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Morgan Stanley Research analyst Mark Schmidt and Investment Management's Craig Brandon discuss the heightened uncertainty in the U.S. municipal bonds market.Read more insights from Morgan Stanley.For a full list of episode disclosures click here.----- Transcript -----Mark Schmidt: Welcome to Thoughts on the Market. I'm Mark Schmidt, Morgan Stanley's Head of Municipal Strategy.Craig Brandon: I'm Craig Brandon, Co-Director of Municipal Investments at Morgan Stanley Investment Management.Mark Schmidt: Today, let's talk about the biggest market you hardly ever hear about – municipal bonds, a $4 trillion asset class.It's Monday, May 5th at 10am in Boston.Mark Schmidt: If you've driven, flown, gone to school or turned on a tap, chances are munis made it happen. Although munis are late cycle haven, they were not immune to the latest bout of market volatility. Craig, why was April so tough?Craig Brandon: So, what we say in April, it was sort of the trifecta of things that happened that were a little different than other asset classes. The first thing that happened is we saw a significant increase in treasury rates – and munis are generally correlated to treasuries. We're a very high-quality asset class, that's viewed as a duration asset class. So, one thing we saw were rates going up. When we see rates going up, you generally see money coming out of the market, right? So, I think investors were a little bit impacted by the higher rates, the correlation to treasuries, the duration, and saw some flows out of the market.Secondly, what we saw is conversation about the tax exemption in Washington D.C. What that did is it caused muni issuers to pull their issuance forward. So, if you're an infrastructure issuer, you are issuing bonds in the next year to year and a half; you're going to pull that forward because if there's any risk of loss of the tax exemption, you want to get these bonds issued today. So that's basically what drives technicals. It's supply and demand. So, what we saw was a decrease in demand because of higher rates; an increase in supply because of issuance being pulled forward.And the third part of the trifecta we refer to is the conversations about the economy. So, I would put that, it's sort of a distant third, but there's still conversations about maybe credit weakness driven by a slowing economy.Mark Schmidt: Craig, your team has been through a lot of tough market cycles. Given your experience, how did the most recent selloff compare? And why was it not like 2008?Craig Brandon: I started my career back in 1998 during the long-term capital management crisis. I lived through 2008. I lived through the COVID crisis, and you know, really when I look at the crisis in 2008 – no banks went out of business three weeks ago, right? In 2008 we were really sitting on a trading desk wondering where this was going to end.You know, we had a number of meetings with our staff, over the last couple weeks explaining to them why it was different and how. Yes, there was some volatility here, but you could see that there was going to be an end to this, and this was not going to be a permanent restructuring of the market. So, I think we felt comfortable. It was very different than 2008 and it really felt different than COVID.Mark Schmidt: That's reassuring. But with economic growth set to slow sharply, how does your credit team think the fiscal health of America's state and local governments will hold up?Craig Brandon: Well, remember state and local governments, and when we're talking about munis, we're also talking about other infrastructure asset classes like water and sewer bonds. Like, you know, transportation, bonds, airports. We're talking about toll roads.They went into this with a very strong balance sheet, right? Remember, there was a lot of infrastructure money spent by the federal government during COVID to give issuers money to make it through COVID. There's still a lot of money on balance sheets. So, what we do is we're going into this crisis with a lot of cash on balance sheets, allowing issuers to be able to withstand some weakness in the economy and get through to the other side of this.Mark Schmidt: Not only do state and local governments have a lot of cash, but they're just not that impacted by tariffs, right? So why did muni yields perform worse than U.S. treasuries over the past couple of weeks?Craig Brandon: Right. It really… We're technically driven, right? The U.S. muni market is more retail driven than some other asset classes. Remember – investment grade corporates, treasury bonds, there's a lot of institutional buyers in those markets. In the municipal market, it's primarily retail driven.So, when you know, individual retail investors get nervous, they tend to pull money out of the market. So, what we saw was money coming out of the market. At the same time, we saw an individual increase in more bonds, which just led to very weak technicals, which when we see that it eventually reverses itself.Mark Schmidt: Now I almost buried the lede, right? Why invest in munis? Well, they're great credit quality, but they're also tax free. In fact, muni bonds have been exempt from federal taxes for over a century. You have a lot of experience putting together tax bills, and right now people are worried about tax reform. Do you think investors should be concerned?Craig Brandon: Listen. I'm not really losing a lot of sleep at night over the tax exemption. And I think there's other, you know, issues to worry about. Why do I say that?As you mentioned Mark, I spent the early years of my career working for the New York State Assembly Ways and Means Committee. I spent seven years negotiating budgets and what that did is it gave me a window – into how, you know, not only state budgets, but the federal budget gets put together.So, what it also showed me was the relationship between state and local elected officials and your representatives in Congress and your representatives in the Senate. So, I know firsthand that members of Congress and members of the Senate in Washington have very close relationships with members of the state legislatures, with governors, with mayors, with city council members, with school board members – who are all delivering the message that significantly higher financing costs that could potentially happen from the loss of the exemption, could be meaningful to them.And I think members of Congress and members of the Senate and Washington get it. They understand it because they were all there when it happened. The last time the muni exemption came under fire was back in 2012; and in 2012, a lot of members of Congress were in the state legislature back then, so they understand it.Mark Schmidt: That's reassuring because right now, tax equivalent yields in the muni market are 7 to 8 per cent. That's equal to or greater than the long run rate of return on the stock market. So, whether to invest in the muni market seems pretty straightforward. How to invest in the muni market? Well, with 50,000 issuers, that's a little complicated. How do you recommend investors get exposure to tax-free munis right now?Craig Brandon: Well, and that is a very common question. The muni market can be very confusing because there are just so many bonds out there. You know, over 50,000 issuers, there's over a million individual CUSIPs in the muni market.So as an individual investor, where do you start? There's different coupon structures, different call structures, different maturity structures, ratings. There's so many different variables that go into a decision in investing in muni bonds.I can make an argument that you could probably mimic the S&P 500 with 500 different stocks. But most muni indices are over 50,000 constituents. It's very difficult to replicate the muni market by yourself, which is why a lot of people, you know, they let professional money managers, do the investing for them. Whether you're looking at mutual funds, whether you're looking at separately managed accounts, whether you're looking at exchange traded fund ETFs, there's a lot of different ways to get exposure to the muni market. But with the huge amount of choices you have to make, I think a lot of individual investors would just let a professional with the experience do it.Mark Schmidt: And active managers let you customize portfolios to your unique tax situation and risk tolerance. So, Craig, a final question for you. How do munis fit into a diversified portfolio?Craig Brandon: Munis are generally the stable part of most people's portfolios. Remember, you don't have a choice of whether you're going to pay your taxes or not. You have to pay your taxes, you have to pay your water bill, you have to pay your power bill. You have to pay tolls on highways. You have to pay airport fees when you buy an airline ticket, right?It's not an option. So, because the revenue streams are so stable, you see most muni bonds rated AA or AAA. The default rate for rated munis is significantly below 1 per cent. It's something in the ballpark of about 0.2 per cent*. So, with such a low default rate – listen, we're technically driven, as I said. You see ups and downs in the market. But over a longer period of time, munis can give you generally stable returns, tax exempt income over the long term, and they're one of the more stable asset classes that you see in your overall portfolio.Mark Schmidt: That sounds boring, and I mean that in the best possible way. Craig, thanks so much for your time today.Craig Brandon: Thanks, Mark, happy to be hereMark Schmidt: And thank you for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.*“US Municipal Bond Defaults and Recoveries, 1970-2021” – Moody's Investor ServicesDisclosure: Past performance is no guarantee of future results. The returns referred to in the commentary are those of representative indices and are not meant to depict the performance of a specific investment.Risk ConsiderationsDiversification does not eliminate the risk of loss.There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. 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What role do global platforms such as Meta have in managing misinformation? What is the difference between misinformation and fake news, and what impact does it have on society? What lessons has Meta learnt from the challenging geopolitical environment of the past few years? Moz talks to Tom Bonsundy O'Bryan, Head of misinformation policy for EMEA at Meta to gain a fascinating insight into the world of combating misinformation at the world's largest social media company.Our host, Moz Afzal:https://bit.ly/31XbkTROur guests:Tom Bonsundy-O'Bryanhttps://bit.ly/3EHJamUEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. 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In this the fourth episode of our Innovation in Infrastructure podcast mini-series we are delighted to welcome Hans Kreisel, the CEO of Igneo Swedish portfolio company Nordion Energi. Society is in the midst of a major climate transition where gas and electricity infrastructure will play a key role. There is no shortage of renewable energy. The challenge is to make it available – where it is needed, when it is needed and at a competitive price. To manage the transition, the energy systems for electricity, gas and heat need to be linked together. Nordion Energi believes that innovation, strategic partnerships and taking an active role in societal dialogue can contribute to this change. This episode explores a number of strategic projects the Company is working on across biogas, hydrogen and CCS.********************** Important information This material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation. We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. 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The Trump administration has an infamously dim view on sustainability, but what does this really mean for the landscape of sustainable investing? Melanie Beyeler, Senior Portfolio Manager at New Capital, talks to Moz about why it's not necessarily all bad news for the segment, and what sustainable investing opportunities may arise out of the new global dynamic. Our host, Moz Afzal:https://bit.ly/31XbkTROur guests:Melanie Beyelerhttps://bit.ly/4cuNGBKEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Companies Regulation Act, 2000 as a Bank and Trust company. Registered office: Goodman‘s Bay Corporate...

* Cyber Attacks Target Multiple Australian Super Funds, Half Million Dollars Stolen* Intelligence Agencies Warn of "Fast Flux" Threat to National Security* SpotBugs Token Theft Revealed as Origin of Multi-Stage GitHub Supply Chain Attack* ASIC Secures Court Orders to Shut Down 95 "Hydra-Like" Scam Companies* Oracle Acknowledges "Legacy Environment" Breach After Weeks of DenialCyber Attacks Target Multiple Australian Super Funds, Half Million Dollars Stolenhttps://www.itnews.com.au/news/aussie-super-funds-targeted-by-fraudsters-using-stolen-creds-616269https://www.abc.net.au/news/2025-04-04/superannuation-cyber-attack-rest-afsa/105137820Multiple Australian superannuation funds have been hit by a wave of cyber attacks, with AustralianSuper confirming that four members have lost a combined $500,000 in retirement savings. The nation's largest retirement fund has reportedly faced approximately 600 attempted cyber attacks in the past month alone.AustralianSuper has now confirmed that "up to 600" of its members were impacted by the incident. Chief member officer Rose Kerlin stated, "This week we identified that cyber criminals may have used up to 600 members' stolen passwords to log into their accounts in attempts to commit fraud." The fund has taken "immediate action to lock these accounts" and notify affected members.Rest Super has also been impacted, with CEO Vicki Doyle confirming that "less than one percent" of its members were affected—equivalent to fewer than 20,000 accounts based on recent membership reports. Rest detected "unauthorised activity" on its member access portal "over the weekend of 29-30 March" and "responded immediately by shutting down the member access portal, undertaking investigations and launching our cyber security incident response protocols."While Rest stated that no member funds were transferred out of accounts, "limited personal information" was likely accessed. "We are in the process of contacting impacted members to work through what this means for them and provide support," Doyle said.HostPlus has confirmed it is "actively investigating the situation" but stated that "no HostPlus member losses have occurred" so far. Several other funds including Insignia and Australian Retirement were also reportedly affected.Members across multiple funds have reported difficulty accessing their accounts online, with some logging in to find alarming $0 balances displayed. The disruption has caused considerable anxiety among account holders.National cyber security coordinator Lieutenant General Michelle McGuinness confirmed that "cyber criminals are targeting individual account holders of a number of superannuation funds" and is coordinating with government agencies and industry stakeholders in response. The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) are engaging with all potentially impacted funds.AustralianSuper urged members to log into their accounts "to check that their bank account and contact details are correct and make sure they have a strong and unique password that is not used for other sites." The fund also noted it has been working with "the Australian Signals Directorate, the National Office of Cyber Security, regulators and other authorities" since detecting the unauthorised access.If you're a member of any of those funds, watch for official communications and be wary of potential phishing attempts that may exploit the situation.Intelligence Agencies Warn of "Fast Flux" Threat to National Securityhttps://www.cyber.gov.au/about-us/view-all-content/alerts-and-advisories/fast-flux-national-security-threatMultiple intelligence agencies have issued a joint cybersecurity advisory warning organizations about a significant defensive gap in many networks against a technique known as "fast flux." The National Security Agency (NSA), Cybersecurity and Infrastructure Security Agency (CISA), FBI, Australian Signals Directorate, Canadian Centre for Cyber Security, and New Zealand National Cyber Security Centre have collaborated to raise awareness about this growing threat.Fast flux is a domain-based technique that enables malicious actors to rapidly change DNS records associated with a domain, effectively concealing the locations of malicious servers and creating resilient command and control infrastructure. This makes tracking and blocking such malicious activities extremely challenging for cybersecurity professionals."This technique poses a significant threat to national security, enabling malicious cyber actors to consistently evade detection," states the advisory. Threat actors employ two common variants: single flux, where a single domain links to numerous rotating IP addresses, and double flux, which adds an additional layer by frequently changing the DNS name servers responsible for resolving the domain.The advisory highlights several advantages that fast flux networks provide to cybercriminals: increased resilience against takedown attempts, rendering IP blocking ineffective due to rapid address turnover, and providing anonymity that complicates investigations. Beyond command and control communications, fast flux techniques are also deployed in phishing campaigns and to maintain cybercriminal forums and marketplaces.Notably, some bulletproof hosting providers now advertise fast flux as a service differentiator. One such provider boasted on a dark web forum about protecting clients from Spamhaus blocklists through easily enabled fast flux capabilities.The advisory recommends organizations implement a multi-layered defense approach, including leveraging threat intelligence feeds, analyzing DNS query logs for anomalies, reviewing time-to-live values in DNS records, and monitoring for inconsistent geolocation. It also emphasizes the importance of DNS and IP blocking, reputation filtering, enhanced monitoring, and information sharing among cybersecurity communities."Organizations should not assume that their Protective DNS providers block malicious fast flux activity automatically, and should contact their providers to validate coverage of this specific cyber threat," the advisory warns.Intelligence agencies are urging all stakeholders—both government and providers—to collaborate in developing scalable solutions to close this ongoing security gap that enables threat actors to maintain persistent access to compromised systems while evading detection.SpotBugs Token Theft Revealed as Origin of Multi-Stage GitHub Supply Chain Attackhttps://unit42.paloaltonetworks.com/github-actions-supply-chain-attack/Security researchers have traced the sophisticated supply chain attack that targeted Coinbase in March 2025 back to its origin point: the theft of a personal access token (PAT) associated with the popular open-source static analysis tool SpotBugs.Palo Alto Networks Unit 42 revealed in their latest update that while the attack against cryptocurrency exchange Coinbase occurred in March 2025, evidence suggests the malicious activity began as early as November 2024, demonstrating the attackers' patience and methodical approach."The attackers obtained initial access by taking advantage of the GitHub Actions workflow of SpotBugs," Unit 42 explained. This initial compromise allowed the threat actors to move laterally between repositories until gaining access to reviewdog, another open-source project that became a crucial link in the attack chain.Investigators determined that the SpotBugs maintainer was also an active contributor to the reviewdog project. When the attackers stole this maintainer's PAT, they gained the ability to push malicious code to both repositories.The breach sequence began when attackers pushed a malicious GitHub Actions workflow file to the "spotbugs/spotbugs" repository using a disposable account named "jurkaofavak." Even more concerning, this account had been invited to join the repository by one of the project maintainers on March 11, 2025 – suggesting the attackers had already compromised administrative access.Unit 42 revealed the attackers exploited a vulnerability in the repository's CI/CD process. On November 28, 2024, the SpotBugs maintainer modified a workflow in the "spotbugs/sonar-findbugs" repository to use their personal access token while troubleshooting technical difficulties. About a week later, attackers submitted a malicious pull request that exploited a GitHub Actions feature called "pull_request_target," which allows workflows from forks to access secrets like the maintainer's PAT.This compromise initiated what security experts call a "poisoned pipeline execution attack" (PPE). The stolen credentials were later used to compromise the reviewdog project, which in turn affected "tj-actions/changed-files" – a GitHub Action used by numerous organizations including Coinbase.One puzzling aspect of the attack is the three-month delay between the initial token theft and the Coinbase breach. Security researchers speculate the attackers were carefully monitoring high-value targets that depended on the compromised components before launching their attack.The SpotBugs maintainer has since confirmed the stolen PAT was the same token later used to invite the malicious account to the repository. All tokens have now been rotated to prevent further unauthorized access.Security experts remain puzzled by one aspect of the attack: "Having invested months of effort and after achieving so much, why did the attackers print the secrets to logs, and in doing so, also reveal their attack?" Unit 42 researchers noted, suggesting there may be more to this sophisticated operation than currently understood.ASIC Secures Court Orders to Shut Down 95 "Hydra-Like" Scam Companieshttps://asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-052mr-asic-warns-of-threat-from-hydra-like-scammers-after-obtaining-court-orders-to-shut-down-95-companies/The Australian Securities and Investments Commission (ASIC) has successfully obtained Federal Court orders to wind up 95 companies suspected of involvement in sophisticated online investment and romance baiting scams, commonly known as "pig butchering" schemes.ASIC Deputy Chair Sarah Court warned consumers to remain vigilant when engaging with online investment websites and mobile applications, describing the scam operations as "hydra-like" – when one is shut down, two more emerge in its place."Scammers will use every tool they can think of to steal people's money and personal information," Court said. "ASIC takes action to frustrate their efforts, including by prosecuting those that help facilitate their conduct and taking down over 130 scam websites each week."The Federal Court granted ASIC's application after the regulator discovered most of the companies had been incorporated using false information. Justice Stewart described the case for winding up each company as "overwhelming," citing a justifiable lack of confidence in their conduct and management.ASIC believes many of these companies were established to provide a "veneer of credibility" by purporting to offer genuine services. The regulator has taken steps to remove numerous related websites and applications that allegedly facilitated scam activity by tricking consumers into making investments in fraudulent foreign exchange, digital assets, or commodities trading platforms.In some cases, ASIC suspects the companies were incorporated using stolen identities, highlighting the increasingly sophisticated techniques employed by scammers. These operations often create professional-looking websites and applications designed to lull victims into a false sense of security.The action represents the latest effort in ASIC's ongoing battle against investment scams. The regulator reports removing approximately 130 scam websites weekly, with more than 10,000 sites taken down to date – including 7,227 fake investment platforms, 1,564 phishing scam hyperlinks, and 1,257 cryptocurrency investment scams.Oracle Acknowledges "Legacy Environment" Breach After Weeks of Denialhttps://www.bloomberg.com/news/articles/2025-04-02/oracle-tells-clients-of-second-recent-hack-log-in-data-stolenOracle has finally admitted to select customers that attackers breached a "legacy environment" and stole client credentials, according to a Bloomberg report. The tech giant characterized the compromised data as old information from a platform last used in 2017, suggesting it poses minimal risk.However, this account conflicts with evidence provided by the threat actor from late 2024 and posted records from 2025 on a hacking forum. The attacker, known as "rose87168," listed 6 million data records for sale on BreachForums on March 20, including sample databases, LDAP information, and company lists allegedly stolen from Oracle Cloud's federated SSO login servers.Oracle has reportedly informed customers that cybersecurity firm CrowdStrike and the FBI are investigating the incident. According to cybersecurity firm CybelAngel, Oracle told clients that attackers gained access to the company's Gen 1 servers (Oracle Cloud Classic) as early as January 2025 by exploiting a 2020 Java vulnerability to deploy a web shell and additional malware.The breach, detected in late February, reportedly involved the exfiltration of data from the Oracle Identity Manager database, including user emails, hashed passwords, and usernames.When initially questioned about the leaked data, Oracle firmly stated: "There has been no breach of Oracle Cloud. The published credentials are not for the Oracle Cloud. No Oracle Cloud customers experienced a breach or lost any data." However, cybersecurity expert Kevin Beaumont noted this appears to be "wordplay," explaining that "Oracle rebadged old Oracle Cloud services to be Oracle Classic. Oracle Classic has the security incident." This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit edwinkwan.substack.com

The Australian Securities and Investments Commission, known as ASIC, has handed down a report into death claims in Australia's superannuation sector. The report puts the industry on notice, revealing excessive delays, poor customer service and ineffective procedures. - Австралийская комиссия по ценным бумагам и инвестициям (ASIC) подготовила отчет о страховых случаях в связи со смертью в секторе пенсионного обеспечения Австралии. Отчет выявил чрезмерные задержки, плохое обслуживание клиентов и неэффективные процедуры.

The Australian Securities and Investments Commission, known as ASIC, has handed down a report into death claims in Australia's superannuation sector. The report puts the industry on notice, revealing excessive delays, poor customer service and ineffective procedures.

In this special episode of Beyond the Benchmark, the tables are turned as EFG's Global Chief Investment Officer, Moz Afzal, steps into the hot seat. Fresh off being named CIO of the Year at the 2025 WealthBriefing European Awards, Moz shares insights into his journey from junior analyst to managing $25 billion in assets. He discusses the key challenges he's faced, the importance of leadership and integrity in asset management, and why embracing uncertainty is crucial for investment success.Our host, Ben Woodford: https://bit.ly/4hRe5KWOur guest, Moz Afzalhttps://bit.ly/31XbkTREFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Com...

On February 21, 2021, a grizzly discovery was made on Bournda Beach on the southern coast of New South Wales, Australia. A designer athletic shoe washed up on the beach. Inside of it, was a decomposing foot. After taking DNA samples from family members of missing persons in the area, the shoe and samples matched with a woman named Melissa Caddick, a 49-year-year old who'd been missing for three months following the raid of her home by the Australian Securities and Investments Commission. Initially, Caddick was being investigated for her part as the ringleader of an insider trading investigation, but authorities soon discovered her white collar schemes went much deeper. It appeared that Melissa had died by suicide, perhaps distraught over facing years in prison. Then, questions began to arise and suspicion fell on Melissa's husband, Anthony Koletti. Why'd he wait almost two days to report his wife missing?  Follow host, Jami Rice, on Instagram, TikTok, and YouTube @JamiOnAir to keep up with true crime cases she's deep-diving into and providing commentary on. Check out Jami's other true crime podcast, MURDERISH, which is available in all podcast apps. Dirty Money Moves is a collaboration between MURDERISH and Cloud10 Media. Executive Producers are: Jami Rice and Sim Sarna Research and writing by: Zach Selwyn If you enjoy Dirty Money Moves, please do us a favor and give the podcast a 5-star rating and review in Apple Podcasts, Spotify or any podcast player. Learn more about your ad choices. Visit megaphone.fm/adchoices

Is it really the case that the first to invent a technology is the one who benefits from it in the long term? Is it a myth that we can accurately predict the outcomes of new innovation? In this final episode of the 3 part Laws of Technology series, Nathan Furr dispels two oft-held but statistically untrue myths about human innovation. This episode was recorded on 12th September 2024.Our host, Moz Afzal:https://bit.ly/31XbkTROur guest, Nathan Furr, Professor of Strategy at INSEADhttps://bit.ly/4ehEeBYImportant disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Companies Regulation Act, 20...

Building wealth isn’t just about making money—it’s about mindset, strategy, and timing so that you keep it compounded over the long term. Today, I sit down with Sarah Megginson, Head of Editorial at Finder, to break down the key insights from their Finder Wealth Report. We explore what separates successful investors from those who struggle and why waiting for the "perfect time" to invest might be costing you. Sarah shares real-life case studies so you can learn from both wins and mistakes. If you're serious about building wealth, this episode is a must-listen. Let’s go inside. Resource Links: Finder Wealth Building Report https://www.finder.com.au/share-trading/wealth-building-report Get your Strategic Portfolio Plan and our help with Buying Your Next Perth Property (https://www.investorsedge.com.au/invest-in-perth-property/) Join the Perth Property Investment Facebook Group (https://www.facebook.com/groups/perthpropertyinvestors) Join Jarrad Mahon’s Property Investor Update (https://www.investorsedge.com.au/join) For more info on our award-winning and highly rated Property Management services that give you guaranteed peace of mind (https://www.investorsedge.com.au/perth-property-management-specialists/) For more info on how our Property Sales services can ensure you get the best selling price while handling all the stress for you (https://www.investorsedge.com.au/selling-your-perth-property/) Episode Highlights: Intro [00:00] Empowering People to Navigate Financial Challenges [02:01] Key Habits and Mindsets of Successful Investors [03:07] Impact of Economic Challenges on Investors [06:52] The Importance of Having a Goal and Strategy [10:25] Managing Risk and Fear in Investing [16:02] The Role of Financial Literacy in Building Wealth [24:59] Preparing for the Future and Setting Goals [30:57] The Value of Seeking Expert Advice [32:13] The Path to Wealth is Personalised [32:44] Thank you for tuning in! If you liked this episode, please don’t forget to subscribe, tune in, and share this podcast. About the Guest: A highly respected personal finance expert, Sarah has over 20 years of experience in property, finance and investment journalism. A regular media commentator, Sarah’s expert advice on personal finance, investing and wealth creation is frequently featured across television, radio, and print media, including Sunrise and ABC News. In 2023-2024 alone, her expert tips were shared over 2,500 times in the media. She was previously managing editor of Your Investment Property magazine, Australian Broker magazine, and home loan comparison site, Your Mortgage, and her byline can be found on Yahoo! Finance, Money Magazine, Cosmopolitan, Marie Claire, Kidspot and Mamamia. Sarah holds a Bachelor’s degree in Communications and a Tier 1 Generic Knowledge certification (RG 146), which complies with the Australian Securities and Investments Commission’s (ASIC) standards for finance professionals. Connect with Sarah: Website: https://www.sarahmegginson.com/ Linkedin: https://www.linkedin.com/in/sarah-megginson-857a2717b/?originalSubdomain=au Instagram: https://www.instagram.com/sarahmegginsonmoney/?hl=en Finder: https://www.finder.com.au/author/sarahmegginson Connect with Perth Property Insider: Subscribe on YouTube: https://www.youtube.com/@InvestorsedgeAu Like us on Facebook: https://www.facebook.com/investorsedge See omnystudio.com/listener for privacy information.

Episode 3 of our mini-series which focuses on Innovation in Infrastructure is here! We are delighted that Simon Montague from the GIAA is hosting this series. In this episode Simon is joined by Oscar Mann, Airport Innovation Lead, Technology at Australia's Brisbane Airport. Brisbane Airport was privatised in 1997 and is today owned by a public-private consortium that includes Igneo Infrastructure Partners. Simon and Oscar explore the value-driving innovations being pursued that add to airport safety, efficiency and customer experience in this airport focused episode!**********************Important informationThis material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.About First Sentier InvestorsReferences to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group.We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1]Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

Rob Almeida and Genevieve Gilroy, consumer staples sector leader, explore the shifting dynamics in the consumer staples sector in this podcast episode. They also discuss the importance of a collaborative, global research platform with differentiating opportunities across categories and companies.   Chapters: 00:00 - 01:59 Setting the Stage 01:59 - 05:26 Role of a Sector Leader 05:26 - 06:40 Traditional Draws to Consumer Staples 06:40 - 10:14 Agents of Change and Lower Barriers to Entry 10:14 - 11:47 Innovation and the Landscape of Work 11:47 - 14:58 GLP-1s as a Driver of Risk and Opportunity 14:58 - 16:35 Compelling Categories 16:35 - 18:57 Understanding the Rising Price Environment 18:57 - END Consumer Staples in Summary   This material is intended for investment professional use only and not intended for retail investors.   The views expressed are those of the speaker and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security, or as an offer of securities or investment advice. No forecast can be guaranteed. Past performance is no guarantee of future results.   Please keep in mind that a sustainable investing approach does not guarantee positive results and all investments, including those that integrate ESG considerations into the investment process, carry a certain amount of risk including the possible loss of the principal amount invested.   Distributed by:  U.S. – MFS Institutional Advisors, Inc., MFS Investment Management and MFS Fund Distributors, Inc.; Latin America – MFS International Ltd.; Canada – MFS Investment Management Canada Limited. Note to UK and Switzerland readers: Issued in the UK and Switzerland by MFS International Limited, a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER.  Note to Europe readers: Issued in Europe by MFS Investment Management S.à r.l. – authorized under Luxembourg law as a management company for Funds domiciled in Luxembourg and which both provide products and investment services to institutional investors and is registered office is at S.a r.l. 4 Rue Albert Borschette, Luxembourg L-1246. Tel: 352 2826 12800.  This material shall not be circulated or distributed to any person other than to professional investors and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation; Singapore – MFS International Singapore Pte. Ltd.; Australia/New Zealand - MFS International Australia Pty Ltd holds an Australian financial services licence number 485343. MFS Australia is regulated by the Australian Securities and Investments Commission.; Hong Kong - MFS International Limited, a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance.; For Professional Investors in China – MFS Financial Management Consulting Co., Ltd. 2801-12, 28th Floor, 100 Century Avenue, Shanghai World Financial Center, Shanghai Pilot Free Trade Zone, 200120, China, a Chinese limited liability company registered to provide financial management consulting services.; Japan - MFS Investment Management K.K., is registered as a Financial Instruments Business Operator, Kanto Local Finance Bureau No.312, a member of the Investment Trust Association, Japan and the Japan Investment Advisers Association. As fees to be borne by investors vary depending upon circumstances such as products, services, investment period and market conditions, the total amount nor the calculation methods cannot be disclosed in advance. All investments involve risks, including market fluctuation and investors may lose the principal amount invested. Investors should obtain and read the prospectus and/or document set forth in Article 37-3 of Financial Instruments and Exchange Act carefully before making the investments.   Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries.

Chinese generative AI contender, DeepSeek, caused huge waves in markets across the globe at the end of January. Investors and analysts were caught flat footed after the Chinese company, operating on inferior hardware, revealed a generative AI comparable to leading Western models while claiming that development costs had been a fraction of their American counterparts. This week with the help of Jonathan Rawicz and Henry Walters we delve into the technical details behind why this development was such a revelation, and what the longer term impacts of successful AI implementation might look like across sectors.Our host, Moz Afzal:https://bit.ly/31XbkTROur guests:Jonathan Rawiczhttps://bit.ly/3CJ7R1qHenry Waltershttps://www.linkedin.com/in/waltershenry/EFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in secu...

Are you prepared to protect yourself online? In today’s episode, I’m thrilled to dive into a critical topic—cybersecurity—with an extraordinary guest. Joining me is Kimberley Roberts-Salee, a cybersecurity expert from Cyber Wardens. She’s skilled at identifying and mitigating cyber threats for individuals and businesses and is passionate about empowering people with the knowledge to proactively prevent them. Kimberley and I had an insightful conversation about the common red flags of scams, practical steps you can take to safeguard your digital presence, and simple measures that could save you countless hours, heartbreak, and money. From understanding basic cybersecurity principles to implementing easy, actionable solutions, this episode covers it all. What’s more, Kimberley shared details about Cyber Wardens’ government-funded training programs. These free resources are designed to provide essential cybersecurity knowledge, whether you’re a business owner or simply someone looking to protect your personal information. The basic training takes just 10 minutes to complete and offers invaluable tips to secure your online presence. This isn’t about fear, it’s about awareness and action. Just as you protect your physical assets like cars or homes, it’s time to treat your online presence as a valuable asset too. So grab a pen, take notes, and let’s dive into this enlightening conversation with Kimberley Roberts-Salee. You won’t want to miss this one! We’ll be talking about: ➡ [0:00] Introduction ➡ [05:23] Who are Cyber Wardens? ➡ [07:49] What are cyber crimes? ➡ [09:40] Cyber crimes people need to know about ➡ [13:50] Cyber crimes are more prevalent for small businesses ➡ [17:29] It happens to everyone ➡ [19:27] Signs of a scam ➡ [22:47] How to cross check for legitimate websites ➡ [24:00] How to report scams ➡ [27:24] Red flags about Facebook Messenger scammers ➡ [34:50] Habits that are open to scams ➡ [41:30] My experience with a scammer ➡ [45:45] Top 3 things people need to do to prevent cyber crime ➡[47:14] Final thoughts Resources: Free Resources from Cyber Wardens: ➡ Online Modules:https://cyberwardens.co/accelerator To report a scam: ➡ Australian Cyber Security Centre: www.cyber.gov.au ➡ National Anti-Scam Centre: www.scamwatch.gov.au. ➡ IDCARE: www.idcare.org ➡ Australian Taxation Office (ATO): www.ato.gov.au ➡ Australian Securities and Investments Commission (ASIC): asic.gov.au About our guest: Kimberley is a senior marketing, communications and stakeholder engagement professional with 15 years of experience across multiple industries including tourism, business events, government, aviation and professional services. As the Head of Marketing and Communications for Cyber Wardens, she is passionate about raising awareness around the importance of small business cyber security and empowering small business owners and employees to increase their cyber resilience and learn how to stay safe online. Connect with Kimberley Roberts-Salee ➡ Kimberley Roberts-Salee’s LinkedIn: https://www.linkedin.com/in/kimberleyrs/?originalSubdomain=au ➡ Kimberley Roberts-Salee’s Facebook: https://www.facebook.com/kimberley.robertssalee.35/ ➡ Kimberley Roberts-Salee’s Instagram: https://www.instagram.com/kimberleyr_s/?hl=en Connect with Direct Selling Accelerator: ➡ Visit our website: https://www.auxano.global/ ➡ Subscribe to YouTube: https://www.youtube.com/c/DirectSellingAccelerator ➡ Follow us on Instagram: https://www.instagram.com/auxanomarketing/ ➡ Follow us on Facebook: https://www.facebook.com/auxanomarketing/ ➡ Email us: community_manager@auxano.global If you have any podcast suggestions or things you’d like to learn about specifically, please send us an email at the address above. And if you liked this episode, please don’t forget to subscribe, tune in, and share this podcast.See omnystudio.com/listener for privacy information.

Will Trump successfully cut a deal with Russia on the Ukraine conflict? Will we see the emergence of a new great power paradigm? Where does an aggressive 'America First' policy leave the rest of the world? The next decade is beset by geopolitical questions following great change in Washington. Against this backdrop, Gideon Rachman, Chief Foreign Affairs Commentator at the Financial Times, talks at the EFG Investment Summit 2025, outlining his views on the likely scenarios that may unfold. Our host, Moz Afzal:https://bit.ly/31XbkTROur guest:Gideon Rachman, Chief Foreign Affairs Commentator, Financial Times https://bit.ly/4hmXCP4EFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank &...

In December 2024 Igneo agreed the 100% acquisition of Madrid-based bioenergy company ENSO Group. In this NEWSFLASH episode Ignacio Perez provides an insight into this innovative company and its focus on facilitating the decarbonisation of Iberia's heat and electricity supply utilising electric, thermal and cogeneration biomass plants. **********************Important informationThis material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.About First Sentier InvestorsReferences to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group.We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1]Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

Donald Trump's election victory brings with it a plethora of unknowns about the next four years. After a highly unusual election cycle, change is on the horizon, from a reordering of the existing power structures of the West to tariffs on China, from Elon Musk's DOGE to deregulation. In this special episode, Dan Clifton, Head of Policy Research at Strategas, delivers his thoughts on Trump 2.0 at the EFG Investment Summit 2025.Our host, Moz Afzal:https://bit.ly/31XbkTROur guest:Dan Clifton, Head of Policy Research at Strategashttps://bit.ly/3iTUMIGEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuan...

Economic resilience, shifting policies, and global uncertainties set the tone for 2024. In this episode, Moz and Daniel reflect on a year marked by strong US growth, challenges in Europe, and the lingering effects of Covid stimulus. They share their perspectives on the key factors shaping the outlook for 2025, from trade tariffs to potential stimulus in China, and discuss what these trends could signal for global markets and economies moving forward.Our host, Moz Afzal:https://bit.ly/31XbkTROur guest:Daniel Murray, Deputy CIO and Head of Research:https://bit.ly/3NBVBC2EFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks ...

What were the top moments from All Angles Season 3? And why are they important to investors? In the final episode of season 3, host Vishal Hindocha and George Beesley, Client Sustainability Senior Strategist, listen back to the three top themes —AI, human rights and ESG metrics — and explore how they impact investors. Have any topics you would like to hear covered in season 4? Please email them to AllAngles@MFS.com ! Related Content: Stewardship Resourcing Report from the Thinking Ahead Institute: Putting Resources Where Stewardship Ambitions are Structured Measurement to Empower Asset Owner-Asset Manager Conversations The Stewardship Resources Assessment Framework   This material is intended for investment professional use only and not intended for retail investors.   The views expressed are those of the speaker and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security, or as an offer of securities or investment advice. No forecast can be guaranteed. Past performance is no guarantee of future results. Please keep in mind that a sustainable investing approach does not guarantee positive results and all investments, including those that integrate ESG considerations into the investment process, carry a certain amount of risk including the possible loss of the principal amount invested.  Distributed by:  U.S. – MFS Institutional Advisors, Inc., MFS Investment Management and MFS Fund Distributors, Inc.; Latin America – MFS International Ltd.; Canada – MFS Investment Management Canada Limited. Note to UK and Switzerland readers: Issued in the UK and Switzerland by MFS International Limited, a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER.  Note to Europe readers: Issued in Europe by MFS Investment Management S.à r.l. – authorized under Luxembourg law as a management company for Funds domiciled in Luxembourg and which both provide products and investment services to institutional investors and is registered office is at S.a r.l. 4 Rue Albert Borschette, Luxembourg L-1246. Tel: 352 2826 12800.  This material shall not be circulated or distributed to any person other than to professional investors and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation; Singapore – MFS International Singapore Pte. Ltd.; Australia/New Zealand - MFS International Australia Pty Ltd holds an Australian financial services licence number 485343. MFS Australia is regulated by the Australian Securities and Investments Commission.; Hong Kong - MFS International Limited, a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance.; For Professional Investors in China – MFS Financial Management Consulting Co., Ltd. 2801-12, 28th Floor, 100 Century Avenue, Shanghai World Financial Center, Shanghai Pilot Free Trade Zone, 200120, China, a Chinese limited liability company registered to provide financial management consulting services.; Japan - MFS Investment Management K.K., is registered as a Financial Instruments Business Operator, Kanto Local Finance Bureau No.312, a member of the Investment Trust Association, Japan and the Japan Investment Advisers Association. As fees to be borne by investors vary depending upon circumstances such as products, services, investment period and market conditions, the total amount nor the calculation methods cannot be disclosed in advance. All investments involve risks, including market fluctuation and investors may lose the principal amount invested. Investors should obtain and read the prospectus and/or document set forth in Article 37-3 of Financial Instruments and Exchange Act carefully before making the investments. South Africa - This document, and the information contained is not intended and does not constitute, a public offer of securities in South Africa and accordingly should not be construed as such. This document is not for general circulation to the public in South Africa. This document has not been approved by the Financial Sector Conduct Authority and neither MFS International (U.K.) Limited nor its funds are registered for public sale in South Africa. Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries. MFS may incorporate environmental, social, or governance (ESG) factors into its investment decision making, fundamental investment analysis and engagement activities when communicating with issuers. The degree to which MFS incorporates ESG factors into its investment decision making, investment analysis and/or engagement activities will vary by strategy, product, and asset class, and may also vary over time, and will generally be determined based on MFS' opinion of the relevance and materiality of the specific ESG factors (which may differ from judgements or opinions of third parties, including investors). Any ESG assessments or incorporation of ESG factors by MFS may be reliant on data received from third-parties (including investee companies and ESG data vendors), which may be inaccurate, incomplete, inconsistent, out-of-date or estimated, or only consider certain ESG aspects (rather than looking at the entire sustainability profile and actions of an investment or its value chain), and as such, may adversely impact MFS' analysis of the ESG factors relevant to an investment.

In this episode of Beyond the Benchmark, Moz is joined by Jeff deGraaf, a leading technical analyst from RenMac, for an insightful discussion on 2024's market performance and opportunities in 2025, as well as touching on China's resilience and the global influence of the US dollar.Our host, Moz Afzal:https://bit.ly/31XbkTROur guest:Jeff deGraaf, CMT, CFA, Chairman and Head of Technical Research at Renaissance Macro Researchhttps://www.renmac.com/jeff-degraaf/EFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Companies Regulation Act, 2000 as a Bank and Trust company. Registered office: Goodman‘s Bay Corporate...

The Keeping it Real Assets podcast continues! Join us for our new mini-series as we explore the themes of Innovation in Infrastructure with real-life, implemented examples from across Igneo's Portfolio Companies. We are delighted that Simon Montague from the GIAA is hosting this series. In this the second episode in our Innovation in Infrastructure Series, Simon is joined by Mike Maudsley, CEO of enfinium. As one of the UK's leading energy from waste operators, enfinium is supporting the UK's journey to a Net Zero economy. enfinium is operating and developing six decarbonisation hubs around the UK and is using waste that would otherwise go to landfill to generate homegrown energy.  Simon and Mike explore the highly innovative, highly debated and highly complex opportunity for the energy transition that could be made possible using Carbon Capture and Storage technology. If you truly want to understand this debate-this is the podcast episode to listen to!**********************Important informationThis material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.About First Sentier InvestorsReferences to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group.We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1]Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

In October 2024, Autovia Douro Litoral (AEDL) the Portuguese toll-road concession in Porto, Portugal was acquired by Igneo. In this episode Maria Luisa Castro provides an overview of the concession, the factors to consider in acquiring a toll-road and the macro factors impacting the operations of such a concession. **********************Important informationThis material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.About First Sentier InvestorsReferences to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group.We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1]Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

18th Nov: Blockchain DXB Podcast

How can investors include human rights and worker safety in their valuation analysis? And what's the best way to engage with companies on these social issues? ESG disclosures matter but they may not provide the full picture. In this episode of the All Angles podcast, Rob Wilson, Director of Global ESG Integration at MFS, delves into the use of increasingly available labor data to question corporate management and help make long-term investment decisions. Chapters: (0:36) Rob's professional background (3:42) Turning point from traditional equity analyst to sustainability specialist (9:13) The intersection of human rights issues and investments (12:35) Using hard data as well as corporate disclosures to make informed decisions (15:27) How median pay data helped to compare consumer discretionary companies (20:13) The rich opportunity set for active, long-term investors (23:21) Example of collaborative approach to questioning corporate management     This material is intended for investment professional use only and not intended for retail investors.   The views expressed are those of the speaker and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security, or as an offer of securities or investment advice. No forecast can be guaranteed. Past performance is no guarantee of future results. Please keep in mind that a sustainable investing approach does not guarantee positive results and all investments, including those that integrate ESG considerations into the investment process, carry a certain amount of risk including the possible loss of the principal amount invested. Distributed by:  U.S. – MFS Institutional Advisors, Inc., MFS Investment Management and MFS Fund Distributors, Inc.; Latin America – MFS International Ltd.; Canada – MFS Investment Management Canada Limited. Note to UK and Switzerland readers: Issued in the UK and Switzerland by MFS International Limited, a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER.  Note to Europe readers: Issued in Europe by MFS Investment Management S.à r.l. – authorized under Luxembourg law as a management company for Funds domiciled in Luxembourg and which both provide products and investment services to institutional investors and is registered office is at S.a r.l. 4 Rue Albert Borschette, Luxembourg L-1246. Tel: 352 2826 12800.  This material shall not be circulated or distributed to any person other than to professional investors and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation; Singapore – MFS International Singapore Pte. Ltd.; Australia/New Zealand - MFS International Australia Pty Ltd holds an Australian financial services licence number 485343. MFS Australia is regulated by the Australian Securities and Investments Commission.; Hong Kong - MFS International Limited, a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance.; For Professional Investors in China – MFS Financial Management Consulting Co., Ltd. 2801-12, 28th Floor, 100 Century Avenue, Shanghai World Financial Center, Shanghai Pilot Free Trade Zone, 200120, China, a Chinese limited liability company registered to provide financial management consulting services.; Japan - MFS Investment Management K.K., is registered as a Financial Instruments Business Operator, Kanto Local Finance Bureau No.312, a member of the Investment Trust Association, Japan and the Japan Investment Advisers Association. As fees to be borne by investors vary depending upon circumstances such as products, services, investment period and market conditions, the total amount nor the calculation methods cannot be disclosed in advance. All investments involve risks, including market fluctuation and investors may lose the principal amount invested. Investors should obtain and read the prospectus and/or document set forth in Article 37-3 of Financial Instruments and Exchange Act carefully before making the investments. South Africa - This document, and the information contained is not intended and does not constitute, a public offer of securities in South Africa and accordingly should not be construed as such. This document is not for general circulation to the public in South Africa. This document has not been approved by the Financial Sector Conduct Authority and neither MFS International (U.K.) Limited nor its funds are registered for public sale in South Africa.   Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries. MFS may incorporate environmental, social, or governance (ESG) factors into its investment decision making, fundamental investment analysis and engagement activities when communicating with issuers. The degree to which MFS incorporates ESG factors into its investment decision making, investment analysis and/or engagement activities will vary by strategy, product, and asset class, and may also vary over time, and will generally be determined based on MFS' opinion of the relevance and materiality of the specific ESG factors (which may differ from judgements or opinions of third parties, including investors). Any ESG assessments or incorporation of ESG factors by MFS may be reliant on data received from third-parties (including investee companies and ESG data vendors), which may be inaccurate, incomplete, inconsistent, out-of-date or estimated, or only consider certain ESG aspects (rather than looking at the entire sustainability profile and actions of an investment or its value chain), and as such, may adversely impact MFS' analysis of the ESG factors relevant to an investment.

Breaking companies down into modular systems that drive value and understanding their self-reinforcing cycles are key in navigating the technological landscape. Nathan Furr takes us through two laws of technology in the next of this three-part series, providing examples of how today's leaders are utilising these elements to their advantage. This episode was recorded on 12th September 2024.Our host, Moz Afzal:https://bit.ly/31XbkTROur guest, Nathan Furr, Professor of Strategy at INSEADhttps://bit.ly/4ehEeBYImportant disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Companies Regulation A...

Polls on a knife edge, multiple assassination attempts, a convicted felon running for president, a candidate campaigning for just 100 days pre-election; these are just a few of the reasons this US election cycle is unlike anything we have ever seen. Thankfully, Dan Clifton, Head of Policy Research at Strategas, is here to bring some clarity to the turmoil, and what all this might mean for investors.Our host, Moz Afzal:https://bit.ly/31XbkTROur guest:Dan Clifton, Head of Policy Research at Strategashttps://bit.ly/3iTUMIGEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Com...

With mandatory climate reporting coming into force in Australia, the corporate regulator ASIC is stepping up enforcement, targeting misleading and deceptive practices with serious consequences for non-compliance.Today's episode is your guide to mastering climate reporting and avoiding greenwashing.To explain we have special guest Kate O'Rourke, Commissioner at the Australian Securities and Investments Commission (ASIC).The host of The Greener Way is Rose Mary Petrass, senior journalist at FS Sustainability. This podcast uses the following third-party services for analysis: OP3 - https://op3.dev/privacy

Keeping it Real Assets is back! Join us for our new mini-series as we explore the themes of Innovation in Infrastructure with real-life, implemented examples from across Igneo's Portfolio Companies. We are delighted that Simon Montague from the GIAA is hosting this series.  In this first episode Simon is joined by Jan Doude van Troostwijk, Group Technical Manager at Evos. Evos is a leading European bulk liquid storage terminals business challenging itself on a daily basis to improve operational efficiencies and to better facilitate the energy transition. Simon and Jan explore examples of technical applications, automation and cultural change, and the role these together play in driving innovation and creating long-term sustainable value across the business. **********************Important informationThis material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.About First Sentier InvestorsReferences to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group.We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1]Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

As central banks around the world appear to be successfully getting a handle on inflation, we look at the changing market narrative going into the final quarter of 2024. Labour market numbers start to take precedence in shaping market sentiment, while the US gears up for an election that, despite intense volatility, is surprisingly normal in its impacts on markets so far. Meanwhile further afield, China shows signs of struggling to hit their 5% growth target.Our host, Moz Afzal:https://bit.ly/31XbkTROur guests:Daniel Murrayhttps://bit.ly/3tNPXSKPaul Tempertonhttp://tier.co.uk/Joaquin Thulhttps://bit.ly/3d7QWGlGianLuigi Mandruzzatohttps://bit.ly/3daScaXSam Jochim, Economist:https://bit.ly/3XLsZKvEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities...

Does the conventional wisdom around technology and business really hold up to scrutiny? Nathan Furr guides us through the 6 Laws of Technology, each law turning a piece of conventional thinking on its head when it comes to how companies deploy technology for the best outcomes. This is part 1 of a 3 part series, each episode covering 2 of the laws in detail.Our host, Moz Afzal:https://bit.ly/31XbkTROur guest, Nathan Furr, Professor of Strategy at INSEADhttps://bit.ly/4ehEeBYImportant disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Companies Regulation Act, 2000 as a Bank and Trust comp...

The recent Senate Economics Reference Committee chaired by Andrew Bragg, delivered an extremely critical report on the performance of the corporate regulator, ASIC. It was recommended that the Australian Securities and Investments Commission be split into two bodies to address a perceived lack of competence.Guests: Andy Schmulow, Associate Professor in the School of Law at the University of WollongongDr Jason Harris, Professor of Corporate Law, Interim Deputy Dean and Interim Deputy Head of School at the University of Sydney Law SchoolWhat's our environment worth?  In 2025, the ABS will release its first set of national data to measure the value of our ecosystems across terrestrial, freshwater, and marine realms. Guest: Penny Johnson, Head of the Centre of Environmental Accounts at the Australian Bureau of Statistics

Can systems thinking help address the investment world's growing complexity? What capabilities do leaders need to create transformative change? In this episode of the All Angles podcast, Roger Urwin, Global Head of Investment Content at Willis Towers Watson, explores how a systems-based perspective could unlock new opportunities for the investment industry to adapt and thrive in the face of pressing global issues.   CHAPTERS (0:12) Roger's professional background and purpose (6:33) 3D investing, universal ownership and culture (11:38) Introduction to systems thinking (15:52) Applying systems thinking to the investment world (20:26) Leadership capabilities to embed systems theory into practice (25:40) Systemic stewardship as co-operation alongside competition (28:17) Lessons learned from integrating systems leadership (34:31) Collaborating to build better beta for the entire system   This material is intended for investment professional use only and not intended for retail investors. The views expressed are those of the speaker and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security, or as an offer of securities or investment advice. No forecast can be guaranteed. Past performance is no guarantee of future results. Please keep in mind that a sustainable investing approach does not guarantee positive results and all investments, including those that integrate ESG considerations into the investment process, carry a certain amount of risk including the possible loss of the principal amount invested. Distributed by:  U.S. – MFS Institutional Advisors, Inc., MFS Investment Management and MFS Fund Distributors, Inc.; Latin America – MFS International Ltd.; Canada – MFS Investment Management Canada Limited. Note to UK and Switzerland readers: Issued in the UK and Switzerland by MFS International Limited, a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER.  Note to Europe readers: Issued in Europe by MFS Investment Management S.à r.l. – authorized under Luxembourg law as a management company for Funds domiciled in Luxembourg and which both provide products and investment services to institutional investors and is registered office is at S.a r.l. 4 Rue Albert Borschette, Luxembourg L-1246. Tel: 352 2826 12800.  This material shall not be circulated or distributed to any person other than to professional investors and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation; Singapore – MFS International Singapore Pte. Ltd.; Australia/New Zealand - MFS International Australia Pty Ltd holds an Australian financial services licence number 485343. MFS Australia is regulated by the Australian Securities and Investments Commission.; Hong Kong - MFS International Limited, a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance.; For Professional Investors in China – MFS Financial Management Consulting Co., Ltd. 2801-12, 28th Floor, 100 Century Avenue, Shanghai World Financial Center, Shanghai Pilot Free Trade Zone, 200120, China, a Chinese limited liability company registered to provide financial management consulting services.; Japan - MFS Investment Management K.K., is registered as a Financial Instruments Business Operator, Kanto Local Finance Bureau No.312, a member of the Investment Trust Association, Japan and the Japan Investment Advisers Association. As fees to be borne by investors vary depending upon circumstances such as products, services, investment period and market conditions, the total amount nor the calculation methods cannot be disclosed in advance. All investments involve risks, including market fluctuation and investors may lose the principal amount invested. Investors should obtain and read the prospectus and/or document set forth in Article 37-3 of Financial Instruments and Exchange Act carefully before making the investments. South Africa - This document, and the information contained is not intended and does not constitute, a public offer of securities in South Africa and accordingly should not be construed as such. This document is not for general circulation to the public in South Africa. This document has not been approved by the Financial Sector Conduct Authority and neither MFS International (U.K.) Limited nor its funds are registered for public sale in South Africa. Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries.   MFS may incorporate environmental, social, or governance (ESG) factors into its investment decision making, fundamental investment analysis and engagement activities when communicating with issuers. The degree to which MFS incorporates ESG factors into its investment decision making, investment analysis and/or engagement activities will vary by strategy, product, and asset class, and may also vary over time, and will generally be determined based on MFS' opinion of the relevance and materiality of the specific ESG factors (which may differ from judgements or opinions of third parties, including investors). Any ESG assessments or incorporation of ESG factors by MFS may be reliant on data received from third-parties (including investee companies and ESG data vendors), which may be inaccurate, incomplete, inconsistent, out-of-date or estimated, or only consider certain ESG aspects (rather than looking at the entire sustainability profile and actions of an investment or its value chain), and as such, may adversely impact MFS' analysis of the ESG factors relevant to an investment.

As inflation across the globe falls back closer to Central Bank target levels, Central Bankers face a new question: how quickly and how deeply should interest rates be cut? EFG's Chief Economist Stefan Gerlach joins Moz to help understand how different Central Banks are plotting this course. Our host, Moz Afzal:https://bit.ly/31XbkTROur guest, Stefan Gerlach, Chief Economist at EFG:https://bit.ly/3veyR4UImportant disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Companies Regulation Act, 2000 as a Bank and Trust company. Registered office: Goodman‘s Bay Corporate Centre West Bay Street ...

Did investors overreact to the recent equity market sell off? This week Gerry Fowler, Head of European Equity Strategy at UBS, talks Daniel Murray through his current view on the equity landscape and recent volatility. Surprising opportunities in European equities, China's EV dominance and the US Consumer are all in focus in this episode.  Our host, Daniel Murray, CEO of EFGAM Switzerland:https://bit.ly/3NBVBC2Our guest:Gerry Fowler, Head of European Equity Strategy at UBS https://bit.ly/3WUjyItEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securi...

An attempted assassination, a new Democratic candidate and a controversial choice of running mate are just some of the reasons this US election is shaping up to be one of the most tumultuous in recent memory. Sarah Bianchi, Senior Managing Director at Evercore ISI and former deputy US Trade Representative helps Moz understand the various moving parts in this dynamic election.  Our host, Moz Afzal:https://bit.ly/31XbkTROur guest:Sarah Bianchi, Senior Managing Director, Evercore ISI and former deputy US Trade Representative  https://bit.ly/4dppnoeEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and...

With the US economy so far experiencing a 'soft landing' scenario, Wolfe Research's Stephanie Roth discusses the current state of play for the world's largest economy and the emerging risk factors for the year ahead. With the Fed looking at continued rate cuts, and a presidential election only months away, it's all eyes on the US economy.Our host, Moz Afzal:https://bit.ly/31XbkTROur guest:Stephanie Roth, Chief Economist at Wolfe Research, LLChttps://bit.ly/46ku3cmEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central ...

The Inflation Reduction Act, permitting delays, uncertain tax credits, a macro-interconnected grid, battery storage, transmission limitations and increased grid load-the big story in the US is the growth of Renewables however what are the practical implications for efficient power distribution?  Join the conversation with John DiMarco, Igneo Infrastructure Partners and Greg Whetstone as they work through the good news in US Renewables but also explore the challenges presented by this growth and the aspirations for an integrated US power system. **********************Important informationThis material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.About First Sentier InvestorsReferences to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group.We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1]Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

Ratings agencies measure ESG metrics in the same way, right? If not, why might they differ and what does it mean for investors? In this episode of the All Angles podcast, MIT Sloan Professor Roberto Rigobon digs into the sources of discrepancies in ESG ratings and explains how investors can learn to live with imperfect measurements. He also explores what it takes to be a truly long-term investor with fiduciary responsibility.    CHAPTERS 0:14 Roberto's path from macroeconomics to measuring ESG 5:43 Unpacking the methodology of ESG rating agencies 12:22 Understanding the sources of discrepancies in ESG measurements 15:21 Why imperfect measurement can lead to over-reaction 22:14 Using constructive stewardship to build trust with companies 24:50 What it takes to think and invest long term   This material is intended for investment professional use only and not intended for retail investors.   The views expressed are those of the speaker and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security, or as an offer of securities or investment advice. No forecast can be guaranteed. Past performance is no guarantee of future results.   Please keep in mind that a sustainable investing approach does not guarantee positive results and all investments, including those that integrate ESG considerations into the investment process, carry a certain amount of risk including the possible loss of the principal amount invested.   Distributed by:  U.S. – MFS Institutional Advisors, Inc., MFS Investment Management and MFS Fund Distributors, Inc.; Latin America – MFS International Ltd.; Canada – MFS Investment Management Canada Limited. Note to UK and Switzerland readers: Issued in the UK and Switzerland by MFS International Limited, a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER.  Note to Europe readers: Issued in Europe by MFS Investment Management S.à r.l. – authorized under Luxembourg law as a management company for Funds domiciled in Luxembourg and which both provide products and investment services to institutional investors and is registered office is at S.a r.l. 4 Rue Albert Borschette, Luxembourg L-1246. Tel: 352 2826 12800.  This material shall not be circulated or distributed to any person other than to professional investors and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation; Singapore – MFS International Singapore Pte. Ltd.; Australia/New Zealand - MFS International Australia Pty Ltd holds an Australian financial services licence number 485343. MFS Australia is regulated by the Australian Securities and Investments Commission.; Hong Kong - MFS International Limited, a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance.; For Professional Investors in China – MFS Financial Management Consulting Co., Ltd. 2801-12, 28th Floor, 100 Century Avenue, Shanghai World Financial Center, Shanghai Pilot Free Trade Zone, 200120, China, a Chinese limited liability company registered to provide financial management consulting services.; Japan - MFS Investment Management K.K., is registered as a Financial Instruments Business Operator, Kanto Local Finance Bureau No.312, a member of the Investment Trust Association, Japan and the Japan Investment Advisers Association. As fees to be borne by investors vary depending upon circumstances such as products, services, investment period and market conditions, the total amount nor the calculation methods cannot be disclosed in advance. All investments involve risks, including market fluctuation and investors may lose the principal amount invested. Investors should obtain and read the prospectus and/or document set forth in Article 37-3 of Financial Instruments and Exchange Act carefully before making the investments.   Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries. MFS may incorporate environmental, social, or governance (ESG) factors into its investment decision making, fundamental investment analysis and engagement activities when communicating with issuers. The degree to which MFS incorporates ESG factors into its investment decision making, investment analysis and/or engagement activities will vary by strategy, product, and asset class, and may also vary over time, and will generally be determined based on MFS' opinion of the relevance and materiality of the specific ESG factors (which may differ from judgements or opinions of third parties, including investors). Any ESG assessments or incorporation of ESG factors by MFS may be reliant on data received from third-parties (including investee companies and ESG data vendors), which may be inaccurate, incomplete, inconsistent, out-of-date or estimated, or only consider certain ESG aspects (rather than looking at the entire sustainability profile and actions of an investment or its value chain), and as such, may adversely impact MFS' analysis of the ESG factors relevant to an investment.

Some Australian banks are expected to pay-back millions of dollars to customers after a report found avoidable fees and complicated processes were causing financial harm. The Australian Securities and Investment Commission says four financial institutions will refund over $28 million in overcharges to those who could least afford it after keeping them stuck in high-fee accounts.

Owning the very businesses that make the world run smoothly presents many risks that we seek to mitigate on a daily basis. Perhaps the most challenging to track, assess and manage of these risks is cyber-security in an environment where data-ransoming and cyber-attacks are on the rise. In this episode of Keeping it Real Assets listen to Alex Nassuphis. Managing Director at Igneo discuss some of the risks associated with the operating environment with Kate O'Loghlen, Global Head of Cyber at G3. **********************Important informationThis material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.About First Sentier InvestorsReferences to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group.We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1]Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

Last week, yet another building and construction firm hit the wall, collapsing into liquidation owing $5.7m straddling two different states and territories, leading to a “domino effect” impacting 130 projects and 80 staff members. This is part of the continuing litany of failure, as data from the Australian Securities & Investments Commission (ASIC) shows that … Continue reading "Construction Firms Failures Hit A New Peak: There Will Be Consequences…"

Where are we on the road to net zero? And how can investors help companies along the transition? In this episode of the All Angles podcast, Franziska Jahn-Madell, Director of Global Stewardship at MFS, explains recent developments in the transition to net zero and describes how investors can constructively engage with companies. Fran also shares her thoughts on stewardship megatrends and questions the industry should be asking companies but aren't (yet).   (1:10) State of play for the transition to net zero (4:05) Recent evolution of stewardship megatrends (6:10) Lessons from MFS' net zero progress report (11:06) Key ideas on constructivism from partnering with academics (16:01) Topics on the minds of clients and stakeholders (18:23) Right-sizing resources for effective stewardship (25:14) Questions the industry should be asking companies but aren't (28:55) Fran's inspirational book recommendation   This material is intended for investment professional use only and not intended for retail investors.   The views expressed are those of the speaker and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security, or as an offer of securities or investment advice. No forecast can be guaranteed. Past performance is no guarantee of future results.   Please keep in mind that a sustainable investing approach does not guarantee positive results and all investments, including those that integrate ESG considerations into the investment process, carry a certain amount of risk including the possible loss of the principal amount invested.   Distributed by:  U.S. – MFS Institutional Advisors, Inc., MFS Investment Management and MFS Fund Distributors, Inc.; Latin America – MFS International Ltd.; Canada – MFS Investment Management Canada Limited. Note to UK and Switzerland readers: Issued in the UK and Switzerland by MFS International Limited, a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER.  Note to Europe readers: Issued in Europe by MFS Investment Management S.à r.l. – authorized under Luxembourg law as a management company for Funds domiciled in Luxembourg and which both provide products and investment services to institutional investors and is registered office is at S.a r.l. 4 Rue Albert Borschette, Luxembourg L-1246. Tel: 352 2826 12800.  This material shall not be circulated or distributed to any person other than to professional investors and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation; Singapore – MFS International Singapore Pte. Ltd.; Australia/New Zealand - MFS International Australia Pty Ltd holds an Australian financial services licence number 485343. MFS Australia is regulated by the Australian Securities and Investments Commission.; Hong Kong - MFS International Limited, a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance.; For Professional Investors in China – MFS Financial Management Consulting Co., Ltd. 2801-12, 28th Floor, 100 Century Avenue, Shanghai World Financial Center, Shanghai Pilot Free Trade Zone, 200120, China, a Chinese limited liability company registered to provide financial management consulting services.; Japan - MFS Investment Management K.K., is registered as a Financial Instruments Business Operator, Kanto Local Finance Bureau No.312, a member of the Investment Trust Association, Japan and the Japan Investment Advisers Association. As fees to be borne by investors vary depending upon circumstances such as products, services, investment period and market conditions, the total amount nor the calculation methods cannot be disclosed in advance. All investments involve risks, including market fluctuation and investors may lose the principal amount invested. Investors should obtain and read the prospectus and/or document set forth in Article 37-3 of Financial Instruments and Exchange Act carefully before making the investments.   Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries.

Rob Almeida and Genevieve Gilroy, consumer staples sector leader, explore the shifting dynamics in the consumer staples sector in this podcast episode. They also discuss the importance of a collaborative, global research platform with differentiating opportunities across categories and companies.   Chapters: 00:00 - 01:59 Setting the Stage 01:59 - 05:26 Role of a Sector Leader 05:26 - 06:40 Traditional Draws to Consumer Staples 06:40 - 10:14 Agents of Change and Lower Barriers to Entry 10:14 - 11:47 Innovation and the Landscape of Work 11:47 - 14:58 GLP-1s as a Driver of Risk and Opportunity 14:58 - 16:35 Compelling Categories 16:35 - 18:57 Understanding the Rising Price Environment 18:57 - END Consumer Staples in Summary   This material is intended for investment professional use only and not intended for retail investors.   The views expressed are those of the speaker and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security, or as an offer of securities or investment advice. No forecast can be guaranteed. Past performance is no guarantee of future results.   Please keep in mind that a sustainable investing approach does not guarantee positive results and all investments, including those that integrate ESG considerations into the investment process, carry a certain amount of risk including the possible loss of the principal amount invested.   Distributed by:  U.S. – MFS Institutional Advisors, Inc., MFS Investment Management and MFS Fund Distributors, Inc.; Latin America – MFS International Ltd.; Canada – MFS Investment Management Canada Limited. Note to UK and Switzerland readers: Issued in the UK and Switzerland by MFS International Limited, a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER.  Note to Europe readers: Issued in Europe by MFS Investment Management S.à r.l. – authorized under Luxembourg law as a management company for Funds domiciled in Luxembourg and which both provide products and investment services to institutional investors and is registered office is at S.a r.l. 4 Rue Albert Borschette, Luxembourg L-1246. Tel: 352 2826 12800.  This material shall not be circulated or distributed to any person other than to professional investors and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation; Singapore – MFS International Singapore Pte. Ltd.; Australia/New Zealand - MFS International Australia Pty Ltd holds an Australian financial services licence number 485343. MFS Australia is regulated by the Australian Securities and Investments Commission.; Hong Kong - MFS International Limited, a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance.; For Professional Investors in China – MFS Financial Management Consulting Co., Ltd. 2801-12, 28th Floor, 100 Century Avenue, Shanghai World Financial Center, Shanghai Pilot Free Trade Zone, 200120, China, a Chinese limited liability company registered to provide financial management consulting services.; Japan - MFS Investment Management K.K., is registered as a Financial Instruments Business Operator, Kanto Local Finance Bureau No.312, a member of the Investment Trust Association, Japan and the Japan Investment Advisers Association. As fees to be borne by investors vary depending upon circumstances such as products, services, investment period and market conditions, the total amount nor the calculation methods cannot be disclosed in advance. All investments involve risks, including market fluctuation and investors may lose the principal amount invested. Investors should obtain and read the prospectus and/or document set forth in Article 37-3 of Financial Instruments and Exchange Act carefully before making the investments.   Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries.

What exactly is ‘listed Infrastructure'? And how can investors access this increasingly crucial asset class? In this episode of the All Angles podcast, seasoned portfolio manager Florence Taj provides fresh perspectives on why infrastructure should be on every investor's radar, and shares her unique insights on which long-term opportunities she invests in. Florence also delves into the difference between exposure via public versus private markets. Listen now to explore the transformative power of listed infrastructure investments.   (01:25) Florence's background from strategic consultant to investment officer (05:42) Lessons from 25 years of investing (11:11) Listed infrastructure investment opportunities and outlook (18:15) Why investing in infrastructure is not boring (24:59) Long-term nature of new trends and emerging paradigms (28:41) Accessing infrastructure via public versus private markets (38:22) Why governance matters when selecting assets to invest in   This material is intended for investment professional use only and not intended for retail investors.   The views expressed are those of the speaker and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security, or as an offer of securities or investment advice. No forecast can be guaranteed. Past performance is no guarantee of future results.   Please keep in mind that a sustainable investing approach does not guarantee positive results and all investments, including those that integrate ESG considerations into the investment process, carry a certain amount of risk including the possible loss of the principal amount invested.   Distributed by:  U.S. – MFS Institutional Advisors, Inc., MFS Investment Management and MFS Fund Distributors, Inc.; Latin America – MFS International Ltd.; Canada – MFS Investment Management Canada Limited. Note to UK and Switzerland readers: Issued in the UK and Switzerland by MFS International Limited, a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER.  Note to Europe readers: Issued in Europe by MFS Investment Management S.à r.l. – authorized under Luxembourg law as a management company for Funds domiciled in Luxembourg and which both provide products and investment services to institutional investors and is registered office is at S.a r.l. 4 Rue Albert Borschette, Luxembourg L-1246. Tel: 352 2826 12800.  This material shall not be circulated or distributed to any person other than to professional investors and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation; Singapore – MFS International Singapore Pte. Ltd.; Australia/New Zealand - MFS International Australia Pty Ltd holds an Australian financial services licence number 485343. MFS Australia is regulated by the Australian Securities and Investments Commission.; Hong Kong - MFS International Limited, a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance.; For Professional Investors in China – MFS Financial Management Consulting Co., Ltd. 2801-12, 28th Floor, 100 Century Avenue, Shanghai World Financial Center, Shanghai Pilot Free Trade Zone, 200120, China, a Chinese limited liability company registered to provide financial management consulting services.; Japan - MFS Investment Management K.K., is registered as a Financial Instruments Business Operator, Kanto Local Finance Bureau No.312, a member of the Investment Trust Association, Japan and the Japan Investment Advisers Association. As fees to be borne by investors vary depending upon circumstances such as products, services, investment period and market conditions, the total amount nor the calculation methods cannot be disclosed in advance. All investments involve risks, including market fluctuation and investors may lose the principal amount invested. Investors should obtain and read the prospectus and/or document set forth in Article 37-3 of Financial Instruments and Exchange Act carefully before making the investments.   Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries.

We are delighted to present the key findings, developing themes and standout trends from Igneo's Global Responsible Investment Report in the latest episode of our podcast series-Keeping it Real Assets.  Listen to Sophie Durham and Rowan Element, our respective regional Heads of Responsible Investment as they provide an overview of the progress made by Igneo portfolio companies in 2023.**********************Important informationThis material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.To the extent this material contains any measurements or data related to environmental, social and governance (ESG) factors, these measurements or data are estimates based on information sourced by the relevant investment team from third parties including portfolio companies and such information may ultimately prove to be inaccurate. To the extent this material contains any ESG related commitments or targets, such commitments or targets are current as at the date of publication and have been formulated by the relevant investment team in accordance with either internally developed proprietary frameworks or are otherwise based on any such other framework, goal or target as the relevant team considers appropriate. The commitments and targets are based on information and representations made to the relevant investment teams by portfolio companies (which may ultimately prove not be accurate), together with assumptions made by the relevant investment team in relation to future matters such as government policy implementation in ESG and other climate-related areas, enhanced future technology and the actions of portfolio companies (all of which are subject to change over time). As such, achievement of these commitments and targets depend on the ongoing accuracy of such information and representations as well as the realisation of such future matters. Any commitments and targets set out in this material may be subject to change without notice in the event of future review by the relevant team.About First Sentier InvestorsReferences to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group.We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1]Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

In this wide-ranging discussion Igneo's Head of Responsible Investment for Europe, Sophie Durham, speaks with Karina Litvack, Non-Executive Director on the energy transition, the role of exclusion, setting climate change targets, greenwashing and green hushing and demonstrating progress on the energy transition.**********************Important informationThis material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change.To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.About First Sentier InvestorsReferences to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group.We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1]Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

Today's blockchain and cryptocurrency news Bitcoin is up .5% at $44,057 Eth is up slightly at $2,252 Binance Coin, up slightly at $318 South Korea's Financial Services Commission wants to ban credit card crypto purchases. Australian Securities and Investments Commission questioned over HyperVerse Celsius is set to unstake its Ethereum  Logan Paul announces CryptoZoo NFT buybacks Get 15% off OneSkin with the code DCR at https://www.oneskin.co/ #oneskinpod Learn more about your ad choices. Visit megaphone.fm/adchoices

Peter Dunworth runs a multi-family office for high-net-worth families. In this interview, we discuss Bitcoin in Australia, and the reluctance of banks to embrace it despite it being the world's most undervalued collateral. We also talk about the negative impact of state expenditure and taxation on inflation and the economy, and how markets are going to form around Bitcoin.  - - - -  Australia should be a natural home for Bitcoin. Back in 2013, the governor of the Reserve Bank of Australia (Australia's central bank) stated “There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There's no law against that, so we do have competing currencies.” This sentiment provides content for the mild approach the Australian government has historically employed to Bitcoin regulation. As Bitcoin and digital assets mature there are demands for legislation from some prominent Australian politicians. However, as in the US, regulators are struggling to determine how to deal with Bitcoin in comparison to other digital assets. The Australian Securities and Investments Commission, the Australian version of the SEC, does not currently deem Bitcoin to be a financial product.  This lack of regulatory clarity is why Bitcoin is yet to be fully embraced by mainstream banking in Australia. Whilst Bitcoin transactions are allowed, there are increasingly onerous banking limitations on transacting with exchanges. Essentially, banks don't want money leaking out of their control as this reduces their ability to increase the flow of money through fractional reserve banking. It is Peter Dunworth's opinion though that we could be at a tipping point. Bitcoin, according to Peter, is the world's most undervalued collateral. Banks will eventually lean into this as they will be able to add it to their balance sheets and solve their current capital adequacy problems. They will then be able to leverage it as any other balance sheet asset for loans. This is why Peter believes that, in terms of the future, Bitcoin is chronically undervalued. Show notes: https://www.whatbitcoindid.com/podcast/valuing-bitcoin This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

“The first valuation framework is simple in that there's $6.3 trillion of global trade that happens on a daily basis, and if you divide $6.3 trillion by the 900 BTC that are minted on the day you get to $7 billion a coin.”— Peter DunworthPeter Dunworth runs a multi-family office for high-net-worth families. In this interview, we discuss Bitcoin in Australia, and the reluctance of banks to embrace it despite it being the world's most undervalued collateral. We also talk about the negative impact of state expenditure and taxation on inflation and the economy, and how markets are going to form around Bitcoin. - - - - Australia should be a natural home for Bitcoin. Back in 2013, the governor of the Reserve Bank of Australia (Australia's central bank) stated “There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There's no law against that, so we do have competing currencies.” This sentiment provides content for the mild approach the Australian government has historically employed to Bitcoin regulation.As Bitcoin and digital assets mature there are demands for legislation from some prominent Australian politicians. However, as in the US, regulators are struggling to determine how to deal with Bitcoin in comparison to other digital assets. The Australian Securities and Investments Commission, the Australian version of the SEC, does not currently deem Bitcoin to be a financial product. This lack of regulatory clarity is why Bitcoin is yet to be fully embraced by mainstream banking in Australia. Whilst Bitcoin transactions are allowed, there are increasingly onerous banking limitations on transacting with exchanges. Essentially, banks don't want money leaking out of their control as this reduces their ability to increase the flow of money through fractional reserve banking.It is Peter Dunworth's opinion though that we could be at a tipping point. Bitcoin, according to Peter, is the world's most undervalued collateral. Banks will eventually lean into this as they will be able to add it to their balance sheets and solve their current capital adequacy problems. They will then be able to leverage it as any other balance sheet asset for loans. This is why Peter believes that, in terms of the future, Bitcoin is chronically undervalued.- - - - This episode's sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----WBD707 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.