Research disclaimer

1. Scope of this notice

This notice applies to the whole of the Zimba Capital Research website, to The Zimba Briefing email, and to any research, article, chart, table, note or commentary published under the Zimba Capital Research name, in any format and through any channel. By reading or otherwise using this material you accept the terms set out below.

Zimba Capital Research is the research and insights division of Zimba Capital. References to “we”, “us” and “our” mean Zimba Capital Research.

2. General information only — no investment advice

All material published by Zimba Capital Research is provided for general information and discussion. It does not constitute, and must not be relied upon as:

• investment advice, or advice of any regulated kind;
• a personal recommendation to buy, sell, hold or otherwise deal in any security, fund, derivative, digital asset or other financial instrument;
• tax, legal, accounting or regulatory advice;
• a statement that any investment or strategy is suitable or appropriate for you.

We do not know your objectives, financial situation, risk tolerance, time horizon or needs, and nothing we publish takes them into account. Any decision you make remains entirely your own.

3. No offer or solicitation

Nothing published by Zimba Capital Research is an offer to sell, or a solicitation of an offer to buy, any security or financial instrument, nor an invitation to engage in any investment activity, in any jurisdiction where such an offer, solicitation or invitation would be unlawful.

4. Intended audience

Our material is written primarily for professional, institutional and sophisticated readers. It is not tailored to retail investors and may not be appropriate for them. Material is not directed at any person in any jurisdiction where its publication or availability would be contrary to local law or regulation, and it is your responsibility to satisfy yourself that you may lawfully access it.

5. Risk warnings

Investing involves risk, including the risk of losing some or all of the capital invested. In particular:

• the value of investments and any income from them can fall as well as rise, and you may get back less than you invested;
• past performance is not a reliable indicator of future results;
• where investments are denominated in a currency other than your own, movements in exchange rates may cause the value to fall as well as rise;
• private, illiquid and unlisted investments carry additional risks including the inability to sell at a time or price of your choosing, and valuations that are estimated rather than observed;
• leverage magnifies both gains and losses.

6. Forward-looking statements

Our research contains forward-looking statements, estimates, projections and opinions about future events. These are inherently uncertain. They rest on assumptions that may prove incorrect, and actual outcomes may differ materially. No representation is made that any projection, forecast or estimate will be realised. We are under no obligation to update any forward-looking statement, although in practice we frequently do.

7. Illustrative figures and data

Certain charts, tables and figures published on this site are explicitly described as illustrative. Where that description appears, the figures are constructed for demonstration and to make an argument legible. They are not actual market data, actual returns, or a representation of any real portfolio, fund, index or security, and they must not be used as a basis for any decision.

8. Accuracy, sources and third-party content

We take reasonable care to ensure that information is accurate at the time of publication, and we cite sources where we rely on them. However, information is provided “as is” and without warranty of any kind, express or implied. We do not warrant that material is complete, current, or free from error.

This site may link to third-party websites and may reference third-party data. We do not control those sites or that data, do not endorse them, and accept no responsibility for their content, accuracy or availability.

9. Conflicts of interest and disclosure

Zimba Capital Research is funded by Zimba Capital as an operating cost. We accept no issuer fees, placement mandates, sponsored coverage or payment of any kind from organisations we write about.

Zimba Capital and its affiliates, officers and employees may hold positions in, or have commercial relationships with, entities discussed in our research. Where such an interest is material to a piece, we disclose it prominently within that piece. Where an interest is significant enough that disclosure would not adequately address the conflict, we do not publish.

10. Limitation of liability

To the fullest extent permitted by law, neither Zimba Capital Research nor Zimba Capital, nor any of their respective officers, employees or contributors, accepts any liability for any loss or damage — direct, indirect, consequential or otherwise — arising from any use of, or reliance on, material published on this site or in our emails. Nothing in this notice excludes or limits any liability that cannot lawfully be excluded or limited.

11. Corrections

Where we discover a material error, we correct it at the top of the affected article, with the date and the substance of the change. We do not silently amend conclusions after publication and we do not remove published research because it has aged badly. If you believe we have published something incorrect, please tell us.

12. Intellectual property

All content published by Zimba Capital Research is protected by copyright and remains our property or that of our licensors. Short quotations with clear attribution and a link are permitted. Full republication, translation, redistribution or commercial use requires our prior written permission — contact us and we will usually agree.

13. Changes to this notice

We may update this notice from time to time. The version published on this page is the version in force, and the date at the top of the page indicates when it was last revised.

14. Contact

Questions about this notice should be sent to research@zimbacapital.com, or through the contact page. For matters relating to the wider business, please see zimbacapital.com.