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This communication has been approved as a financial promotion for Kensington Investment Advisers Limited by Capital Advisory Partners Limited (“CAP”), which is authorised and regulated by the Financial Conduct Authority (“FCA”). This information is directed only at persons or entities in any jurisdiction or country where such access to information contained herein and use thereof is not contrary to local law or regulation.
The fund referred to is not a recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (“the Act”). The promotion of such investment funds and the distribution of offering materials in relation to such funds in the United Kingdom is accordingly restricted by law. This information is therefore directed only at investment professionals to whom such investment funds may lawfully be promoted by a person authorised under the Act (an “authorised person”) by virtue of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemption) Order 2001 and COBS 4.12 of the FCA’s Conduct of Business Sourcebook. Shares in the investment fund referred to are only available to such persons and this information must not be relied or acted upon by any other persons. Investors in the investment fund referred to will not benefit from the rules and regulations made under the Act for the protection of investors, nor from the Financial Services Compensation Scheme.This information is provided solely on the basis that you make your own investment decisions and does not constitute a personal recommendation or investment advice. Should you have any queries about the investment fund referred to you should contact your financial adviser. An application for shares in the investment fund should only be made having read fully the relevant prospectus and it is your responsibility to use such documentation and by making an application you will be deemed to represent that you have read such applicable documentation and agree to be bound by its contents.
Past performance may not be repeated and should not be seen as a guide to future performance. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money. Where past performance is quoted gross then investment management charges as well as transaction charges should be taken into consideration, as these will affect your returns. Exchange rates may cause the value of overseas investments and the income arising from them to rise or fall.

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Templestone is the trading name of Reinel Fund LP, a fund registered under Article 4 of the Limited Partnerships (Jersey) Law 1994, with registered number 3594.