African Allocator Podcast
Hosking Partners is a London boutique founded in 2013 by Jeremy Hosking, a portfolio manager at Marathon Asset Management for over 25 years. It runs a single global equity strategy built on the capital-cycle, supply-side approach — contrarian, long-term, and unusually diversified (350+ holdings) under a multi-counsellor model, managing around $5.5bn.
In plain words
This report is a legal notice from Hosking Partners, an investment firm. It explains that they only work with professional clients, like institutions or wealthy individuals, not regular retail investors. In the US, you need to be an 'accredited investor' (someone with enough money or investing know-how) and a 'qualified purchaser'; in Australia, you must be a 'wholesale client'. The report also warns that all investments can go up or down in value. For everyday investors, the key takeaway is that this firm isn't for you—no need to dig deeper.
Hosking Partners LLP's report is a summary of its regulatory and legal disclosures. The core content states that the firm is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, registered as an investment adviser under the Investment Advisers Act in the United States (the Act d
Theme and Background
This chapter presents the regulatory and legal disclosure statement of Hosking Partners LLP, clarifying the firm's regulatory status, client eligibility criteria, and the scope of its single investment service. Its core purpose is to define the applicable legal framework — services are provided only to qualified professional investors in specific jurisdictions, and investment risks are highlighted.
Core Thesis
The report's core thesis is that Hosking Partners' client base must consist of Professional Clients; in the US it must be accredited investors who also meet the qualified purchaser standard, and in Australia it must be wholesale clients. This means its services are not available to ordinary retail investors and are subject to strict compliance exemptions or registration requirements in different jurisdictions.
Key Arguments and Data
The report supports its thesis by outlining multi-jurisdictional regulatory status and client eligibility criteria. The comparative data are as follows:
| Jurisdiction | Regulatory Authority/Regulations | Client Eligibility Criteria | Key Notes |
|---|---|---|---|
| UK | Financial Conduct Authority (FCA) | Professional Clients | Authorized and regulated by the FCA. |
| US | SEC (Investment Advisers Act of 1940, as amended) | Accredited investor (Rule 501(a)) and qualified purchaser (Section 3(c)(7)) | The Act does not apply to non-US clients; only open to qualified persons in the US. |
| South Africa | Financial Sector Conduct Authority (FSCA) | Financial Services Provider (FSP no. 45612) | Authorized under the Financial Advisory and Intermediary Services Act. |
| Australia | ASIC Class Order [CO 03/1099] exemption | Wholesale client (as defined in the Corporations Act 2001) | Does not need to hold an Australian financial services license; operates under the exemption. |
The report also emphasizes that all investment products carry risks of value fluctuation, and values may rise or fall.
Companies/Assets Involved
- Hosking Partners LLP: The sole entity in this report. Its role is that of an investment management firm. The report does not involve any other companies or specific assets, nor does it indicate any bullish or bearish views on any instruments.
Investment Implications
Investors must ascertain whether they meet Hosking Partners' client threshold — the firm serves only professional or high-net-worth groups. For any ordinary investor, the firm's reports or services are legally unavailable to them. Furthermore, compliance requirements for Hosking Partners vary by jurisdiction; potential investors should first confirm the selling restrictions and applicable laws in their own location.