7 November 2024
Portfolio managers Denis Struc and Ian Bettney explore the supply and demand factors creating distortion in the pricing of European collateralised loan obligations (CLOs), setting out two relative value opportunities that have emerged.
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1 About the promoter
The information contained on this website relates to products offered by Tabula Investment Management Limited (“Tabula”). Tabula is authorised and regulated by the Financial Conduct Authority. Registered address: 10 Norwich Street, London EC4A 1BD. Waystone Investment Management (IE) Limited (“Waystone”) is the appointed distributor in the European Economic Area. Waystone is authorised in Ireland as an investment firm under the Markets in Financial Instruments Directive and is regulated by the Central Bank of Ireland under reference number C1011. Waystone does not provide investment advice on an independent basis.
This website provides information about various investment strategies (“Tabula Strategies”). The provision of such information may constitute a financial promotion by Tabula. The use of this website is subject to the following terms and conditions (the Terms) which you should read carefully. By using this website you agree to be legally bound by these Terms. If you do not accept these Terms, please do not use this website.
2 Distribution of information
The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject Waystone to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). Products related to Tabula Strategies have not been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.
3 No offer
The information and material on this website, including any offering document, is intended to be used for information purposes only. None of the information constitutes a public offer of securities under any applicable legislation, or an offer to sell, or a solicitation or an offer to purchase, any financial instruments, including but not limited to Tabula.
4 Website user categorisation
The professional investor section of the website and its content is restricted to “Professional Investors” only and is not intended for retail or private investors. By entering the institutional investor section of the website, you affirm either that you are a Per Se Professional Client, or that you wish to be treated as an Elective Professional Client, both as defined under the Markets in Financial Instruments Directive, or a Qualified Investor as defined under Regulation (EU) 2017/1129 or an equivalent in a jurisdiction outside the EEA. For example, in Switzerland, the equivalent term is Professional Client or Institutional Client according to the Federal Act on Financial Services, and in the UK the equivalent terms is a Professional Client as defined in the FCA’s Handbook of Rules and Guidance.
In accessing the website as a Professional Investor you will be undertaking, warranting and representing to Tabula that you are a Professional Investor. Please note that Tabula will be acting in reliance upon your undertaking, warranty and representation and you shall indemnify us and hold us harmless against all claims liabilities, losses, damages, costs and expenses incurred or suffered by us by reason of any breach of such undertaking, warranty and representation.
As a matter of general policy Tabula will not conduct regulated investment activities with any person as a result of their receiving information from the website, unless agreed otherwise with a professional investor.
Any non-Professional Investors should click on “Back” to return to the landing page.
5 No investment advice
This website is published solely for information purposes and does not constitute investment, legal, tax or other advice. It should not be relied upon in making an investment decision. The website is not tailored to the needs of any individual investor and does not contain any personal recommendation relating to any investment product, or any representation that an investment or strategy is suitable or appropriate for your individual circumstances. If any information on this website refers to a particular tax treatment, the tax treatment described depends on the individual circumstances of each client and may be subject to change in future. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.
6 No warranty
Information contained on this website has been taken from sources considered by Tabula to be reliable, however, the information is unaudited. No express or implied warranty or representation is given:
(i) in relation to any aspect or characteristic of the website or any information contained on it;
(ii) as to the accuracy, completeness, availability, timeliness, merchantability or fitness for purpose of any information on the website, including but not limited to any quotations, news, opinions, commentaries, recommendations, data or pricing;
(iii) that access to any aspect of the website will be uninterrupted or free from delays, malfunctions or errors in transmission;
(iv) as to the future performance of any Tabula strategy; or
(v) as to any result or outcome that may be obtained from the use of the website.
Any of the information on this website may be changed, updated or removed without prior notice, however, Tabula is under no obligation to update the information and does not represent that it or any other person will do so.
7 No liability for loss or damage
Tabula (including any of its directors, officers or employees, third party agents and affiliates) will not be liable for any loss or damage of any kind, in whole or in part, howsoever caused, resulting from the use of, reliance upon, failure of or inability to access this website or any linked website, or resulting from the act or omission of any other party involved in making this website or the information on it available to you, whether or not the circumstances giving rise to such loss or damage were within the control of Tabula knew of the possibility of loss or damage arising.
The Terms and Conditions are not intended to exclude or restrict any duty or liability Tabula may have under the UK regulatory system.
8 Indemnity
You agree to indemnify Tabula and its affiliates against any losses, claims, liabilities, damages, costs and expenses (including reasonable legal fees) arising from or relating to your:
(i) use of this website;
(ii) breach of any of the Terms and Conditions or any representation made by you herein; or
(iii) violation of any applicable law, statute, regulation or any third party’s rights.
This website and access to it can be terminated at any time, with or without notice, and for any reason. Termination of your access and use of the website does not relieve you of any obligations arising prior to such termination or limit any liability that you otherwise may have to Tabula
9 Modifications and additional terms and conditions
By accepting the Terms and Conditions, you also agree to be bound by any additional or alternative terms and conditions that apply to individual pages within this website or individual documents that may be downloaded from this website, as specified on those pages or documents. Your continued use of this website shall signify your agreement with and understanding of any additional or modified terms or conditions. If you access a page or document and do not understand, or do not agree to be bound by, any additional or alternative terms and conditions specified, you must cease using that page or document immediately.
Tabula may change the Terms and Conditions at any time, without further notice to you.
10 Linked websites
This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites“). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.
You must not link this website to any other website in such a way as to make it possible for a user to bypass the page containing the Terms and Conditions.
11 Internet Communications
In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Tabula reserves the right to monitor all internet communications, including conversations held using the live chatbot, web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to; viruses and other malignant code, criminal activity, and use or content which is unauthorized.
Information on ‘cookies’ is available by clicking here.
12 Copyright and proprietary rights
Unless otherwise specified, this website and its content are owned by Tabula Investment Management Limited (“”Tabula””), and may contain information, text, graphics, video, software, logos, and other materials (“Content“) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute Content in any way without obtaining the prior written permission of Tabula. All intellectual property rights in any part of the world which subsist in the contents of this website and which belong Tabula save as expressly granted, hereby reserved.
13 Trade Marks
This website contains numerous registered and unregistered trademarks belonging to Tabula. These trademarks include, but are not limited to, ‘Tabula” logo and “Tabula”. If you are in doubt as to whether an item is a trademark of Tabula, please contact us for clarification at the registered office address above.
14 Governing law and jurisdiction
Use of this website shall be governed by and construed in accordance with English law and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.
Thank you for visiting our website and for using our services. We’d like to tell you about our privacy policy and how we use cookies on our website. We have defined some words and phrases to help make it clear what we mean:
In this Privacy Policy and Cookie Statement:
“personal data” means personal data as defined under the Law, we also refer to personal data as “data about yourself”, “personal information”, “your information”, “personal details” and “information about you”.
“data controller” means data controller as defined in applicable data protection legislation
“Tabula Investment Management Limited” and is also referred to as “Tabula”, “Us” and “We”.
“the Law” means applicable data protection legislation.
This Privacy Policy and Cookie Statement (together with our Terms of Conditions of Use) tell you how we will process any personal data that we collect from you, or that you provide to us. The Law says we must provide you with this information and we hope this will help you to understand how we will keep your personal data safe.
The Law says that [Tabula Investment Management Limited] is the data controller. We are committed to protecting your privacy and personal data as you use our website and web services. We take seriously our responsibility to hold your personal data securely and confidentially.
If you use the online email or the online chat facilities, we will ask you to provide us with certain up to date personal data and we will handle this personal data in accordance with the Law. We may need to ask you for your personal data to help us to meet your needs and to provide you with the services you require. If you do not provide your personal data to us, it may make it impossible for us to provide these services to you.
We maintain strict security standards and procedures with a view to preventing unauthorised access to your data by anyone, including our staff. We use leading technologies such as (but not limited to) data encryption, firewalls and server authentication to protect the security of your data. The staff of Tabula Investment Management Limited follow strict privacy standards and whenever we hire third parties to provide support services, we require them to observe the same standards and to allow us to audit them for compliance.
Your Personal Data
We use your personal data to service your account, improve our services to you, to provide information to you about our services and to inform you about additional products or services that may be of interest to you. We may identify these products or services by using cookies on our website which track and analyse how you use our website.
We may collect, process, use and store your personal data electronically or on paper and in written or digital formats. We collect, process and use your personal data with automated tools and only keep it for as long as is necessary to fulfil the purposes for which it has been collected.
Sharing your personal data in order to send you marketing information
Where you opt in to receive direct marketing materials from us, we may send your personal data to third parties with whom we have contracted to provide these materials to you on our behalf and in our name. By opting in to receive direct marketing from us, you agree that we may send your personal data to these third parties who may be based in the country where you live or elsewhere.
Sharing your personal data with other organisations
In certain circumstances we may also send your personal data to other third parties such as:
This may mean we send your personal data to these organisations outside Europe (the European Economic Area (EEA)) or outside any other country from where you may access our website, to countries where the Law may not guarantee the protection of your personal data. However, we will ensure that your personal data is transferred, processed and maintained to the standards required by Law.
We transfer your personal data to the United States for own analysis purposes by employing the Google Analytics technologies.
We may forward your personal data to the Police or another regulatory body if we are asked to do so or wish to do so in order to comply with the Law or in relation to any suspected misuse by you of our web site or any of our web site services. We endeavour to prevent unauthorised disclosures of your personal data by other people, but we are not responsible for any unauthorised disclosures or other breaches of security or for the actions of others if the personal data was passed to them with your authority or with the authority of anybody other than us or our associated companies.
How to access your personal data
The Law says you have the right to ensure your personal data is kept up to date and accurate, and for some jurisdictions the right to find out from where your data was originally collected, where it has been transferred to and for which purposes it is now stored. You have the right to have your personal data deleted if it has been collected or processed unlawfully, and you may object to us processing your personal data at any time. If you want to do any of these things or you would like a copy of the personal data we hold, please write to:
Tabula Investment Management Limited, 6th Floor, 55 Strand, London, WC2N 5LR.
If you prefer, please send us an email info@tabulaim.com.
Where the Law permits, we may charge you a small fee to cover the costs of sending this personal data to you.
Anonymous or pseudonymized use
In accordance with applicable data protection legislation, you may choose to use the website in an anonymised or pseudonymized manner. This applies only to the extent that anonymous or pseudonymized use of the website is technically possible and reasonable.
Data Retention
We will retain your personal data while we are providing our services to you and we will not retain your personal data for longer than is strictly necessary.
Intellectual Property
All intellectual property rights in any part of the world which subsist in the contents of this website and which belong to Tabula, save as expressly granted, hereby reserved.
Cookies
By accepting this Privacy Policy and Cookie Statement when you enter our website and by continuing to access our website in the future you acknowledge and agree that we may track and record information for systems, marketing, trouble shooting, administrative and reporting purposes, including, for instance, the aggregate number of visitors to the website and the sections of the site visited by visitors using cookies. Cookies are small text files placed on your computer and are commonly used on the internet.
We use cookies to:
We do not use cookies to track you after you leave our website and we do not store any personal data in cookies in a format that can be read by anyone else.
We use two types of cookie:
Session cookies: These are temporary and are deleted as soon as you close your browser; and
Persistent cookies: These are stored on your computer until they expire or you remove them. Persistent cookies store your personal preferences such as your language preferences on multi-lingual sites to make subsequent visits easier. They also remember questions we have asked you previously, such as a request to complete an online survey.
You can find more information about the individual cookies we use, when they expire and the purposes for which we use them in the table below:
| pum_alm_last_activity | This cookie is used to remember previous states of activity within lightbox forms. Cookie is removed once session ends. |
| pum_alm_popup _open_counts |
The system sets this cookie to detect any abuse or spamming of lightbox forms. |
| popmake-terms-conditions- | The system sets this cookie when a user agrees to terms. Contained within this cookie are the terms that were agreed to – either personal investor or professional investor. If this cookie is not present then the user will be presented to accept terms. |
| pum_alm_first_activity | This cookie is used to remember previous states of activity within lightbox forms. Cookie is removed ocne session ends. |
| wordpress_test_cookie | WordPress sets this cookie when a user navigates to the login page. The cookie is used to check whether user’s web browser is set to allow, or reject cookies. This is a session cookie. |
| wordpress_ | This cookie is set by WordPress for non-logged in users. This is a session cookie |
| wordpress_logged_in_ | This cookie is set by WordPress. It is used for indication and identification of the logged in user. This is a session cookie. |
| wfwaf-authcookie- | This cookie is set by WordPress security. It is used to authenticate user’s login request. This cookie is persistent and expires in 1 day. |
| wp-settings- | WordPress also sets a few wp-settings-[UID] cookies. The number on the end is your individual user ID from the users database table. This is used to customize your view of admin interface, and possibly also the main site interface. |
| wp-settings-time | WordPress also sets a few wp-settings-{time}-[UID] cookies. The number on the end is your individual user ID from the users database table. This is used to customize your view of admin interface, and possibly also the main site interface. |
| cookie_notice_accepted | This cookie is set by a WordPress plugin “Cookie Notice” when the user accepts the website’s Cookie policy by clicking on the button “I accept” when visiting our website for the first time. This cookie is persistent and expires in 1 day. |
| _ga, _gat, __utma, __utmt, __utmb, __utmc, __utmz and __utmv | Google Analytics requires these cookie to analyse how users interact with this website. Our analytics service provider generates statistical and other information about website use by means of cookies. The information generated relating to our website is used to create anonymous reports about the use of our website. Our analytics service provider’s privacy policy is available at http://www.google.com/policies/privacy/ |
Third party cookies
We work with third parties who, on our behalf, research the use of our website and activities on it. In doing so they may place a cookie on your computer. However, it would not contain any personal data in a format that can be read by anyone else.
We also work with third parties to evaluate the effectiveness of our advertising and promotions on third party websites. Again, the cookie would not contain any personal data in a format that can be read by anyone else.
Please note that third parties (including, for example, providers of external services like web traffic analysis services) may also use cookies, over which we have no control. These cookies are likely to be analytical/performance cookies or targeting cookies.
Accepting or rejecting cookies
You can refuse, accept or remove cookies at any time by using the settings on your internet browser. You can configure your internet browser to warn you each time a new cookie is about to be stored on your computer so that you can decide whether to accept or reject it. Please refer to your internet browser’s help section for further information. Please note that some parts of our website may not function properly if you reject cookies.
Use of Google Analytics
This website uses Google Analytics, a web analytics service provided by Google Inc. (‘Google’). Google Analytics uses ‘cookies’ which are text files placed on your computer, to help the website analyse how users use the site.
If you consent the use of cookies on this website, the information generated by the Google Analytics cookie about your use of the website (including your IP address) will be transmitted to and stored by Google on servers in the United States. Google will use this information for the purpose of evaluating your use of the website, compiling reports on website activity for website operators and providing other services relating to website activity and internet usage.
Google may also transfer this information to third parties where required to do so by law, or where such third parties process the information on Google’s behalf. Google will not associate your IP address with any other data held by Google.
You can prevent the data (including your IP address) generated by the cookie relating to your use of this website from being collected and processed by Google by downloading and installing the browser plug-in available under the following link: http://tools.google.com/dlpage/gaoptout?hl=en.
Direct Marketing
We will only send direct marketing to you if you have given your consent for us to do so and we will not supply your personal data to third parties for their direct marketing activities, without your consent, other than in the context of a sale of this web site or a sale of our business. If you change your mind later on and you would like us to stop sending direct marketing to you, we offer simple ways to do this. Whenever you receive direct marketing by email you will be told how to unsubscribe electronically. You can also unsubscribe by contacting us at info@tabulaim.com.
Revisions to the Privacy Policy and Cookies Statement
We reserve the right to revise this policy at any time by posting a revised Privacy Policy and Cookies Statement online (of which you will be made aware when you next access this web site after such revisions have been made) and your continued access to or use of the website will mean that you agree to these changes. If you have any questions about this Privacy Policy and Cookies Statement please email us at info@tabulaim.com.
Issued and approved in the United Kingdom by Tabula Investment Management Limited (“Tabula”), authorised and regulated by the Financial Conduct Authority (“FCA”). Tabula is a private limited company registered in England and Wales (Registered no. 11286661). Registered address: 10 Norwich Street, London EC4A 1BD. Business address: 6th Floor, Denham Building, 27 St. James’s Street, London SW1A 1HA.
Copyright © 2021 Tabula Investment Management Limited ®. All rights reserved.
Business address: 6th Floor, 55 Strand, London, WC2N 5LR
Click here to read our privacy policy
1 About the promoter
The information contained on this website is communicated by Tabula Investment Management Limited (“Tabula”). Tabula is authorised and regulated by the Financial Conduct Authority. Registered address: 10 Norwich Street, London EC4A 1BD. Some calls may be recorded for monitoring purposes.
This website provides information about various investment strategies (“Tabula Strategies”). The provision of such information may constitute a financial promotion by Tabula. The use of this website is subject to the following terms and conditions (the Terms) which you should read carefully. By using this website you agree to be legally bound by these Terms. If you do not accept these Terms, please do not use this website.
2 Distribution of information
The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject Tabula to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). Products related to Tabula Strategies have not been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.
3 No offer
The information and material on this website, including any offering document, is intended to be used for information purposes only. None of the information constitutes a public offer of securities under any applicable legislation, or an offer to sell, or a solicitation or an offer to purchase, any financial instruments, including but not limited to Tabula.
4 Website user categorisation
The professional investor section of the website and its content is restricted to “Professional Investors” only and is not intended for retail or private investors. By entering the institutional investor section of the website, you affirm either that you are a Per Se Professional Client, or that you wish to be treated as an Elective Professional Client, both as defined under the Markets in Financial Instruments Directive, or a Qualified Investor as defined under Regulation (EU) 2017/1129 or an equivalent in a jurisdiction outside the EEA. For example, in Switzerland, the equivalent term is Professional Client or Institutional Client according to the Federal Act on Financial Services, and in the UK the equivalent terms is a Professional Client as defined in the FCA’s Handbook of Rules and Guidance.
In accessing the website as a Professional Investor you will be undertaking, warranting and representing to Tabula that you are a Professional Investor. Please note that Tabula will be acting in reliance upon your undertaking, warranty and representation and you shall indemnify us and hold us harmless against all claims liabilities, losses, damages, costs and expenses incurred or suffered by us by reason of any breach of such undertaking, warranty and representation.
As a matter of general policy Tabula will not conduct regulated investment activities with any person as a result of their receiving information from the website, unless agreed otherwise with a professional investor.
Any non-Professional Investors should click on “Back” to return to the landing page.
5 No investment advice
This website is published solely for information purposes and does not constitute investment, legal, tax or other advice. It should not be relied upon in making an investment decision. The website is not tailored to the needs of any individual investor and does not contain any personal recommendation relating to any investment product, or any representation that an investment or strategy is suitable or appropriate for your individual circumstances. If any information on this website refers to a particular tax treatment, the tax treatment described depends on the individual circumstances of each client and may be subject to change in future. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.
6 No warranty
Information contained on this website has been taken from sources considered by Tabula to be reliable, however, the information is unaudited. No express or implied warranty or representation is given:
(i) in relation to any aspect or characteristic of the website or any information contained on it;
(ii) as to the accuracy, completeness, availability, timeliness, merchantability or fitness for purpose of any information on the website, including but not limited to any quotations, news, opinions, commentaries, recommendations, data or pricing;
(iii) that access to any aspect of the website will be uninterrupted or free from delays, malfunctions or errors in transmission;
(iv) as to the future performance of any Tabula strategy; or
(v) as to any result or outcome that may be obtained from the use of the website.
Any of the information on this website may be changed, updated or removed without prior notice, however, Tabula is under no obligation to update the information and does not represent that it or any other person will do so.
7 No liability for loss or damage
Tabula (including any of its directors, officers or employees, third party agents and affiliates) will not be liable for any loss or damage of any kind, in whole or in part, howsoever caused, resulting from the use of, reliance upon, failure of or inability to access this website or any linked website, or resulting from the act or omission of any other party involved in making this website or the information on it available to you, whether or not the circumstances giving rise to such loss or damage were within the control of Tabula knew of the possibility of loss or damage arising.
The Terms and Conditions are not intended to exclude or restrict any duty or liability Tabula may have under the UK regulatory system.
8 Indemnity
You agree to indemnify Tabula and its affiliates against any losses, claims, liabilities, damages, costs and expenses (including reasonable legal fees) arising from or relating to your:
(i) use of this website;
(ii) breach of any of the Terms and Conditions or any representation made by you herein; or
(iii) violation of any applicable law, statute, regulation or any third party’s rights.
This website and access to it can be terminated at any time, with or without notice, and for any reason. Termination of your access and use of the website does not relieve you of any obligations arising prior to such termination or limit any liability that you otherwise may have to Tabula.
9 Modifications and additional terms and conditions
By accepting the Terms and Conditions, you also agree to be bound by any additional or alternative terms and conditions that apply to individual pages within this website or individual documents that may be downloaded from this website, as specified on those pages or documents. Your continued use of this website shall signify your agreement with and understanding of any additional or modified terms or conditions. If you access a page or document and do not understand, or do not agree to be bound by, any additional or alternative terms and conditions specified, you must cease using that page or document immediately.
Tabula may change the Terms and Conditions at any time, without further notice to you.
10 Linked websites
This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites“). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.
You must not link this website to any other website in such a way as to make it possible for a user to bypass the page containing the Terms and Conditions.
11 Internet Communications
In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Tabula reserves the right to monitor all internet communications, including conversations held using the live chatbot, web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to; viruses and other malignant code, criminal activity, and use or content which is unauthorized.
Information on ‘cookies’ is available by clicking here.
12 Copyright and proprietary rights
Unless otherwise specified, this website and its content are owned by Tabula, and may contain information, text, graphics, video, software, logos, and other materials (“Content“) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute Content in any way without obtaining the prior written permission of Tabula. All intellectual property rights in any part of the world which subsist in the contents of this website and which belong Tabula save as expressly granted, hereby reserved.”
13 Trade Marks
This website contains numerous registered and unregistered trademarks belonging to Tabula. These trademarks include, but are not limited to, ‘Tabula” logo and “Tabula”. If you are in doubt as to whether an item is a trademark of Tabula, please contact us for clarification at the registered office address above.
14 Governing law and jurisdiction
Use of this website shall be governed by and construed in accordance with English law and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.
1 About the promoter
The information contained on this website relates to products offered by Tabula Investment Management Limited (“Tabula”). Tabula is authorised and regulated by the Financial Conduct Authority. Registered address: 10 Norwich Street, London EC4A 1BD. Waystone Investment Management (IE) Limited (“Waystone”) is the appointed distributor in the European Economic Area. Waystone is authorised in Ireland as an investment firm under the Markets in Financial Instruments Directive and is regulated by the Central Bank of Ireland under reference number C1011. Waystone does not provide investment advice on an independent basis.
This website provides information about various investment strategies (“Tabula Strategies”). The provision of such information may constitute a financial promotion by Tabula. The use of this website is subject to the following terms and conditions (the Terms) which you should read carefully. By using this website you agree to be legally bound by these Terms. If you do not accept these Terms, please do not use this website.
2 Distribution of information
The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject Waystone to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). Products related to Tabula Strategies have not been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.
3 No offer
The information and material on this website, including any offering document, is intended to be used for information purposes only. None of the information constitutes a public offer of securities under any applicable legislation, or an offer to sell, or a solicitation or an offer to purchase, any financial instruments, including but not limited to Tabula.
4 Website user categorisation
You have elected to enter the website as a non-professional investor. The professional investor section of the website and its content is restricted to “Professional Investors” only and is not intended for retail or private investors. Professional Investors are defined as a Per Se Professional Client, or an Elective Professional Client, both as defined under the Markets in Financial Instruments Directive, or a Qualified Investor as defined under Regulation (EU) 2017/1129 or an equivalent in a jurisdiction outside the EEA. For example, in Switzerland, the equivalent term is Professional Client or Institutional Client according to the Federal Act on Financial Services, and in the UK the equivalent terms is a Professional Client as defined in the FCA’s Handbook of Rules and Guidance.As a matter of general policy Tabula will not conduct regulated investment activities with any person as a result of their receiving information from the website, unless agreed otherwise with a professional investor.
5 No investment advice
This website is published solely for information purposes and does not constitute investment, legal, tax or other advice. It should not be relied upon in making an investment decision. The website is not tailored to the needs of any individual investor and does not contain any personal recommendation relating to any investment product, or any representation that an investment or strategy is suitable or appropriate for your individual circumstances. If any information on this website refers to a particular tax treatment, the tax treatment described depends on the individual circumstances of each client and may be subject to change in future. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.
6 No warranty
Information contained on this website has been taken from sources considered by Tabula to be reliable, however, the information is unaudited. No express or implied warranty or representation is given:
(i) in relation to any aspect or characteristic of the website or any information contained on it;
(ii) as to the accuracy, completeness, availability, timeliness, merchantability or fitness for purpose of any information on the website, including but not limited to any quotations, news, opinions, commentaries, recommendations, data or pricing;
(iii) that access to any aspect of the website will be uninterrupted or free from delays, malfunctions or errors in transmission;
(iv) as to the future performance of any Tabula strategy; or
(v) as to any result or outcome that may be obtained from the use of the website.
Any of the information on this website may be changed, updated or removed without prior notice, however, Tabula is under no obligation to update the information and does not represent that it or any other person will do so.”
7 No liability for loss or damage
Tabula (including any of its directors, officers or employees, third party agents and affiliates) will not be liable for any loss or damage of any kind, in whole or in part, howsoever caused, resulting from the use of, reliance upon, failure of or inability to access this website or any linked website, or resulting from the act or omission of any other party involved in making this website or the information on it available to you, whether or not the circumstances giving rise to such loss or damage were within the control of Tabula knew of the possibility of loss or damage arising.
The Terms and Conditions are not intended to exclude or restrict any duty or liability Tabula may have under the UK regulatory system.”
8 Indemnity
You agree to indemnify Tabula and its affiliates against any losses, claims, liabilities, damages, costs and expenses (including reasonable legal fees) arising from or relating to your:
(i) use of this website;
(ii) breach of any of the Terms and Conditions or any representation made by you herein; or
(iii) violation of any applicable law, statute, regulation or any third party’s rights.
This website and access to it can be terminated at any time, with or without notice, and for any reason. Termination of your access and use of the website does not relieve you of any obligations arising prior to such termination or limit any liability that you otherwise may have to Tabula
9 Modifications and additional terms and conditions
By accepting the Terms and Conditions, you also agree to be bound by any additional or alternative terms and conditions that apply to individual pages within this website or individual documents that may be downloaded from this website, as specified on those pages or documents. Your continued use of this website shall signify your agreement with and understanding of any additional or modified terms or conditions. If you access a page or document and do not understand, or do not agree to be bound by, any additional or alternative terms and conditions specified, you must cease using that page or document immediately.
Tabula may change the Terms and Conditions at any time, without further notice to you.
10 Linked websites
This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites“). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.
You must not link this website to any other website in such a way as to make it possible for a user to bypass the page containing the Terms and Conditions.
11 Internet Communications
In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Tabula reserves the right to monitor all internet communications, including conversations held using the live chatbot, web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to; viruses and other malignant code, criminal activity, and use or content which is unauthorized.
Information on ‘cookies’ is available by clicking here.
12 Copyright and proprietary rights
Unless otherwise specified, this website and its content are owned by Tabula Investment Management Limited (“”Tabula””), and may contain information, text, graphics, video, software, logos, and other materials (“Content“) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute Content in any way without obtaining the prior written permission of Tabula. All intellectual property rights in any part of the world which subsist in the contents of this website and which belong Tabula save as expressly granted, hereby reserved.
13 Trade Marks
This website contains numerous registered and unregistered trademarks belonging to Tabula. These trademarks include, but are not limited to, ‘Tabula” logo and “Tabula”. If you are in doubt as to whether an item is a trademark of Tabula, please contact us for clarification at the registered office address above.
14 Governing law and jurisdiction
Use of this website shall be governed by and construed in accordance with English law and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.
1 About the promoter
The information contained on this website is communicated by Tabula Investment Management Limited (“Tabula”). Tabula is authorised and regulated by the Financial Conduct Authority. Registered address: 10 Norwich Street, London EC4A 1BD. Some calls may be recorded for monitoring purposes.
This website provides information about various investment strategies (“Tabula Strategies”). The provision of such information may constitute a financial promotion by Tabula. The use of this website is subject to the following terms and conditions (the Terms) which you should read carefully. By using this website you agree to be legally bound by these Terms. If you do not accept these Terms, please do not use this website.
2 Distribution of information
The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject Tabula to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). Products related to Tabula Strategies have not been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933
3 No offer
The information and material on this website, including any offering document, is intended to be used for information purposes only. None of the information constitutes a public offer of securities under any applicable legislation, or an offer to sell, or a solicitation or an offer to purchase, any financial instruments, including but not limited to Tabula.
4 Website user categorisation
You have elected to enter the website as a non-professional investor. The professional investor section of the website and its content is restricted to “Professional Investors” only and is not intended for retail or private investors. Professional Investors are defined as a Per Se Professional Client, or an Elective Professional Client, both as defined under the Markets in Financial Instruments Directive, or a Qualified Investor as defined under Regulation (EU) 2017/1129 or an equivalent in a jurisdiction outside the EEA. For example, in Switzerland, the equivalent term is Professional Client or Institutional Client according to the Federal Act on Financial Services, and in the UK the equivalent terms is a Professional Client as defined in the FCA’s Handbook of Rules and Guidance.
As a matter of general policy Tabula will not conduct regulated investment activities with any person as a result of their receiving information from the website, unless agreed otherwise with a professional investor.
5 No investment advice
This website is published solely for information purposes and does not constitute investment, legal, tax or other advice. It should not be relied upon in making an investment decision. The website is not tailored to the needs of any individual investor and does not contain any personal recommendation relating to any investment product, or any representation that an investment or strategy is suitable or appropriate for your individual circumstances. If any information on this website refers to a particular tax treatment, the tax treatment described depends on the individual circumstances of each client and may be subject to change in future. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.
6 No warranty
Information contained on this website has been taken from sources considered by Tabula to be reliable, however, the information is unaudited. No express or implied warranty or representation is given:
(i) in relation to any aspect or characteristic of the website or any information contained on it;
(ii) as to the accuracy, completeness, availability, timeliness, merchantability or fitness for purpose of any information on the website, including but not limited to any quotations, news, opinions, commentaries, recommendations, data or pricing;
(iii) that access to any aspect of the website will be uninterrupted or free from delays, malfunctions or errors in transmission;
(iv) as to the future performance of any Tabula strategy; or
(v) as to any result or outcome that may be obtained from the use of the website.
Any of the information on this website may be changed, updated or removed without prior notice, however, Tabula is under no obligation to update the information and does not represent that it or any other person will do so.
7 No liability for loss or damage
Tabula (including any of its directors, officers or employees, third party agents and affiliates) will not be liable for any loss or damage of any kind, in whole or in part, howsoever caused, resulting from the use of, reliance upon, failure of or inability to access this website or any linked website, or resulting from the act or omission of any other party involved in making this website or the information on it available to you, whether or not the circumstances giving rise to such loss or damage were within the control of Tabula knew of the possibility of loss or damage arising.
The Terms and Conditions are not intended to exclude or restrict any duty or liability Tabula may have under the UK regulatory system.
8 Indemnity
You agree to indemnify Tabula and its affiliates against any losses, claims, liabilities, damages, costs and expenses (including reasonable legal fees) arising from or relating to your:
(i) use of this website;
(ii) breach of any of the Terms and Conditions or any representation made by you herein; or
(iii) violation of any applicable law, statute, regulation or any third party’s rights.
This website and access to it can be terminated at any time, with or without notice, and for any reason. Termination of your access and use of the website does not relieve you of any obligations arising prior to such termination or limit any liability that you otherwise may have to Tabula
9 Modifications and additional terms and conditions
By accepting the Terms and Conditions, you also agree to be bound by any additional or alternative terms and conditions that apply to individual pages within this website or individual documents that may be downloaded from this website, as specified on those pages or documents. Your continued use of this website shall signify your agreement with and understanding of any additional or modified terms or conditions. If you access a page or document and do not understand, or do not agree to be bound by, any additional or alternative terms and conditions specified, you must cease using that page or document immediately.
Tabula may change the Terms and Conditions at any time, without further notice to you.
10 Linked websites
This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites“). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.
You must not link this website to any other website in such a way as to make it possible for a user to bypass the page containing the Terms and Conditions.
11 Internet Communications
In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Tabula reserves the right to monitor all internet communications, including conversations held using the live chatbot, web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to; viruses and other malignant code, criminal activity, and use or content which is unauthorized.
Information on ‘cookies’ is available by clicking here.
12 Copyright and proprietary rights
Unless otherwise specified, this website and its content are owned by Tabula, and may contain information, text, graphics, video, software, logos, and other materials (“Content“) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute Content in any way without obtaining the prior written permission of Tabula. All intellectual property rights in any part of the world which subsist in the contents of this website and which belong Tabula save as expressly granted, hereby reserved.
13 Trade Marks
This website contains numerous registered and unregistered trademarks belonging to Tabula. These trademarks include, but are not limited to, ‘Tabula” logo and “Tabula”. If you are in doubt as to whether an item is a trademark of Tabula, please contact us for clarification at the registered office address above.
14 Governing law and jurisdiction
Use of this website shall be governed by and construed in accordance with English law and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.
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1 About the promoter
The information contained on this website is communicated by Tabula Investment Management Limited (“Tabula”). Tabula is authorised and regulated by the Financial Conduct Authority. Registered address: 10 Norwich Street, London EC4A 1BD. Some calls may be recorded for monitoring purposes.
This website provides information about various investment strategies (“Tabula Strategies”). The provision of such information may constitute a financial promotion by Tabula. The use of this website is subject to the following terms and conditions (the Terms) which you should read carefully. By using this website you agree to be legally bound by these Terms. If you do not accept these Terms, please do not use this website.
2 Distribution of information
The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject Tabula to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). Products related to Tabula Strategies have not been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.
3 No offer
The information and material on this website, including any offering document, is intended to be used for information purposes only. None of the information constitutes a public offer of securities under any applicable legislation, or an offer to sell, or a solicitation or an offer to purchase, any financial instruments, including but not limited to Tabula.
4 Website user categorisation
The professional investor section of the website and its content is restricted to “Professional Investors” only (as defined below) and is not intended for retail or private investors.
For the purposes of these terms, references to an “Professional Investor” mean a professional client pursuant to Directive 2004/39/EC (MIFID) Annex II Section I and shall include:
(a) a person authorised by the FCA to conduct regulated investment activities in the United Kingdom and a person in another member state of the EU similarly authorised by a local regulatory body equivalent to the FCA;
(b) a government, local authority or international organisation;
(c) any body corporate which satisfies (or is a member of the same group as an undertaking which satisfies) either of the following size requirements: (i) that it is a company which has more than 20 members (or is the subsidiary of a parent undertaking which has more than 20 members), and it has a called up share capital or net assets of not less than £500,000; or (ii) that it is a company and it has a called up share capital or net assets of not less than £5 million;
(d) any unincorporated association or partnership which has net assets of not less than £5 million;
(e) a trustee of a trust which has assets (before deducting the amount of its liabilities) of £10 million or more or has had assets (before deducting the amount of its liabilities) of £10 million or more at any time during the year prior to accessing this part of the Website;
(f) any person whilst acting in the capacity of director, officer or employee of any of the persons listed at (c), (d) or (e) above where that person’s responsibilities, when acting in that capacity, involve him in the person listed at (c), (d) or (e) above engaging in investment activity; and
(g) any other person whose ordinary activities involve him in investing in funds for the purposes of a business carried on by them.
In accessing the website as a Professional Investor you will be undertaking, warranting and representing to Tabula that you are a Professional Investor. Please note that Tabula will be acting in reliance upon your undertaking, warranty and representation and you shall indemnify us and hold us harmless against all claims liabilities, losses, damages, costs and expenses incurred or suffered by us by reason of any breach of such undertaking, warranty and representation.
As a matter of general policy Tabula will not conduct regulated investment activities with any person as a result of their receiving information from the website, unless agreed otherwise with a professional investor.
Any non-Professional Investors should click on “Back” to return to the landing page.
5 No investment advice
This website is published solely for information purposes and does not constitute investment, legal, tax or other advice. It should not be relied upon in making an investment decision. The website is not tailored to the needs of any individual investor and does not contain any personal recommendation relating to any investment product, or any representation that an investment or strategy is suitable or appropriate for your individual circumstances. If any information on this website refers to a particular tax treatment, the tax treatment described depends on the individual circumstances of each client and may be subject to change in future. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.
6 No warranty
Information contained on this website has been taken from sources considered by Tabula to be reliable, however, the information is unaudited. No express or implied warranty or representation is given:
(i) in relation to any aspect or characteristic of the website or any information contained on it;
(ii) as to the accuracy, completeness, availability, timeliness, merchantability or fitness for purpose of any information on the website, including but not limited to any quotations, news, opinions, commentaries, recommendations, data or pricing;
(iii) that access to any aspect of the website will be uninterrupted or free from delays, malfunctions or errors in transmission;
(iv) as to the future performance of any Tabula strategy; or
(v) as to any result or outcome that may be obtained from the use of the website.
Any of the information on this website may be changed, updated or removed without prior notice, however, Tabula is under no obligation to update the information and does not represent that it or any other person will do so.
7 No liability for loss or damage
Tabula (including any of its directors, officers or employees, third party agents and affiliates) will not be liable for any loss or damage of any kind, in whole or in part, howsoever caused, resulting from the use of, reliance upon, failure of or inability to access this website or any linked website, or resulting from the act or omission of any other party involved in making this website or the information on it available to you, whether or not the circumstances giving rise to such loss or damage were within the control of Tabula knew of the possibility of loss or damage arising.
The Terms and Conditions are not intended to exclude or restrict any duty or liability Tabula may have under the UK regulatory system.
8 Indemnity
You agree to indemnify Tabula and its affiliates against any losses, claims, liabilities, damages, costs and expenses (including reasonable legal fees) arising from or relating to your:
(i) use of this website;
(ii) breach of any of the Terms and Conditions or any representation made by you herein; or
(iii) violation of any applicable law, statute, regulation or any third party’s rights.
This website and access to it can be terminated at any time, with or without notice, and for any reason. Termination of your access and use of the website does not relieve you of any obligations arising prior to such termination or limit any liability that you otherwise may have to Tabula
9 Modifications and additional terms and conditions
By accepting the Terms and Conditions, you also agree to be bound by any additional or alternative terms and conditions that apply to individual pages within this website or individual documents that may be downloaded from this website, as specified on those pages or documents. Your continued use of this website shall signify your agreement with and understanding of any additional or modified terms or conditions. If you access a page or document and do not understand, or do not agree to be bound by, any additional or alternative terms and conditions specified, you must cease using that page or document immediately.
Tabula may change the Terms and Conditions at any time, without further notice to you.
10 Linked websites
This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites“). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.
You must not link this website to any other website in such a way as to make it possible for a user to bypass the page containing the Terms and Conditions.
11 Internet Communications
In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Tabula reserves the right to monitor all internet communications, including conversations held using the live chatbot, web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to; viruses and other malignant code, criminal activity, and use or content which is unauthorized.
Information on ‘cookies’ is available by clicking here.
12 Copyright and proprietary rights
Unless otherwise specified, this website and its content are owned by Tabula, and may contain information, text, graphics, video, software, logos, and other materials (“Content“) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute Content in any way without obtaining the prior written permission of Tabula. All intellectual property rights in any part of the world which subsist in the contents of this website and which belong Tabula save as expressly granted, hereby reserved.
13 Trade Marks
This website contains numerous registered and unregistered trademarks belonging to Tabula. These trademarks include, but are not limited to, ‘Tabula” logo and “Tabula”. If you are in doubt as to whether an item is a trademark of Tabula, please contact us for clarification at the registered office address above.
14 Governing law and jurisdiction
Use of this website shall be governed by and construed in accordance with English law and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.
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