The information contained on this page has been provided as general market commentary and for information purposes only. It does not constitute any form of advice nor recommendation to buy or sell any securities or adopt any investment strategy mentioned therein. It is intended only to provide observations and views of the author(s) at the time of writing, both of which are subject to change at any time without prior notice. The information contained in the commentaries is derived from sources deemed by Elm Partners to be reliable but its accuracy and completeness cannot be guaranteed. This material does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may read it. It is directed only at professional investors as defined by the rules of the relevant regulatory authority. Any views regarding future prospects may or may not be realized. Past performance is no guarantee of future results.