Weekly Markets Update

Markets Update 08-08-2022

Markets last week

Amid negative economic surprise indices globally and generally falling economic surveys and data, risk markets have continued to climb. Growth stocks, small-caps and in particular profitless tech have rallied very strongly since the market bottom on 16 June in the expectation of a pivot in Fed policy which has been anticipated by lower long-term bond yields. The yield curve (i.e. the difference between government bond yields of one maturity and another) has been pointing to at least an economic slowdown in the US, if not a recession. The 2- to 10-year yield curve is now inverted by 40 bps, a difference which hasn’t been seen since 2000. The reality, however, is that banks are still able to lend since their costs (which are closer to the 3-month yield) are still below longer-term yields, so the expectation of a recession in the US is probably premature.

The UK, however, is more likely to see an early recession, according to the Governor of the Bank of England (BoE), Andrew Bailey, who clearly stated that the UK was likely to fall into a recession later this year and remain there for all of next year. In addition to raising bank rates by 50 bps to 1.75%, the BoE forecast inflation topping 13% in October, a gloomy message which seemed to find little resonance among investors, with only a brief drop in sterling as a reaction.

Looking at the Q2 corporate reporting season, which is about three-quarters done, earnings growth is better than projected, but the bulk of the positive surprises is coming from the energy sector. Indeed, taking energy out of the reports, US earnings are down vs. last year’s comparable period and European earnings growth is considerably reduced.

Oil prices have taken a tumble recently, feeding into the hope that future inflation will fall sufficiently to trigger the expected change in central bank policy. This was the week, however, where no less than six US Federal Reserve (Fed) regional Presidents told markets in no uncertain terms that Fed policy on interest rates would continue unabated and yet there was little reaction from said markets.

Meanwhile, the BoE promised to keep hiking to bring inflation down, joining in the Fed’s chorus of uninterrupted rate hikes The blowout July US employment report on Friday highlighted how difficult the Fed’s task remains, with inflation not likely to collapse as long as the jobs market is near record tightness levels. The numbers point to yet another outsize hike at the September Fed meeting, although there are still quite a few data points coming between now and then.

US House of Representatives speaker Nancy Pelosi’s trip to Taiwan and the Chinese military reaction stole the show last week, but did not really move markets that much, including Asian markets.

Against that backdrop, equities eked out another gain, though smaller than in recent weeks, with emerging markets doing best. A significant part of the gain for British and European investors was the strength of the US dollar. The best sector was technology and the worst energy, but defensive areas like utilities, healthcare and real estate also had a negative week. Government bond yields finished 15-20 bps higher on the week after the Friday employment data. The US dollar also recovered based on the strong jobs number. Gold rallied during the week, but its return was crimped by the higher yields on Friday. Oil prices dropped meaningfully to below US$95/bbl for Brent and below US$90/bbl for the US gauge WTI. The fall in crude has amounted to 20% over the last couple of months, leading to hopes that it will cool down inflation.


The week ahead

Tuesday: Chinese inflation

Our thoughts: once again, we will be amazed at how low inflation manages to stay in many Asian countries, with China in the headlights. A small increase from last month in the CPI (consumer price index) is expected, whereas a fall in the PPI (producer price index) is estimated. The latter matters much more to the rest of the world, given how many supply chains start in China. If the difference between PPI and CPI is reducing, it could be a good omen for future inflation numbers, with producer costs affecting consumer prices less.

Wednesday: US CPI (with PPI on Thursday)

Our thoughts: will US CPI inflation finally start to fall? This is now the market’s expectation, although it seems to be based on the recent drop in energy prices, since the core CPI ex food and energy is estimated to rise. The breakdown of price rises will be dissected by markets, looking for clues of a future downward path to inflation. The anticipation will be huge and investor reactions may be abrupt.

Friday: UK June economic data

Our thoughts: with the Governor of the BoE warning of a protracted recession in the UK starting later this year, the monthly growth data will be scoured through to find clues to the future direction of the British economy. Construction has generally helped UK growth, but the recent PMI drop may be an indicator of the sector rolling over. Of course, the services sector is still the largest in the British economy and its trend will be most important for markets.


Markets for the week

In local currency

In sterling

Index Last weekYTDLast weekYTD
UK
FTSE 1000.2%0.7%0.2%0.7%
FTSE 250-0.6%-14.6%-0.6%-14.6%
FTSE All-Share0.1%-2.3%0.1%-2.3%
US
US Equities0.4%-13.0%1.1%-2.5%
Europe
European equities0.5%-13.3%1.1%-13.1%
Asia
Japanese equities0.4%-2.3%-0.3%-7.0%
Hong Kong equities0.2%-13.7%1.0%-3.9%
Emerging Markets
Emerging market equities0.9%-18.6%1.7%-8.8%
Government bond yields
(yield change in basis points)
Current level Last Week YTD
10-year Gilts2.05%19108
10-year US Treasury2.83%18132
10-year German Bund0.96%14113
CurrenciesCurrent level Last Week YTD
Sterling/USD1.2073-0.8%-10.8%
Sterling/Euro1.1856-0.5%-0.3%
Euro/USD1.0183-0.4%-10.4%
Japanese yen/USD135.01-1.3%-14.8%
Commodities (in USD)Current level Last Week YTD
Brent oil (bbl)94.92-13.7%22.0%
WTI oil (bbl)89.01-9.7%18.3%
Copper (metric tonne)7870.5-0.6%-19.0%
Gold (oz)1775.50.5%-2.9%



Sources: FTSE, Canaccord Genuity Wealth Management

Central banks/fiscal policy

Gloomy forecast by BoE while Fed officials disagree with market’s views

The BoE’s Monetary Policy Committee made waves last week with the biggest interest-rate hike in 27 years and warned that the UK is heading for more than a year of recession. The 50 bp increase to 1.75% was followed by further comments on large moves again in the future. Governor Andrew Bailey said ‘The committee will be particularly alert to indications of more persistent inflationary pressures, and will if necessary act forcefully in response. All options are on the table for our September meeting, and beyond that’, with the warning that a UK recession will begin in the fourth quarter and shrink the economy 2.1% in total.

The BoE also raised its forecast for the peak of inflation to 13.3% in October with price rises staying elevated throughout 2023. According to Deputy Governor Ben Broadbent, the energy shock hitting UK citizens’ incomes is about five times as bad as the worst episode of the 1970s.

The BoE also talked about its plans for quantitative tightening (sale of assets). Gilt sales are likely to start after a confirmation vote in September and will be around £10bn a quarter. Including redemptions, the BoE sees its stock of gilts declining around £80bn in the first year of the programme.

In the US, Federal Reserve (Fed) officials pushed back against the market’s view of a pivot away from tightening. San Francisco Fed President Mary Daly said the central bank was completely united to get inflation down (and she is a traditional dove), Cleveland’s Loretta Mester said she wants to see ‘very compelling evidence’ that month-to-month price increases are moderating, Chicago’s Charles Evans said year-end 2023 Fed Funds rate could near 4.00%, or 50 bps above market expectations, ultra-dove Minneapolis’ Neel Kashkari said it’s very unlikely that the Fed will cut rates next year, Richmond’s Thomas Barkin reinforced the hiking message and St. Louis’ James Bullard (admittedly a hawk) said he favours a strategy of “front-loading” big interest-rate hikes, and repeated he wants to end the year at 3.75% to 4%.

Also in the US, Congress passed revised version of the tax and climate bill (now called the Inflation Reduction Act, formerly Build Back Better), dropping a provision that would have narrowed a tax break for carried interest, altering a 15% minimum tax on corporations and adding a new 1% excise tax on stock buybacks. Large technology companies are likely to be the victims of the minimum tax and pharmaceutical firms will be targeted for direct negotiation on drug prices. The beneficiaries from this bill will be electric vehicles, renewables but also fossil fuels in a bid to provide a wider array of energy sources.


United States

Blowout July jobs report confirms that the economy may be softening but employment is still ultra-tight

Employment: JOLTS job openings fell by 605K to 10.7 million in June, taking the March-June drop to a cumulative 1.2 million. The openings rate fell to 6.6% from 6.9% and down from a peak of 7.3% in March, but still well above the average of 4.5% pre-COVID-19. The quit rate, which measures voluntary job leavers as a share of total employment, remained unchanged at 2.8% in June. There are still 1.8 open jobs per available worker. The Challenger job cuts rose 36.5% year-on-year, down from 58.8%.

Initial jobless claims are rising slowly, now at 260K, vs. 254K last week, with continuing claims also up from 1368K to 1416K.

The monthly non-farm payrolls added a very strong 528K jobs to the US economy, much higher than expected, led by leisure and hospitality, professional and business services, education and health, with 471K of these new jobs coming from private payrolls and only a small number (30K) from manufacturing. Total non-farm employment is now back to pre-COVID-19 levels. The unemployment rate (U-3) fell to an almost record low of 3.5% from 3.6%, with the underemployment rate (U-6) remaining at 6.7% and the labour force participation rate falling from 62.2% to 62.1%. Worryingly, the average hourly earnings rose 0.5% during July, bringing the year-on-year growth to 5.2%.

Surveys: the ISM (Institute for Supply Management) manufacturing PMI was slightly easier at 52.8 vs. 53.0 previously. New orders fell from 49.2 to 48.0, but employment rose from 47.3 to 49.9. The biggest move, however, was in the prices paid index which dropped sharply from 78.5 to 60.0. This bodes well for future goods inflation.

The ISM nonmanufacturing PMI edged up to 56.7, against expectations of a drop. New orders were strong at 59.9. But the employment index (at 49.1) surprised on the downside again. As in the manufacturing PMI, the prices-paid index also continued its downward trend but remained high at 72.3.

Housing: mortgage rates dropped below 5% to the lowest level since early April. MBA mortgage applications were up 1.2% vs. a drop of 1.8% the prior week.

Industry: total vehicle sales, as per the Wards series, held steady at 13.35 million (annualised) from 13.0 million. Factory orders increased 2.0% in June, up from 1.8% the previous month, with the orders ex transportation also up a strong 1.4%.

Trade: the trade deficit narrowed from US$84.9bn to US$79.6bn in June.


United Kingdom

Construction less buoyant even as housing is resilient

Industry: car registrations were down 9.0% in July year-on-year, better than the -24.3% the previous month.

Surveys: the construction PMI slumped from 52.6


Europe

Worse data throughout

Employment: the eurozone unemployment rate remained at 6.6% in June.

Inflation: the eurozone PPI (producer price index) rose 1.1% in June for a year-on-year increase of 35.8%, almost unchanged from the previous 36.2%.

Surveys: in Germany the construction PMI fell from 45.9 to 43.7.

Industry: German factory orders slumped 9.0% in June year-on-year, down from -3.2% the prior month. Also in Germany, industrial production rose 0.4% in June, up from -0.1%.

Consumer: eurozone retail sales fell 1.2% in June for a year-on-year drop of 3.7%, down from a positive growth the previous month.


China/India/Japan/Asia

Strong showing for Chinese exports but concerning surveys out of Japan

China: the unofficial Caixin services PMI rose from 54.5 to 55.5. Exports rose 18% year-on-year in July with imports up 7.4% for a trade balance of US$101.26bn, up from US$97.94bn. Foreign exchange reserves rose from US$3.07trn to US$3.10trn as a result.

Japan: vehicle sales fell 13.4% year-on-year in July, a little better than the -15.8% the previous month. The monetary base reduced from 3.9% year-on-year to 2.8% in July. Household spending rose 3.5% year-on-year in June, with labour cash earnings up 2.2%. The Leading Index CI eased from 101.2 to 100.6 whereas the Coincident Index rose sharply from 94.9 to 99.0. The Eco Watchers surveys, however, were very negative, with the current survey collapsing from 52.9 to 43.8 and the outlook falling from 47.6 to 42.8.


Oil/Commodities/Emerging Markets

Not much help from OPEC+ but oil corrects

OPEC+ responded to months of diplomatic efforts from President Biden with one of the smallest oil output increases in its history. The cartel will add only 100,000 barrels a day of oil in September. Only the Saudis and the United Arab Emirates are able to bolster production, which means just a fraction of the amount is likely to be delivered. Their forecast is for the market to be in surplus by 800,000 bbls/day, hence they don’t see much need to up production.

Despite that backdrop, oil prices fell sharply both in the US and international gauges, although some of the drop was due to the futures rolling over at the end of June.

Gold slowly edged up to challenge the US$1,800/oz level again but fell back on Friday due to the strong US jobs data.

What our clients say about us

Some of our clients shared their experience

Horizon took over the handling my private pension fund 4 years ago after years of my previous company mis-selling and badly advising me, which resulted in dire performance.
From the very first meeting, Horizon were honest and frank about where the problems were and what was needed to get the policy back on track, and true to their word, even in a very unpredictable and volatile environment, it has now made more in the short time I have been using them than in the entire time with my previous company...the figures don't lie. Additional to this, Horizon were also available, very communicative and professional at all times, which leads me to not hesitate in recommending them to anyone.

Paul

When I arrived on Cyprus for my retirement, I had quite a lot of money from selling a house and, as yet undrawn pensions. I needed a Financial Adviser to set me up for retirement income. I used several firms over a period of five or six years without a satisfactory result or good working relationship. In fact, I quickly found out that I was more interested in me than they were and that I began to know more than they did. My problem was how I separated myself from these “Commission Chasers” and find someone who I could trust and who knew what they were doing. Thus far Horizon have demonstrated a command of all that was missing before, over at least a ten year period. I have to confess to myself that I wish I had started here and avoided an expensive “Learning Experience”. It is actually fun to work together to get the desired result and to recommend Horizon to others who have been through my “Learning Curve.

Philip

Horizon have managed our investment portfolio for the past 8 years, through some challenging economic changes. Their advice has always been first class and consistently provided us with a balanced and educated analysis of prevailing markets. Equally, Horizon take on board our opinions regarding investment priorities and go out of their way to understand our changing circumstances. Always courteous, always professional. A good friend.

Joan & Ian

Horizon Associates have served me well as my investment advisor since 2012. Brent has a good awareness of the current market conditions and the fit to my retirement goals. His ideas are well founded and he has been very attentive to my needs. Good communication is consistent even though we are now very distant geographically. I highly recommend Horizon-Associates.

Philip & Pam

Horizon have managed my investments for the past 9 years and have always given me the best advise and kept me up to date with my investments.
Not only do I consider the company to be great, I class my adviser as a true friend with my best interest at heart.

Helen

Brent has looked after my investment plans for the past 9 years. His advice has always been up to date, and he has consistently provided me suggestions to swap funds according to the prevailing markets. Brent listens to my opinions regarding investment priorities, but I tend to follow his experienced lead when it comes to fund reallocations. He is always professional and genuinely takes into consideration my requests regarding risk profiles and investment funding.

Martin

I approached Brent in March 2012, to sort out my pension and portfolio. He has been very helpful since that time, coming to my house (at a time convenient to me) for quarterly reviews, which are both enjoyable and productive. Brent, and now as Horizon have not only managed to deliver my annual pension in a timely manner but have also managed to grow the pot that provides it consistently over time (even during these times of uncertain markets). I have recommended Horizon to my family and friends and will continue to do so.

Keith

When your investment portfolio is handled by experts, and year after year produces positive results, you know you are with a professional company. Throughout challenging times Horizon Associates has consistently kept me well informed, offering expert advice and guidance.
Their expertise and up to date knowledge have always ensured that my investment has been steered through the correct funds, to achieve the maximum results.
Horizon is always informative, courteous and proficient. I highly recommend them.

Maria

Horizon has given us financial advice and managed our portfolio for many years. Through the financial crisis and the pandemic and we have great returns from our investments as well as avoiding the Laiki losses etc. Always efficient and easy to work with.

George

We have been dealing with Brent for almost a decade.
He has proven repeatedly that he keeps his ear to the ground, having advised and guided us through terrible times and thus saved our hides.
Over and above this, he is always efficient and prompt, polite and professional.
We would readily recommend Brent with the greatest confidence.

Irene

"Being an actuary, I always thought I was doing the right thing with my pension, but then I came across Brent and found out that for years I wasn't getting the best deal possible! It's indeed a tough job to build your pension funds successfully and a lot of people don't know where to turn. Brent and Horizon have been a great help for me making it extremely easy to invest in my future with their professional approach and tools. I have now been invested for 7 years with Horizon and Brent has helped me set up my UK pension plan in the best way possible. He is really an amazing person to work with and I feel secure knowing that he and Horizon are my financial partners!”

Avraam

Horizon Associates Ltd & BM Horizon Associates Ltd Privacy Policy

Horizon Associates Limited (Seychelles) & BM Horizon Associates Limited (Cyprus) are both privately owned companies who share the same shareholders. Both referred to as Horizon Associates for the purpose of this policy. The Horizon Associates website provides information for European based residents which is non-regulated and for non-European residents which is regulated. For Non-EU business, Horizon Associates offer Investment Advice and Insurance Brokerage services to applicable jurisdictions via Financial Services Network Ltd, regulated by the Mauritius Financial Services Commission License No. C116016070. www.fsn-ltd.com. Horizon Associates partnership and data sharing agreement with Financial Services Network Ltd ensures any Non-EU personal data sharing is protected via third party data sharing agreements containing European Commission approved Standard Contractual Clauses.

 

Risk Warning: Any investment in financial instruments entails substantial risks, the degree of which depends on the nature of each investment, and may not be suitable for all investors. The value of any investment may increase or decrease in value and investors may lose all their invested capital.

 

This privacy policy will explain how our organisations use the personal data we collect from you when you use our website or become a Horizon Associates client. 

 

What data do we collect?

Horizon Associates shall collect and process personal information necessary to fulfil legal and regulatory requirements for the provision of Horizon Associates services and to improve our services to you. Horizon Associates gathers personally, identifiable information that may be used, either alone or in combination with other information, to personally identify, contact or locate you and may in certain circumstances, share information with third parties which will help Horizon Associates to construct a profile based on your requirements and preferences to provide our services effectively.

 

Such information shall include: 

  • Information about you that you give us by filling our client forms/agreements, or by corresponding with us by phone, e-mail, in person or otherwise. It includes information you provide when you choose to use our services, participate in any company event and when you send any information to us under any capacity. The information you give us may include your name, address, e-mail address and phone number, financial information, personal description and photograph.

 

  • Information we collect/receive from other sources about you if you use any of the services we provide and/or professionals we partner with. We are working closely with third parties including, for example, business partners, brokers, vendors, insurers, platforms, fund houses, trustees, search information providers, credit reference agencies. Such partnerships will be notified to you in the beginning or during the course of our relationship and the extent to which such partnerships are required to provide our services to you, such notification can be in the form of additional application forms of such partners or access to their website/platform and in such case shall be covered by GDPR in their own right as applicable.

In order for Horizon Associates to provide the most appropriate financial services and products to you Horizon Associates have data sharing agreements with the following companies, and your personal data may be shared securely with them:

API Global Ltd, SkyBound Wealth Management, Arkadia Bespoke Services, IP Global Ltd, Cypeir Properties Ltd, Moennez Holdings Limited, CPZ Property Limited, Vistra Group, UK Legal Wills.

 

 

As a client you are responsible for the true and accurate nature of the personal information you provide to Horizon Associates. Your personal information and/or data shall be checked when it is collected and at regular intervals thereafter, if any personal information is found to be inaccurate or out-of-date, all reasonable steps will be taken without delay to amend or erase that data, as appropriate. You are required to keep the company informed of any changes in personal information by emailing our Support Department at admin@horizon-associates.net.

Use of your Personal Data

Horizon Associates uses your personal information only as legitimate interest for the performance of our services to you, to improve our services, and enable us to inform you of any additional products, services or promotions relevant to you and in this respect. If you no longer wish to receive any promotional communication, you may opt-out of by contacting Horizon Associates via the Contact us page on the Company’s website or send an email to our Support Department at admin@horizon-associates.net.

 

Protection and Security of Personal Data

Horizon Associates does not sell, license or lease to anyone clients’ personal data, except as described in this Privacy. Horizon Associates has implemented appropriate measures to protect personal data from accidental loss, unauthorised or unlawful access or processing or destruction. Horizon Associates employs physical, electronic, and procedural safeguards to protect personal data and it does not store personal data for longer than is necessary for the provision of services or as permitted by the applicable regulations in accordance with Article 5 of GDPR – Principals relating to processing of personal data. We limit access to your personal data to those who have a genuine business need to access it. Those processing your information will do so only in an authorised manner and are subject to a duty of confidentiality.

The Personal Data we collect from you is stored locally at our servers and/or on cloud servers within the EU, Certain email communications and/or data transmitted to us over email and/or other means of electronic transfer of documents may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may also be processed by third parties operating outside the EEA which work for us, where any personal data is transferred outside of the EEA Horizon Associates have data sharing agreements in place which contain the necessary Standard Contractual Clauses to ensure the security of your personal data. By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy policy and GDPR, especially in instances where data will be transferred to, and stored at, a destination outside the EEA.

Horizon Associates also informs you to maintain confidentiality and not share with others your usernames and private passwords (“credentials”) or as provided by Horizon Associates. You are responsible for keeping your credentials confidential. We ask you not to share your credentials with anyone.

The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data when you transmit this to us; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.

We have also implemented procedures to deal with any suspected data security breach. We will notify you and any applicable regulator of a suspected data security breach where we are legally required to do so.

 

Disclosure of your Personal Data

You agree that we have the right to share your information with selected third parties we use to help deliver our products and/or services to you including:

  • business partners, brokers, vendors, insurers, platforms, fund houses, trustees, search information providers or any other third party required for the performance of any contract we enter into with them or you;

 

  • credit reference agencies and/or banking and financial institutions and/or auditors for, among others, the purpose of assessing your financial information (where this is a condition of us entering into a contract with you).

 

  • Law enforcement agencies and regulatory bodies such as Mauritius Financial Services Commission and/or the Police for the purposes of complying with local and international regulations against money-laundering, fraud and the general prevention of crime and illegal activities.

 

  • analytics and search engine providers that assist us in the improvement and optimisation of our site;

 

We will disclose your personal information to third parties:

 

  • In the event that this is necessary for the delivery of our products and/or services to you (for example by using appropriate and compliant IT systems that transmit financial information and/or orders and/or execute payment and/or other financial transactions);

 

  • If we are under a duty to disclose or share your personal data to comply with any legal and/or regulatory obligation, or to enforce or apply our terms of use and other agreements, or to protect the rights, property, or safety of us, our clients or others. This includes exchanging information with other companies and organisations for the purposes of fraud protection, anti-money laundering and credit risk reduction;

 

  • If we or substantially all of our assets are acquired by a third party, in which case personal data held by us about our clients will be one of the transferred assets. Should this happen you will be given the option to opt out of this data transfer;

 

We only allow the third parties we work with to process your personal information if we are satisfied, they take appropriate measures to protect your personal information. We also impose contractual obligations on our selected third parties to ensure they can only use your personal information to provide services to us and to you.

 

Your rights

Under Chapter 3 of the GDPR, you have the following rights, which we will always work to uphold:

 

  1. Access – The right to be provided with a copy of your personal data, together with information regarding the processing of your data.

 

  1. Rectification – The right to request rectification of any inaccurate or incomplete personal data we hold about you.

 

  1. To be forgotten – The right to request erasure of your personal information based on legitimate grounds and where there is no good reason for us to continue to process or archive it.

 

  1. Restriction of processing – The right to restrict the processing of your personal data, based on legitimate grounds or in the event that your contest the accuracy of the data, we no longer need to process or archive your data.

 

  1. Data portability – The right to receive the personal data you provided to us, in a structured, commonly used and machine readable format and/or transmit that data to another controller, where technically feasible.

 

  1. Objection – The right at any time to object to your personal information being processed for direct marketing (including profiling) or other automated individual decision-making.

 

  1. Withdrawal of Consent – The right to withdraw consent at any time where consent shall not affect the lawfulness of processing based on consent before its withdrawal. Prior to giving consent, the data subject shall be informed thereof.

 

  1. Complaint – The right to lodge a complaint regarding the processing of your personal data. Our details can be found in the General Information Section of this Policy. If you feel that your concerns have not been adequately addressed by us, you

 

  1. have the right to lodge a complaint with the Office of the Commissioner for Personal Data Protection in Nicosia, Cyprus. (http:// www.dataprotection.gov.cy)

The right to access the information held about you, under certain conditions, may be subject to a fee of €25 to meet our costs in providing you with details of the information we hold about you. We shall aim to comply with requests for access to personal information as quickly as possible and will ensure that we comply with legislation unless exceptions apply. In such cases, the reason for any delay will be explained in writing to the data subject making the request. In processing a request, the identity of the data subject will need to be verified before information will be released. No personal data will be disclosed to a third party without the written consent of the data subject.

We reserve the right to refuse repeated/vexatious requests.

Further information about your rights can also be obtained from the Office of the Commissioner for Personal Data Protection in Nicosia, Cyprus.

Use of “Cookies”

Cookies are small pieces of information which use a unique identification tag and are stored on your computer, mobile device or any other device as a result of using the Horizon Associates website or other services the Company provides. Cookies are used to assess and improve the performance of our website and its products and services offered. Cookies are normally accepted automatically, however, you can refuse to have cookies stored on your device or if available, change the settings of your browser to refuse all cookies, and/or have your device notify you each time a cookie is sent to your device.

 

For more information about cookies, you may refer to the Company’s “Cookie Policy” available on our website.

 

Privacy policies of other websites

The Horizon Associates website contains links to other websites. Our privacy policy applies only to our website, so if you click on a link to another website, you should read their privacy policy. 

 

Changes to our privacy policy

Horizon Associates keeps its privacy policy under regular review and places any updates on this web page. This privacy policy was last updated on 21st September 2021.

 

How to contact us

If you have any queries regarding this policy or the use of your personal data including making a request for access, please contact us via the Contact us page on the Company’s website or by email to our Support Department at info@horizon-associates.net or by telephone +357 25 312196 or by mail at 2 Aristoteli Zanatzia 4713 Limassol Cyprus.

 

How to contact the appropriate authority

Should you wish to report a complaint or if you feel that Horizon Associates has not addressed your concern in a satisfactory manner, you may contact the Office of the Commissioner for Personal Data Protection at commissioner@dataprotection.gov.cy.

 

Cookie Policy

This Cookie Policy explains what cookies are and how we use them, the types of cookies we use i.e, the information we collect using cookies and how that information is used, and how to control the cookie preferences. For further information on how we use, store, and keep your personal data secure, see our Privacy Policy.

 

You can at any time change or withdraw your consent from the Cookie Declaration on our website
Learn more about who we are, how you can contact us, and how we process personal data in our Privacy Policy.
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What are cookies ?

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How do we use cookies ?

As most of the online services, our website uses first-party and third-party cookies for several purposes. First-party cookies are mostly necessary for the website to function the right way, and they do not collect any of your personally identifiable data.

 

The third-party cookies used on our website are mainly for understanding how the website performs, how you interact with our website, keeping our services secure, providing advertisements that are relevant to you, and all in all providing you with a better and improved user experience and help speed up your future interactions with our website.

What types of cookies do we use ?

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The below list details the cookies used in our website.

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How can I control the cookie preferences ?

Should you decide to change your preferences later through your browsing session, you can click on the “Privacy & Cookie Policy” tab on your screen. This will display the consent notice again enabling you to change your preferences or withdraw your consent entirely.

 

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Disclaimer

For Non-EU business, Horizon Associates Ltd offers Investment Advice and Insurance Brokerage services to applicable jurisdictions via Financial Services Network Ltd, regulated by the Mauritius Financial Services Commission License No. C116016070. www.fsn-ltd.com

Disclaimer: This Website is for information purposes only and should not be regarded as an invitation or inducement to engage in financial services, the information contained on this Website is not intended to be an offer to buy or sell securities.  We give no representation, warranty or guarantee as to the accuracy, correctness or completeness of such information or as to the tax or legal consequences of any related transaction.

Risk Warning: Any investment in financial instruments entails substantial risks, the degree of which depends on the nature of each investment, and may not be suitable for all investors. The value of any investment may increase or decrease in value and investors may lose all their invested capital.

FEES

If you have an existing product or portfolio and you would like Horizon to become your new advisor, a simple transfer of agency would accommodate this. Horizon would then provide portfolio management which would include quarterly reviews. Horizon charge 1% per annum per portfolio, deducted quarterly.

 

For more complicated arrangements & multiple product portfolios, a research, analysis and administration fee may be charged.

Private client fees are set and agreed in advance for structured arrangements and are typically a 1% arrangement fee (Subject to man hours and complexity).