Sovereign Macro Lens is a trading name of Acacia Commerce Ltd, a company incorporated in England and Wales (company number 14815672), registered office 2 Bisham House, Woodside Gardens, Marlow, England, SL7 1FQ ("we", "us", "our"). We are an independent research provider. We are not authorised or regulated by the Financial Conduct Authority, the U.S. Securities and Exchange Commission or any other financial regulator.

Not investment advice

Our reports, notes, forecasts, ratings, presentations and other outputs (together, the "Research") are provided for informational and educational purposes only. The Research is not a personal recommendation, investment advice, tax advice, legal advice, an offer or a solicitation to buy or sell any security, currency or other instrument, and it does not take account of the specific investment objectives, financial situation or particular needs of any recipient.

Intended recipients

The Research is intended solely for professional clients and eligible counterparties as defined by the UK FCA Handbook (and equivalent classifications in other jurisdictions). It is not intended for, and should not be relied upon by, retail clients. Recipients are responsible for determining their own suitability for any investment decision and should take independent advice.

Sources & accuracy

The Research is based on information believed to be reliable at the time of publication, including public data, official statistics and third-party sources. We make no representation or warranty, express or implied, as to the accuracy, completeness or timeliness of the Research and accept no liability for any loss arising from its use, to the extent permitted by law. Views expressed reflect the authors' judgement at the time and may change without notice.

Forward-looking statements

Forecasts, projections and scenario analyses are inherently uncertain. Past performance and historical ratings are not a reliable indicator of future results.

Conflicts of interest

We do not undertake corporate finance, brokerage, market-making or trading activities. Our revenue is derived from research subscriptions and bespoke research commissioned by institutional clients. Any material conflict of interest relating to a specific piece of Research will be disclosed within that Research.

Territorial restrictions

The Research is not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation. Recipients are responsible for observing all applicable laws and regulations.