Important information

General advice

Australian General Advice wording:

Kapstream Capital Pty Limited (ABN 19 122 076 117) operates this website, www.kapstream.com. Kapstream Capital Pty Limited (AFSL 308870) is authorised to provide financial services to wholesale clients only (within the meaning of the Corporations Act 2001 (Cth)). Fidante Partners Limited (AFSL 234668), however, is the responsible entity and issuer of interests in the Kapstream Absolute Return Income Fund ARSN 124 152 790 which is managed by Kapstream.

The information on this website has been provided by Kapstream on this basis and is for use by such wholesale clients only and no other persons. The information on this website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read any relevant Product Disclosure Statement or other offer document prior to acquiring a financial product.

US General Advice wording:

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS, AS INVESTMENT RESULTS ARE NEVER GUARANTEED AND MAY VARY.  All investments contain risk and may lose value.  Investing in bond markets is subject to numerous risks including market, interest rate, issuer, credit, default and inflation risks.  The value of investments and the income derived from investments can and will go down as well as up.  Future returns are not guaranteed, and a loss of principal may occur.  Opinions expressed are current opinions as of the date appearing in this material only and may change without notice.  No part of this material may, without Kapstream Capital’s prior written consent, be copied or duplicated in any form or distributed to any person that is not an employee, officer, director or authorised agent of the recipient.

Kapstream’s strategies may include the use of derivatives which create certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous.  Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security may result in a disproportionately large movement in the price of the derivative and are therefore not suitable for all investors.  No representation regarding the suitability of these instruments and strategies for a particular investor is made.  The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.  There is no guarantee that this investment strategy will work under all market conditions and each investor should evaluate their ability to invest for the long-term, especially during period of downturn in the market. Diversification does not ensure against loss.  Emerging market issuers may be less liquid and more volatile and are subject to a number of additional risks, including but not limited to currency fluctuations and political instability.  Holdings may change by the time you receive this report.  The securities discussed do not represent all of the portfolio holdings and may represent only a small percentage of the strategy’s portfolio holdings.  A complete list of holdings is available upon request.  Future portfolio holdings may not be profitable.  The information should not be deemed representative of future characteristics of the strategy.  While Kapstream’s risk management process includes efforts to monitor and manage risk, it should not imply consistent low risk.

All indices described are unmanaged.  The figures for the index may reflect the reinvestment of coupons but do not reflect the deduction of any fees or expenses which would reduce returns.  References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results.  It is not possible to invest directly in an unmanaged index.  While Kapstream seeks to design portfolio which reflect appropriate risk and return features, portfolio characteristics may deviate from those of the index.

This presentation is confidential and not intended for public distribution. This is neither an offer to sell nor a solicitation of an offer to purchase any security and may not be relied upon in evaluating the merits of investing in the investment funds described herein.  No such offer or solicitation will be made prior to the delivery of a definitive offering memorandum, product disclosure statement and/or other materials relating to matters herein.  Offers and sales of funds will be made only pursuant to a product disclosure statement or offering memorandum, complete documentation of the fund and in accordance with applicable securities laws.  This presentation is qualified in its entirety by reference to such complete documentation.

The summary description and information included herein and any other materials provided to you are intended only for informational purposes and convenient reference.  The descriptions contained herein are a summary of certain proposed terms and are not intended to be complete.  The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.  Material terms are subject to change.  Any potential investor will be provided with a definitive prospectus, product disclosure statement or offering memorandum and will be provided an opportunity to review the documentation relating to such an investment.  Prospective investors should review the definitive disclosure materials, including the risk factors, before making a decision to invest.  In addition, prospective investors should rely solely on a fund’s product disclosure statement or offering memorandum in making a decision to invest.

The advice prepared in this document was prepared without taking into account any individual’s objectives, financial situation or needs.  Clients should therefore consider the appropriateness of the advice in light of their own objectives, financial situation or needs, before acting on the advice and should obtain an Offering Memorandum, Prospectus or Product Disclosure Statement (PDS) if required, relating to the product and consider the information contained therein before making any investment decision.

The materials are confidential and intended solely for the information of the person to whom it has been delivered.  These materials are not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulations.

No representation or warranty, express or implied is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of the proposed investment funds described herein.  Kapstream will follow an investment policy that, if unsuccessful, could involve substantial losses for its funds.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSON, THIS BROCHURE IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION.  THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADQUANCY OR ACCURACY OF COMMODITY TRADING ADVISORY DISCLOSURE.  CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

Conditions of use

Application of conditions of use
Kapstream Capital Pty Limited (ABN 19 122 076 117) operates this website, www.kapstream.com.  Kapstream Capital Pty Limited (AFSL 308870) is authorised to provide financial services to wholesale clients only (within the meaning of the Corporations Act 2001 (Cth)). The information on this website has been prepared on this basis and is for use by such wholesale clients only and no other persons.

These conditions of use, together with any other terms, notices or disclaimers contained elsewhere on the Kapstream website, govern the supply of material on, use of and access to the Kapstream website. By accessing the Kapstream website, you agree to be bound by these Conditions of Use and any modifications of them.

Information and accuracy
Information provided on the Kapstream website:

  • is intended for Australian residents only and may not comply with non-Australian laws;
  • is of a general nature and does not take into account your individual circumstances, financial needs or objectives;
  • is not intended to be investment advice nor a recommendation or statement of opinion about any particular financial product or class of financial products. As a result, it should not be relied upon in acquiring any product or service offered by Kapstream
  • is provided in good faith and derived from sources believed to be accurate and current at the date of publication.

Kapstream does not guarantee the accuracy, currency, adequacy or completeness of information on the Kapstream website or that the website is otherwise free from error, omission or other defect.

Kapstream reserves the right to change any information provided on the Kapstream website without notice.

Kapstream does not guarantee that your use of the Kapstream website will be uninterrupted, timely or secure.

Unless otherwise specified, all references to currency are to Australian dollars.

Your conduct
You warrant that when accessing and using the Kapstream website you will not use the website for any purpose that is unlawful or prohibited by these online conditions of use or any other term, notice or disclaimer appearing on the Kapstream website. You also agree to not use the Kapstream website in any way that interferes with other users.

Kapstream retains the right to monitor your use of the Kapstream website and prevent further access at any time in its discretion.

Copyright and trademarks
The material on the Kapstream website is protected by copyright. You may only use this material for your own personal reference. You must not otherwise use, reproduce, publish, modify, distribute, link, frame, transmit in any form or by any means, electronic or mechanical, for any purpose, any of the material on the Kapstream website, except with the prior written permission of Kapstream.

Trademarks used on the Kapstream website are the property of Kapstream or third parties with which Kapstream has an association. You must not use a trademark used on the Kapstream website without the prior written consent of the owner of that trademark.

Links to third party websites
The Kapstream website may contain hyperlinks and other pointers to websites operated by third parties. These linked websites are not under Kapstream’s control, and Kapstream is not responsible for the contents of any linked website or any hyperlink contained in a linked website. Kapstream provides these hyperlinks as a convenience only, and the inclusion of any link does not imply any endorsement of the linked website by Kapstream. You agree to access any such third party website entirely at your own risk.

Limitation of liability
You agree that your use of the Kapstream website and reliance on any information contained on the website, is entirely at your own risk. To the extent permitted by law, Kapstream excludes all liability for any loss or damage (including indirect or consequential loss or damage) you or any other person suffers in connection with your use of the Kapstream website, including your reliance on any information contained on the Kapstream website.

Kapstream’s liability for breach of any warranty or condition implied by law that cannot be excluded is limited, at Kapstream’s option, to:

  • in the case of services supplied or offered by Kapstream:
    • the re-supply of those services; or
    • the cost of having those services re-supplied; and
  • in the case of goods supplied or offered by Kapstream:
    • the replacement of the goods or the supply of equivalent goods
    • the repair of the goods; or
    • the cost of having the goods replaced or repaid.

Governing law
These online conditions of use and other terms, notices and disclaimers appearing on the Kapstream website, are governed by the law in force in the state of New South Wales. You agree to the non-exclusive jurisdiction of the courts of New South Wales, Australia and any courts which may hear appeals from those courts in respect of any proceedings in connection with these online conditions of use.

Privacy Policy

This Privacy Policy applies to information collected Kapstream Capital Pty Limited ABN 19 122 076 117 (“we”, “us” or “our”). It outlines how we manage your personal information and safeguard your privacy.

We understand your concerns about privacy and the security of your personal information. Your privacy is important to us and we are bound by the Privacy Act 1998 (Cth) and the Australian Privacy Principles (“APPs”). We are committed to protecting the personal information that we hold about you.

1. What personal information is collected?
We only collect personal information that is reasonably necessary for us to provide our clients with financial services and to administer them, this may include collecting personal information from or about individuals (“you” or “your”) associated with those clients (for example, company directors). The kind of personal information we collect and hold will depend upon the type of services that our clients request from us and may include:

  • your name, date of birth, address, contact details and relevant identification documents;
  • communications between us and a client’s asset consultant, custodian, legal or other adviser, including their broker or other agent; and
  • transactional information about the use of a service.We collect sensitive information where required by law (eg. to verify your identity).

2. How is personal information collected?
We collect your personal information in a number of ways including:

  • directly from you such as when you provide the information by phone, email or in an application form submitted on behalf of a client, or when you participate in a survey; and
  • from third parties such as a client’s asset consultant, custodian, lawyer, broker or other agents, or identity verification service providers.3. What if you do not provide certain information?

If you provide us with an incomplete application, we may not be able to provide our client with the service until the application is complete.
If you do not provide us with all relevant identity verification documents, or adequately satisfy electronic identity verification requirements, we may not be able to provide our clients, or continue to provide them with the service.
If you choose not to disclose your details or correctly answer verification questions, we may not be able to process transactions our client has requested.

4. Use and disclosure of your personal information
We may collect, use and disclose your personal information for the primary purpose of providing the services requested by our clients, as well as for related purposes such as:

  • to verify your identity or transactions which our client may enter into with us;
  • to process our client’s applications for services;
  • to administer and manage the provision of our services;
  • to respond to queries, complaints or to provide you or our client with our general customer services;
  • to provide our client’s asset consultant, custodian, legal or other adviser with details of the investment;
  • to provide our client with offers of our other services and to improve and personalise our services;
  • to comply with laws and regulatory requirements, including anti-money laundering, financial services and taxation laws, or complying with any request made by a governmental authority in connection with legal proceedings or the prevention or detection of fraud and crime;
  • to comply with our risk management policies and procedures;
  • to conduct product and market research;
  • to train our staff; or
  • if attending our offices in person, to assist us in providing a safe and secure environment for employees and visitors.

We may disclose your personal information to:

  • our client’s asset consultant, custodian, legal or other adviser, including their broker or other agent;
  • professional service firms that provide services to us, such as, legal and audit services or data or information services;
  • our related companies; or
  • otherwise in accordance with this policy.

5. Use of service providers
We may contract out some of our administrative and support functions such as mailing, settlement services, document and data storage or identity verification services to external service providers from time to time. Only information necessary for the service provider to carry out their function will be provided and will be subject to confidentiality clauses in the relevant services agreement.

6. Keeping us up-to-date
Personal information such as contact details may change from time-to-time and we ask that you keep us informed of any changes by notifying us. Changes to some details, such as a change of name, may require additional documentation to verify the change. Additionally, some changes may be required to be made on a specific form.

Please see the ‘Contacting us’ information below if you would like to request an update to the personal information we hold about you.

7. Storage and security of information
We store personal information in a combination of computer storage facilities, paper-based files and other records. These are held on our premises and systems as well as offsite using trusted third parties. Some personal information may be held by data service providers located overseas (such as “Cloud” service providers for data storage and management purposes). We maintain effective control of the information under contractual arrangements. We will take reasonable steps to protect personal information from loss, interference or misuse, and unauthorised access, modification or disclosure.
Where personal information is no longer required to be retained, we will take such steps as are reasonable in the circumstances to de-identify the information or put it beyond use.

8. Openness
This Privacy Policy sets out our policies on the management of personal information and is made freely available on our website, or in hardcopy if requested.

9. Access and correction
Generally, we will provide you with access to your personal information that we hold, unless a particular exception applies, such as where:

  • it would be unlawful to provide the information;
  • providing access would be likely to prejudice an investigation of possible unlawful activity;
  • the information is relevant to legal proceedings and would not be accessible in the normal discovery process;
  • giving access would have an unreasonable impact on the privacy of other individuals;
  • it would pose a serious and imminent threat to the life or health of any individual; or
  • the request is frivolous or vexatious.If a request for access would divulge a commercially sensitive decision-making process, then we may provide an explanation rather than direct access to the information.

If we become aware that the personal information we hold about you is inaccurate, incomplete, misleading or irrelevant, then we will take reasonable steps to amend it. If we receive a request from you to correct your information, then we will seek to correct it within 30 days. If you and we disagree about the accuracy, completeness or currency of our records, then you have the right to request that we note your disagreement on those records.
Please see the ‘Contacting us’ information below if you would like to request an update or seek access to the personal information we hold about you.

10. Identifiers
We do not use any government-issued identifiers (such as TFNs, Medicare numbers and Drivers Licence numbers) for use as its own identifier. Instead, we issue numbers such as investor numbers and account numbers to identify our client and the services they obtain.

11. Anonymity and pseudonymity
Given legal requirements on financial institutions to identify their customers, in most situations we are unable to allow you or our client to transact with us on the basis of anonymity (including the use of a pseudonym). Access to our public website and some other interactions with us may be done anonymously, or in the case of general enquiries, using a pseudonym. However, we may not be able to respond to your queries unless you provide us with certain information.

12. Transborder data flows
We have staff located at overseas locations (ie. US), and they may have access to personal information as appropriate to their role. They are subject to this Privacy Policy and/or local requirements where these apply a higher standard.

13. Direct Marketing
We will not use your personal information for direct marketing purposes unless:

  • we have obtained your consent or you would reasonably expect us to use your personal information for direct marketing purposes; and
  • we have provided you with a simple means to ‘opt-out’ from receiving direct marketing; and
  • we have not received such a request from you

We will not use any sensitive information collected from you for direct marketing purposes.Changes to our Privacy Policy
We may make changes to this Privacy Policy from time to time for any reason and will make concerted efforts to update the website in a timely manner.

Contacting us
If you would like more information about how we manage your personal information or if you wish to change your contact information, please contact us on +61 2 9994 7000, or write to us at the following address:
The Compliance Officer
Kapstream Capital Pty Limited
Level 36, 225 George Street
Sydney NSW 2000
Email: info@kapstream.com

Complaints about your privacy
If you wish to raise any concerns about any breach or potential breach of your privacy, please contact our Compliance Officer and we will make every effort to resolve your complaint internally. If you wish to raise a concern, you should be aware of the following:

  • Your complaint should be made in writing to the Compliance Officer (via post or email)
  • We will attempt to respond within 30 days from receipt of your request
  • The complaint may also be taken to the Office of the Australian Information Commissioner (OAIC)

For more information on how you may lodge a complaint with the OAIC, please contact the OAIC hotline service on 1300 363 992 or email enquiries@oaic.gov.au.

Use of our website
We will collect some information from you when you visit our website. Your use of the facilities and services available through the website will determine the amount and type of information that we will collect about you. Some of this information will not be personal information because it will not reveal your identity.
We use third party web analytics providers to collect information on how people use our website and to help us know what our customers find interesting and useful in our website. Our web analytics providers use “cookies” and in some cases “clear gifs/web beacons” to collect information.
The only personal information which we collect about you when you use the website is what you tell us about yourself; for example, by completing an online form such as an application form or by sending us an email. We will record your email address if you send us an email.

Cookies
Cookies are pieces of information that are transferred to your computer when you visit a website so that sites can record usage and, in some cases, provide you with tailored content or targeted advertising. Most web browsers are set to accept cookies. However, if you do not wish to receive any cookies you may set your web browser to refuse cookies.

Clear gifs
Clear gifs (also known as web beacons) are used in combination with cookies to help us understand how visitors interact with our website. A clear gif is typically a transparent graphic image (usually 1 pixel x 1 pixel) that is placed on a site. The use of a clear gif allows us to measure the actions of the visitor opening the page that contains the clear gif.