Asset backed management is not regulated by the Financial Conduct Authority. It is not authorised to offer advice on investments, whether regulated or unregulated. When making investment decisions you should seek advice from an independent financial adviser or other regulated investment professional. The price of any asset may go down as well as up. The contents of this document reflect the views of the author at the time of printing, February 2017. The information in this document should not be relied on for investment decisions or for any other purpose whatsoever. Asset backed management (together with its affiliates, officers, directors and employees) gives no guarantee, warranty or representation as to the accuracy, completeness, suitability or content of the information provided in this document and shall not be liable or responsible for any errors, omissions or inaccuracies herein.