Money of Mine
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 is a legal notice from Hosking Partners, an investment firm. It says they only work with professional clients (like institutions or wealthy individuals), not regular retail investors. It also warns that investments can go up or down in value. Rules differ by country—UK, US, South Africa, Australia—so you must check if you qualify. For everyday investors, the takeaway is simple: don't act on their materials unless you're sure you're their target client. Worth reading to avoid investing in something you're not eligible for.
Hosking Partners LLP’s regulatory and legal disclosure document outlines its global compliance framework: the firm is authorized and regulated by the UK FCA, registered with the US SEC as an investment adviser (serving only "accredited investors" as defined under Rule 501(a) and "qualified purchaser
Theme and Background
This chapter is the regulatory and legal disclosure document of Hosking Partners LLP, intended to clarify the company's compliance framework, restrictions on service recipients, and the applicable rules for investors in different jurisdictions (UK, USA, South Africa, Australia). The core background is that the company serves only professional clients and accredited investors, and investments carry the risk of price fluctuations.
Core Viewpoint
The core investment thesis of the report is not market analysis but a legal compliance statement: Hosking Partners' investment products and services are only available to "Professional Clients" and "Accredited Investors/Qualified Purchasers", and ordinary retail investors are not entitled to access or rely on its materials. The counterintuitive aspect is that although the company is registered with the US SEC as an investment adviser, it explicitly states that it does not comply with the provisions of the Investment Advisers Act applicable to non-US clients, and that the Act's provisions do not apply to non-US persons.
Key Arguments and Data
- Regulatory Registration: Hosking Partners is authorised and regulated by the UK FCA, registered with the US SEC (under the Investment Advisers Act of 1940), registered as a Financial Services Provider (FSP 45612) with the South African FSCA, and in Australia relies on ASIC Class Order [CO 03/1099] to be exempt from holding an Australian financial services licence.
- Client Eligibility Restrictions:
- US: Only available to "Accredited Investors" as defined in Rule 501(a) and "Qualified Purchasers" as defined in Section 3(c)(7).
- Australia: Only available to "Wholesale Clients" as defined in the Corporations Act.
- UK: Only available to "Professional Clients" as defined in FCA rules.
- Risk Warning: The value of investments may rise or fall due to changes in the value of underlying securities and market conditions.
Companies/Assets Involved
- Hosking Partners LLP: A UK limited liability partnership (registration number OC382151), registered address at 11 Charles II Street, London, England SW1Y 4QU. The company is an investment adviser, and its services are regulated in multiple countries but limited to specific client categories.
Investment Implications
For investors, this means:
- Non-professional investors: Should not rely on or act upon the materials on this website, as the services are not intended for retail clients.
- Professional investors: Must confirm that they meet the eligibility requirements in their jurisdiction (e.g., Accredited Investor/Qualified Purchaser in the US, Wholesale Client in Australia), and understand that investments carry the risk of price fluctuations.
- Cross-border restrictions: Investors should inform themselves of and comply with local selling restrictions, as Hosking Partners only provides services in jurisdictions where it is registered or exempt from registration.