LEVENDI THORNBRIDGE DEFINED RETURN FUND A Blueprint for Returns - - PowerPoint PPT Presentation

A Blueprint for Returns

LEVENDI THORNBRIDGE DEFINED RETURN FUND

FOR PROFESSIONAL INVESTORS AND ADVISERS ONLY. NOT FOR DISTRIBUTION TO RETAIL INVESTORS.

DIS ISCLAIMER

The contents of this document are communicated by, and the property of, Levendi Investment Management Limited (LIML). LIML is an appointed representative of Thornbridge Investment Management LLP, which is authorised and regulated by the Financial Conduct Authority (“FCA”). The information and opinions contained in this document are subject to updating and verification and may be subject to amendment. No representation, warranty, or undertaking, express or limited, is given as to the accuracy

• r completeness of the information or opinions contained in this document by Levendi Investment Management

Ltd or its directors. No liability is accepted by such persons for the accuracy or completeness of any information or

• pinions. As such, no reliance may be placed for any purpose on the information and opinions contained in this

document. The information contained in this document is strictly confidential. The value of investments and any income generated may go down as well as up and is not guaranteed. Past performance is not necessarily a guide to future performance. SOURCE DATA: all data is sourced from Bloomberg

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

LEVENDI-IM

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

DAVID STUFF, MANAGING PARTNER

David has been involved in equity derivatives, equity structuring and the structured product market for over 25 years. Before launching Levendi Investment Management David worked at J.P. Morgan, Barclays and RBS. David has worked with and for retail product providers, discretionary managers and institutional investors.

ART NOBLE, RESEARCH AND ANALYSIS

Art is responsible for the product analysis. Art started to develop the model that the Fund uses to evaluate risk and return immediately after the March 2012 paper from the FCA. Prior to working on this Art was developing statistical arbitrage strategies and portfolio optimisation tools at Noble and Co. At J.P. Morgan Art was responsible for marketing derivative products and had a particular focus on hedge fund derivative solutions and asset and liability modelling. He was also responsible for building pricing models, risk management tools and value-at-risk techniques that became RiskMetrics.

FRANK COPPLESTONE, MANAGING PARTNER

Frank has 25 years experience in structured products and derivatives, having started his career at Credit Suisse Financial

• Products. He spent a decade working as an equity-derivatives trader at Bankers Trust and Commerzbank before moving to

Deutsche Bank to build and manage the Quantitative Products Engineering businesses. In 2008 he joined Morgan Stanley to run Financial Engineering in EMEA and Americas and later became Global Head of the Retail Structured Products platform at Morgan Stanley. Prior to launching Levendi Investment Management, Frank was the Global Head of Equities (Structured Products) at Jefferies. Frank holds a Doctorate from Oxford University.

LE LEVENDI IN INVESTMENT MANAGEMENT (L (LIML)

An investment advisory firm that advises on the use of structured investments and derivatives, particularly when incorporated into funds and portfolios. Based in the UK, with more than £600M of assets under advice, we offer a combination of investment expertise, quantitative assessment of risk and return and independent asset and portfolio valuations. LIML’s investment management team have extensive experience in Defined Return Investments:

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

ARCHITECTS OF F VALUE

Analysis of investments using a proprietary consensus-based model of estimates of capital market

• returns. Results are analysed

to answer the following: ▪What returns can be reasonably expected? ▪What are the sensitivities and risks? Accurate and robust pricing capabilities means that we can assess the competitiveness of Issuer offerings and calculate risk exposures to underlying assets, interest rates, volatilities, correlations and Issuer credit. The portfolio management process aims to maximise the chance of achieving the target return and minimise the risks of drawdown The risk management

• verlay is used to control

volatility on a day-to-day basis. We develop investments for the Fund based on our analysis of expected returns for each market and incorporating the prevalent market pricing environment. We combine our abilities to

• riginate and evaluate

products with our proprietary analysis of risk and return when we identify investments for the Fund. ANALYSIS PRICING STRUCTURING MANAGEMENT

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

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RE REALISED FU FUND PERFORMANCE

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

Source; Levendi, Bloomberg 82% 84% 86% 88% 90% 92% 94% 96% 98% 100% 102% 104% 106% 108%

Return Month

Levendi Thornbridge UK Total Return Europe Total Return

COMPARISON WITH ITH OTH THER BENCHMARK ASSETS

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

Source: Levendi, Bloomberg 88% 90% 92% 94% 96% 98% 100% 102% 104% 106% 108%

Return Month

Levendi Thornbridge Vanguard Life 40% Equity CBOE Put Index Peer Group Average EX Levendi

• Levendi Fund aims to offer a degree of

protection when markets fall.

• Fund has offered significant downside

protection through both large market corrections since launch

• Defensive return when markets fall is a result
• f
• Investment selection
• Choice of very defensive investments
• Risk management overlay

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DO DOWNSIDE PROTECTION

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

• 14%
• 12%
• 10%
• 8%
• 6%
• 4%
• 2%

0% May 22 - June 25 August 9 - September 7 October 1 - December 24

Max Drawdown Date

Levendi Thornbridge UK Total Return Europe Total Return

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RIS RISK RA RATING SCALE

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

IMPORTANT NOTE; The Fund has not been risk rated by either Dynamic Planner or Defaqto. The nature of the fund means that neither risk rating agency can provide a risk rating. The analysis below is based on publicly available information about the volatility ranges that each firm uses to rate funds. However, we do not know how either firm calculates the volatility of a fund.

Fund volatility is calculated using process defined by regulators for the KIID and KID. This volatility can be used to illustrate the fund risk ranking using the Dynamic Planner and Defaqto risk scales.

TARGET MARKET

• Lower risk investors
• Looking for steady returns under a wide

range of market conditions

• Prepared to accept some risk to capital
• Prepared to accept some volatility of returns
• Medium to long term investment horizon

PORTFOLIO ALLOCATION

• High Correlation
• Low exposure to equity markets

Defensive Equity

• Target LIBOR +6% returns

Absolute Return

• 10% maximum volatility

Target Volatility

• High annual returns
• Low volatility

Bond Substitute

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TARGET MARKET / / PORTFOLIO ALL LLOCATION

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

PERFORMANCE RE RELATIVE TO SECTORS

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority. Source; performance for 1 year to 2nd April 2019, www.trustnet.com

Universe Sector Position #Funds Percentile Quartile

IA OEICS Mixed Investment 20-60% Shares 23 150 84% 1st IA OEICS Flexible Investment 30 144 79% 1st IA OEICS Targeted Absolute Return 5 106 95% 1st

• 2.0%
• 1.0%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% IA Targeted Absolute Return IA Europe Excluding UK IA Mixed Investment 20-60% Shares IA UK All Companies IA Flexible Investment Levendi Thornbridge

1Y Performance to 2 April 2019

THE ASSETS

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

UNDERLYING Worst of FTSE 100 and Eurostoxx 50 Index TERM 8 years PRODUCT SHAPE

• Autocall. The product may mature

early at each anniversary AUTOCALL LEVELS Years 1 to 7; 100% Year 8; 60% PAYOFF 8% each year if both underlying assets are above the Autocall Levels CAPITAL If the product has not matured early and neither indices is less than 50% of the initial Index level, then 100% capital is repaid plus the defined payoff. If the maturity value of the worst performing asset is below 50%, the maturity value will be reduced by 4x the fall below 50%

20 40 60 80 100 120 140 160 180 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 AUTOCALL LEVELS / PAYOFF Autocall Levels Payoff Capital

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EXA XAMPLE PRODUCT

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

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PAYOFF SUMMARY

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

Time End of year 1 Are both indices above 100% of initial level? Yes; Investment matures and pays back 108% No; Investment continues another year End of year 2 Are both indices above 100% of initial level? Yes; Investment matures and pays back 116% No; Investment continues another year End of year 3 Are both indices above 100% of initial level? Yes; Investment matures and pays back 124% No; Investment continues another year End of year 4 Are both indices above 100% of initial level? Yes; Investment matures and pays back 132% No; Investment continues another year End of year 5 Are both indices above 100% of initial level? Yes; Investment matures and pays back 140% No; Investment continues another year End of year 6 Are both indices above 100% of initial level? Yes; Investment matures and pays back 148% No; Investment continues another year End of year 7 Are both indices above 100% of initial level? Yes; Investment matures and pays back 156% No; Investment continues another year End of year 8 Are both indices above 60% of initial level? Yes; Investment matures and pays back 164% No; Investment continues another year End of year 8 Are both indices above 50% Yes; Investment matures and pays back 100% No; Investment matures, maturity value is 100% minus 4x the percentage fall of the worst performing index below 50% of the initial index level

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PROGRESSIVE RIS RISK AT MATURITY

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

0% 20% 40% 60% 80% 100% 120% 140% 160% 180%

• 100%
• 80%
• 60%
• 40%
• 20%

0% 20% 40% 60% 80% 100%

Maturity Value Final Index Level

Barrier Shape Levendi Shape Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

EVENT HISTORIC OCCURANCE STRESS TEST PROBABILITY ANNUALISED RETURN AUTOCALL YEAR 1 64% 50% 8.0% AUTOCALL YEAR 2 8% 15% 7.7% AUTOCALL YEAR 3 3% 8% 7.4% AUTOCALL YEAR 4 6% 5% 7.2% AUTOCALL YEAR 5 2% 3% 7% AUTOCALL YEAR 6 2% 3% 6.8% AUTOCALL YEAR 7 1% 2% 6.6% AUTOCALL YEAR 8 11% 9% 6.4% MATURITY AT 100% 1% 3% 0.0% CAPITAL LOSS 2% 2% Hist: -1.6% Stress: -6.5% RETURN HISTORIC STRESS TEST BEST RETURN 8% 8% CHANCE OF GAIN 97% 95% CONDITIONAL GAIN 7.6% 7.5% AVERAGE RETURN 6.9% 5.9% EXPECTED TERM 2.5y 2.9y

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PRODUCT T ANALYSIS

RISKS HISTORIC STRESS TEST

VOLATILITY OF RETURNS 2.5% 6.9% CHANCE OF LOSS 2% 2% CONDITIONAL LOSS

• 1.6%
• 6.5%

AVERAGE WORST 5% LOSSES +1%

• 28%

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

4/3/2019

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DO DOWNSIDE ESTIMATION – IN INVESTOR VIE IEW VS RI RISK NEUTRAL VIE IEW

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

0% 20% 40% 60% 80% 100% 120% 140% 160% 1 2 3 4 5 6 7 8 9 10

Index level as % of current index level Years

5% 10% 25% Mean 75% 90% 95% Put Strike 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 1 2 3 4 5 6 7 8 9 10

Index level as % of current index level Years

5% 10% 25% Mean 75% 90% 95% Put Strike

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Cale alender Autocall ll dates

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

1 2 3 4 5 6 7 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Products with Autocall dates Month

Autocalls per month

PORTFOLIO MANAGEMENT

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

PRODUCT ▪ Simple products. ▪ Linked to major market Indices. ▪ Low hurdle for positive return, so high probability

• f positive returns.

▪ Long term to maturity (typically 8 years). ▪ Significant capital protection, so low chance and scale of loss. ▪ The Fund only holds products that we can value

• urselves.

▪ The Fund buys products where there are several banks that can issue the product. PORTFOLIO ▪ Bespoke products. ▪ Swaps or notes. ▪ Notes have 2-way market. ▪ Investment-grade issuers. ▪ Maximise issuer funding. ▪ Issuer diversification. ▪ Market selection and diversification. ▪ Strike diversification.

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WHAT IN INVESTMENTS DO DO WE LIK LIKE TO HOLD IN IN THE FU FUND?

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

WHAT T DOES TH THE FU FUND HOLD?

MARKET EXPOSURE ISSUER EXPOSURE PRODUCT EXPOSURE

UK Equity European Equity US Equity Other Autocall Defensive Autocall Participation Synthetic Zero Cash

A+ A A- BBB+ Gilts

▪ Exposure is limited to major market equity indices ▪ Very little exposure to Index variants and other indices. ▪ 100% Investment grade ▪ Maximum 10% exposure each to 4 issuers ▪ 5% maximum exposure to other issuers ▪ Mostly defensive Autocalls ▪ Single or Dual Index ▪ All products offer capital returns, no income

The graphs below show typical and current levels. Inner rings are typical and outer rings are updated at the release of each monthly factsheet.

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

RISK MANAGEMENT

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

• Fund is exposed to four main risks
• These risks can compound on each other
• Volatility tends to increase as markets fall
• Fund exposure increases as markets fall
• Credit spreads widen as markets fall
• Risk management strategy is designed to

mitigate the effect of these risks

• Reduce market exposure when the product of

market volatility and exposure means that fund volatility is too high

30/01/2019

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RIS RISKS TO FU FUND VALUE

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

Falling Markets

Increasing Volatility Increasing exposure

Exposure to markets will increase when markets fall Volatility tends to increase when markets fall

Controlled volatility Reduced drawdown

RISK MANAGEMENT OVERLAY Risk management overlay helps to protect the fund against increased volatility and high exposure in falling markets

RISK

Market Volatility Exposure Fund Volatility 30/01/2019

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RIS RISK MANAGEMENT OVERLAY CAPS FU FUND VOLATILITY

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

Fund volatility can be approximated as Market Volatility x Exposure

15% 30%

4.5%

In normal market conditions exposure is expected to be between 4% and 6%

30% 50% 15%

When markets fall, volatility tends to increase and exposure will rise so the volatility of the fund will rise to be too high

Core Volatility; 30% Core Exposure; 50% Hedge Exposure;

• 25%

Fund Volatility; 7.5%

The risk management overlay reduces market exposure and so caps the volatility of the fund

0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 INDEX LEVEL REBASED

FTSE 100 Eurostoxx 50 S&P 500 Capital Protection Level

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BARRIER VERSUS HIS ISTORIC IN INDEX LE LEVELS

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

Worst 8-year period

BENEFITS OF F RIS RISK MANAGEMENT OVE VERLAY

▪ Risk profile of Fund remains suitable for target market ▪ Process reduces and stabilises Fund volatility ▪ Reduced drawdown in significant and protected market correction ▪ Reduced turnover in underlying investments ▪ Fund can retain 100% exposure to defined return investments at all times ▪ Capture attractive product terms during periods

• f elevated volatility without increasing market

risk

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

2000 4000 6000 8000 10000 12000 Dec 90 Dec 92 Dec 94 Dec 96 Dec 98 Dec 00 Dec 02 Dec 04 Dec 06 Dec 08 Dec 10 Dec 12 Dec 14 Dec 16

Market level Year

FTSE Total Return Blended Put Write Index plus Risk Management Overlay

TECHNICAL INFORMATION

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

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UK IF IFA PLA LATFORMS

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

Brewin HSBC Life Charles Stanley

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INT INTERNATIONAL PLA LATFORMS

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

Canada Life Old Mutual International Friends Provident International

• Notes are issued as senior unsubordinated debt
• The Fund has counterparty exposure if the issuer

defaults, but earns additional returns

• Terms of the note describe the returns that the
• wner will receive.
• Notes can be listed
• Streaming price on most price vendors (Bloomberg,

Reuters etc)

• Can be bought and sold at any time
• Additional notes created by “tapping” the original

issue as required

• Issuer is the only market maker
• When notes bought back, the issuer nets off the

note against the hedges they have and de- materialise the note. There is no need to find another buyer.

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NOTES

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

FUND ISSUER

The Fund buys the notes and pays the issuer cash The Fund receives the note.

• Swaps are derivative contracts with

Investment Banks

• The Fund uses swaps to significantly

reduce counterparty exposure

• Swaps are marked to market every day
• Swap positions can be easily increased
• r decreased at any time
• Any exposure is collateralised

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SWAPS

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

PERFORMANCE SWAP; The Fund pays GBP LIBOR and receives the product returns ASSET SWAP; The Fund pays the returns from the Index Linked Gilts and receives LIBOR

Market

Collateral

Levendi Defined Return Fund

Bank Y Bank X

Collateral The Fund uses assets raised to buy Index Linked Gilts Libor plus Libor plus Gilt return Investment return

SHARE CLASSES

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INCOME ▪ 5% income each year which can be paid from capital ▪ Quarterly payment of 1.25% of the value of the Fund ▪ Available to Retail investors APPLICATIONS ▪ Retirement Income ▪ Alternative to equity income funds ▪ Alternative to corporate bond funds ▪ Alternative to income generating structured products ▪ Trusts and charities that require regular income ACCUMULATION ▪ All returns in the Fund are capital growth ▪ Fund does not pay any distributions/dividends ▪ Share class available for Institutional & Retail investors APPLICATIONS ▪ Lump sum or regular savings ▪ Alternative to balanced / mixed asset funds ▪ Alternative to target / absolute return funds ▪ Alternative to direct holding of structured products

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

TE TERM RMS

INVESTMENT ADVISER LEVENDI INVESTMENT MANAGEMENT LIMITED INVESTMENT MANAGER THORNBRIDGE INVESTMENT MANAGEMENT LLP INITIAL CHARGE NONE AMC/ TER / OCF B CLASS: 0.60% / 0.76%, A CLASS: 0.75% / 0.91% SHARE CLASSES B CLASS: INSTITUTIONAL ACCUM, A CLASS: RETAIL ACCUM & DISTRIB DEALING/DEALING FEES DAILY / NONE LIQUIDITY DAILY STRUCTURE UCITS V REGULATION CENTRAL BANK OF IRELAND FUND PLATFORM DAVY SKYLINE UMBRELLA FUND ICAV AVAILABLE VIA ISA? YES AVAILABLE VIA SIPP? YES PLATFORM AVAILABILITY THE FUND IS AVAILABLE THROUGH ALL MAIN INVESTMENT PLATFORMS AVAILABLE VIA OFFSHORE BOND YES REGISTRAR & TRANSFER AGENT NORTHERN TRUST INTERNATIONAL FUND ADMINISTRATOR CUSTODIAN NORTHERN TRUST FIDUCIARY SERVICES (IRELAND) LIMITED AUDITOR DELOITTE CHARTERED ACCOUNTANTS

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

CONTACT

For further information about Levendi Investment Management Limited or the Levendi Defined Return Fund, please contact us: Levendi Investment Management Limited Cunard House 15 Regent Street St James London SW1Y 4LR T: 0203 150 2847 E: info@levendi-im.com W: www.levendi-im.com

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PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.