Investment Research disclaimers and disclosures

Additional information regarding investment research issued by Sustainable Investing LLP

This page provides important additional information relating to all Investment Research issued by Sustainable Investing LLP (hereinafter referred to as “Sustainable Investing”, “we”, “us” or “our”). Sustainable Investing LLP is an appointed representative of Varramore Partners Limited, which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom (“UK”). Sustainable Investing’s FCA Firm Reference Number is 946165. All Investment Research issued by Sustainable Investing is subject to, and must be read in conjunction with, this additional information, which supplements the Regulatory Disclosures and Terms of Use shown on the website.

The information in this document does not provide personal recommendations based on individual circumstances. The information provided in this document has been prepared without regard to any recipient’s investment objectives, investment experience, financial situation, or means. By making this information available to you, Sustainable Investing LLP is not advising you or making any recommendation. Investments carry risk, including the risk that you will not recover the sum that you invested

Sustainable Investing has made every effort to appropriately research the information contained in this analysis. The information on which the analysis is based has been obtained from publicly available sources which we believe to be reliable such as, for example, Thomson Reuters, Bloomberg and the relevant specialised and financial press as well as companies which are the subject of this analysis. Where relevant, the analysis distinguishes between views expressed in publicly available documents by other parties and the views of Sustainable Investing. The views expressed in this document are as of the published date and based on information available at the time. Sustainable Investing does not assume any duty to update any of the information contained in this document. Any prices stated in this document should not be construed as valuations of any issuer, security or other financial instrument. Where projections, forecasts, targeted or illustrative returns or related statements or expressions of opinion are given (“forward-looking information”), these should not be regarded by any recipient of this document as a guarantee, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. A number of factors could cause actual results to differ materially from those in any forward-looking information. This document does not claim completeness regarding all the information on the companies, stock markets or themes and developments referred to in it. On no account should the document be regarded as a substitute for the recipient procuring information for themselves or exercising their own judgements.

This document has been produced for information purposes for institutional clients or market professionals who are categorised as “professional clients” (as defined in COBS 3.5 of the FCA Rules) and who have entered into a contractual agreement with Sustainable Investing or are availing of a trial period. If you do not fall within this description, you must not act or rely on this research. This document is not a solicitation or an offer to buy or sell any stock or other financial instruments. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but Sustainable Investing makes no representation or warranty, express or implied, with respect to the correctness, accuracy, or completeness of such information. The document may include certain descriptions, statements, estimates, and conclusions underlining potential market and company development. These reflect assumptions, which may turn out to be incorrect. Sustainable Investing and/or its employees accept no liability whatsoever for any direct or consequential loss or damages of any kind arising out of the use of this document or any part of its content.

The information contained in this document is strictly confidential and may not be reproduced or redistributed in whole or in part, nor may the contents of the document be disclosed to any other person without the prior written consent of Sustainable Investing. By viewing this document, you confirm that you have read and accepted the contents of this Important Information disclosure.

Conflicts of Interest

To mitigate the possibility of conflicts of interest, Sustainable Investing’s employees are subject to internal organisational and administrative arrangements in relation to the management of inside information, handling of unpublished research material, gifts and hospitality, external business interests, remuneration and personal transactions. These internal organisational and administrative arrangements have been designed in accordance with applicable legislation and relevant industry standards. These internal organisational and administrative arrangements are considered appropriate and proportion in light of the nature, scale and complexity of Sustainable Investing’s business.

Sustainable Investing prohibits its partners, analysts, persons reporting to analysts and members of their households from making personal transactions in any issuer in Sustainable Investing’s area of coverage. Sustainable Investing prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst’s area of coverage.

Sustainable Investing has no agreements with issuers with respect to dissemination of recommendations. Analysts do not, nor will they, receive direct or indirect compensation in exchange for expressing any of the views or the specific recommendation contained in this document. Analysts are paid in part based on the overall profitability of Sustainable Investing.

In line with the UK’s Market Abuse Exit Regulations 2019, Sustainable Investing provides quarterly statistics on the overall ratio of “Buy”, “Hold” and “Sell” in Sustainable Investing recommendations in financial instruments and the proportion of issuers corresponding to each of those categories to which such person has supplied material services of investment firms over the previous 12 months. These are as follows:

“Buy”, “Hold” and “Sell”
Investment services provided to
these issuers
in previous 12 months
Recommendation Number % of total Number % of total
Buy 1 25% 0 0
Hold 1 25% 0 0
Sell 2 50% 0 0

The above table covers the period 01 February 2021 to 20th Janaury 2022. This disclosure is reviewed and updated on a quarterly basis. Last updated 20th January 2022.

Where Sustainable Investing includes “buy”, “hold” or “sell” recommendations in relation to an issuer of securities within this document, these should be understood as follows:

Recommendation Definition
Buy The issuer is considered to have considerable upside.
Hold The issuer is considered to have neither considerable upside nor downside.
Sell The issuer is considered to have considerable downside.