Legal information
Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on the www.bnpparibas-am.com/en-us/ website (hereinafter the “Website”). These terms of use apply to your use of this Website and it is therefore important that you read them carefully. Any user who accesses and uses this Website shall be deemed as agreeing to these terms of use, in the version in force at the time the site is used. At any time, these terms may be revised by updating this posting. These terms are effective immediately upon posting and you are bound by any such revisions each time you access and use this Website. You should therefore periodically visit this page to review any updated terms. If you have any questions on these terms of use, you may contact Shannon Rossetti, Head of Marketing Americas:
- by mail: 787 7th Avenue, 5th Floor Annex, New York NY 10019, USA or
- by phone +1 212 681 3181, or
- by e-mail: shannon.rossetti@us.bnpparibas.com
If you do not agree to these terms, do not use this Website.
Terms of use
The purpose of this Website is to provide corporate information about the US business of BNP Paribas Asset Management (“BNPP AM”), which includes AXA Investment Managers US Inc., an SEC-registered investment adviser (“AXA IM US”).
BNPP AM publishes and hosts this Website on behalf of AXA IM US. BNP Paribas Asset Management is the global brand name of the BNP Paribas group’s asset management services.
BNPP AM does not claim that content within this Website is appropriate or available to use in all locations. As such, you are not entitled to access this Website if doing so would involve a breach of law by you or BNPP AM in any country. Due to the global nature of the internet, you also agree to comply with all local rules with respect to your online conduct, including all laws, rules, codes and regulations of the country in which you reside and the country from which you access this Website.
Certain statements contained on this site are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of such factors include, but are not limited to, the following: the performance of financial markets, the investment performance of AXA IM US’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions, and government regulations, including changes in tax rates. BNPP AM cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; BNPP AM undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
The use of certain sections of this Website may be subject to further special terms of use, which are indicated on the pages concerned. These special terms are an integral part of the terms of use of this Website.
Please note that in any case, application for an investment and subscription shall be based solely on such relevant documentation to be provided to the subscribers prior to their investment and will be accepted only from jurisdictions where such investment is lawful.
Information given for purely informative purposes
All data and information featured on this Website are provided by AXA IM US for purely informative purposes. Such data and information do not represent, or be construed as representing, a solicitation, an offer, or a recommendation by AXA IM US to buy or sell an investment, a service or to take part in any other transaction. It cannot either be construed as investment advice from AXA IM US or any other affiliated companies and has no legal or contractual value.
Some sections of this Website contain information, studies, analyses and comments on investment strategies, financial markets, economic trends, etc. This information is aimed solely at professionals and is not aimed at individuals.
This information has been obtained from reputable, reliable sources, but there can be no guarantees over its accuracy, currency or completeness. More generally, despite the efforts made by AXA IM US to gather and confirm all information, AXA IM US cannot give any representation, warranty or undertaking of any nature, whether express or implied, as to the accuracy, up-to-date character, completeness or in general terms the quality or reliability of the information available on the Website. This information may be withdrawn or amended at any time without notice.
In this respect, neither BNPP AM/AXA IM US nor any of their affiliates, directors, officers or employees, nor any third-party vendor retained by BNPP AM/AXA IM US can be held liable towards the user, so far as this is permitted under French, US or other applicable laws, for any direct or indirect consequences arising out of or in connection with the use of such information.
This site does not provide any investment or tax advice or recommendation.
The material on this Website is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are subject to change without notice.
This Website also does not constitute, and should not be considered to be, tax advice. Depending on each country and local jurisdiction, tax rules are complicated and their impact on a particular individual may differ depending on the individual’s specific circumstances. Investors should consult with their legal or tax advisor regarding their specific situations. Reliance upon information on this Website is at the sole discretion of the user and the user agrees to hold BNPP AM/AXA IM US harmless against any claims for damages arising from any decisions that the user makes based on such information.
Performance Risk
Past performance is no guarantee of future performance and no representation or warranty, express or implied, is made regarding future performance. Investing in financial instruments involves the risk of loss of principal that you should be prepared to bear. The value of investments and any return from them can go down as well as up. You may not get back the amount originally invested. Some investments discussed on this Website may have a high level of volatility. High-volatility investments may experience sudden and large falls in their value, causing losses when that investment is realized. Those losses may equal your original investment. Indeed, in the case of some investments, the potential losses may exceed the amount of initial investment and, in such circumstances you may be required to pay more money to support those losses. Income yields from investments may fluctuate and, in consequence, initial capital paid to make the investment may be used as part of that income yield. Some investments may not be readily realizable and it may be difficult to sell or realize those investments.
Investment Approach & Use of Data
Although many of our investment approaches are driven by bottom-up stock selection based on the rigorous fundamental analysis akin to that of a traditional fundamental investor, we seek to deliver on our clients’ investment objectives utilizing an investment approach which primarily relies on analytical models. The goal of our systematic approach is not to replicate a perfect “model” portfolio; instead, like other long-term, fundamentally oriented investors, seeks to create portfolios that ex ante has those fundamental and statistically important characteristics reflecting our investment beliefs. Further, while the investment process principally relies on models (and is subject to the risks referred to above), the portfolio managers also exercise discretion in attempting to capture the intent of the models, incorporating elements of investment judgment throughout our investment process, and particularly in changing market conditions.
The ability to implement our key investment objectives is dependent on a number of considerations including, without limitation, the economic, analytical and mathematical underpinning of the models, the accurate encapsulation of those principles in a complex computational (including software code) environment, the quality of the data incorporated into the models, changes in market conditions, the successful expression of the models’ views into the investment portfolio construction process and the ability of portfolio managers and others to interpret and implement the outputs of our models. Many of these elements have subjective elements that present the possibility of human error. AXA IM US has established certain systematic rules and processes for monitoring client portfolios to assure that they are managed in a manner consistent with their investment objectives. However, there is no guarantee that these rules or processes will effectively manage the risks associated with our investment process under all market conditions.
While AXA IM US employs controls designed to assure that our models are sound in their development and appropriately adapted, calibrated, and configured, analytical, software development, and implementation errors are an inherent risk of complex analytical models and quantitative investment management processes. These errors may be extremely hard to detect in some cases, and some errors may go undetected for long periods of time, or not be detected at all. Our controls and procedures (including our escalation policies) are designed to assure that certain types of errors are subject to review once discovered. However, the effect of errors on our investment process and, where relevant performance (which can be either positive or negative) may not be fully apparent even when discovered. Given the inevitability of errors in a complex programming environment and the speculative nature of investing itself, one critical control we implement is to ensure our portfolios are robust to small errors by monitoring them for adherence to the key elements of our investment philosophy. As noted above, in all of these areas (e.g., the calibration of models, the interpretation of model outputs and investment decision-making more generally), our investment personnel can and do exercise judgment and discretion over our client portfolios.
Third-Party Content
Data and other materials appearing on this Website that are provided by third parties are believed by AXA IM US to be obtained from reliable sources, but AXA IM US cannot guarantee and is not responsible for their accuracy, timeliness, completeness or suitability for use. AXA IM US is not responsible for, and does not prepare, edit or endorse, the content, advertising, products or other materials on or available from any website owned or operated by a third-party that is linked to this Website via hyperlink. The fact that AXA IM US has provided a link to a third-party’s website does not constitute an implicit or explicit endorsement, authorization, sponsorship or affiliation by AXA IM US with respect to such website, its owners, providers or services. If you use any such third-party content, you will be doing so at your own risk and should read the terms of use applicable to those specific sites.
Timeliness of all content
All content on this Website is presented only as of the date published or indicated and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.
Non-liability of AXA IM/AXA IM US for usage of the Website
Users must accept that any access to this Website or any use of its content is carried out under their sole responsibility. As a consequence, neither BNPP AM, AXA IM US, nor any of its affiliates, directors, officers or employees can be held responsible for any direct or indirect damage arising out of or in connection with such access or use, in particular but not limited to any damage caused by the interruption, withdrawal or malfunctions of the Website, in particular in the event of maintenance or restoration of the servers, a technical fault of the servers, overloading of the network, a cut in the telephone line, error, negligence or fault of the internet access providers, of a third party or of clients, or an internet-borne virus. In addition, users of this Website agree that the Internet is not a secure medium for communication of information and that BNPP AM/AXA IM US will not be responsible for any loss or damage that could result from interception by third parties of any information made available through this Website.
Misuse
You must not misuse the Website by knowingly introducing viruses, trojan horses, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorized access to the Website, or to restricted areas of the Website, the server on which the Website is stored or any server, computer or database connected to the website. You must not attack our Website via a denial-of-service or distributed denial-of-service attack or take any action with similar effect. We will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of the Website or to your downloading of any material posted on it, or on any website linked to it.
Communicating with us via the site
E-mail submitted to this Website should be considered neither secure nor confidential. BNPP AM/AXA IM US make no representation whatsoever concerning the security or confidentiality of your e-mail messages and specifically make no representation that any e-mail message submitted through this site will be received by BNPP AM/AXA IM US.
Any communications or material you transmit to this Website by electronic mail or otherwise, including data, questions, comments or suggestions, will be treated as non-confidential and non-proprietary and will become the property of BNPP AM/AXA IM US or their affiliates. Such communications or material shall be used for any purpose, including, but not limited to, reproduction, disclosure, transmission, publication, broadcast and posting.
Furthermore, BNPP AM/AXA IM US are free to use any ideas, concepts, know-how or techniques contained in any communication you send to this Website for any purpose whatsoever, including, but not limited to, developing and marketing products using such information. BNPP AM/AXA IM US shall be under no obligation to respond to any communication that it may receive.
Hypertext links/Use of links
No hypertext link to this Website may be set up without the prior written consent of AXA IM US. This condition applies regardless of the type of link used.
AXA IM US may authorize some links to exist between this Website and other third party websites that are beyond its control. By permitting such links however, AXA IM US makes no representation as to the accuracy, completeness, timeliness or suitability of the information on the third party websites and does not accept any responsibility with regards to the content, services, products or materials offered on such websites.
Intellectual property/copyright and trademarks
This Website is protected by domestic laws and international agreements on intellectual property. All intellectual and other property information contained in this Website shall continue to be held by the BNPP Group and no rights of any kind in it shall pass to the users. The reproduction, representation, distribution (by electronic or any other means), amendment, or use of all or part of the form or content of this Website, through any medium, for public or commercial use, is therefore strictly forbidden, unless AXA IM US has given its prior express written consent. You may however copy pages and/or sections of this Website for your own personal, informational and non-commercial use, provided that you do not alter the content in any way, such as removing any copyright or other notices relating to intellectual property. None of these elements or information may be resold or redistributed in any way.
The name “BNP Paribas Asset Management” and “AXA Investment Managers US Inc.” and all associated logos are trademarks that have been registered by BNPP AM or its affiliated companies. The reproduction, removal, reuse or modification in any way of the distinctive signs found on the pages of this Website is forbidden.
AXA IM US neither warrants nor represents that your use of materials displayed on this Website will not infringe rights of third parties not owned by or affiliated with AXA IM US. Nothing contained on the Website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on this Website without the written permission of AXA IM US or the owner of the trademark. Images displayed on this Website are either the property of, or used with permission by BNPP AM/AXA IM US. The use of these images by you, or anyone else authorized by you, is prohibited unless specifically permitted. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes. If you download any information from this Website, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.
You are hereby advised that BNPP AM/AXA IM US will aggressively enforce its intellectual property rights, including pursuing all remedies available under civil and criminal law.
Each Provision of these Terms of Use is Separately Enforceable
If any provision of these terms is deemed unlawful, void or for any reason unenforceable, then that provision will be deemed severable from these terms and will not affect the validity and enforceability of the remaining provisions. The preceding terms and conditions of use represent the entire agreement between BNPP AM/AXA IM US and the user relating to the subject matter herein.
Termination
The rights granted to you herein terminate immediately if you fail to comply with the Terms of Use. AXA IM US, in its sole discretion, reserves the right to temporarily or permanently terminate your access to and use of this Website at any time and for any reason whatsoever, without notice or liability. AXA IM US will not be liable to you or any third party for any termination of your access to or use of this Website.