Disclosures

• Not FDIC insured
• No bank guarantee
• May lose value

Investments managed by Calcutta Capital Management are not bank deposits. They aren’t insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency, aren’t guaranteed by any bank, and can lose value, including the money you put in.

Your account is held at a brokerage firm in your own name, not by us. If the brokerage is a member of the Securities Investor Protection Corporation (SIPC), SIPC protects the securities and cash in your account up to $500,000, including up to $250,000 in cash, if the brokerage itself fails. SIPC doesn’t protect against investments falling in value.

All investing involves risk, including the loss of some or all of the money you invest. Your account’s value will rise and fall with the markets, and you may get back less than you put in. No strategy, including ours, is guaranteed to meet its goals or to make money.

Ways of investing in falling markets, such as selling short or buying options, carry added risks: a short sale can lose more than its original value, and an option can expire worthless. Your advisory agreement sets out what your account may hold.

Our research relies on quantitative models. Models are built on past data and assumptions that may not hold in the future, and they can contain errors.

Past performance doesn’t guarantee future results.

The charts and the fee example on this site are hypothetical illustrations. They don’t show the results of any client account and aren’t a prediction or promise of future returns. Real returns will differ, and some years will be losses.

Client statements compare your return with the S&P 500 for reference. An index is unmanaged, has no fees or expenses, and can’t be invested in directly, and your account’s holdings and risk may differ a great deal from it.

Instead of a fee based on the money in your account, we’re paid a share of your realized gains above a high-water mark (see how it works). You should know that:

• A fee tied to gains can give an adviser a reason to take more risk than it otherwise would, in pursuit of larger gains.
• The fee is charged on realized gains: what investments sell for above what they cost, plus interest and dividends. A gain isn’t charged until a sale realizes it, and realized losses must be made up before a new fee is charged. A fee already paid isn’t returned if later sales lose money.
• Because only realized gains are charged, an adviser could have a reason to sell investments that have risen, hold ones that have fallen, or time sales around billing dates.
• Your fee rate, how often it’s calculated, and which of your accounts it applies to are set out in your advisory agreement. Retirement accounts, such as IRAs, are often not charged. If anything on this site differs from your agreement, the agreement governs.

The brokerage that holds your account is a separate company, not affiliated with us. It carries out trades and sends you its own statements and trade confirmations, which are the official record of your account. We encourage you to compare the statements we send with the brokerage’s.

This site is general information about our firm. Nothing on it is an offer to sell, or a request for an offer to buy, any security or service, and nothing on it is personal investment, tax or legal advice. We give advice only to clients who have signed an advisory agreement with us, once we understand their goals, finances and comfort with risk. We provide services only where we’re permitted to by law.

Opinions on this site are ours as of the date they were written and may change. Information from outside sources is believed to be reliable, but we can’t guarantee that it’s accurate or complete. See also our terms of use.

To ask about these disclosures, send us a note and one of the partners will reply by email. If you’re a client, you can also write to the partner you work with.