資者 ) means

(a)

any recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company, or any person authorized to provide automated trading services under section 95(2) of this Ordinance;

(b)

any intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong;

(c)

any authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong;

(d)

any insurer authorized under the Insurance Companies Ordinance (Cap 41), or any other person carrying on insurance business and regulated under the law of any place outside Hong Kong;

(e)

any scheme which-

(i)	is a collective investment scheme authorized under section 104 of this Ordinance; or
(ii)	is similarly constituted under the law of any place outside Hong Kong and, if it is regulated under the law of such place, is permitted to be operated under the law of such place, or any person by whom any such scheme is operated;

(f)

any registered scheme as defined in section 2(1) of the Mandatory Provident Fund Schemes Ordinance (Cap 485), or its constituent fund as defined in section 2 of the Mandatory Provident Fund Schemes (General) Regulation (Cap 485 sub. leg. A), or any person who, in relation to any such registered scheme, is an approved trustee or service provider as defined in section 2(1) of that Ordinance or who is an investment manager of any such registered scheme or constituent fund;

(g)

any scheme which-

(i)	is a registered scheme as defined in section 2(1) of the Occupational Retirement Schemes Ordinance (Cap 426); or
(ii)	is an offshore scheme as defined in section 2(1) of that Ordinance and, if it is regulated under the law of the place in which it is domiciled, is permitted to be operated under the law of such place, or any person who, in relation to any such scheme, is an administrator as defined in section 2(1) of that Ordinance;

(h)

any government (other than a municipal government authority), any institution which performs the functions of a central bank, or any multilateral agency;

(i)

except for the purposes of Schedule 5 to this Ordinance, any corporation which is-

(i)

a wholly owned subsidiary of-

(A)	an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or
(B)	an authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong;

(ii)

a holding company which holds all the issued share capital of-

(A)	an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or
(B)	an authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong; or

(iii)

any other wholly owned subsidiary of a holding company referred to in subparagraph (ii); or

(j)

any person of a class which is prescribed by rules made under section 397 of this Ordinance for the purposes of this paragraph as within the meaning of this definition for the purposes of the provisions of this Ordinance, or to the extent that it is prescribed by rules so made as within the meaning of this definition for the purposes of any provision of this Ordinance.