Weekly Markets Update

Markets Update 09-05-2022

Markets last week

Markets see-sawed between relief and despair during the past week. The US Federal Reserve (Fed) delivered a message of steady interest rate hikes which was less hawkish than market participants had expected and hence boosted risk investments. The next day, however, concerns about that particular message and economic slowdown drove equities and bonds into the opposite direction and wiped out previous gains.

Some economic numbers contributed to the negative mood. Chinese services surveys hit a low since the early COVID-19 period; the Bank of England delivered its gloomiest message on the UK economy in decades; and the comparison between productivity and employment costs in the US for the first quarter (Q1) was as dire as it is possible to imagine, a bad omen for the Fed’s inflation fight. The combination of these concerns piled up pressure on risk assets in the second half of the week.

The European Union issued a ban on Russian oil, which supported crude prices and helped the energy equity sector in a week where almost all other sectors suffered. The US dollar continued its relentless rise, with sterling dropping to its lowest level in two years after the Bank of England’s statement. The most significant move, however, was in government bond yields, soaring across the board, particularly in the US, reflecting concerns that the Fed would have to hike much more than announced. The US jobs data on Friday highlighted a lower employment participation rate, which is likely to worry policymakers, since employment costs are unlikely to abate that soon.

At the end of the week, equities were down significantly, with the exception of Japan. Government bond yields rose again (by 15 basis points (bps) for US and European 10-year yields) with the US 10-year treasury bond exceeding 3% for the first time since 2018 and the 2-to-10-year yield curve (difference in yields between two and 10 years) up to 30bps.  Sterling was the weakest developed currency, following the Bank of England statement. Oil prices continued their ascent, up 4% on the week, whereas copper was flat, and gold increased marginally.

In equities, once again the market leadership was still overwhelmingly in energy, with defensive sectors marginally positive. At the other end of the spectrum, several sectors fell, not just technology, but also materials, real estate and healthcare. The strongest market was Japan, and the most negative returns were in emerging markets, in particular in China, and small companies in the UK.


The week ahead

Tuesday: China CPI and PPI

Our thoughts: the world may not care much about the Chinese CPI (consumer price index) other than envy for a sub-2% number, but the Chinese PPI (producer price index) matters a lot to markets, since China is at the origin of most industrial supply chains and exported inflation builds into Western consumer prices. There is an expectation for the PPI to continue on its moderate downward trend, which together with a lower renminbi (Chinese currency) level, should help reduce imported inflation elsewhere. Of course, the bigger issue now is the COVID-19-related lockdowns in China, but if they are not reflected in higher supplier prices, maybe the problem is less than anticipated.

Wednesday/ Thursday: US CPI and PPI

Our thoughts: after the Fed’s meeting with a clear guidance on interest rate hikes, the market will be wondering when the Fed might change its mind. Future inflation numbers will be crucial to that possible decision. There is currently an expectation that the US CPI will abate in April, both for the headline reading and the core CPI (ex food and energy). Whether this is confirmed and where it comes from, will be important to the Fed, although it is likely to take several months of falling inflation for the Fed to alter its rhetoric, let alone its actions. Worth watching nevertheless. The PPI is due the next day and, again, will a fall in the numbers make a difference to Fed watchers?

Thursday: UK March GDP with breakdown

Our thoughts: Bank of England Governor Bailey spooked the markets last week with forecasts of economic stagnation in the UK. In light of this, monthly growth data are likely to be scrutinised very closely by markets. The March GDP will follow a disappointing February and is currently expected to be flat, after what was a very strong 2021. The question, in addition to the headline growth reading, is about the underlying sectors. Construction and services are anticipated to be positive whilst manufacturing and industrial production are supposed to be flat. Is this the beginning of the stagnation forecast by Governor Bailey?


Markets for the week

In local currency

In sterling

Index Last weekYTDLast week YTD
UK
FTSE 100-2.1%0.0%-2.1%0.0%
FTSE 250-4.3%-15.6%-4.3%-15.6%
FTSE All-Share-2.4%-3.0%-2.4%-3.0%
US
US Equities-0.8%-13.5%0.4%-5.2%
Europe
European equities-2.8%-15.6%-1.1%-14.2%
Asia
Japanese equities0.9%-3.8%1.9%-7.3%
Hong Kong equities-5.2%-14.5%-3.5%-7.0%
Emerging Markets
Emerging market equities-3.8%-16.3%-2.7%-8.3%
Government bond yields
(yield change in basis points)
Current level Last Week YTD
10-year Gilts2.00%9102
10-year US Treasury3.13%15162
10-year German Bund1.13%16131
CurrenciesCurrent level Last Week YTD
Sterling/USD1.2348-1.2%-8.7%
Sterling/Euro1.1699-1.6%-1.6%
Euro/USD1.05510.4%-7.2%
Japanese yen/USD130.56-0.3%-11.9%
Commodities (in USD)Current level Last Week YTD
Brent oil (bbl)112.394.5%44.5%
WTI oil (bbl)109.774.4%46.0%
Copper (metric tonne)9414.5-3.6%-3.1%
Gold (oz)1883.811.1%3.0%



Sources: FTSE, Canaccord Genuity Wealth Management

Central banks/fiscal policy

Fed’s relatively positive message lasts less than 24 hours, whilst Bank of England’s forecasts hit sterling

The US Federal Reserve hiked its Fed funds rate by 50bps and specified likely 50bp hikes at each of the next two meetings in June and July. Fed Chair Jay Powell indicated that by the end of July, the Fed funds rate would likely be 2%. He downplayed a possible 75bp hike anytime soon, which set the US stock market on fire, but for one day only.

The Fed announced its balance sheet run-off for Treasury bonds and mortgage-backed securities at an initial combined monthly pace of US$47.5bn in June, stepping up over three months to US$95bn.

Powell stressed they are aiming for a soft landing, but the committee are calling themselves ’highly attentive‘ to inflation risks. Powell spoke ’directly to the American people’ to start off his press conference, noting the Fed’s commitment to bringing inflation down. The risk is still that longer-term inflation expectations become unanchored.

Powell also spoke about the things the Fed can’t fix: the Russia/Ukraine conflict and COVID-19-related lockdowns in China, which are both likely to exacerbate supply chain disruptions. The Fed can only help with the demand side of the economy, not the supply side, which points to a limit to its hawkishness. In fact, Powell said: ”Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.” ’Broader price pressures‘, which is what they can work on, comes last on the list. This was perceived positively by the markets for 24 hours, before veering in the opposite direction. 

The Bank of England lifted its key rate by a quarter point (25 bps) to 1%, with three officials voting for an even larger move.   The Bank unveiled the gloomiest outlook of any major central bank this year, warning Britain to brace for double-digit inflation and a prolonged period of stagnation.

According to the Bank’s own forecasts, British households are facing a 1.75% drop in real disposable income this year, the second biggest fall since 1964; GDP growth is expected to drop slightly next year (-0.25%) whilst avoiding a technical recession (which is two negative quarters in a row) and inflation could top 10%.

Other Bank of England forecasts were:

– Inflation climbing above 10% in October

– Pay growth rising to 5.75% in 2022, before falling in the following two years

– Unemployment dropping this year before climbing to 5.5% by 2025

– The economy stagnating in 2024, with 0.25% growth.

Sterling was hurt by Governor Andrew Bailey’s comments, falling 0.7% vs. the US dollar and 0.4% vs. the euro to the lowest levels in almost two years.


United States

The Q1 productivity vs. labour cost equation threw markets into a tailspin

Housing: the 30-year mortgage rate has moved from 3.29% at the start of this year to 5.54% early last week. MBA mortgage applications rose 2.5% during the week, after a string of falls.

Employment: record levels of job openings and workers quitting were announced in March, pointing to intensifying labour market tightness that should keep pushing wages higher. The number of job openings increased to 11.5 million in March from 11.3 million. A record 4.5 million Americans quit their jobs in March (the series started in 2000), with the quit rate rising to 3%. There were 1.9 job openings for every jobseeker.

Non-farm payrolls for April were identical to March at 428K jobs created. The net two-month revision was -39K, which is minor and mostly centred on February.

The unemployment rate (U-3) remained at 3.6% and the underemployment rate (U-6) actually rose from 6.9% to 7.0%. The all-important labour participation rate went down from 62.4% to 62.2%, which highlights a supply problem and does not help the inflation story.

Initial jobless claims rose from a low 181K to 200K whereas continuing claims kept falling, from 1403K to 1384K.

The Challenger job cuts finally turned positive, up 6.0% after over a year of negative job cuts, which means companies are finally cutting jobs again.

Industry: factory orders were very strong, up 2.2% in March, 2.5% ex transportation. The Wards series for total vehicle sales improved from 13.33 million to 14.29 million (annualised).

Surveys: the ISM (Institute for Supply Management) services index fell from 58.3 to 57.1, although it is still a healthy growth number.

Productivity and costs: Q1 productivity fell by a huge 7.5% and unit labour costs rose 11.6%, a massive 19% discrepancy. Even accounting for the enormous volatility of this series (the previous quarter was +6.3% for productivity and +1% for unit labour costs), this is still dreadful and shows that inflation could be stickier for longer. The 20-quarter growth rate for productivity, however, is still at 1.5%, better than the 0.5% at the end of 2015.

Earnings: average hourly earnings were up 0.3% in April, down from 0.5%, with the year-on-year growth down from 5.6% to 5.5%. Average weekly hours were unchanged at 34.6.


United Kingdom

Housing still doing well

Prices: the BRC shop price index rose from 2.1% to 2.7% in April.

Credit: consumer credit rose 5.2% year-on-year in March, better than the previous 4.5%. Mortgage approvals were almost unchanged but net lending secured on dwellings surged from £4.6bn to £7bn.

Money supply: money supply (M4) eased a little from 6% year-on-year to 5.4%.

Housing: UK house prices rose for a tenth straight month in April as shortages of property for sale continued to underpin the market. The average value of a home hit a record £286,079, per mortgage lender Halifax. Prices rose 1.1% from March and year-on-year at 10.8%.

Automotive sector: new car registrations fell 15.8% year-on-year in April, down from 14.3% the prior month.

Surveys: the S&P Global/CIPS construction PMI fell from 59.1 to 58.2, still a strong level.


Europe

Not much in the way of good news

Inflation: the eurozone PPI (producer price index) surged from 31.5% to 36.8% year-on-year after a 5.3% jump in March. Even if a small part of this enormous cost inflation goes into consumer prices, it could feed into inflation and/or cut company margins.

Employment: the eurozone unemployment rate improved marginally from 6.9% to 6.8%.

Sales: eurozone retail sales fell 0.4% in March.

Industry: German factory orders slumped 4.7% in March, the second negative month.


China/India/Japan/Asia

Shocking services slump in China

China: the unofficial Caixin services PMI dropped from 42 to 36.2, worse than the official non-manufacturing PMI at 41.9 and the worst level since the early COVID-19 period, reflecting the impact of lockdown on consumer spending.

Exports year-on-year rose 3.9% in April, down from 14.7% the previous month, and imports were flat. Chinese foreign exchange reserves fell somewhat in US dollar terms, from US$3.19trn to US$3.12trn.

Japan: the monetary base rose 6.6% year-on-year in April, down from 7.9% previously.


Oil/Commodities/Emerging Markets

After the EU ban on Russian oil, crude prices surged and finished the week more than 4% higher, with Brent at US$112/bbl and the US gauge WTI approaching US$110.  Gold recovered a little but could not hold on to the US$1,900 handle.

What our clients say about us

Some of our clients shared their experience

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

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 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

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 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 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

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

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

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 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

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How do we use cookies ?

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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).