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Multi-asset investing in a brave new world

Thomas Mucha, Geopolitical Strategist
13 March 2025  | S4:E2  | 25:36

The views expressed are those of the speaker(s) and are subject to change. Other teams may hold different views and make different investment decisions. For professional/institutional investors only. Your capital may be at risk.

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Episode notes

Nick Samouilhan, co-head of Wellington’s multi-asset platform, joins host Thomas Mucha to discuss the importance of adapting portfolios to rising macro volatility, geopolitical changes, and structural shifts.

Key topics
2:00 – Drivers of macro volatility
4:05 – Inflation, diversification, and stress testing
8:15 – Company and currency dispersion
10:25 – Regime diversification
12:15 – Role of hedge funds
14:45 – Private market opportunities
17:00 – Navigating geopolitical risk
20:25 – New rules for investing

Transcript

NICK SAMOUILHAN:
If you can line yourself up behind those big structural changes and you mentioned security there, we know that many countries there's a discussion about spending more on defense. So if you can line up your portfolio to be in in some ways the tailwinds of these, you are setting yourself up to drive portfolio returns irrespective of the economic cycle.

THOMAS MUCHA:
Macro volatility continues to ratchet up around the world putting consumers, policymakers, and markets on edge. Now while uncertainty can be nerve wracking for active investors, a changing macro backdrop can create opportunities to deliver alpha. From Trump 2.0 to growing geopolitical risks to the mania over AI and the changing nature of volatility itself, the winners and losers of the next ten years may be quite different from those of the last decade. This has important implications for portfolio construction and asset allocation. So joining me today to explore how investors can capitalize on all of this is Nick Samouilhan, co-head of Wellington's multi-asset platform and member of the firm's investment strategy team. He's joining us today from Singapore. Nick, great to have you back on WellSaid.

NICK SAMOUILHAN
Great to be back. Thanks for having me.

THOMAS MUCHA
All right. Well let's start with why macro volatility is rising, Nick. We could dedicate an entire episode to this. But give us an abbreviated version. What to your mind are the biggest drivers of volatility today?

NICK SAMOUILHAN
I think you hit the nail on the head there. There's lots of different reasons for this. We can spend lots of time on that. I kind of boil it down to two things. I describe the last ten, maybe 20, maybe 30 years of a case where from a macro perspective, aggregate supply was quite stable. You know, the labor force was growing, there was some productivity gains. It was quite stable and expanding, and the demand side was relatively well behaved. Governments tended to keep spending relatively in check. And there was a huge focus on keeping inflation down. And I think what's changed now above everything, is that governments now have more than just inflation as a priority. They are focused on other things as well. Whether that is strategic autonomy in certain sectors. You have written a lot about that, Thomas. Or it is about, in some way spending money on some important political cohort or it's about dealing with particular social aspects. Governments are willing to spend money. So the demand side of the economy is moving around quite a lot. And on the aggregate supply side, we're seeing a fragmentation on global supply chains. We're seeing some impacts on the labor market. So what you ultimately have here is the aggregate supply and demand in the economy's moving around a lot. What that means just for investing is we're going to spend much more time in periods where we're growing a bit too fast, and then the brakes get slammed and then we go into a recession and then we overcorrect and we go back out and arguably, we've had that ride for about 18 months now.

THOMAS MUCHA
So you think macro volatility is a new normal?

NICK SAMOUILHAN
In some ways the last 15 years was the abnormal one. Right. And we're going back to a previous place. But yes I think it's just something we need to get used to. It's just one of these rules that now will dominate, or at least, be important to understand of how we invest.

THOMAS MUCHA
Yeah. And I certainly concur with your point about national security playing a higher role, on the policy backdrop as well. And we'll get to geopolitics in a bit. But before we do that, Nick, to your mind, what are the key manifestations of this higher volatility, you know, with regard to financial markets? How do you think about that?

NICK SAMOUILHAN
When you step back and think long and hard about what this means for our portfolios, you kind of come down to three paths. The first one is in a world of higher and more volatile inflation, not terribly high, but just higher and more volatile than we’re used to, our research shows that equity valuations are lower, which makes sense, and interest rates are higher. And if that's your simple starting point, then the returns to beta would just be lower. So if you need to meet returns you need to get them some other way. Right. And that opens up a conversation about portfolios. So the first one is about what you own in the portfolios to generate returns. And we think that needs to change. The second one is that one of the great magic tricks of portfolios on the diversification side is the negative correlation between equities and bonds. When you lose money on the equity side, you tend to make money on the fixed income side. But that magic trick only exists because the times you lose money on the equities is usually when you're going into recession. And in that case, typically central banks are cutting interest rates, so bonds tend to do well. As we've seen that's not always the case. And sometimes the equity market declines because inflation is high, in which case bonds also lose money. Fixed income also loses money. So the second manifestation is you need something else in the portfolio that provides diversification. The third one is just in terms of muscle memory. When you come in each day, what you do on the portfolios, what do you look at. And like most investors, our processes are usually based on an assumption that the past continues. You know, you have some historical model to estimate parameters. You just say, well, if the past continues, what does this look like? And maybe that's not useful anymore. Not as useful as it was, because if the world’s a little bit different in the next ten years, you need to change from looking at historical risk models to perhaps stress testing a bit more.

THOMAS MUCHA
Yeah. That's interesting. One of the key messages that I've been trying to deliver to our portfolio managers, our analysts, is to do more scenario planning because the shifting backdrop, particularly in the geopolitical side, is creating a much wider set of potential outcomes. And yeah, the past is not prologue in a lot of these cases. And so, thanks for bringing that up. That's a key point. What are some of the more practical lessons here then for investors, Nick?

NICK SAMOUILHAN
I want to just go into a bit more detail, which is about muscle memory and stress tests and scenario planning, because I think markets are incredibly good at saying, well, these are the particular rules. Whenever something happens, we should follow those rules. And they become very efficient at doing that. And then investors boil that down into a process. Where things get very challenging is when the rules change, because everyone continues to apply the old way of doing things to what's now a new situation. And you then have these very funny things where things come out of left field. And that, to me is probably the most important practical thing, is to step back and separate out means from ends. What are you trying to achieve? And then trying to work out well, what are the important rules? How are things supposed to react? And many of the rules we've had for some time may not be true. I can give you one that I think many of us have learned in the last 18 months, which is for many markets, whenever the equity market declined, you should have bought them because you knew that policymakers would be stepping in and be supportive. So it always paid to buy on dips. And then it didn't, because the market kept declining, because central banks were worried about inflation. They weren't worried about the equity markets. So the rules subtly but importantly changed. And I think that to me is the most important thing, is to always separate what you're trying to achieve from the way you're trying to achieve it.

THOMAS MUCHA
Nick, what does this volatility mean from some other perspectives? You know return dispersion, regional synchronization, the currency markets. I mean is this a just a more differentiated backdrop which again gives more opportunities for active trading? Or do you think there's something fundamentally different going on here?

NICK SAMOUILHAN
I'll touch on two of those things. You just think about companies and managements and you now take the management that's been used to a reasonably predictable macro outlook where you can do some degree of planning and very low cost of capital, given where interest rates were, and then you transplant them and you put them into a place where visibility is much reduced, where regulatory actions can be strung tomorrow, where tariffs can come tomorrow, and where the cost of capital is real, it's much higher. In that environment, you should see a huge premium placed on good management because that will really help to navigate those waters. And that's a change. So that's the one thing is I think quality in firm management will start to come through, and you need some way of discerning between good and bad companies. On the currency one. This is a really interesting point because we've just finished a period where many countries were converging, they were integrating their economies on the supply chains and the cross flow of capital meant you had this growing convergence of policy and economic cycles. And on the margin and I think that's changing. I think countries are experiencing inflation differently. They're responding to that differently. They are trying to seek autonomy in many key parts of the economy. And what that should mean is that you’ll start to see greater divergence coming forward on policy and regulatory cycles and economic cycles. And arguably we're seeing that. We've had a period now where the US they've been cutting policy rates. And in Japan the opposite conversation has been happening. So we're seeing that already. And that divergence in policy cycles will manifest itself in an increase in volatility on currencies, which is not something you've had to worry about for some time. So currencies now become an important thing to think about.

THOMAS MUCHA
So let's get into the nuts and bolts here of portfolio construction, then, I mean what are your biggest pieces of advice for PMs and analysts and other investors in this environment. And how do you put together the right portfolio? The right asset allocation here?

NICK SAMOUILHAN
Yeah, I think it's stepping through and saying, firstly, do we have the right things in the portfolio? And many of us have spent lots of time thinking about regional diversification, allocating money around the world. But we probably need to spend as much time, if not more so, on this idea of regime diversification. And do we have a portfolio that can do that well if the economy is overheating? Does it do well if we're going into stagflation or at least behave in ways we can accept? So are we diversified to different outcomes of the macro economy? And that's a very different place to where we've been. That's the first thing is what do you own. And I think on the margin, what that path leads you down is to a greater allocation to inflation sensitive assets. And perhaps a greater allocation to hedge funds. I think on the margin is the conversation. The second one is this idea of, well, how do you build in some diversification in the portfolio? What do you own when equities decline because they're usually the biggest risk asset you own. Our research has shown up that, certain styles and hedge funds are very useful in that environment and tend to do well when equities don't, and particularly do well when equities and fixed income don't do well. So that's the other thing is looking at the downside part of the portfolio. And the other one is this idea of stress testing and scenario planning. In many ways most of our processes are built on things like value at risk or tracking error, which assumes the past continues. We should still do that, but we should also ask questions about, well, what if we moved into a very different environment tomorrow? What happens then? And those things about what you own, how you think about diversification, how you think about stress testing, those are very different from what we've been doing for some time.

THOMAS MUCHA
You just mentioned hedge funds and you know the role that those can play in portfolios. Remind us what your research said about that, particularly with regard to positive performance in this asset class right now.

NICK SAMOUILHAN
So we did two bits of work on hedge funds. The first came from this idea that if we looked at hedge fund returns over time, there was a period when they did very well. And then there was a period after the GFC many of them on aggregate struggled to generate the same returns that they did beforehand. And the question was why? And the more we probed into this, one of the main answers is just the opportunity set was much less. If you had much less volatility, things moving around much less, whether that's currencies or rates or individual securities, then there's less room for hedge funds to add value. And then that got us thinking about the corresponding what if we’re going into a place where we think rates volatility will go up, currencies would become more volatile, securities will move in different ways, then maybe the opportunity for hedge funds is bigger and therefore there's a high chance they could return. And that was the first part of research. That then set up the second bit of research was saying, well, what role can hedge funds play in our portfolio? Because usually what happens is you build your portfolio and you allocate to these hedge funds and you say, well, they sit there and their job is to generate returns when everything else doesn't. Right. It kind of just ticks along and irrespective of markets they should generate returns. And then we started to look at styles of hedge funds. And what we found is different hedge fund styles, whether that's macro or equity long/short or so on differ in four key characteristics. And those characteristics are the total returns they can provide, the consistency of those returns, the downside mitigation they can provide, and the diversification. And if you play with those, if you move things around, you can in some ways construct an allocation to hedge funds that plays a very particular role, allowing you to either replace some of the equity allocation or some of the fixed income allocation and play a very particular role in the portfolio.

THOMAS MUCHA
Yeah, it makes sense in a more volatile environment, in a way where you're trying to capture more alpha, these hedge funds give you more opportunities to do so. But what about the effects of macro volatility on some of the other areas of the market that have started to rebound recently? And I'm thinking here of small caps, private markets. Does your thinking change when you're looking at this through those lenses?

NICK SAMOUILHAN
So I think a little bit, with privates, the interesting thing to us is that part of the private equity space, and I'm thinking here about the leveraged buyout space. In that place, high interest rates are not helpful. And higher macro volatility tends to be associated with higher interest rates. And therefore leveraged buyouts which effectively are a big carry process will come under strain. But on the other side, what we find really interesting is that we have seen lots of companies stay private for much longer and therefore accessing the full market, investing across the spectrum, in some ways requires you to have some privates in your portfolio today. So we continue to do research on the sizing of privates in our portfolios and the role they can play. On small caps, this is a really interesting one. I'd say it's an asset class where the index is usually terrible. So the beta contains a number of companies that you probably don't want to own. But the alpha is fantastic because there are lots of companies there that are actually things you really want to own. And in a world where just on the margin, again, going back to your work, Thomas, where countries are trying to localize the production of certain parts of the economy, move things back onshore, small caps may be one of the beneficiaries of that.

THOMAS MUCHA
Well, thanks for the transition here, because I do want to talk about all the geopolitical aspects of this, Nick, which I think are likely to be significant. And, you know, not only is the second Trump administration upending decades of trade relationships and multilateral agreements, they're doing so with that blunt force transactional approach, that could threaten in a worst case outcome to potentially destabilize the global economy and raise a number of key national security risks. Now, of course, I'm looking at this through the lens of a geopolitical strategist, but how do you, as a multi-asset specialist, view the opportunities and risks here? And full disclosure, you know I've been banging the table for a long time about thematic approaches around defense, defense innovation, climate, climate adaptation, given the national security implications. But, you know, how are you approaching the geopolitical aspects through the investment lens?

NICK SAMOUILHAN
I'd say two things here. One is, in terms of a conceptual framework, thinking through the impact of geopolitics on our day to day running of the portfolio, it makes sense to think of it as a chronic versus an acute set up. And what I mean by that is there'll be times where there are flashpoints. There are actually events where it's an acute type outcome near there's an invasion somewhere and that will set off a cascading set of market reactions. Those are hard to predict. You can stress test them. And there are certain things that you could possibly hold in the portfolio. It’s the chronic one that I think is the one we should spend more time on, which is just a general world view that you've laid out there talks to a worse trade-off between growth and inflation, and perhaps on the margin, higher inflation and in some ways countries diverging from each other a little bit more. So it changes how we think about portfolios from that perspective. You're in a world that is moving a little bit more in different directions and there’s slightly higher inflation than it was before. Then, in terms of your second point, and again, we have very similar views here. Most individuals build portfolios either through here’s the global equity allocation or here is a regional equity allocation which we build up. Whereas if you actually look at what's driving certain securities, it's not the country they're in, but it's the particular structural change that they're beholden to. And if you can line yourself up behind those big structural changes and you mentioned security there, we know that many countries there's a discussion about spending more on defense. So if you can line up your portfolio to be in in some ways the tailwinds of these, you are setting yourself up to drive portfolio returns irrespective of the economic cycle.

THOMAS MUCHA
I do want to emphasize the importance of what you just said, which is these are structural changes in the geopolitical backdrop that are leading to very different priorities from a policymaker perspective. And, you know, one of the points that I try to drive home is that this focus on national security, sometimes over economic efficiency, is a fundamental shift in the policymaker priorities. And I do think this is likely to continue. We’re at the end of a very long geopolitical cycle, we're not sure what we're moving towards, but it seems to be one that's going to be more fractured, more transactional. And I also agree that that's likely to lead to higher inflation, lower growth. But more differentiated macro cycles than we had during the heyday of globalization. And so, you know, I do think this creates all sorts of opportunities. And I'd also like to underscore your point about acute risks and how difficult those are to predict. And, you know, one of the things that we're trying to do here at Wellington is really get exposure where we can to these long term structural themes that are likely to be with us, not for quarters, but for years and in some cases, decades. So thanks for that. And, and I'm wondering do you have anything additional to add to that viewpoint in terms of asset allocation?

NICK SAMOUILHAN
Yeah, and I don't want to put you on the spot here, Thomas, but you and I are probably at the age where it was unusual to hear politicians talking about it being okay to outsource jobs overseas because it meant that consumers could have lower prices. And that's not an argument that gets made these days. So I think it's we are in this different place where economic efficiency is just one of the outcomes and probably not the primary one. So we’ve spoken a bit about currencies, and I think it becomes very important to manage that. The other aspect I would say is, bonds used to be very boring in portfolios. You would buy them, and the yield would go down over time. And they generate the slow return. And they didn't really do very much. And now that's not true. And you're seeing a lot of volatility on inflation, on rates, and also between countries. And the world you just sketched out talks to making sure that part of your portfolio, the fixed income, has someone looking at it and saying, well, this is what's going on in China, this is what's going on in Japan, this is what's going to happen in Australia. This is the outlook for inflation. We should switch. And that kind of activity on the fixed income side is unusual and hasn't been needed, and I think is needed going forward.

THOMAS MUCHA
All right, Nick, any final words of wisdom on how we should be thinking about navigating the immediate disruptions as well as positioning portfolios for success over the long term?

NICK SAMOUILHAN
It comes down to this idea of means and ends. Often, we conflate doing something with the outcome, and that's fine if the rules don't change. But I do think now and then we should relook at and make sure that when we come in each day, we understand what the rules are and we're playing them. And there are plenty of times in my career where that’s not in the case. And I think that to just after the financial crisis where yields were critically low, and everyone thought they had to go up and they just kept going lower and lower. And at that point, value had beaten growth for a long time on the equity side. And growth started to outperform and everyone wanted to switch back into value and it was always the wrong trade. And I think looking back, if we'd realized the rules had changed, many investors would have had a different approach. And I think now we don't need to be too heroic about this, but just on the margin, spend more time thinking about an environment where countries start to move in different directions, where structural change, like defense spending, is more important than the economic cycle, where inflation is a little bit higher, a bit more volatile, and where equities and bonds start to move more and the correlation picks up than it has in the past. And then ask yourself, do I have everything in the portfolio that I want for that? Am I doing the right things? Am I watching the right things?

THOMAS MUCHA
Well, it's certainly a brave new world out there. Thanks for helping us make some sense of it. Once again, Nick Samouilhan, co-head of Wellington's multi-asset platform and member of our investment strategy team. Thanks again for being with us here on, WellSaid, Nick.

NICK SAMOUILHAN
Thank you, Thomas.

Views expressed are those of the speaker(s) and are subject to change. Other teams may hold different views and make different investment decisions. For professional/institutional investors only. Your capital may be at risk. Podcast produced March 2025.
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  4. U.S. Persons:  Interests in the Funds are not being offered, and will not be sold, within the United States or to, or for the account or benefit of, any U.S. Person.  The term U.S. Person shall have the meaning given to it in Regulation S under the United States Securities Act of 1933, as amended, and includes, among other things, U.S. residents and U.S. corporations and partnerships.
  5. Selling Restrictions: The distribution of the information and documentation on this Website may be restricted by law in certain countries.  This Website, and the information and documentation on it, are not addressed to any person resident in the territory of any jurisdiction where such distribution would be contrary to local law or regulation. Not all the Funds in relation to which information is available on this Website are available in all geographical locations and so not all areas of this Website will be accessible to all users. The Funds are not available, and offering materials relating to them will not be distributed, to any person resident in any jurisdiction where such distribution would be contrary to local law or regulation.
  6. No Investment Advice: The information on this Website is provided for information only and on the basis that you will make your own investment decisions.

    Nothing contained on this Website constitutes, and nothing on this Website should be construed as, investment advice or a recommendation to buy, sell, hold or otherwise transact in any investment including interests in the Funds.  It is strongly recommended that you seek professional investment advice before making any investment decision.

    The information on this Website does not take account of any investor’s investment objectives, particular needs or financial situation.  Investment in the Funds may not be suitable for you.  In addition, nothing on this Website shall, or is intended to, constitute financial, legal, accounting or tax advice.

    Wellington neither provides investment advice to, nor receives and transmits orders from, investors in the Funds nor does it carry on any other activities with or for such investors that constitute regulated activities in the region you have selected.

    You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.  You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to the subscription, holding, transfer or disposal of interests in the Funds.

    Any opinion, article, comment, financial analysis, market forecast, market commentary or other such information which is published on this Website is not binding on Wellington or its affiliates nor is it deemed responsible for the opinions or ideas offered.
  7. Past Performance: To the extent that this Website contains any information regarding the past performance of the Funds, such information is not a reliable indicator of future performance and should not be relied upon as a basis for an investment decision.  To the extent that this Website contains any information regarding simulated past performance, such information is not a reliable indicator of future performance and should not be relied on as the basis for an investment decision. Results may vary.

    The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment.  The value of investments in the Funds may be affected by the price of underlying investments.  Exchange rate changes may cause the value of overseas investments to rise or fall.
  8. Price Information: All prices provided on this Website are indicative only.  Such prices or values may not reflect actual prices or values that would be available in the market at the time provided or at the time you may decide to purchase or sell an interest in a particular Fund.  Wellington accepts no responsibility for updating such price information.
  9. Risk Warnings: There are significant risks associated with an investment in any of the Funds.  Investment in the Funds is intended only for those investors who can accept the risks associated with such an investment (including the risk of a complete loss of investment) and you should ensure that you have fully understood such risks before taking any decision to invest.

    Investments in the Funds are neither insured nor guaranteed by any investor compensation scheme and are not deposits or obligations of, or guaranteed by, Wellington or any of its affiliates.

    These Terms do not represent a complete statement of the risk factors associated with an investment in the Funds.  The offering documents for each Fund contain risk warnings which are specific to the relevant Fund.  You should consider these risk warnings carefully and take appropriate investment advice before taking any decision to invest. 
  10. Offering Documents: The terms of any investment in a Fund are governed by the documents establishing such terms.  An application for interests in any of the Funds should only be made having fully and carefully read the offering documents, which are the relevant prospectus, the latest financial reports and any other offering documents for the relevant Fund which are available on this Website and specified in the prospectus for the relevant Fund.

    It is your responsibility to use the offering documents and by making an application to invest in a Fund you will represent that you have read the prospectus for the relevant Fund, the appropriate key investor information document for the Fund and any other applicable offering document and will agree to be bound by its contents.
  11. Information on this Website: This Website, and the information on it, are provided for information purposes only and do not constitute an invitation, offer or solicitation to engage in any investment activity including to buy, hold or sell any investment including any interests in the Funds, to any person in any jurisdiction where such invitation, offer, solicitation, purchase or sale would be unlawful. This Website is not intended to be relied upon as a forecast, research, or investment advice.

    The information on this Website is provided in good faith and reasonable care has been taken to ensure that such information is accurate, current and fit for its intended purpose.  To the extent that any information on this Website relates to a third party, this information has been provided by that third party and is the sole responsibility of such third party and, as such, Wellington and its affiliates accepts no liability for such information.  No representation or warranty of any kind regarding the accuracy, adequacy, validity, completeness or timeliness of the information on this Website or the error-free use of this Website is given and, to the extent permitted by applicable laws, no liability is accepted for the accuracy or completeness of such information.  No warranty of any kind, express or implied, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose, and freedom from computer virus is given in conjunction with the information, materials, products, and services on the Website. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients.  Wellington does not warrant that the Website will meet your needs. You agree to assume the entire risk as to your use of the Website. Any person who acts upon, or changes his investment position in reliance on information contained on this Website, does so entirely at his own risk.  In the event of any inconsistency between the information on this Website and the terms of the relevant offering documents, the terms of the offering document shall prevail.

    Information posted on this Website is current only as at the date it is first posted and may no longer be true or complete when viewed by you.  All content on the Website is subject to modification from time to time without notice.  Please contact Wellington (using the details in the “Contact Us” section below) for further information regarding the validity of any information contained on this Website.

    This Website and most of the documentation contained within it is provided in the English language and you represent and warrant that you understand the English language.
  12. Conflicts of Interest: Wellington, its affiliates and their directors, officers, employees or clients may have or have had interests or long or short positions in any investment product or other financial instruments underlying any investment product referred to on this Website and may at any time make purchases and/or sales in them as principal or agent. In addition, Wellington and/or its affiliates may act or have acted as market maker in any investment product, or financial instruments underlying such investment product or entered into an arrangement to hedge the market risk associated with the investment products. Wellington and its affiliates has conflicts of interest policies in place which specify the procedures that it follows and the measures that it has adopted in order to avoid such conflicts or to manage such conflicts in a way that ensures fair treatment for its clients.
  13. Monetary Benefits: You agree that we may, to the extent permitted by applicable laws and regulations, share charges or commission with affiliates of Wellington or other third parties, or receive remuneration from them, in respect of transactions you carry out in relation to the Funds described on this Website. Where relevant, we may disclose such arrangements to you.  Details of any such arrangements are available on request.
  14. Liability: No warranty is given that the contents of this Website are compatible with all computer systems or browsers or that this Website shall be available on an uninterrupted basis.

    The internet is not a completely reliable transmission medium and neither the Funds, Wellington nor any of its affiliates accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from the Funds, Wellington or any of its affiliates.  Any such transmission of information is entirely at your own risk and any material downloaded from this Website is downloaded at your own risk.

    The information on this Website is provided “as is” and “as available”.  To the extent permitted by law, no guarantee or representation, express or implied, is made as to the accuracy, validity, timeliness, completeness or continued availability of any information made available on the Website. The Funds, Wellington and its affiliates, and each of their directors, officers, employees and agents expressly exclude all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity to the fullest extent permitted by applicable law or regulation.

    In no event will the Funds, Wellington, or any of its affiliates be liable to any person for any direct, indirect, special or consequential damages, losses or liabilities arising out of any use of, or inability to use, this Website or the information contained on it including, without limitation, lost profits, business interruption, any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus, line or system failure, loss of programs or data on your equipment or otherwise, even if the Funds or Wellington  is expressly advised of the possibility or likelihood of such damages, losses or liabilities, unless such damages, losses or liabilities are due to the Funds’, Wellington’s or its affiliates’ negligence, willful default, fraud or material breach of the Funds’, Wellington’s or its affiliates’ obligations under applicable law or regulation.  This does not affect the liability of the Funds, Wellington or its affiliates for any loss or damage that cannot be excluded or limited under applicable law.
  15. Indemnification: As a condition of your use of the Website, you agree to indemnify and hold the Funds, Wellington and its affiliates, and their respective partners, directors, employees, and agents harmless from and against any and all claims, losses, liability, costs, and expenses (including but not limited to legal fees) arising from your use of the Website or from your violation of these Terms, unless such claims, losses, liability, costs or expenses are due to the Funds’, Wellington’s or its affiliates’ negligence, willful default, fraud or material breach of the Funds’, Wellington or its affiliates’ obligations under applicable law or regulation.
  16. Intellectual Property: The entire content of this Website is subject to copyright with all rights reserved. All materials on this Website are owned or licensed by the Funds, Wellington, its affiliates and/or its third-party providers and are protected by UK and international intellectual property laws. Unless otherwise indicated, all service marks, trademarks, and logos appearing on this Website are the exclusive property of Wellington and its affiliates. You may not copy, display, distribute, download, license, modify, publish, repost, reproduce, sell, transmit, use to create a derivative work, or otherwise use for public or commercial purposes the content of this Website without the prior written permission of Wellington.
  17. Privacy: Please see our privacy notice contained on this Website for information about how the Wellington and its affiliates protect your personal data, including personal data collected through this Website.
  18. Cookies: When you use this Website, Wellington may place cookies on your device. For further details about what cookies are and how Wellington uses them please see our Cookies and Tracking Notice .
  19. Your use of this Website: You must not use this Website (or permit or procure others to use it) as follows:
    •  for any unlawful, improper or illegal purpose or activity;
    •  to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
    • in a manner intended to threaten, harass, or intimidate;
    • to violate Wellington’s or any third party's copyright, trademark, proprietary or other intellectual property rights;
    • to damage Wellington’s name or reputation or that of Wellington Management’s affiliated companies or any third parties;
    • to impersonate any of Wellington’s employees or other person or use a false name while using this Website or implying an association with Wellington Management;
    • to penetrate Wellington’s security measures or other entities' systems ("hacking");
    • to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this Website;
    • to generate excessive amounts of internet traffic, to interfere with Wellington Management’s network or other’s use of this Website or to engage in activities designed to, or having the effect of, degrading or denying service to other users of this Website or others;
    • to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this Website or any other entity’s systems and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items;
    • to post or transmit information that is defamatory, fraudulent or deceptive including, but not limited to, scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or
    • to transmit confidential or proprietary information, except solely at your own risk.

  20. Linked Websites: Links to websites operated by third parties are provided for information only and do not constitute any form of advice, endorsement or recommendation of such websites or the material on them.  Wellington accepts no responsibility for information contained on any other sites which can be accessed by hypertext link from this Website or for these sites not being available at all times.  Wellington has not reviewed, and will not review or update, such websites or information and any use that you make of such websites and information is at your own risk.  Please note that when you click on any external site hypertext link you will leave this Website. You should review the privacy statements of such websites before you provide any personal or confidential information.
  21. Website Security and Restrictions on Use: As a condition to your use of this Website, you agree that you will not, and you will not take any action intended to: (i) access data that is not intended for you; (ii) invade the privacy of, obtain the identity of, or obtain any personal information about any other user of this Website; (iii) probe, scan, or test the vulnerability of this Website or Wellington’s network or breach security or authentication measures without proper authorization; (iv) attempt to interfere with service to any user, host, or network or otherwise attempt to disrupt our business; or (v) send unsolicited mail, including promotions and/or advertising of products and services. Unauthorized use of the Website, including but not limited to unauthorised entry into Wellington’s systems or misuse of any information posted to a web site, is strictly prohibited.
  22. Amendment: Wellington may delete or make changes to these Terms and to the information contained on this Website at any time.  You will be required to accept any such changes in order to continue to use the Website.  If you do not accept such revised Terms, you may no longer be able to access this Website.

    If any provision of these Terms is found by any court or authority of competent jurisdiction to be illegal, void or invalid under the laws of any jurisdiction, the legality, validity or enforceability of the remainder of these Terms in that jurisdiction shall not be affected and the legality, validity and enforceability of the whole of these Terms in any other jurisdiction shall not be affected.
  23. Third Parties: Affiliates of the Funds and Wellington shall have the benefit of the rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the Contracts (Rights of Third Parties) Act 1999.
  24. Applicable Law: These Terms and any non-contractual obligations arising from or connected with them shall be governed by, and these Terms shall be construed in accordance with, the laws of England and Wales.
  25. Jurisdiction: ou agree that the English courts shall have exclusive jurisdiction in relation to any legal action or proceedings arising out of or in connection with these Terms (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum.  You further agree that this paragraph operates for the benefit of the Funds or Wellington and accordingly the Funds or Wellington shall be entitled to take Proceedings in any other court or courts having jurisdiction.
  26. Waivers: No right, term, or provision of these Terms in favor of Wellington, shall be deemed waived in virtue of a waiver to any other right under these Terms, at any given time.
  27. Termination: By accepting this terms and conditions you agree that Wellington may terminate, with no need of prior notice, your access to this Website for any reason.
  28. About Wellington: By accepting this terms Wellington Global Administrator, Ltd. is a limited liability company organized under the laws of Bermuda.
  29. Contact Us:If you have any inquiries in relation to this Website or the information on it, please contact Wellington at infofunds@wellington.com

Effective as of 13th September 2023.

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