Legal Disclaimer

Made by: MainFirst Affiliated Fund Managers (Germany) GmbH (“MainFirst”). MainFirst has been granted the licence for Germany and is supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”/Federal Financial Supervisory Authority).

Please read the terms and conditions below for the use of the Asset Management Website carefully and select the buttons below as appropriate.

Client evaluation 

The MainFirst Affiliated Fund Managers (Germany) GmbH Website (“the Website”) is offered in a version for professional clients as defined in Appendix II to the Directive 2004/39/EC Markets in Financial Instruments (MiFID), as well as in a version for clients who are not professional clients as defined in the MiFID (“Private Clients“).

For this reason every client has to make a binding statement to MainFirst on his/her quality as professional client or retail client as defined in the MiFID prior to using the Website by acknowledging the relevant text. Clients who are not professional clients are not allowed any access to the Website in the version for professional clients. Contents or information from the version for professional clients must not be disclosed or made available to retail clients. 

Excluded users (especially US persons)

The MainFirst Asset Management Website and the information provided herein are not intended for persons resident in countries where the access to or the use and disclosure of the information provided herein are not permitted or where registration or authorisation is required relating to information, services, investments, investment funds or the distribution and/or sale of investment funds and other financial instruments. For this reason, information, services, investments, investment funds or other financial instruments mentioned herein must not be offered to or used by or disclosed to or made available to persons resident in such countries. This Website and the information on investment funds or other financial instruments and their distribution are particularly not intended for persons resident in the Unites States of America (USA) or with US citizenship. The information or copies thereof published on this Website must not be forwarded, taken along or distributed in the USA or to US persons (as defined in Rule 902 of Regulation S of the U.S. Securities Act of 1933 as applicable from time to time) or on their instruction, for their account or to persons acting for the benefit of a US person.

Terms and conditions of use and disclaimer 

No offer

Documents, information or opinions offered or distributed on this Website do not represent any financial analysis or advertising. They are neither any sales offer nor any invitation to submit any offer or to take any specific action nor any recommendation to buy or sell certain securities or financial instruments. Their only purpose is to inform clients and they do not represent any investment advice. In particular, neither any investment objective nor the financial situation or the funds and needs of a specific investor are considered. No warranty is given as to the reasonable nature or the suitability of the securities mentioned therein or other financial instruments for a specific investor or a specific group of clients. Legal or tax advice or any other consulting of a commercial or financial nature is excluded in this context. We suggest that clients consult an appropriate professional.

Information, sources

The information and documents published on this Website were prepared on the basis of data in the public domain, internal data, as well as other third-party sources classified as reliable. MainFirst does not assume any warranty or liability as to the data being correct, complete, reliable, up-to-date and reasonable for the purposes of investors. Estimates and opinions including return forecasts on this Website reflect the estimates and opinions including return forecasts of the respective author at the time of the original publication and are subject to change at any time without prior announcement or subsequent information. There is no obligation to update the data. Opinions and estimates expressed in relation to markets, companies, sectors, securities or financial instruments may deviate from those of the MainFirst Research Department or other sections and departments of MainFirst or its affiliates.


As a rule, any investment in securities or financial instruments comes with risks, especially due to fluctuations in value and revenue or currency risks. MainFirst or its directors, employees or agents do not give any express or implicit statement of warranty as to the prospective value development or market developments. In particular, value development in the past must not be regarded as indication or guarantee of the prospective value development. Fluctuations of the value of the underlying financial instruments, the revenue they generate as well as changes of interest and exchange rates imply that the value of investments mentioned herein and revenue generated thereof may as well fall or rise and are not guaranteed. The evaluations contained herein are based on several factors, including but not limited to current prices, the estimation of the value of the underlying assets and the market liquidity as well as other assumptions and publicly available information which may as well go unmentioned. As a rule, prices, values and revenue may both rise and fall and assumptions and information may change without prior notice. Discussions of risks on this Website cannot be deemed as disclosure of all the risks or the conclusive discussion of the mentioned risks.

The liability of MainFirst and its directors, employees or agents is excluded to the extent as permitted by law. This includes to the legally permitted extent liability grounds in tort, liability under contracts, no-fault liability or other grounds of liability and is applicable to each person and extends to losses or damages resulting from or in connection with the information offered by MainFirst and its use. This is applicable irrespective of whether there is any direct, indirect, special or accidental damage or consequential damage of any type, whatsoever, including damages resulting from any trading loss, loss of profit, business loss, goodwill loss or damage of reputation or third-party claims or rights. This is also applicable if MainFirst knew or ought to have known of the possibility of such damages, claims or rights.

Links and source citation 

The Website may contain third-party contents or links to third-party websites. Such contents and links are exclusively for information and ease-of-use purposes and are not under the control of MainFirst. MainFirst therefore does not accept any responsibility or warranty for such third-party contents. 

No sales brochures and no terms and conditions of sale 

The information provided on this Website is not to be deemed as sales brochure or terms and conditions of sale and can neither substitute nor amend them. The only binding basis for the acquisition of the presented securities or other financial instruments is the sales brochure with the terms and conditions of sale as applicable from time to time which may be requested in writing and free of charge together with the current annual or semi-annual report as well as the current investors’ information from MainFirst Bank AG, Asset Management, Kennedyallee 76, 60596 Frankfurt am Main or per e-mail to fonds(at)mainfirst.com. Unless indicated otherwise, all price and exchange rate information is non-binding and subject to alteration. 

No guarantee

MainFirst does not assume any guarantee, express or implied, for the contents offered on this Website or for the functional and up-to-date condition of the Website. To the extent as permitted under applicable law and/or the applicable rules, any and all express, statutory or implied liability for this Website and the information and contents contained herein as well as for all the insights gained from the use of this Website or information are excluded. This also includes, but is not limited to any and all warranty of marketability, suitability for a specific purpose or use as well as any warranty resulting from the business processes, the business practice and/or the commercial customs or their equivalents under the applicable laws and/or rules of any legal system, whatsoever. MainFirst does not accept any warranty, guarantee or liability for this Website, its contents or the insights gained from the use of this Website or any software or information offered on other websites by way of a link to this Website or offered on other websites by way of a link from this Website being accurate, up-to-date, suitable, correct, of a specific quality, reliable, complete or available, and is not responsible for the maintenance, support or availability of such other websites or the information or software contained therein.


In case of doubt, any and all contents offered herein are intellectual property of MainFirst or of the specified right holders. The use of this Website or its contents is not associated with any permit to use these contents in a commercial manner, especially to reproduce or distribute them or make them available to the public, as a whole or in part. Printing of contents is only allowed for own use for the purpose of information procurement. 

Statement of consent  

By visiting this Website you acknowledge the terms and conditions of use and all the exclusions of liability set forth herein as legally binding.