Business Breakdowns Podcast - Altius Minerals
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, explaining they only serve professional investors (like institutions or wealthy individuals) in the UK, US, and South Africa. For regular investors, the key takeaway is not to treat this as investment advice—it doesn't recommend buying or selling anything. It's worth reading because it reminds us that many professional reports have strict access rules, and blindly following them can be risky. Always check if you're eligible and understand that investments can go up or down.
This summary from Hosking Partners LLP primarily outlines its regulatory status and service restrictions. The firm is regulated by the UK FCA and the US SEC (under the Investment Advisers Act of 1940), and is registered with the South African FSCA as a financial services provider (FSP no. 45612). Th
Theme and Background
This chapter presents the regulatory and legal disclosure statement of Hosking Partners LLP, primarily clarifying its regulatory status under the UK FCA, US SEC, and South African FSCA, and limiting its services to specific categories of professional investors (e.g., "accredited investor", "qualified purchaser", and "wholesale client"). The core significance for investors is that the report is intended solely for professionally qualified clients meeting specific eligibility criteria; other investors should not rely on it or act upon it.
Core View
The report’s central argument is to define its service scope and legal jurisdiction. Its investment services are not available to all investors, but strictly limited to compliant professional institutions or individuals. This is a general legal compliance statement, not an investment strategy opinion. Counterintuitive judgment: None.
Key Arguments and Data
The report provides key legal bases and jurisdictional data regarding its registration and regulation:
| Regulatory/Legal Framework | Key Basis | Client Qualification Requirements |
|---|---|---|
| UK | Financial Conduct Authority (FCA) Rules | "Professional Clients" |
| US | Investment Advisers Act of 1940; Securities Act of 1933, Rule 501(a) | "Accredited Investor" and "Qualified Purchaser" under Section 3(c)(7) |
| South Africa | Financial Advisory and Intermediary Services Act, 37 of 2002 | FSCA Registered (FSP no. 45612) |
| Australia | ASIC Class Order [CO 03/1099]; Corporations Act 2001 | "Wholesale Client" |
Other key data points:
- Risk Emphasis: "The value of investments may rise or fall as a result of changes in the value of their underlying securities and market conditions."
Companies/Assets Involved
- Hosking Partners LLP: The sole subject of the report, a limited liability company registered in the UK (registration number OC382151). The report introduces its regulatory background without referencing any external companies or assets.
Investment Implications
- What It Means for Investors: The content of this report is not intended for the general public. If Chinese investors wish to reference its analysis, they should first verify whether they meet the definition of a "professional client" or "wholesale client" in their respective jurisdictions. The report itself does not provide any specific buy, sell, or investment decision recommendations. All investment decisions should be made independently by investors, with the understanding that investment values may fluctuate.