Before proceeding further, please read the Important Information below.


This website is issued in the United Kingdom by Intrinsic Value Investors (IVI) LLP which is authorised and regulated by the Financial Conduct Authority.

The distribution of the information contained in this website in certain countries may be restricted by law and persons who access it are required to inform themselves about and comply with any such restrictions. Distribution by IVI in the UK is intended for Investment Professionals as defined under Articles 14 & 22 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemption) Order 2001. If the recipient of information contained in this website is a U.S. investor, they certify that they are an accredited investor as defined by the Securities Act of 1933. Recipients may pass on this information but only to others falling within these categories. Individuals not falling within these categories should seek professional advice from their own investment adviser.

This information does not constitute an offer or solicitation in any jurisdiction. Prospective investors should inform themselves as to applicable legal requirements, exchange control regulations and taxes in the countries of their citizenship, residence or domicile. This website is published solely for information purposes and has no regard to the specific investment objectives, financial situation or particular needs of any person. Information contained herein is believed to be reliable but no warranty is given as to its accuracy or completeness and views and opinions, whilst given in good faith, are subject to change without notice.

The entire contents of the website are subject to copyright with all rights reserved. You may download or print individual sections of the website for your personal use and information only provided that you retain all copyright and other proprietary notices. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the website without the prior written permission of IVI. You must not transmit any virus or other item of a destructive nature to the website and it is your responsibility to ensure that whatever you download or select for your use from the website is free of such items. Where an unauthorised link to a non-IVI website exists, IVI does not accept responsibility for the content of such website nor the products, services or other items offered through it.

This website is established in England by IVI in accordance with and shall be governed by, and your browsing in and use of the website shall be deemed acceptance of, the laws of England and Wales. A condition of using this website is that in the event of any dispute or proceeding you irrevocably submit to the exclusive jurisdiction of the English Courts and waive any objection to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum.

Each time you use the site, a condition of use is that you comply with the above terms.

Finally, when reviewing the content of this website, prospective investors should bear in mind that European stock and currency markets have historically exhibited considerable volatility and that the value of investments and of the income derived from them can go down as well as up. Past investment performance may not necessarily prove a reliable indicator of future returns and investors may ultimately get back less than originally invested in IVI's products.

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Intrinsic Value Investors (IVI) LLP
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United Kingdom

© 2021 Intrinsic Value Investors (IVI) LLP.
Registered Office: 4th Floor, Reading Bridge House, George Street, Reading, RG1 8LS. Company Registration Number: OC314125 (England).
VAT Registration Number: GB 872 2760 13. LEI: 213800ZFPB9QVTCYTE24. Authorised and regulated by the Financial Conduct Authority (FRN 436069). Registered as an Investment Advisor with the U.S. Securities and Exchange Commission (801-73347).