Regulatory Disclosures

• Capstone - Privacy Website Notice

This website uses cookies to personalize content and analyze our traffic and this notice explains what cookies are and the types of cookies Capstone Investment Advisors, LLC uses on capstoneco.com and the webpages accessible through capstoneco.com (collectively, the “Sites”). The cookies are designed to customize and improve users’ visits to our Sites, to deliver content tailored to users’ interests and the manner in which they browse our Sites, and to manage our Sites and other aspects of our business.

A “cookie” is a file that websites send to a visitor’s computer or other Internet-connected device to uniquely identify the visitor’s browser or to store information or settings in the browser.

Below we are providing you a list of cookies that we would like to use on our Sites. You may restrict or disable the use of cookies through your web browser. Please note that, depending upon your selection, the full functionality and user experience of the Sites may be impacted.

Strictly necessary cookies are used for the purpose of authentication and providing data security. These cookies are necessary for the Sites to function properly and enable you to use their services and features. Disabling these cookies will encumber the Sites’ performance, and may make these services and features unavailable.

Functional cookies allow the Sites to efficiently manage your user experience and remember choices you have made in order to provide functionality. For example, functional “session” cookies allow the Sites to remember settings specific to you, such as previous visits to the Sites or whether you have clicked to acknowledge our Cookie Banner. Functional cookies may also include persistent cookies which are used to remember your preferences when you subsequently visit our Sites.

Analytics cookies, including third party cookies, are used to gather statistics about the use of the Sites in order to improve the performance and design of the Sites. For these purposes, analytics cookies collect information about your device type, operating system type, browser type, domain, other system settings, IP-address, referring URLs, information on actions taken on the Sites and the dates and times of your visits, as well as the country and time zone in which your device is located. These cookies are provided by two third-party analytics tool providers, Google Analytics and Wistia, and the information obtained through these cookies will be disclosed to or collected directly by these third-party service providers.

You can learn more about the privacy policies and how to opt out of each of our analytics tool providers by clicking on the following links:

Google Analytics: https://support.google.com/analytics/answer/6004245
Wistia: https://wistia.com/privacy

Please be advised you may restrict or disable the use of cookies through your web browser. Each type of web browser offers ways to restrict and delete cookies. For more information on how to manage cookies, please refer to your browser’s privacy settings.

For more information on how we collect, use and share your personal information, please read the Capstone Investment Advisors, LLC Website Privacy Notice.

Capstone Investment Advisors (UK) LLP supports the stewardship code’s objectives but does not claim to comply with the code as its investment strategies do not generally involve taking positions in UK listed stock. Moreover, if we were to take a position in a UK listed stock, our investment strategy would be to trade the volatility of the security and this investment strategy is not consistent with the principles of the code.

Capstone Investment Advisors (UK) LLP is currently considering whether it will adopt an engagement policy pursuant to Article 3g of the amended EU Shareholder Rights Directive (Directive 2007/36/EC). When that decision has been made, this webpage will be updated accordingly.

• 2019 Capstone UK Pillar 3

Capstone Investment Advisors (UK) LLP is authorised and regulated by the Financial Conduct Authority. For professional investors only.

We aim to ensure that we treat our customers fairly at all times. Any complaints will be investigated competently, diligently and impartially, assessed fairly and promptly with respect to the subject matter of the complaint, and whether the complaint should be upheld and what remedial action or redress may be appropriate.

The FCA’s Dispute Resolution (“DISP”) handbook sets out the rules relating to the handling of complaints from eligible complainants and MiFID clients. We have determined that we have no eligible complainants under the DISP rules at present.

However, certain consumers could be considered to be eligible complainants under the DISP rules in the future and, as such, we will apply the rules within DISP with respect to those investors.

We define complaints as follows with respect to the two categories of complainants:

Eligible complaint – defined by the FCA as meaning ‘any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a financial service which (a) alleges that the complainant has suffered (or may suffer) financial loss, material distress of material inconvenience; and (b) relates to an activity of that respondent, or any other respondent with whom that respondent has some connection in marketing or providing financial services or products, which comes under the jurisdiction of the Financial Ombudsman Service (“FOS”).

MiFID complaint – defined as ‘any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a financial service or a redress determination which alleges that the complainant has suffered or may suffer financial loss, material distress or material inconvenience’. This does not come under the jurisdiction of FOS.

Upon receipt of a Complaint, as defined above, the Chief Compliance Officer will ensure that eligible complainants are provided a copy of this document, which constitutes our complaints handling policy, when acknowledging a complaint.

We will endeavor to communicate with you clearly and in plain language that is easy to understand and reply to your complaint without undue delay. As soon as we have made the relevant enquiries and reviewed your complaint we will write to you. If we have reasonable grounds to be satisfied that another respondent may be solely or jointly responsible for the matter alleged in your complaint, we may promptly forward the complaint, or the relevant part of it, in writing to that other respondent. We will inform you promptly in a final response of the reason for forwarding the complaint, including the other respondent’s contact details. Where jointly responsible for the fault alleged in the complaint, we will comply with own obligations under the DISP rules in respect of that part of the complaint we have not forwarded.

We will endeavor to write to you within eight weeks.

All complainants should contact the Chief Compliance Officer.

Contact: Emily Locher

Email: compliance@capstoneco.com

We are required to provide clear and accessible information about the Financial Ombudsman Service (“FOS”) including its website address.

If your complaint is not resolved by us to your satisfaction, and if your complaint falls within the jurisdiction of the FOS, then you may take your complaint to the FOS.

If a business and a customer can’t resolve a complaint themselves, the FOS can give an unbiased answer about what’s happened. If the FOS decide someone’s been treated unfairly, they have legal powers to put things right. In order to contact the Financial Ombudsman Service or obtain details of the compensation scheme you should:

• write to- The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; or
• telephone 0300 123 9 123 or 0800 023 4567; or
• visit- http://www.financial-ombudsman.org.uk/default.htm

• Modern Slavery Statement 12.31.2021

• CCPA Website Fund Manager Notice

Capstone Investment Advisors, LLC (“Capstone”) has made a determination that sustainability risks are not currently relevant to its investment decision making process and has further determined that sustainability risks are currently not likely to have a material impact on the returns of its investment portfolios. Given the focus of the investment portfolios on volatility, relative value strategies and seeking risk-based returns, Capstone generally does not expect sustainability risks and their associated effects on the underlying value of investments to influence the selection and performance of investment portfolio positions. Capstone may consider it appropriate to integrate sustainability risks into its investment decisions in the future and this disclosure will be updated in accordance with the Disclosures Regulation to reflect any such decision.

Having taking into account the size, nature and scale of its activities, and as the primary objective of Capstone is to achieve attractive risk-adjusted returns for investors, Capstone considers it would be disproportionate to consider principal adverse impacts of investment decisions on sustainability factors at this time.  Capstone therefore does not currently consider principal adverse impacts of investment decisions on sustainability factors.  Capstone acknowledges that the pursuit of the investment portfolios’ objectives may, in some circumstances, have an adverse impact on sustainability factors.

US Insurance Provider – Cigna Readable Files

This link leads to the machine-readable files that are made available in response to the federal Transparency in Coverage Rule and includes negotiated service rates and out-of-network allowed amounts between health plans and healthcare providers. The machine readable files are formatted to allow researchers, regulators, and application developers to more easily access and analyze data.

The following entit(ies) have submitted the Article 63 filing under the Financial Instruments and Exchange Act of Japan. Please email compliance@capstoneco.com, if you would like to obtain public disclosure documents. Please note that none of the Capstone entities other than the entit(ies) listed below as the general partner and filing entity has conducted or will conduct a private placement or investment management as may be permitted under the Article 63 filing.  

General partner, filing entity

Capstone Fund Services, LLC

Capstone Fund Services II, LLC

This presentation shall not constitute an offer to sell or the solicitation of any offer to buy, which may only be made at the time a qualified offeree receives a confidential private offering memorandum and other definitive documents (together, the “CPOM”), which contain important information (including investment objective, policies, risk factors, fees, tax implications and relevant qualifications), in those jurisdictions where permitted by law. In the case of any inconsistency between the descriptions or terms in this document and the CPOM, the CPOM shall control. Please refer to the section at the end of this document entitled “Disclaimers” when reviewing the information presented herein. For professional investors only.

The information in the presentation reflects, as of the date hereof, the views of Capstone Investment Advisors, LLC (“Capstone”) and sources believed by Capstone to be reliable. No representation or warranty is made concerning the accuracy of any data compiled herein. In addition, there can be no guarantee that any projection, forecast or opinion in these materials will be realized. Past performance is neither indicative of, nor a guarantee of, future results. These materials are provided for informational purposes only, and under no circumstances may any information contained herein be construed as investment advice. Capstone does not provide tax, legal or accounting advice. This presentation is not an offer or solicitation for the purchase or sale of any financial instrument, product or services sponsored or provided by Capstone. The offering of interest in the fund may only be made pursuant to the Confidential Offering Memorandum, which should be read in its entirety. References to specific securities are presented solely in the context of industry analysis and are not to be considered recommendations by Capstone. This document is not an advertisement and is not intended for public use or additional further distribution.

This presentation is provided for informational purposes only, reflecting prevailing market conditions and our judgments as of the date indicated herein. Opinions and estimates may be changed without notice and involve a number of assumptions which may not prove valid.

By viewing this presentation, the recipient will be deemed to represent that they possess, either individually or through their advisors, sufficient investment expertise to understand the risks involved in any purchase or sale of any financial instruments discussed herein. Neither this presentation nor any of its contents may be used for any purpose without the consent of Capstone.

Prospective investors should consider the following factors when determining if an investment in the Fund is suitable. A full discussion of risk factors can be found in the Fund’s Confidential Offering Memorandum. Absence of Regulatory Oversight: The shares and the offer of shares have not and will not be registered for sale, and there will be no public offering of the Interest. No offer to sell (or solicitation of an offer to buy) will be made in any jurisdiction in which such offer or solicitation would be unlawful. The shares described herein have not been filed with or approved or disapproved by any regulatory authority of any country or jurisdiction, nor has any such regulatory authority passed upon or endorsed the merits of such securities.

Limited Liquidity: There is no active secondary market for fund shares and none is expected to develop. Opportunities for withdrawals/redemptions and transferability of interests are limited, so investors may not have access to capital when it is needed.

Investment and Trading Risks: The Fund may engage in speculative investment practices including the use of leverage, investments in distressed securities and derivatives that may increase the risk of investment loss. Fund performance may be volatile and an investor could lose all or a substantial portion of its investment.

Fees: Investment management and incentive fees will offset trading profits. The incentive fee payable to the investment manager may create an incentive for the investment manager to make investments that are riskier or more speculative than if the investment manager was not paid an incentive fee.

Capstone is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended. Registration of an investment adviser with the SEC does not imply a certain level of skill or training.

Notices to Investors Outside of the U.S.: Capstone is not registered, authorised or eligible for an exemption from registration in all jurisdictions. Therefore, services described herein may not be available in certain jurisdictions. This material does not constitute an offer or solicitation where such actions are not authorised or lawful, and in some cases may only be provided at the initiative of the prospect. Further limitations on the availability of products or services described herein may be imposed. This material is only intended for investors which meet qualifications as institutional investors as defined in the applicable jurisdiction where this material is received.

Notice to Investors in the European Union and United Kingdom: This material is only intended for investors which meet qualifications as institutional investors as defined in the applicable jurisdiction where this material is received, which includes only Professional Investors as defined by the Markets in Financial Instruments Directive (MiFID). This material is not for use by retail clients and may not be reproduced or distributed without Capstone’ permission.

Notice to Investors in California: This information is confidential. If you are not the intended recipient, please delete it without further distribution and reply to the sender that you have received the message in error. This message is provided for information purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments in any jurisdiction. California residents should review our California Privacy Notice: http://www.capstoneco.com/content/uploads/2019/12/CCPA-Fund-Manager-Website-Notice.pdf.

Notice to Investors in Korea: Capstone is not making any representation with respect to the eligibility of any recipients of this material to acquire any products managed by Capstone under the laws of Korea, including but without limitation the Foreign Exchange Transaction Act and Regulations thereunder. Capstone has not registered any shares with regards to any of its products under the Financial Investment Services and Capital Markets Act of Korea, and none of the shares may be offered, sold or delivered, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to applicable laws and regulations of Korea.

Notice to Investors in Canada: The content of this material has not been reviewed by any Canadian Securities Regulatory Authority and does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation would be unlawful, and does not constitute an offer to sell or a solicitation of an offer to buy or an advertisement in respect of securities in any province or territory of Canada.

Notice to Investors in Australia: Capstone is regulated by the SEC under US laws, which differ from Australian laws. This material provided to you is factual in nature. It is not an offer or advice, and is not intended to recommend or state an opinion of Capstone. Capstone is an authorized representative (number 001279754) of Specialised Investment and Lending Corporation Pty Ltd AFSL 407100.”

Notice to Investors in China: This material, which has not been submitted to the Chinese Securities and Regulatory Commission, may not be supplied to the public in China or used in connection with any offer for the subscription or sale of interests in any investment product to the public in China.

Notice to Investors in Russia: Any product offered by Capstone (financial instruments) are not intended for placement in (or on the territory of) the Russian Federation and are not advertised or otherwise publicly marketed and/or offered for sale to the public in the Russian Federation.

Notice to Investors in Hong Kong: Warning: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

Notice to Investors in Japan: Capstone is not providing this material to you for purposes of soliciting an investment in fund securities by you or your client investors, but rather for informational purposes only. By accepting this material, you acknowledge, confirm and agree that you have never been contacted by a representative of the Capstone in any manner which may amount to an offer to buy (or solicitation of an offer to buy) any interests in funds in Japan.

Notice to Investors in Switzerland: This material is only directed at qualified investors (the “Qualified Investors”), as defined in Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act (“CISA”) and its implementing ordinance, at the exclusion of qualified investors with an opting-out pursuant to Art. 5(1) of the Swiss Federal Law on Financial Services (“FinSA”) and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA (“Excluded Qualified Investors”), as amended from time to time. This material is for educational purposes only and under no circumstances constitutes the provision of advice.

Notice to Investors in Singapore: This material has not been submitted to the Monetary Authority of Singapore. Accordingly, this material and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of shares may not be circulated or distributed, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor pursuant to Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”)) or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Notice to Investors in Saudi Arabia: Capstone is not registered in any way by the Capital Market Authority or any other governmental authority in the Kingdom of Saudi Arabia. This presentation does not constitute and may not be used for the purpose of an offer or invitation.

Notice to Investors in UAE: Capstone has not received authorization or licensing from the Central Bank of the UAE, the SCA or any other authority in the UAE to market or sell interests within the UAE. Nothing contained in this presentation is intended to constitute UAE investment, legal, tax, accounting or other professional advice. This presentation is for the informational purposes only and nothing in this presentation is intended to endorse or recommend a particular course of action. Prospective investors should consult with an appropriate professional for specific advice rendered on the basis of their situation.

Notice to Investors in Kuwait: This material has not been approved for distribution in the State of Kuwait by the Ministry of Commerce and Industry or the Central Bank of Kuwait or any other relevant Kuwaiti government agency. The distribution of this material is, therefore, restricted in accordance with law no. 31 of 1990 and law no. 7 of 2010, as amended. No private or public offering of securities is being made in the State of Kuwait, and no agreement relating to the sale of any securities will be concluded in the State of Kuwait. No marketing, solicitation or inducement activities are being used to offer or market securities in the State of Kuwait.