The information contained here reflects the views of Panthera Capital (PC) and sources it believes are reliable as of the date of this publication. PC makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this publication. This document is for informational purposes only and does not constitute investment advice. Panthera Capital does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. Investors should carefully consider an adviser’s or fund’s investment goals, risks, charges & expenses before investing. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by PC or its affiliates. PC services are limited to investors who, among other requirements qualify as accredited investors within the meaning of the Securities Act of 1933, as amended.
Any return analyses discussed herein have not been back-tested.
Risks: All investments involve risks, including possible loss of principal. PC’s strategies are not FDIC insured, have no bank guarantee and may lose value. Convertible securities are subject to the risks of stocks when the underlying stock price is high relative to the conversion price (because more of the security’s value resides in the conversion feature) and debt securities when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). A convertible security is not as sensitive to interest rate changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock. The fund may invest in high-yielding, fixed income securities. High yields reflect the higher credit risk associated with these lower-rated securities and, in some cases, the lower market prices for these instruments. Interest rate movements may affect the fund’s share price and yield. Bond prices generally move in the opposite direction of interest rates. As the prices of bonds in the fund adjust to a rise in interest rates, the fund’s share price may decline.