IMPORTANT DISCLOSURE INFORMATION:
· Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended or undertaken by First Capital and it’s associated entities (“FCE Group”)) or product made reference to directly or indirectly by FCE Group in its web site, or indirectly via a link to an unaffiliated third party web site, will be profitable or equal the corresponding indicated performance level(s). Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client's investment portfolio.
· Historical performance results generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.
· Please remember to contact us if there are any changes in your personal/financial situation or investment objectives, for the purposes of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon your request or within various areas of this website.
· Investment positions and recommendations. Certain portions of FCE Group’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, FCE Group’s (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Articles and opinions expressed at or through this site are the opinions of various authors and may not reflect the opinions of FCE Group or any of its individual employees. Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from FCE Group or from any other investment professional.
· FCE Group is neither an attorney nor accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice.
· Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if FCE Group is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of FCE Group by any of its clients or peers. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser.
· The materials available at this web site are for informational purposes only and not for the purpose of providing advice. To the extent that any client or prospective client utilizes any economic calculator or similar device contained within or linked to FCE Group’s web site, the client and/or prospective client acknowledges and understands that the information resulting from the use of any such calculator/device, is not, and should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from FCE Group, or from any other investment professional.
· Each client and prospective client agrees, as a condition precedent to his/her/its access to FCE Group’s web site, to release and hold harmless FCE Group, its officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from FCE Group.
TERMS AND CONDITIONS
· FCE Group’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of FCE Group’s web site on the Internet should not be construed by any consumer and/or prospective client as FCE Group’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.
· First Capital Consulting Inc. (“FCC”), an affiliate of FCE Group through common ownership, is a US-based investment management firm registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC). FCC and its representatives are in compliance with the current filing requirements imposed by the SEC. For information pertaining to the registration status of FCC, please contact the SEC or the state securities regulators for those states in which FCE Group maintains a notice filing. A copy of FCE Group’s current written disclosure statement discussing FCE Group’s business operations, services, and fees is available from FCE Group upon written request.
· First Capital Equities, Ltd. (“FCEL”), an affiliate of FCE Group through common ownership, is a broker-dealer registered with the United States Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority (“FINRA”). Accordingly, securities that are offered through FCEL are subject to commissions and/or fees. In the event the client chooses to purchase investment products through FCEL, brokerage commissions will be charged by FCEL to effect securities transactions, a portion of which commissions shall be paid by FCEL to the applicable Principal and/or Associated Persons. The brokerage commissions charged by FCEL may be higher or lower than those charged by other broker‐dealers. In addition, FCEL, as well as to the applicable Principal and/or Associated Persons, relative to commission mutual fund purchases, may also receive additional ongoing 12b‐1 trailing commission compensation directly from the mutual fund company during the period that the client maintains the mutual fund investment.
DISCLOSURE FOR POOLED INVESTMENT VEHICLES
· Information related to unregistered pooled investment vehicles (“Pooled Vehicles”) offered through FCC, is made available only to accredited investors and other qualified purchasers. The performance reviewed in this web site is made available only to such investors through restricted access. Individual performance may vary in these Pooled Vehicles. Please refer to your capital account/shareholder statements for the performance pertaining to your investment. Much of the data and other information contained in this web site is unaudited and is collected, in whole or in part, from sources believed by FCC to be reliable. FCC cannot guarantee the accuracy of such data, and therefore shall not be held liable for inaccuracies therein. Data referring to market exposure, positions and weightings are drawn from the reports generated by the sub managers.
· Any investor who subscribes, or proposes to subscribe, for an investment in an Pooled Vehicles must be able to bear the risks involved and must meet an Pooled Vehicles suitability requirements. Some or all alternative investment programs may not be suitable for certain investors.
· No assurance can be given that the Pooled Vehicles investment objectives will be achieved. Such investments are speculative, may employ leverage, and involve a substantial degree of risk of possible loss of all, or a substantial portion of, the investor’s capital.
· The Pooled Vehicles may allocate their assets to a limited number of investment opportunities, which could result in a less diversification and higher risk than might otherwise be the case
· Past results of the Pooled Vehicles are not necessarily indicative of future performance of the Pooled Vehicles, and the fund’s performance may be volatile.
· Affiliates of FCC serve as investment manager and have trading authority over the Pooled Vehicles, and the Pooled Vehicles are dependent upon the services of these investment managers.
· These vehicles generally afford limited liquidity. There is no secondary market for an investor’s interest in a Pooled Vehicle and none should be expected to develop. There are restrictions on transferring interests in a Pooled Vehicle.
· The compensation of the Pooled Vehicles to the affiliates may be substantial regardless of whether the vehicles have a positive return and investors are indirectly paying additional fees since the vehicles pay additional fees to the investment opportunities that they invest in.
· The instruments in which a Pooled Vehicles invests may involve complex tax structures and there may be delays in distributing important tax information.
· Pooled Vehicles are not required to provide periodic or valuation information to investors with respect to their individual investments. These Pooled Vehicles are not subject to the same regulatory requirements as mutual funds. Certain of the trades executed for a Pooled Vehicles may take place on foreign markets, which may involve a greater degree or risk.
· Pooled Vehicles are subject to various other risk factors and potential conflicts of interest.
· For further information regarding the risk factors and conflicts of interest with respect to a Pooled Vehicle in which you propose to invest or currently invest, please refer to the Pooled Vehicle’s Offering Memorandum. Neither the offering documents, nor the offering of interests or shares, have been reviewed or approved by any regulators.
DISCLOSURE FOR CUSTOM PORTFOLIO MODELS
· FCE custom portfolio models and index results are based on data reported by sources believed to be reliable, but accuracy cannot be guaranteed. Standardized returns for custom portfolio models are compiled to illustrate calendar time period results and do not indicate any individual investor's returns. FCE custom portfolio models, where shown, are the composite of the underlying fund components, net of underlying fund expenses, but do not include FCE Group’s management fees. Performance results for the FCE custom portfolio models are not based on investor composites.
· Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance will be profitable, equal the performance results reflected, or equal any corresponding historical benchmark index.
· The historical index performance results for all historical benchmark indices do not reflect the deduction of transaction and custodial charges, or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing indicated historical performance results.
· The historical performance results for all indices are provided exclusively for comparison purposes only, so as to provide general comparative information to assist an individual client or prospective client in determining whether FCE Group performance meets, or continues to meet, his/her investment objective(s). For example, the S&P 500 Composite Index (the “S&P”) is a market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. Standard & Poor’s chooses the member companies for the S&P based on market size, liquidity, and industry Group representation. Included are the common stocks of industrial, financial, utility, and transportation companies. A corresponding description of all the other reflected indices is available from FCE Group upon request. It should not be assumed that FCE Group account holdings will correspond directly to any such comparative benchmark index. Performance of each of the FCE Group strategies relative to its respective performance benchmark may have been impacted positively or negatively by economic and market conditions which affect either the benchmark or the FCE Group strategy to a greater degree. The FCE Group performance results do not reflect the impact of taxes.
· Please remember to contact us if there are any changes in your personal/financial situation or investment objectives, for the purposes of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon your request or within various areas of this website Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy (including the investments purchased and/or investment strategies devised or undertaken by FCE Group will be profitable.
· Performance results have been compiled exclusively by FCE Group, and have not been independently verified. FCE Group maintains all information supporting the performance results in accordance with regulatory requirements.
· This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate strategies depend upon the client’s specific circumstances and investment objectives.