NO SECURITIES OFFERING OR INVESTMENT ADVICE
The Funds that the Firm advises are not offered through the Website. An offer regarding any such Fund may be made only after you have received from the Firm a Confidential Offering Circular or Private Offering Memorandum concerning that Fund and have had the opportunity to discuss all matters concerning any prospective investment with your counsel and any other relevant advisers. The Website does not provide all information material to an investor’s decision to invest in any such Fund, including, but not limited to, risk factors.
The information on the Website is intended to enable investors to understand the nature of the Firm’s investment advisory services. It is not intended as and does not constitute investment advice, legal or tax advice, an offer to sell any securities to any person or a solicitation of any person of any offer to purchase any securities. The information in the Website should not be construed as the Firm’s endorsement, recommendation or sponsorship of any company or security. There are inherent risks in relying on, using or retrieving any information found on the Website, and the Firm urges you to make sure that you understand these risks before relying on, using or retrieving any information on the Website. You should evaluate the information made available through the Website, and you should seek the advice of professionals, as appropriate, to evaluate any data, information, product or service.
IMPORTANT PERFORMANCE INFORMATION
Performance information reflects the Fund’s investment results, including the reinvestment of interest, dividends and other earnings and the deduction of brokerage commissions, dividends (on short sales) and other direct investment costs. Performance also reflects gains or losses generated from the Fund’s participation in new issues. Not all investors will be subject to the same management, special profit allocation or performance fee or be allocated profits and/or losses from new issues. The performance results (i) are historical and should not be considered an indication of future returns and (ii) have not been compiled, reviewed or audited by an independent accountant and are estimates and subject to adjustment.
The Firm believes that comparing any Fund’s performance to any single market index or other benchmark is inappropriate. The index and benchmark is provided only as an example of general market performance. Each Fund’s portfolio may contain investments in securities or other financial instruments than those reflected in the index or benchmark.
SPECIAL PROVISIONS FOR EUROPEAN USERS
If you are an investor domiciled or having a registered office in a member state of the European Economic Area that has implemented the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) in a manner that imposes disclosure, reporting or other obligations on PFM or its affiliates, you or any other person or entity you represent initiated the discussion, correspondence or other communications with PFM or its affiliates or agents, which resulted in your requesting access to the Website and the information regarding any investment funds sponsored or managed by PFM; and none of PFM or its affiliates or agents at any time directly or indirectly contacted you with respect to the provision of investment services or investment in any investment fund sponsored or managed by PFM or its affiliates prior to such unsolicited initiation of discussions, correspondence or other communications.
PERSONAL AND NON-COMMERCIAL USE LIMITATION
DISCLAIMERS AND LIMITATION OF LIABILITY
THE DATA, INFORMATION, PRODUCTS AND SERVICES PUBLISHED ON THIS WEBSITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS AND THE RESULTS OBTAINED THEREFROM ARE NOT GUARANTEED BY THE FIRM OR ANY PERSONS CREATING OR TRANSMITTING SUCH DATA, INFORMATION, PRODUCTS AND SERVICES. THE FIRM AND/OR ITS RESPECTIVE SUPPLIERS MAY MAKE IMPROVEMENTS AND/OR CHANGES IN THE CONTENT AND OPERATION OF THE SITE AT ANY TIME WITHOUT NOTICE. THE SITE MAY BE TEMPORARILY UNAVAILABLE FROM TIME TO TIME DUE TO REQUIRED MAINTENANCE, TELECOMMUNICATIONS INTERRUPTIONS OR OTHER REASONS.
THE FIRM AND/OR ITS SUPPLIERS MAKE NO REPRESENTATIONS ABOUT THE SUITABILITY OF THE DATA, INFORMATION, PRODUCTS AND SERVICES CONTAINED ON THIS WEBSITE FOR ANY PURPOSE. ALL SUCH DATA, INFORMATION, PRODUCTS AND SERVICES ARE PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND. THE FIRM AND/OR ITS RESPECTIVE SUPPLIERS HEREBY DISCLAIM ALL WARRANTIES AND CONDITIONS WITH REGARD TO THIS DATA, INFORMATION, PRODUCTS AND SERVICES, INCLUDING ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT AND AVAILABILITY. BECAUSE SOME STATES/JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, THE ABOVE EXCLUSION MAY NOT APPLY TO YOU.
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REFERENCES TO PUBLICATIONS AND OTHER COMPANIES
References to any publication or any other company in the Website are for reference and informational purposes only and are not intended to suggest that any of such companies endorse, recommend or approve of the services, analysis or recommendations of the Firm or that the Firm endorses, recommends or approves the services or products of such companies. News stories reflect only the author’s opinion and not necessarily that of the Firm.
MODIFICATION AND MONITORING OF WEBSITE
TERMINATION AND CANCELLATION
The Firm may modify or terminate the Website and terminate your access to the Website, without notice at any time and for any reason.
JURISDICTIONAL ISSUES AND APPLICABLE LAW
Unless otherwise specified, the Firm controls and operates the Website from its offices within the State of California, United States of America. The Firm does not claim that materials in the Website are appropriate or available for use in locations other than California. If you choose to access the Website from other locations, you do so on your own initiative, and you are responsible for compliance with any applicable local laws.