GENERAL ECONOMIC AND MARKET CONDITIONS. The success of the Client’s portfolio's activities and its value may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and regulations, and national and international political circumstances. These factors may affect the level and volatility of securities prices and the liquidity of the Investment Portfolio's investments. Unexpected volatility or illiquidity could impair the Investment Portfolio's profitability or result in losses.
GENERAL ECONOMIC AND MARKET CONDITIONS. The success of the Portfolio Funds’, and, therefore, the Fund’s, activities will be affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws or other legislative or regulatory acts (including laws relating to taxation of the Portfolio Funds’ investments), elections, trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations, U.S. trade disputes with the People’s Republic of China or the death of a major political figure). Additionally, a serious health crisis, such as COVID-19 (as defined below) or avian influenza, or a natural disaster, such as a hurricane, could severely disrupt the global, national and/or regional economies and/or markets. The foregoing factors may affect the level and volatility of financial instruments’ prices and the liquidity of the Portfolio Funds’ investments. Volatility or illiquidity could impair the Fund’s and the Portfolio Funds’ profitability or result in losses. The Portfolio Funds may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets — the larger the positions, the greater the potential for loss. The economies of non-U.S. countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, asset reinvestment, resource self-sufficiency and balance of payments position. Further, certain non- U.S. economies are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. The economies of certain non-U.S. countries may be based, predominantly, on only a few industries and may be vulnerable to changes in trade conditions and may have higher levels of debt or inflation. Inflation Inflation and rapid fluctuations in inflation rates in the past, have had, and may in the future have, negative effects on economies and financial markets. For example, wages and prices of inputs increase during periods of inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, countries may impose wage and pric...
GENERAL ECONOMIC AND MARKET CONDITIONS. Segments of our industry have experienced significant economic downturns characterized by decreased product demand, price erosion, work slowdowns and layoffs. The Company's operations may in the future experience substantial fluctuations from period to period as a consequence of general economic conditions affecting the timing of orders from major customers and other factors affecting capital spending. Therefore, any economic downturns in general would have a material adverse effect on the Company's business, operating results and financial condition.
GENERAL ECONOMIC AND MARKET CONDITIONS. The success of the Fund will be affected by general economic and market conditions, such as changes in interest rates, availability of credit, inflation rates, economic uncertainty, business cycles, changes in laws (including laws relating to taxation of the Fund and its investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts, natural disasters or security operations). In addition, factors specific to a portfolio company may have an adverse impact on the corresponding investment in that company. Volatility and/or illiquidity in the financial markets could impair the profitability and/or valuation of portfolio companies and the Fund or result in losses. The Fund could incur material losses even if the Portfolio Manager or a portfolio company reacts quickly to difficult market conditions, and there can be no assurance that the Fund will not suffer material losses and other adverse effects from broad and rapid changes in economic and market conditions in the future. General fluctuations in and inflationary pressures on the market prices of securities and commodities may affect the value of investments held by the Fund. The level of investment opportunities may decline from the Portfolio Manager’s current expectations. As a result, fewer investment opportunities may be available for the Fund. One possible consequence is that a Sub-Fund may take a longer time than anticipated to invest capital, as a result of which, at least for a period of time, such Sub- Fund may be relatively concentrated in a limited number of investments. Holding periods may also be longer if the rate of realisation slows due to the deterioration in market conditions for initial public offerings or a decline in mergers and acquisitions activity.
