Tages offers a fully independent UCITS platform, hosting multiple single strategy UCITS Alternative funds. We form partnerships with leading alternative investment managers to leverage Tages significant experience in hedge funds to bring best of breed managers to the UCITS alternative market. Being an investment led solution for our clients, we make a significant day one capital commitment to each fund. Clients benefit from a regulated offering with a high level of transparency.

The fund is a global equity long/short fund, managed in partnership with London-based Anavon Capital. Anavon seeks to generate alpha though a value-orientated investment approach backed by deep proprietary fundamental research with a focus on risk management. The fund invests in liquid global long short equities, is biased towards developed markets and looks for opportunities in single stock idiosyncrasies. The fund aims to achieve superior risk-adjusted returns, protecting capital during downturns and capturing equity market upside with a conservative risk profile.

The fund runs a global emerging markets equity strategy managed in partnership with California-based, Dalton Investments LLC. Dalton is a value-focussed investment management firm with particular expertise in Asia and emerging markets. The fund offers investors access to Daltons extensive resources and experience in emerging markets in a long/short format within UCITS guidelines.

The fund manages a portfolio of long and short GEM equity positions targeted at limiting risk while seeking to provide superior long term returns. Dalton is distinguished by its long term approach to investment using a disciplined process. They seek to identify superior businesses trading at a significant discount to intrinsic value where management and business owners, as well as their minority shareholders, share an alignment of interest.

The fund runs a tail hedge strategy and is managed by Tages in-house quantitative and alternative risk premia team. It aims to provide investors with protection from a broad range of adverse market conditions without the typical burden of carry associated with tail hedge strategies in upward trending markets. The strategy uses a combination of systematic long volatility and convexity, momentum and mean reversion strategies together with low beta carry strategies designed to compensate for time decay. The PM uses a proprietary combination of quantitative and qualitative techniques to evaluate and select a portfolio of investable trading strategies and alternative risk premia with clear tail hedge characteristics.

The Tages Capital element of this website (website or site) is issued jointly by Tages Capital LLP and Tages Capital SGR SpA, collectively Tages Capital. Tages Capital LLP is authorised and regulated by the UK Financial Conduct Authority. Tages Capital SGR S.p.A. is authorised and regulated by Bank of Italy and it isenrolled under no. 132 of the Register of the SGR – AIF Managers section.Tages Capital LLP and Tages Capital SGR S.p.A. are controlled by Tages Holding S.p.A. and members of the Tages Group, a banking group enrolled with the Register of Banking Groups held by the Bank of Italy under no.20050. It does not constitute an offer by Tages Capital to enter into any contract/agreement nor is it a solicitation to buy or sell any investment.

The content is aimed principally at professional investors who meet:

the Financial Conduct Authority definitions of Eligible Counterparty or Professional Client (together professional investor or fall into one of the categories of person listed in FCA Handbook COBS 4.12;Click here to access FCA Definitions.

The Consob definitions of Eligible Counterparty or Professional Client (together professional investor) or fall into one of the categories of person listed under art. 14 of the Italian MD no. 30/2015, and

Existing Retail Italian investors in Tages Capital SICAV Global Alpha Selection and Tages Equity Funds (the Funds) who should only view those elements of the site relevant to the Funds.

Unless you are a professional investor, please exit the site. Information on this site is unsuitable for and should not be relied upon by any Retail client. If you have any doubts about your status, please contact the Compliance Department.

The information below explains the legal and regulatory restrictions in relation to the Tages Capital. If you accept the conditions below and wish to enter the site this page constitutes a binding legal agreement.

Please read the Terms carefully; they may be amended without notice to you. Your continued use of the site following any changes will mean that you accept such changes.

By accessing any page of this site, you agree to be bound by the Terms below. If you do not agree to the Terms, please exit the site. This page is designed to filter out unsuitable categories of investor from accessing the site and as such Tages Capital cannot be responsible for any explicit or implicit misrepresentations you may make in gaining unauthorised access to the site.

Many of the protections provided by the United Kingdom regulatory structure may not apply to investments in funds referred to within this site. Funds may be structured as UCITS but unless they have been recognised under s.264 of the UK Financial Services and Markets Act 2000, they are unregulated collective investment schemes from a UK perspective. Investors may not have access to the UK Financial Services Compensation Scheme and the UK Financial Ombudsman Service.

By proceeding you agree, so far as this is permitted under the provisions of the UK regulatory system, to the exclusion by us of any liability, including without limitation that arising from any loss of profit or any other damage direct or consequential, in respect of any errors and/or omissions by us and/or any relevant third parties in respect of the content. The contents of this site are based upon sources of information believed to be reliable, however, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to its accuracy or completeness and, Tages Capital, its members, officers and employees do not accept any liability or responsibility in respect of the information or any views expressed herein. Tages Capital accepts no liability for any loss or damage of any nature whatsoever, whether directly arising from accessing, using, consulting or navigating this site, or from links to other websites.

This website may include or may refer to documents that include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. If you have accessed this site using a link from another site, Tages Capital does not accept any liability or responsibility for the accuracy of information contained within the sites of other providers who have links to any pages of this site or to whom this site is linked.

There are significant risks associated with investment in the funds referred to in the site. Investment in the schemes on this site is intended for sophisticated investors who can accept the risks associated with such an investment including a substantial or complete loss of their investment. Such schemes are permitted to and use gearing as an investment strategy. The effect of such gearing is that movements in the price of the schemes will be more volatile than the movements in the prices of their underlying investments.

Past performance is not a guide to future performance and your entire investment is at risk of loss. The value of investments and any income derived from them can go down as well as up and the value of an investors investment may be extremely volatile and be subject to sudden and substantial falls. The prices of commodities contracts and all derivatives instruments, including futures and options, are highly volatile. Certain investment positions may be illiquid. The funds may invest in securities of financially troubled companies, illiquid over-the-counter securities and non-publicly traded securities.

Investment in a fund with exposure to emerging markets involves risk factors and special considerations which may not be typically associated with investing in more developed markets. Political or economic change and instability may be more likely to occur and have a greater effect on the economies and markets of emerging countries. Adverse government policies, taxation, restrictions on foreign investment and on currency convertibility and repatriation, currency fluctuations and other developments in the laws and regulations of emerging countries in which investment may be made, including expropriation, nationalisation or other confiscation could result in loss to the fund.

Income from investments may fluctuate. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. You should be aware that investments in higher yielding bonds issued by borrowers with lower credit ratings may result in a greater risk of default and have a negative impact on income and capital value. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Fund charges may be applied in whole or part to capital, which may result in capital erosion. The funds are not traded on an exchange or recognised market and in common with some of their investments, are not readily realisable. This factor can make it difficult to obtain independent verification of the investment value and the extent of the risks to which they are exposed. Investors should be fully aware of potential restrictions on transfer of investments.

The foregoing list of risk factors is not complete and reference should be made to the funds constitutional documents, KIIDs and application forms.

The site does not constitute an offer by Tages Capital to enter into any contract/ agreement nor is it a solicitation to buy or sell any investment. It should not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.Investors must inform themselves about the laws which are in force in their country or jurisdiction.This site is not aimed at persons who are residents of any country, including the United States of America (USA) and South Africa, where the funds referred to herein are not registered or approved for marketing and/or sale or in which the dissemination of information on the fund or services is not permitted. No part of this site should be copied and distributed to any third party without the express approval of Tages Capital.

The information contained in this site about Tages Capital is not directed to any person in the United States. The provision of the information in this site does not constitute an offer of securities to any person in the United States or to any U.S. Person. Shares in the funds have not been, and will not be, registered under the US Securities Act of 1933, as amended (the 1933 Act), or qualified under any applicable state statutes, and the Shares may not be offered, sold or transferred in the United States of America (including its territories and possessions) or to or for the benefit of, directly or indirectly, any US Person, except pursuant to registration or an exemption. The funds are not, and will not be, registered under the US Investment Company Act of 1940, as amended (the 1940 Act), and investors will not be entitled to the benefit of such registration. Consequently, it cannot be offered for sale or be sold in the USA, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas. The funds may make a private placement of the Shares to a limited number or category of US Persons.

Notice to Persons in the European Economic Area (EEA)

The funds may be alternative investment funds for the purpose of the European Union Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the AIFMD).

Shares of such funds may only be marketed to prospective investors which are domiciled or have a registered office in a member state of the EEA (EEA Persons) in respect of which AIFMD marketing rights have been exercised by the funds and in such case only to EEA Persons which qualify as professional investors or another category of persons to which such marketing is permitted under the national laws of such member state. All investors in the fund must also qualify as Qualifying Investors.

Tages Capital maintains a complaints handling policy and procedures in accordance with which it handles complaints, including complaints made by complainants who are eligible to bring a complaint before theFinancial Ombudsman Service, the independent statutory dispute-resolution body for the financial services industry in the United Kingdom.

Tages Capital is a registered trademark. It is forbidden to reproduce (in full or in part), amend, create a link to or use this site for any public or commercial purposes without the prior consent of Tages.

No information contained in this site should be deemed to constitute the provision of financial, investment, taxation or other professional advice in any way. Investors should obtain professional financial advice before proceeding with any investment.

Taxation will depend on individual financial circumstances and the country of residence. Investors should obtain professional advice on taxation where appropriate before proceeding with any investment.

Information on performance follows UK and Italian standards.The performance figures refer to the past and past performance is not a reliable indicator of future results.The base currency of the funds may be Euro (EUR) or US dollars (USD), and unless otherwise indicated, performance figures are calculated in the base currency. The return of investors in non-base currency share classes may increase or decrease as a result of currency fluctuations.

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Please read the specific legal notices to individual sections of the Website.

By clicking accept below, I confirm I am a professional investor.

handling policy and procedures in accordance with which it handles complaints, including complaints made by complainants who are eligible to bring a complaint before theFinancial Ombudsman Service, the independent statutory dispute-resolution body for the financial services industry in the United Kingdom.

Tages makes every effort to ensure that the information on the Website is accurate and complete at the time of its publishing. Although all the information is obtained from reliable sources, Tages does not guarantee that it is accurate, reliable, up-to-date or exhaustive. Any view or opinion expressed on this website is subject to amendment without notice. Tages cannot guarantee that the information on this website has not been altered as a result of technical malfunctions .

Tages accepts no liability for any loss or damage of any nature whatsoever, whether direct arising from accessing, using, consulting or navigating its website, or from links to other websites.

Tages Capital is a registered trademark. It is forbidden to reproduce (in full or in part), amend, create a link to or use this website for any public or commercial purposes without the prior consent of Tages.

Please read the specific legal notices to individual sections of the Website.

By clicking accept below, I confirm I am an Investment Professional.