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Website Terms of use:

You are about to enter a website for professional investors (as defined in the Markets and Financial Instruments Directive 2014/65/EU as amended or updated (“MiFID”)) including financial advisers and/or intermediaries and the information contained herein is not suitable for retail clients. Any person unable to accept these terms and conditions should not proceed any further. Before making any investment decision, you shall read carefully the offering documents of each Fund.

The use of Wellingtonfunds.com (this “Website”) is subject to the following terms and conditions (the “Terms”). After you have read and understood these Terms, you may click “Accept” to confirm that you agree to the Terms.

By clicking “Accept” you:

(i) expressly acknowledge that you have read and understood the Terms and agree to abide by them;

(ii) represent and warrant that the jurisdiction you have selected is the applicable jurisdiction for the intended investment activities, and that you are not resident in the United States of America and are not a U.S. Person;

(iii) confirm that you are accessing this Website in compliance with the laws and regulations of the jurisdiction you have selected, and all other applicable laws, rules and regulations;

(iv) represent and warrant, if applicable, that you are authorised to accept these Terms and use or access (or attempt to use or access) this Website on behalf of your employer, your client, or both, and that in doing so you are acting within the scope of your duties and, at all times, on behalf of your employer, your client or both; and

(v) hereby represent and warrant that you are not a private investor or retail client as categorised under MiFID) and that you shall not in any circumstances use or rely on any information displayed on this Website for your own personal investment use.

If you do not agree with these Terms you must refrain from using this Website.

In these Terms, references to “you” and “your” are references to any person using or accessing (or attempting to use or access) this Website or, as the context requires, the legal entity on whose behalf a user uses or accesses (or attempts to use or access) this Website. References to “Wellington Management”, “we” and “us” are references to Wellington Management International Limited.

By entering this Website, you acknowledge and agree to be bound by each of the Terms, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this Website (together, the “Conditions of Use”). If there are any Conditions of Use that you do not understand or agree with, you must leave this Website or the webpage in question (as applicable) immediately and delete immediately from the memory of your computer all documents from this Website.

  1. About this Website: The information on this Website is issued and communicated by Wellington Management International Limited (“Wellington Management,” “we” and “us”), which is authorised and regulated by the Financial Conduct Authority of the United Kingdom. This Website contains information about various umbrella funds (each an “Umbrella Fund” and together the “Umbrella Funds”) and their sub-funds (the “Funds”) which have been registered, or otherwise notified, for public distribution and marketing in the jurisdiction you have selected.

    Please note that the fact of such registration or notification does not mean that any regulator (including the Commission de Surveillance de Secteur Financier (CSSF) or any national regulator of your jurisdiction) has determined that the Funds are suitable for all or any investors. The Funds referred to on this Website may not be suitable investments for you and you should therefore seek professional investment advice before making a decision to invest in any of the Funds.

    Before making any investment decision read carefully the offering documents of each Fund.

  2. Access to this Website: In order to access this Website, you have been asked to select the jurisdiction which is applicable for the intended investment activities. Your selection will be used to determine the information that you will be able to access on this Website. You hereby represent and warrant to Wellington Management that the information that you have provided is true, accurate and complete and you undertake to notify us of any change to such information. Failure to provide us with accurate information will be treated as a material breach of these Terms. Certain Funds may not be available in all geographical locations and so information about certain Funds may not be available to all users of this Website. You must not attempt to gain access to areas of this Website other than those made available to users in the jurisdiction you selected. If the jurisdiction you should select changes, you must access this Website selecting your new jurisdiction. You should be aware that this may result in you not being able to access (i) information in relation to the same Funds as previously, or (ii) any information at all. Please note that the fact of selecting a jurisdiction does not mean that all or any of the Funds in relation to which information is made available, have been deemed suitable for you.

    When using this Website you must comply with all applicable local, national and international laws and regulations including those related to data privacy, international communications and exportation of technical or personal data. It may be unlawful to access or download the information contained on this Website in certain countries and the Umbrella Funds, Wellington Management and its affiliates disclaim all responsibility if you access or download any information from this Website in breach of any law or regulation of the United Kingdom, the jurisdiction in which you are residing or domiciled or the jurisdiction from which you access the Website.

    If you are acting as a financial adviser or intermediary, you agree to access this Website only for the purposes for which you are permitted to do so under applicable law. If you are acting as a financial adviser or intermediary and provide services to clients categorised as retail clients under MiFID, you agree that you will not share with or provide to your retail clients any information available on this Website that has not been approved for retail use and is not otherwise suitable for your retail clients.

    Wellington Management reserves the right to suspend or withdraw access to any page(s) included on this Website without notice at any time and accepts no liability if, for any reason, these pages are unavailable at any time or for any period.

  3. No Market Timing: You agree not to engage in any “market timing” practices with respect to your investment in any Fund and shall take all reasonable steps to ensure that no user authorised to access this Website on your behalf engages in any such market timing practices. For these purposes, “market timing” shall include engaging in any trading strategy with the intention of taking advantage of short term changes in market prices including (without limitation) by engaging in: (i) excessive trading, (ii) late trading or (iii) market abuse.

  4. U.S. Persons: Interests in the Funds are not being offered, and will not be sold, within the United States or to, or for the account or benefit of, any U.S. Person. The term U.S. Person shall have the meaning given to it in Regulation S under the United States Securities Act of 1933, as amended, and includes, among other things, U.S. residents and U.S. corporations and partnerships.

  5. Selling Restrictions: The distribution of the information and documentation on this Website may be restricted by law in certain countries. This Website, and the information and documentation on it, are not addressed to any person resident in the territory of any jurisdiction where such distribution would be contrary to local law or regulation. Not all the Funds in relation to which information is available on this Website are available in all geographical locations and so not all areas of this Website will be accessible to all users. The Funds are not available, and offering materials relating to them will not be distributed, to any person resident in any jurisdiction where such distribution would be contrary to local law or regulation.

  6. No Investment Advice: The information on this Website is provided for information only and on the basis that you will make your own investment decisions.

    Nothing contained on this Website constitutes, and nothing on this Website should be construed as, investment advice or a recommendation to buy, sell, hold or otherwise transact in any investment including interests in the Funds. It is strongly recommended that you seek professional investment advice before making any investment decision.

    Unless agreed separately in writing with a client, Wellington Management and its affiliates neither provide investment advice to nor receive and transmit orders from investors in the Funds nor do they carry on any other activities with or for such investors that constitute “investment services” or “ancillary services” for the purposes of MiFID.

    You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision. You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to the subscription, holding, transfer or disposal of interests in the Funds.

  7. Past Performance; Forecast; Simulation: To the extent that this Website contains any information regarding the past performance and/or forecast of the Funds, such information is not a reliable indicator of future performance of these Funds and should not be relied upon as a basis for an investment decision.

    To the extent that this Website contains any information regarding simulated past performance, such information is not a reliable indicator of future performance and should not be relied on as the basis for an investment decision. Investment results for each Fund may vary.

    The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment. The value of investments in the Funds may be affected by the price of underlying investments. Exchange rate changes may cause the value of overseas investments to rise or fall.

  8. Price Information: All prices or values may not reflect actual prices or values that would be available in the market at the time provided or at the time you may decide to purchase or sell an interest in a particular Fund.

  9. Risk Warnings: There are significant risks associated with an investment in any of the Funds. Investment in the Funds is intended only for those investors who can accept the risks associated with such an investment (including the risk of a complete loss of investment).You should ensure that you have fully understood such risks before taking any decision to invest.

    Investments in the Funds are neither insured nor guaranteed by any investor compensation scheme and are not deposits or obligations of, or guaranteed by, any entity within the Wellington Management group.

    These Terms do not represent a complete statement of the risk factors associated with an investment in the Funds. The offering documents for each Fund contain risk warnings which are specific to the relevant Fund. You should consider these risk warnings carefully and take appropriate investment advice before taking any decision to invest.

  10. Offering Documents: The terms of any investment in a Fund are governed by the documents establishing such terms. An application for interests in any of the Funds should only be made having fully and carefully read the offering documents, which are the relevant offering memorandum, the latest financial reports and any other offering documents for the relevant Fund which are available on this Website and upon request from the fund representative in your jurisdiction and specified in the offering memorandum for the relevant Fund.

    It is your responsibility to use the offering documents and by making an application to invest in a Fund you will represent that you have read the offering memorandum for the relevant Fund, the appropriate key investor information document for the Fund and any other applicable offering document and will agree to be bound by its contents.

  11. Information on this Website: This Website, and the information on it, are provided for information purposes only and do not constitute an invitation, offer or solicitation to engage in any investment activity including to buy, hold or sell any investment including any interests in the Funds.

    The information on this Website is provided in good faith and reasonable care has been taken to ensure that such information is accurate, current and fit for its intended purpose. To the extent that any information on this Website relates to a third party, this information has been provided by that third party and is the sole responsibility of such third party and, as such, Wellington Management and its affiliates accept no liability for such information.[ No representation or warranty of any kind regarding the accuracy, adequacy, validity, completeness or timeliness of the information on this Website or the error-free use of this Website is given and, to the extent permitted by applicable laws, no liability is accepted for the accuracy or completeness of such information. No warranty of any kind, express or implied, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose, and freedom from computer virus is given in conjunction with the information, materials, products, and services on the Website. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Wellington Management does not warrant that the Website will meet your needs. You agree to assume the entire risk as to your use of the Website. Any person who acts upon, or changes his investment position in reliance on information contained on this Website, does so entirely at his own risk. In the event of any inconsistency between the information on this Website and the terms of the relevant offering documents, the terms of the offering document shall prevail.

    All content on the Website is subject to modification from time to time without notice save for any mandatory disclosure requirements. Please contact Wellington Management (using the details in the “Contact Us” section below) for further information regarding the validity of any information contained on this Website. This Website and most of the documentation contained within it is provided in the English language and you represent and warrant that you understand the English language.

    The Website is limited to funds and sub-funds (and related information and documents) which have been authorised for sale.

  12. Conflicts of Interest: Wellington Management, its affiliates and their directors, officers, employees or clients may have or have had interests or long or short positions in any investment product or other financial instruments underlying any investment product referred to on this Website and may at any time make purchases and/or sales in them as principal or agent. In addition, Wellington Management and/or its affiliates may act or have acted as market maker in any investment product, or financial instruments underlying such investment product or entered into an arrangement to hedge the market risk associated with the investment products. The Wellington Management group has conflicts of interest policies in place which specify the procedures that they follow and the measures that they have adopted in order to avoid such conflicts or to manage such conflicts in a way that ensures fair treatment for clients.

  13. Monetary Benefits: You agree that we may, to the extent permitted by applicable laws and regulations, share charges or commission with affiliates of Wellington Management or other third parties, or receive remuneration from them, in respect of transactions you carry out in relation to the Funds described on this Website. Where relevant, we may disclose such arrangements to you. Details of any such arrangements are available on request.

  14. Liability: No warranty is given that the contents of this Website are compatible with all computer systems or browsers or that this Website shall be available on an uninterrupted basis.

    The internet is not a completely reliable transmission medium and none of the Umbrella Funds, Wellington Management or any of its affiliates accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from the Umbrella Funds, Wellington Management or any of its affiliates. Any such transmission of information is entirely at your own risk and any material downloaded from this Website is downloaded at your own risk.

    The information on this Website is provided “as is” and “as available”. To the extent permitted by law, no guarantee or representation, express or implied, is made as to the accuracy, validity, timeliness, completeness or continued availability of any information made available on the Website The Umbrella Funds, Wellington Management, its affiliates and each of their directors, officers, employees and/or agents expressly exclude all conditions, warranties, representations, and other terms which might otherwise be implied by statute, common law or the law of equity to the fullest extent permitted by applicable law or regulation.

    In no event will the Umbrella Funds, Wellington Management, or any of its affiliates be liable to any person for any direct, indirect, special or consequential damages, losses or liabilities arising out of any use of, or inability to use, this Website or the information contained on it including, without limitation, lost profits, business interruption, any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus, line or system failure, loss of programs or data on your equipment or otherwise, even if the Umbrella Funds, Wellington Management or its affiliates is expressly advised of the possibility or likelihood of such damages, losses or liabilities, unless such damages, losses or liabilities are due to the Umbrella Funds’, Wellington Management’s or its affiliates’ negligence, willful default, fraud or material breach of the Umbrella Funds’, Wellington Management’s or its affiliates’ obligations under applicable law or regulation.

    This does not affect the liability of the Umbrella Funds, Wellington Management, or its affiliates for any loss or damage which cannot be excluded or limited under applicable law.

  15. Indemnification: As a condition of your use of the Website, you agree to indemnify and hold the Umbrella Funds, Wellington Management, and its affiliates, and their respective partners, directors, employees, and agents harmless from and against any and all claims, losses, liability, costs, and expenses (including but not limited to legal fees) arising from your use of the Website or from your violation of these Terms unless such claims, losses, liability, costs or expenses are due to the Umbrella Funds’, Wellington Management’s or its affiliates’ negligence, willful default, fraud or material breach of the Umbrella Funds’, Wellington Management’s or its affiliates’ obligations under applicable law or regulation.

  16. Intellectual Property: The entire content of this Website is subject to copyright with all rights reserved. All materials on this Website are owned or licensed by the Umbrella Funds, Wellington Management, its affiliates and/or its third-party providers and are protected by UK and international intellectual property laws. Unless otherwise indicated, all service marks, trademarks, and logos appearing on this Website are the exclusive property of the Wellington Management group. You may not copy, display, distribute, download, license, modify, publish, repost, reproduce, sell, transmit, and use to create a derivative work, or otherwise use for public or commercial purposes the content of this Website without the prior written permission of Wellington Management.

  17. Privacy: Please see our privacy policy which is contained on this Website for information about how the Wellington Management group protects your personal data, including personal data collected through this Website. You will be asked to agree to the terms of our privacy policy when selecting your relevant jurisdiction.

  18. Cookies: When you visit this Website, a Wellington Management group company server will record your IP address together with the date, time, page visited and duration of your visit. Please note that the Wellington Management group uses cookies on this section of the Website. Cookies are small pieces of software that are issued to your computer or device and that store and sometimes track information about your use of the site. Cookies on this Website may collect a unique identifier, user preferences and profile information and membership information from which it is possible to identify individual users. The Wellington Management group also uses cookies to collect general usage and volume statistical information that does not include personally identifiable information. Some cookies may remain on the user’s computer after they leave this Website (these are known as persistent cookies). For more information about cookies including how to set your internet browser to reject cookies, please go to www.allaboutcookies.org or http://youronlinechoices.eu.

    By using this Website, you agree that the Wellington Management group can place cookies on your device which collect the data and for the purposes described above and as further detailed in the Cookie Policy. If you delete cookies relating to this Website, we will not remember things about you, you will be treated as a first-time visitor the next time you visit this Website and we will not be able to tailor your experience of this Website.

    The Wellington Management group has engaged one or more third party service providers to track and analyze usage and volume statistical information from visitors to this Website. The service provider(s) set cookies on behalf of the Wellington Management group. The Wellington Management group may re-associate the information provided by the technologies directly above with other personal information we hold about you. By using this Website, you agree that third parties can place cookies on your device as described above.

  19. Your use of this Website: You must not use this Website (or permit or procure others to use it) as follows:

    • for any unlawful, improper or illegal purpose or activity;
    • to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
    • in a manner intended to threaten, harass, or intimidate;
    • to violate Wellington Management’s or any third party’s copyright, trademark, proprietary or other intellectual property rights;
    • to damage Wellington Management’s name or reputation or that of Wellington Management’s affiliated companies or any third parties;
    • to impersonate any of Wellington Management’s employees or other person or use a false name while using this Website or implying an association with Wellington Management;
    • to penetrate Wellington Management’s security measures or other entities’ systems (“hacking”);
    • to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this Website;
    • to generate excessive amounts of internet traffic, to interfere with Wellington Management’s network or other’s use of this Website or to engage in activities designed to, or having the effect of, degrading or denying service to other users of this Website or others;
    • to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this Website or any other entity’s systems and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items;
    • to post or transmit information that is defamatory, fraudulent or deceptive including, but not limited to, scams such as “make-money-fast” schemes or “pyramid/chain” letters; and/or
    • to transmit confidential or proprietary information, except solely at your own risk.
  20. Linked Websites: Links to websites operated by third parties are provided for information only and do not constitute any form of advice, endorsement or recommendation of such websites or the material on them. Wellington Management accepts no responsibility for information contained on any other sites which can be accessed by hypertext link from this Website or for these sites not being available at all times. Any use that you make of such websites and information is at your own risk. Please note that when you click on any external site hypertext link you will leave this Website. You should review the privacy statements of such websites before you provide any personal or confidential information.

  21. Website Security and Restrictions on Use: As a condition to your use of this Website, you agree that you will not, and you will not take any action intended to: (i) access data that is not intended for you; (ii) invade the privacy of, obtain the identity of, or obtain any personal information about any other user of this Website; (iii) probe, scan, or test the vulnerability of this Website or Wellington Management’s network or breach security or authentication measures without proper authorisation; (iv) attempt to interfere with service to any user, host, or network or otherwise attempt to disrupt our business; or (v) send unsolicited mail, including promotions and/or advertising of products and services. Unauthorised use of the Website, including but not limited to unauthorised entry into Wellington Management’s systems or misuse of any information posted to a web site, is strictly prohibited.

  22. Website Security and Restrictions on Use: As a condition to your use of this Website, you agree that you will not, and you will not take any action intended to: (i) access data that is not intended for you; (ii) invade the privacy of, obtain the identity of, or obtain any personal information about any other user of this Website; (iii) probe, scan, or test the vulnerability of this Website or Wellington Management’s network or breach security or authentication measures without proper authorisation; (iv) attempt to interfere with service to any user, host, or network or otherwise attempt to disrupt our business; or (v) send unsolicited mail, including promotions and/or advertising of products and services. Unauthorised use of the Website, including but not limited to unauthorised entry into Wellington Management’s systems or misuse of any information posted to a web site, is strictly prohibited.

  23. Third Parties: The Umbrella Funds, Wellington Management, and its affiliates shall have the benefit of the rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the Contracts (Rights of Third Parties) Act 1999.

  24. Applicable Law: These Terms and any non-contractual obligations arising from or connected with them shall be governed by, and these Terms shall be construed in accordance with, the laws of England and Wales.

  25. Jurisdiction: You agree that the English courts shall have exclusive jurisdiction in relation to any legal action or proceedings arising out of or in connection with these Terms (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum. You further agree that this paragraph operates for the benefit of the Umbrella Funds, or Wellington Management and accordingly the Umbrella Funds, or Wellington Management shall be entitled to take Proceedings in any other court or courts having jurisdiction.

  26. Specific information for Spanish investors: Wellington Management International Limited is registered in the Spanish Securities Market Commission – Comision Nacional del Mercado de Valores (“CNMV”) with number 874, to provide investment services on a cross border basis. The Funds are registered in the CNMV for sale to professional investors and registration numbers may be found on the Website. The distributors in Spain of Funds registered in the corresponding CNMV Registry must provide to each unit-holder or shareholder, prior to subscribing units or shares in the Funds, a copy of the simplified prospectus or the document substituting it ( when applicable) and a copy of the latest published annual report and accounts. Delivery of these documents is mandatory and cannot be waived by the unit-holder or the shareholder. In addition, an updated copy of other official documentation of the Funds must be provided upon request. In any event at least one of the distributors will make available by electronic means all the documents, as well as the net asset values corresponding to the share or units marketed in Spain.

  27. About Wellington Management International Limited and the Umbrella Funds. Wellington Management International Limited is authorised and regulated by the Financial Conduct Authority of the United Kingdom and is entered on the register maintained by the Financial Conduct Authority and the Prudential Regulation Authority(Reference number: 208573). Its registered office is at Cardinal Place, 80 Victoria Street, London SW1E 5JL, United Kingdom and its VAT number is GB420309205. Wellington Management International Limited is an appointed distributor to the Funds.

    Wellington Management Funds (Luxembourg) II is an open-ended unincorporated mutual investment fund (fonds commun de placement) and is governed by the Luxembourg Law of 13th February 2007 on specialised investment funds, as amended from time to time, and qualifies as an AIF.

    Wellington Management Funds (Luxembourg) II SICAV is an open-ended investment company with variable capital (societe d’investestissement a capital variable) and is governed by Luxembourg Law of 13th February 2007 on specialised investment funds, as amended from time to time, and qualifies as an AIF.

    Wellington Luxembourg S.à r.l. is the appointed management company of Wellington Management Funds (Luxembourg) and alternative investment fund manager of Wellington Management Funds (Luxembourg) II and Wellington Management Funds (Luxembourg) II SICAV. Wellington Luxembourg S.à r.l. is a société à responsabilité limitée registered in Luxembourg and authorised by the Commission de Surveillance du Secteur Financier (the CSSF) as a management company authorised under chapter 15 of the Luxembourg law of 17 December 2010 on undertakings for collective investment, as amended. Wellington Luxembourg S.à r.l.’s registered address is at 33, Avenue de la Liberté, L-1931 Luxembourg.

  28. Contact Us: If you have any enquiries in relation to this Website or the information on it, please contact Wellington at infofunds@wellington.com.

Effective as of 21 August 2019

You are about to enter a website for qualified and professional investors including financial advisors / intermediaries and the information contained herein is not suitable for retail investors. Any person unable to accept these terms and conditions should not proceed any further.

 The use of Wellingtonfunds.com (this “Website”) is subject to the following terms and conditions (the “Terms”). After you have read and understood these Terms, you may click “Accept” to confirm that you agree to the Terms.

 By clicking “Accept” you:

(i) expressly acknowledge that you have read and understood the Terms and agree to abide by them;

(ii) represent and warrant that the jurisdiction you have selected is the applicable jurisdiction for the intended investment activities, and that you are not resident in the United States of America and are not a U.S. Person;

(iii) confirm that you are accessing this Website in compliance with the laws and regulations of the jurisdiction you have selected, and all other applicable laws, rules and regulations;

(iv) represent and warrant, if applicable, that you are authorised to accept these Terms and use or access (or attempt to use or access) this Website on behalf of your employer, your client, or both, and that in doing so you are acting within the scope of your duties and, at all times, on behalf of your employer, your client or both; and

(v) hereby represent and warrant that you are not a private investor or retail client (as defined in the Markets and Financial Instruments Directive 2014/65/EC as amended or updated (“MiFID”)) and that you shall not in any circumstances use or rely on any information displayed on this Website for your own personal investment use. 

If you do not agree with these Terms you must refrain from using this Website.

In these Terms, references to “you” and “your” are references to any person using or accessing (or attempting to use or access) this Website or, as the context requires, the legal entity on whose behalf a user uses or accesses (or attempts to use or access) this Website. References to “Wellington Management”, “we” and “us” are references to Wellington Management Switzerland GmbH. 

By entering this Website, you acknowledge and agree to be bound by each of the following terms and conditions, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this Website (together, the “Conditions of Use”). If there are any Conditions of Use that you do not understand or agree with, you must leave this Website or the webpage in question (as applicable) immediately and delete immediately from the memory of your computer all documents from this Website.

  1. About this Website: The information on this Website is issued and communicated by Wellington Management Switzerland GmbH (“Wellington Management,” we” and “us”), which is registered at the commercial register of the canton of Zurich with number CH-020.4.050.857-7 and which holds a distribution license from the Swiss Financial Market Supervisory Authority (“FINMA”), as a fund distributor. This Website contains information about various umbrella funds (each an “Umbrella Fund” and together the “Umbrella Funds”) and their sub-funds (the “Funds”) which have been registered, or otherwise notified, for public distribution and marketing in the jurisdiction you have selected. 

    Please note that the fact of such registration or notification does not mean that any regulator (including the Swiss Financial Market Supervisory Authority, the Commission de Surveillance de Secteur Financier (CSSF) or any national regulator of your jurisdiction) has determined that the Funds are suitable for all or any investors. The Funds referred to on this Website may not be suitable investments for you and you should therefore seek professional investment advice before making a decision to invest in any of the Funds.

    Before making any investment decision read carefully the offering documents of each Fund.

  2. Access to this Website: In order to access this Website, you have been asked to select the jurisdiction which is applicable for the intended investment activities. Your selection will be used to determine the information that you will be able to access on this Website. You hereby represent and warrant to Wellington Management that the information that you have provided is true, accurate and complete and you undertake to notify us of any change to such information. Failure to provide us with accurate information will be treated as a material breach of these Terms. Certain Funds may not be available in all geographical locations and so information about certain Funds may not be available to all users of this Website. You must not attempt to gain access to areas of this Website other than those made available to users in the jurisdiction you selected. If the jurisdiction you should select changes, you must access this Website selecting your new jurisdiction. You should be aware that this may result in you not being able to access (i) information in relation to the same Funds as previously, or (ii) any information at all. Please note that the fact of selecting a jurisdiction does not mean that all or any of the Funds in relation to which information is made available, have been deemed suitable for you. 

    When using this Website you must comply with all applicable local, national and international laws and regulations including those related to data privacy, international communications and exportation of technical or personal data. It may be unlawful to access or download the information contained on this Website in certain countries and the Umbrella Funds, Wellington Management and its affiliates disclaim all responsibility if you access or download any information from this Website in breach of any law or regulation of the United Kingdom, the jurisdiction in which you are residing or domiciled or the jurisdiction from which you access the Website. 

    If you are acting as a financial adviser or intermediary, you agree to access this Website only for the purposes for which you are permitted to do so under applicable law. If you are acting as a financial adviser or intermediary and provide services to clients categorised as retail clients under the MiFID, you agree that you will not share with or provide to your retail clients any information available on this Website that has not been approved for retail use and is not otherwise suitable for your retail clients. 

    Wellington Management reserves the right to suspend or withdraw access to any page(s) included on this Website without notice at any time and accepts no liability if, for any reason, these pages are unavailable at any time or for any period.

  3. No Market Timing: You agree not to engage in any “market timing” practices with respect to your investment in any Fund and shall take all reasonable steps to ensure that no user authorised to access this Website on your behalf engages in any such market timing practices. For these purposes, “market timing” shall include engaging in any trading strategy with the intention of taking advantage of short term changes in market prices including (without limitation) by engaging in: (i) excessive trading, (ii) late trading or (iii) market abuse.

  4. U.S. Persons: Interests in the Funds are not being offered, and will not be sold, within the United States or to, or for the account or benefit of, any U.S. Person. The term U.S. Person shall have the meaning given to it in Regulation S under the United States Securities Act of 1933, as amended, and includes, among other things, U.S. residents and U.S. corporations and partnerships.

  5. Selling Restrictions: The distribution of the information and documentation on this Website may be restricted by law in certain countries. This Website, and the information and documentation on it, are not addressed to any person resident in the territory of any jurisdiction where such distribution would be contrary to local law or regulation. Not all the Funds in relation to which information is available on this Website are available in all geographical locations and so not all areas of this Website will be accessible to all users. The Funds are not available, and offering materials relating to them will not be distributed, to any person resident in any jurisdiction where such distribution would be contrary to local law or regulation. 

    Certain information and documentation available on the Website relate to Funds, which have not been registered with the FINMA for distribution in or from Switzerland to non-qualified investors in accordance with Articles 119 etseq of the Federal Act on Collective Investment Schemes of 23 June 2006, as amended (“CISA”). Such information and documentation are exclusively directed at qualified investors within the meaning of Article 10 CISA located in Switzerland (“Qualified Investors”). By entering into this website you certify that you are a Qualified Investor and that you have read, understood and accepted the legal terms and conditions summarized hereinafter. Qualified Investors pursuant to Article 10 para 3, 3bis and 3ter CISA are in particular: 1) regulated financial intermediaries, such as banks, securities dealers, fund management companies, asset managers of collective investment schemes as well as central banks, 2) regulated insurance companies, 3) public entities and retirement benefits institutions with professional treasury facilities, 4) companies with professional treasury facilities, and 5) high-net worth individuals, which meet the requirements of Articles 6 and 6a of the Ordinance on Collective Investment Schemes of 22 November 2006, as amended (“CISO”). If you are a high-net worth individual resident in Switzerland, you hereby declare that you meet the requirements provided for by Article 6 CISO and that you have submitted an appropriate written opting-in declaration according to Article 6a CISO to Wellington Management. The Swiss representative and Swiss paying agent of the Funds is BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Switzerland. The offering memorandum and the latest annual report of the Funds can be obtained free of charge from the Swiss representative of the Funds. In respect of the interests of the Funds distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss representative of the Funds.

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  8. Price Information: All prices or values may not reflect actual prices or values that would be available in the market at the time provided or at the time you may decide to purchase or sell an interest in a particular Fund.

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  23. Third Parties: The Umbrella Funds, Wellington Management, and its affiliates shall have the benefit of the rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the United Kingdom Contracts (Rights of Third Parties) Act 1999.

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Effective as of 21st August 2019

I ACCEPT I DECLINE

Themes

Anita Killian, CFA

Asia tech — Part two: Faster computation with smaller, more powerful computer chips

In part two of our new series, Portfolio Manager Anita Killian profiles the technology fuelling the next stage of computer chips.

Go to insight
Liliana Castillo Dearth; Simon Henry, CFA

Kenya: development in action

Our grassroots investors recently traveled to Kenya to learn firsthand about the country's policies and consumer markets. While the investable universe is still small, a focus on economic development and...

Go to insight
Sean Kammann; Andrew Devizio

Small caps, big value

Learn why now may be an opportune time to invest in small-cap value stocks — and why it's critical to choose the right active manager in this dynamic space. Carousel...

Go to insight
Campe Goodman, CFA

Impact bond investing: aiming for positive impact and returns

Portfolio Manager Campe Goodman explains his impact investing philosophy and objectives in this three-minute video.

Learn more
Adam Berger, CFA

Top of Mind: volatility’s return, fixed income’s future and other investment head-scratchers

What should we make of recent volatility? Can fixed income still play a defensive role? What asset classes look attractive today? Multi-Asset Strategist Adam Berger offers his thoughts along with...

Go to insight
Liliana Castillo Dearth; Simon Henry, CFA

South Africa: making the best of a challenging environment

Despite myriad socioeconomic challenges, consumers and business owners in South Africa are resilient and optimistic about the country’s future. Two of our emerging markets portfolio managers share insights gained on...

Go to insight
Campe Goodman, CFA

Expanding the impact opportunity

Portfolio Manager Campe Goodman discusses impact bonds, including how capital can be steered to address some of the world’s most pressing challenges while seeking to provide strong financial returns.

Go to insight
Multiple authors

Asia tech — Part one: Technological progress marches on

In our new series, Investment bytes — Asia tech, we profile four key growth drivers underpinning our strong belief in the sector.

Go to insight
Multiple authors

Factors as the language of manager research

Drawing on 15 years of experience in factor-based research and portfolio construction, the authors explain how they have used proprietary "fundamental factors" to establish a common language across asset classes...

Go to insight
Multiple authors

Global ESG Research Update — The rising bar for investment stewardship

We explain how we support the investment management industry’s evolution to greater stewardship and transparency. We also provide an update on our ESG engagement and proxy voting activity in the...

Go to insight
Carolina San Martin, CFA

ESG engagement: why it matters

In this three-minute video, our director of ESG research explains why her team believes corporate stewardship and engagement can be a source of investment alpha for our clients.

Go to insight
Chris Goolgasian, CFA, CPA, CAIA

Are climate models reliable investment inputs?

Climate data is increasingly relevant for our investment process. But inputs are only as useful as their level of accuracy. We tested a set of common climate models to assess...

Go to insight
Ann Gallo; Fayyaz Mujtaba; Rebecca Sykes, CFA

The future of health care innovation

Medical technology innovations are disrupting traditional markets and changing the way providers and patients approach health care. Three members of our Health Care Team share how they identify companies with...

Go to insight
Wendy Cromwell, CFA

Innovation can lead to solutions for climate change in Asia

In Asia, we see a confluence of government incentives and technological innovation aimed at addressing the effects of climate change. We believe Asia’s history and skill in combining public-sector support...

Go to insight
Dáire Dunne, CFA

Interested in structural opportunities in emerging markets? Be prepared to think differently

A new investing paradigm for emerging markets? We look at the evidence for economic development over economic progress as a key determinant in these markets.

Go to insight
Adam Berger, CFA; Saul Henry, CFA

GTAA: What is the way forward?

Following a period of underperformance by many GTAA strategies, there have been questions about portfolio construction and realistic return expectations. Adam Berger and Saul Henry take a closer look at...

Go to insight
Daniel Cook, CFA; Nanette Abuhoff Jacobson

Multi-Asset Outlook — Will consumers catch the global economy’s cold?

The weakness is most apparent in the industrial economy, and the longer it goes on, the greater the chance of consumer contagion. Daniel Cook and Nanette Abuhoff Jacobson consider the...

Go to insight
Alan Hsu

Applying climate science to investing

In this three-minute video, Portfolio Manager Alan Hsu discusses how he applies climate research in his investment process.

Go to insight
Campe Goodman, CFA; Rob Burn, CFA

Multisector credit: income for the late-cycle

Discover where our multisector credit team is finding opportunities and risks in credit markets in this late-cycle environment.

Go to insight
Wendy Cromwell, CFA

Why the market gets sustainable investing wrong

A number of market inefficiencies make sustainable investing attractive for active managers, whose goal is to outperform broader indices. We address five of these inefficiencies and explain how investors may...

Go to insight
Louise Kooy-Henckel, James Bradbury

Impact via public markets: an opportunity for UK DC schemes to invest in progress

Amid growing pressure from regulators and demand from scheme members for sustainable investment options, we explain why we think public-market impact approaches can potentially generate strong risk-adjusted returns while aligning...

Go to insight
Manuel Kalbreier, CFA, CAIA

Talking Alternatives — Three ways to deal with “crazy” volatility

This new series will give our insights on some of the topics we are hearing in our conversations with investors. Here, we explore how alternatives can help investors to deal...

Go to insight
Multiple Authors

Studying how climate change will affect capital markets

In September 2018, we began a collaboration with Woods Hole Research Center (WHRC), the world’s leading independent climate research institute, to study the physical effects of climate change on capital...

Go to insight
Jitu Naidu; David Lundgren, CFA, CMT

Making sense of recent market volatility

Client Portfolio Manager Jitu Naidu and Director of Technical Analysis David Lundgren offer their take on the recent market gyrations, recession risks, the US Fed, implications for asset classes and...

Go to insight
Nanette Abuhoff Jacobson

Lower yields, higher risks: questions from the field

Recent market turmoil stemming from escalating trade tensions between the US and China has sparked a number of questions from clients. Our global investment strategist addresses several of the most...

Go to insight
Anand Dharan, CFA; Amar Reganti

Building a better fixed income allocation

Fixed income investment directors Anand Dharan and Amar Reganti explore how investors can seek to improve their fixed income allocation, while still “keeping it simple”, by using a small number...

Go to insight
Adam Berger, CFA

Top of Mind: existential questions about value, international diversification and China

Should investors be patient with value stocks and international equity diversification? And where do China A-shares fit in an emerging markets portfolio? Multi-Asset Strategist Adam Berger collects his thoughts along...

Go to insight
Manuel Kalbreier, CFA, CAIA; Dennis Kim, CFA

Equity long/short in practice: are your shorts delivering alpha?

Although evaluating managers’ skill on the short side is difficult, shorting can play multiple roles in portfolios — and can potentially add substantial value, especially in certain sectors.

Go to insight
Tushar Poddar, PhD

US-China standoff: Who wins?

With no resolution in sight for the US-China trade conflict, Macro Strategist Tushar Poddar explores how other EM countries could stand to benefit — at the expense of both the...

Go to insight
Nanette Abuhoff Jacobson; Erica Murphy, CFA, CAIA; Daniel Cook, CFA

Big bets or targeted tilts? An asset allocation playbook for an ageing cycle

We consider the historical behaviour of different asset classes across the phases of the economic cycle and offer thoughts on potential next moves for multi-asset portfolios.

Go to insight
Bo Meunier, CFA

What’s changing in China? Answering recent questions

Hong Kong-based Portfolio Manager Bo Meunier recently hosted a series of client meetings in the US, covering themes like trade tensions and the Chinese government’s role in the investment landscape....

Go to insight
Multiple authors

Global ESG Research update — Engaging with boards to drive improvement

We explain why we prefer direct engagements and a multidisciplinary approach with boards of directors for enhancing discussions about material ESG issues. We also provide an update on our ESG...

Go to insight
Saul Rubin; Eugene Khmelnik

EV does it

Electric vehicle (EV) adoption could profoundly change our lives and the way we invest. But the details of how, when and where remain a work in progress.

Go to insight
Nanette Abuhoff Jacobson; Amar Reganti

Five reasons to be active in fixed income

Active fixed income management not only offers potential for enhanced returns, but can also add value in several other key areas where index-tracking approaches may fall short. Global Investment and...

Go to insight
Daniel Cook, CFA; Nanette Abuhoff Jacobson

Multi-Asset Outlook — Central banks to the rescue? Don’t count on it

With global growth slowing and markets feeling the effects of US/China trade tensions, it’s worth asking whether central banks have the tools they need to respond. We offer our views...

Go to insight
Nanette Abuhoff Jacobson

Are US/China trade tensions here to stay?

Markets have reacted negatively to the burgeoning trade war between the US and China. Given the Trump administration’s widening scope of trade restrictions as a policy tool, and apparent voter...

Go to insight
Dáire T. Dunne, CFA

The future of emerging markets: a development marathon, not a growth sprint

In emerging markets, long-term economic staying power makes all the difference. Deciphering which markets are moving forward also requires an astute reading of policies aimed at concrete societal advancements.

Go to insight
Dáire Dunne, CFA; Simon Henry, CFA; Santiago Millán, CFA

Structural change in emerging markets: 4 key forces to understand

How does one translate the impact of structural change in emerging markets into potentially attractive investment themes? Focus on long-term economic development, not short-term economic growth.

Go to insight
Niraj Bhagwat, CA

Indian elections: Outlook as positive as before

We believe stock selection remains crucial in Indian equities, and stock fundamentals should re-assert themselves now the election is over.

Go to insight
Konstantin Leidman, CFA; Samuel Steere, CFA

European high yield: a growing opportunity set

Learn why we believe European high yield offers a compelling opportunity set, particularly as the market continues to grow and evolve.

Go to insight
Alan Hsu; Christopher Melendes, CFA; Jennifer Rynne, CFA

Pricing climate risk: a multidisciplinary approach

Climate change will affect prices across the capital market spectrum. As active managers and fiduciaries, we consider it our responsibility to work towards solutions that enable us to accurately price...

Go to insight
Anna E. Lundén, CFA; Louise Kooy-Henckel

Finding growth in quality: European small caps in today’s environment

Learn why our outlook for pan-European small-cap equities is highly constructive, especially for approaches focused on the high-quality segment of the market.

Go to insight
Murali Srikantaiah

India: underappreciated alpha opportunity?

While the beta case for India is well known, the alpha case seems misunderstood. Our specialists explain why they believe India is so attractive for active managers.

Go to insight
David Elliott, CFA, FRM

The case for quant: why systematic investing fits the emerging market opportunity

The co-director of our Quantitative Investment Group explains how a systematic approach to emerging market equities can zero in on consistent return drivers, scale up as the emerging market universe...

Go to insight
Cara Lafond, CFA, Philip Brooks, CFA, Joshua M. Berger, CFA , CMT

A is for allocation: the rationale for increasing exposure to China

Allocations to China equity are widely recommended, but how much is appropriate and why? We consider several reasons why this may make sense for offshore investors.

Go to insight
Liliana Castillo Dearth; Simon Henry, CFA

Five cities in five days: Grassroots research at Wellington

How do you get to the heart of a local consumer market as large and dynamic as India’s? Go see it. Portfolio Managers Liliana Dearth and Simon Henry believe that...

Go to insight
Mark Mandel, CFA; Yolanda Courtines, CFA

Investing at the intersection of financial strength and ESG leadership

A growing number of companies recognise that good environmental, social and corporate governance (ESG) practices are good for business. Portfolio managers Mark Mandel and Yolanda Courtines aim to identify traditional...

Go to insight
Multiple authors

Global Impact Annual Report

From safer food and affordable housing to clean energy and internet access, companies in the Global Impact Portfolio have improved the lives of millions of people around the world. See...

Go to insight
Alan Hsu

Brewing storm: Are investors discounting climate risks and opportunities?

Given the potential for substantial asset repricing, asset owners may want to consider a proactive approach that seeks to identify companies focused on climate change mitigation and adaptation.

Go to insight
Multiple authors

Global ESG Research update — Encouraging independent board leadership

We explain the reasons why we prefer that corporate boards, in most cases, have an independent board chair. We also provide an update on ESG engagement activity in the quarter.

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Christopher J. Goolgasian, CFA, CPA, CAIA

Gradually, then suddenly: why climate change may affect asset prices sooner than expected

As the physical consequences of climate change become more frequent, severe and costly, new policies and regulation follow. We explore why clients may want to take a strategic approach to...

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Johnny Yu, CFA

The China bond market: an introduction for offshore investors

Much has been made of potential opportunities awaiting investors in China’s bond market. Knowing what’s what and who owns it are the first steps to understanding it.

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Kenneth Abrams; Halsey Morris, CFA; Clinton Graham

ESG integration: A mosaic approach

We believe that asset managers need to evaluate ESG issues alongside traditional financial issues to assess a company’s ability to make money for shareholders long term.

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Nanette Abuhoff Jacobson

Is China about to provide a boost to EM?

A set of interrelated factors from China may be signaling that it’s time for investors to take another look at emerging markets equities. Our global investment strategist explains.

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Liliana Castillo Dearth; Simon Henry, CFA

Brazil: seeking progress from order

On a recent grassroots research trip, two of our investors met with consumers, small business owners and corporate management teams. Through these conversations, they have identified several positive trends that...

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Thomas Mucha

Great-power play: How US/China tensions could affect markets

National security concerns have begun to color US/China trade talks, raising the geopolitical stakes and the potential for market volatility. We explore what’s increasing the tensions and suggest which market...

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Adam Berger, CFA

To hedge or not to hedge: that is the late-cycle dilemma

For investors who are concerned about where we are in the cycle, Multi-Asset Strategist Adam Berger considers a range of hedging options, their costs and potential benefits and ideas for...

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Santiago Millán, CFA

What’s underpinning Chinese equities?

A China specialist explains why he believes Chinese equities have been a bright spot relative to global markets, despite softening economic conditions.

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Gregg Thomas, CFA; Natasha Brook-Walters

Choosing your spots: alpha opportunities in an evolving market efficiency landscape

Actively managed market inefficiency techniques may generate additional alpha across a broad opportunity set by emphasising capital allocation to inefficient segments and introducing tools to manage risk.

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Michael Masdea; Brian Barbetta

Innovation: trends that go way beyond technology

Two of our investors explain why they believe innovation is a powerful growth driver and share their approach to identifying structural opportunities.

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Campe Goodman, CFA; Meredith Joly; Jake Otto, CFA

Expanding impact through the public bond markets

Impact investing has historically been associated with niche private market opportunities, with little discussion of the role for public equity and debt markets.

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Don Tunnell

The systematic pursuit of absolute return

One of our senior quant investors discusses the principles of his team’s approach to absolute-return investing, from using a diversified and evolving mix of core and opportunistic strategies to ensuring...

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Adam Berger, CFA

The hedge fund headache and the core alts cure

We propose a new framework for alternatives that encompasses conventional hedge funds while broadening the opportunity set to include “core alternatives” — strategies that use the same return drivers as...

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Multiple authors

Sustainable investing: alignment with the UN’s Sustainable Development Goals

Learn how our impact equity approach addresses many of the UN's SDGs, which aim to increase global economic growth, decrease inequality and protect the environment.

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Dáire Dunne, CFA, Simon Henry, CFA

Maximising the diversification benefits of emerging markets equities

Emerging markets (EM) equities can still offer important diversification benefits, but building diversifying exposure demands a new approach: targeting idiosyncratic not cyclical risk; prioritising economic exposure not domicile; and weighting...

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