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BoF Asset Management is an investment adviser, license number 53819 in terms of section 8 of the FAIS, South Africa, our other documents and disclosures are on our website bofassetmanagement.com.

Based on a risk scoring methodology, clients select one or more portfolio to invest in. To ensure that BoF Asset Management clients have access only to portfolios that are suitable for their ability to take on risk and risk tolerance, BoF Asset Management profiles clients using a risk questionnaire to ascertain their risk tolerance, using the same scale from one to five. Clients may only invest in portfolios with a risk score equal to or lower than their personal risk score. Clients can update their responses to the risk questionnaire on the BoF Asset Management website at any time to reflect changes in their personal circumstances. Changes to the risk questionnaire responses could result in a change in a client's risk score and thus the portfolios that a client is able to invest in.

BoF Asset Management services are provided only to investors who become clients pursuant to a written Investment Management Agreement (available on the website), which both potential and existing clients are urged to read carefully and consider in determining whether such an agreement is suitable for their particular circumstances.

BoF Asset Management does not provide personalized financial planning to clients, such as estate, tax or retirement planning. While BoF Asset Management does provide investment advice to its clients, the information on the BoF Asset Management website and this web page is provided as general and impersonalized investment information and is not a recommendation, offer or solicitation to buy or sell any security. BoF Asset Management does not guarantee or certify the quality, accuracy, completeness, or timeliness of any content contained on the BoF Asset Management website.

Clients interested in using BoF Asset Management services should be aware of the fact that BoF Asset Management provides its investment services online. Clients should be able and willing to conduct most of their interactions with BoF Asset Management using electronic methods. In the Investment Management Agreement they execute with BoF Asset Management, Clients agree to receive all documents, notices and updates electronically by email or through their access to the BoF Asset Management website accompanied by an email notice.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. FURTHERMORE, PAST RETURNS MAY REFLECT THE PERFORMANCE OF ASSETS FOR A FINITE TIME, OR DURING A PERIOD OF EXTREME MARKET ACTIVITY. ALL INVESTMENTS INVOLVE RISK AND MAY LOSE MONEY, INCLUDING LOSS OF PRINCIPAL AND A REDUCTION IN EARNINGS. INVESTORS MAY LOSE ALL OR PART OF THEIR INVESTMENTS IN ANY BOF ASSET MANAGEMENT INVESTMENT STRATEGY.

BoF Asset Management uses its best judgment and good faith efforts in rendering services to clients, but it cannot warrant or guarantee any particular level of account performance, or that any account will be profitable over time. Not every investment decision or recommendation made by BoF Asset Management will be profitable. BoF Asset Management clients assume all market risk involved in the investment of account assets under the Investment Management Agreement and understand that investment decisions made by BoF Asset Management in their accounts are subject to various market, currency, economic, political and business risks. There can be no assurance that an investment in one or more BoF Asset Management portfolios or any actual performance shown on the BoF Asset Management website will lead to the same results in the future or perform in any predictable manner. It should not be assumed that investors will experience returns in the future, if any, comparable to those shown or that all of BoF Asset Management clients experienced such returns.

System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and others.

Past performance is no guarantee of future results.

Periodic and since inception performance returns for managers and portfolios are calculated daily and presented net of fees, i.e., net of actual or simulated advisory fees and actual brokerage commissions (when commissions are charged).

For client accounts, periodic and since inception performance returns are updated continuously throughout the day, with up to a 15-minute delay on pricing. Performance of client accounts is calculated by BoF Asset Management daily on a time-weighted basis including cash, dividends paid, earnings distributions, and reflects the deduction of BoF Asset Management advisory fees, brokerage and other commissions and expenses actually paid by clients.

The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither BoF Asset Management nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.

Comparisons to benchmarks on the individual portfolio pages on our website are provided for illustrative purposes only. Benchmarks relevant to each portfolio are assigned by BoF Asset Management based on overall strategy, portfolio trade history, and/or other criteria. BoF Asset Management believes that comparing the relative performance of the portfolios against the performance of an appropriate benchmark can provide insight into the reasons for a portfolio's performance and may assist clients in making investment decisions. There are no universal criteria for choosing an appropriate portfolio benchmark. But clients should be mindful of the limitations of using benchmark comparisons in making investment decisions.

At this time BoF Asset Management uses investable exchange-traded funds ("ETFs") as benchmarks. Unlike index returns, investable ETF returns reflect the deduction (i.e., are net of) management fees, transaction costs and expenses and are thus more comparable to BoF Asset Management portfolio returns. Benchmark returns displayed on the individual portfolio pages have been calculated by BoF Asset Management using daily-adjusted close prices.

Fees are merely related to profit generated by Investment Portfolio; no are fee are applied to customers.

Profit fees have to be paid according to instructions provided by BoF Asset Management.

BoF Asset Management fees only cover its investment advisory services and do not include brokerage commissions, custodial fees, transaction fees, exchange fees or other related costs and expenses incurred for the investment of client assets on the customer's brokerage account through BoF Asset Management. All fees paid to BoF Asset Management for its investment advisory services are separate, distinct and in addition to any fees and expenses charged by mutual funds or in conjunction with internal expenses associated with ETFs. Clients will be solely responsible, directly or indirectly, for these additional expenses. BoF Asset Management does not receive any portion of these commissions, fees, or costs.

BoF Asset Management offers a discretionary investment advisory program and not a self-directed brokerage service. BoF Asset Management clients do not enter individual buy and sell orders for specific securities to be executed at particular times. BoF Asset Management places buy and sell orders for specific securities consistent with the Portfolio Manager or BoF Asset Management Portfolio strategy selected by clients, in accordance with the discretionary authority granted to BoF Asset Management by clients. Investors wishing to control the specific time and securities to be bought and sold, should execute trades in a non-BoF Asset Management-managed brokerage account.

BoF Asset Management clients may restrict the stocks traded in their account at any time and BoF Asset Management will honor these restrictions when mirroring the trading in the portfolios clients choose to invest in. Clients should understand that imposing restrictions on future investments and selling any existing holdings in a portfolio may negatively affect the performance of a client account and lead to that account performing better or worse than the portfolio it follows.

BoF Asset Management is an investment adviser, license number 53819 in terms of section 8 of the FAIS, South Africa.

The content of the BoF Asset Management Blog includes commentaries written by third-party portfolio managers, freelance writers and BoF Asset Management employees and does not necessarily represent the opinions of BoF Asset Management or any of its officers, directors, employees or staff.

The content, whether or not provided by BoF Asset Management, is offered for informational purposes only, does not constitute investment advice, and is not an offer to buy or sell any security. The content of this blog is not a substitute for obtaining professional financial advice from a qualified person or firm. For additional information or questions about this blog, please contact editorial@bofassetmanagement.com.

Any investments discussed in this blog that are not identified as being held in a portfolio or portfolios are for illustrative purposes only. There is no assurance that BoF Asset Management will make any investments with the same or similar characteristics as any investments presented. The investments are presented for discussion purposes only and are not a reliable indicator of the performance or investment profile of any composite or client account. Further, the reader should not assume that any investments identified were or will be profitable or that any investment recommendations or investment decisions made by BoF Asset Management or portfolio managers on its platform in the future will be profitable. BoF Asset Management blog commentaries may contain forward-looking statements, information and opinions, including descriptions of anticipated market changes and expectations of future activity. BoF Asset Management portfolio managers and other blog contributors believe that such statements, information, and opinions are based upon reasonable estimates and assumptions. However, forward-looking statements, information and opinions are inherently uncertain and actual events or results may differ materially from those reflected in the forward-looking statements. Therefore, undue reliance should not be placed on such forward-looking statements, information and opinions.

Any external links provided are offered as a matter of convenience and are not the property or responsibility of BoF Asset Management. Although BoF Asset Management has a reasonable belief that the information is factual and up to date, it cannot guarantee the accuracy of the information at these links.

Past performance is no guarantee of future results, nor is it indicative of future performance.

All investments in financial markets involve risk, including the risk of loss, such as a loss of principal and reduction in earnings. Performance of the manager accounts associated with each portfolio has been calculated by BoF Asset Management on a daily time-weighted basis, including cash, reinvested dividends and earnings, and reflects the deduction of simulated BoF Asset Management advisory fees and broker commissions (where commissions were charged) to present returns net of fees.

Blog discussions may contain references to portfolio performance. The performance figures stated are net of advisory fees, and include reinvestment of dividends or other earnings. Blog discussions may also contain references or comparisons to indexes or benchmarks.

For additional information regarding the performance of portfolios offered by BoF Asset Management, index or benchmark comparisons and other information regarding our platform, see the individual portfolio profile pages at https://bofassetmanagement.com as well as our Legal Disclosures page and our Informational Brochure.