Castlestone Asset Management

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Team organisation and biographies

Angus Murray
CEO, Portfolio Manager - Porcupine

Angus is the CEO and founder of Castlestone Management and the Portfolio Manager of Porcupine Commodity Relative Value. He heads up the Investment Committee for the company. Angus previously held the position as President of Macquarie Bank (USA) Inc. in New York and was Co-Head of the International Equity Department of NatWest Markets USA. He holds a Bachelor of Financial Economics from the University of London, England.

Claudio Oliveira
Head of Trading

Claudio joined Castlestone Management in April 2007 to provide fundamental research and trading execution. Prior to joining the company, Claudio worked for Deutsche Bank in New York for four years as an analyst within the credit risk department. Claudio has a BA in Economics with a minor in Mathematics from Rutgers University.

Michael Delefes
Commodity Analyst

Michael joined Castlestone Management taking on the position as Commodities Analyst. Prior to joining the company, Michael was a part of the Macro Energy Trading team at Noble Group in London focusing on oil and product trading. Prior to Noble he worked within Fixed Income at Lloyds Banking Group and Societe Generale, both in London. He earned a BS in Business Administration from Deree College of The American College of Greece in Athens.

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By accessing any page of this website, you agree to be bound by the terms below. If you do not agree to the terms below, please exit the website. This page is designed for professional investors only and as such Castlestone Management cannot be responsible for any misrepresentations you may make in gaining unauthorised access to the site. These terms may be amended without notice to you. Your continued use of the website following any changes will mean that you accept such changes. If you accept the conditions below and wish to enter the website this page constitutes a binding legal agreement.

General Site Terms & Conditions

Advice

Nothing contained within this site shall be deemed or construed to constitute a recommendation or financial or other professional advice. All potential investors should take appropriate investment advice before considering an investment into any Castlestone Management investment product. You should not rely solely on the information contained within these site pages, and should carefully read the appropriate offering document(s) and all other relevant documentation and/or terms and conditions available relating to any specific investment product before applying to purchase.

Investing

The capital value of investments and the income from them can go down as well as up and an investor may not get back the amount invested. Prospective investors should be aware of the underlying risks associated with investing in shares listed on certain stock markets which can be more volatile and less marketable than in more developed stock markets. The value of shares may rise or fall due to changes in the rate of exchange in the currency in which the funds are denominated if it is different from the investors' own currency.

Past performance is not a guide to future performance. The value of investments and any income derived from them can go down as well as up and the value of an investor's investment may be extremely volatile and be subject to sudden and substantial falls. The prices of commodities contracts and all derivatives instruments, including futures and options, are highly volatile. Certain investment positions may be illiquid. The Funds may invest in securities of financially troubled companies, illiquid over-the-counter securities and non-publicly traded securities.

Investment in emerging market funds involves risk factors and special considerations which may not be typically associated with investing in more developed markets. Political or economic change and instability may be more likely to occur and have a greater effect on the economies and markets of emerging countries. Adverse government policies, taxation, restrictions on foreign investment and on currency convertibility and repatriation, currency fluctuations and other developments in the laws and regulations of emerging countries in which investment may be made, including expropriation, nationalisation or other confiscation could result in financial loss.

Income from investments may fluctuate. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. You should be aware that investments in higher yielding bonds issued by borrowers with lower credit ratings may result in a greater risk of default and have a negative impact on income and capital value. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth in Income share classes. Fund charges may be applied in whole or part to capital, which may result in capital erosion.

The above list of risk factors is not complete and reference should be made to the offering document(s) of the relevant product before investing.

Castlestone Management takes investments introduced via intermediaries only.

Variation of content

Castlestone Management reserves the right in its absolute discretion at any time and without notice to remove, amend or vary any of the content which appears on any page of this site, including any terms and conditions. Any changes to these terms and conditions will be posted on this site and by continuing to use this site following any such change you will have be deemed to have indicated that you agree to be bound by the revised conditions. The contents of this website are based upon sources of information believed to be reliable, however, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to its accuracy or completeness. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.

Data protection

Castlestone Management complies with all applicable statutory obligations relating to the holding and storage of personal data. Where data is held about you, Castlestone Management will only use this for the purposes to which you have agreed.

You have the right to request a copy of the personal data Castlestone Management holds on you and to require us to correct any inaccuracies.

Privacy statement

Castlestone Management treats all the information provided by investors and prospective investors with maximum care and applies relevant security measures to it. Any details you give will remain confidential and will only be disclosed to the extent that such disclosure is made at your request or with your consent, or where Castlestone Management is compelled to make such disclosure under applicable law.

Links to other sites

The links to other sites on the internet in this site are solely to enable you to access further information on related topics. Castlestone Management does not necessarily own or control such other sites and accepts no responsibility for any information contained in such other sites or their availability. Please note that when accessing another site by way of a hypertext link you will leave the Castlestone Management site.

Disclaimer

Castlestone Management takes all reasonable steps to ensure that the information contained in this site is accurate, current and complies with all applicable law. Castlestone Management does not, however, give any warranty or guarantee or make any representation regarding the accuracy or completeness of the content of this site. Castlestone Management accepts no liability for any loss or damage, direct, indirect, special, consequential or otherwise, howsoever caused and occurring, that arises from accessing or relying upon the information contained in this site. Furthermore, no warranty or guarantee can be given that this site shall be available on an uninterrupted or continual basis and no liability can be accepted in respect of losses or damages arising out of any unavailability. Castlestone Management accepts no liability in respect of losses or damages arising out of changes made to the content of this site by unauthorized third parties.

You acknowledge that you are solely responsible for you use of this site and all the information you utilize from it; all warranties, conditions, undertakings, representations and terms whether expressed or implied, statutory or otherwise are excluded to the fullest extent permissible by law. Nothing in these terms and conditions shall attempt to exclude liability for death, personal injury or fraudulent misrepresentation.

Copyright and trade marks

Copyright in all pages of this site, and any and all information, text, graphical representation and content therein and arrangement is owned by Castlestone Management.

All title to trade marks, service marks, company names or logos are the property of their respective holders; no permission is given by any of these holders in respect of the use of any such trademarks, service marks, company names or logos. Any such use without of the respective holders' express permission shall constitute an infringement of the holders' rights.

Castlestone Management will authorize users to store, manipulate, analyse, reformat, print and display the content of this site for personal use. Any other use of content is prohibited without Castlestone Management’s prior written consent. Castlestone Management does not permit the publishing, re-transmittal, re-distribution or otherwise reproduction any of the content of this site howsoever to any third-party; you are also hereby prohibited from using any such content in connection with any business or commercial activity.

Complaints procedure

Castlestone Management is committed to ensuring that you are treated in a well-informed manner and prides itself on, and is dedicated to, client service with particular attention to detail and accuracy. Castlestone Management will endeavour at all times to treat you with fairness, courtesy and complete respect for your requirements.

Castlestone Management's commitment extends to dealing with any possible dissatisfaction you may have in a straightforward helpful way. Castlestone Management believes that customer satisfaction is to be provided by speedy access to those personnel best placed to resolve issues quickly and efficiently.

If you have a complaint

Please contact:

Castlestone Management Incorporated.

Registered in the British Virgin Islands, company number 202301.

Registered office: Rodus Building, 4th floor, P.O. Box 4064, VG 1110, Road Town, Tortola, British Virgin Islands.

Regulated and authorized by the British Virgin Islands Financial Services Commission, registration certificate number MA98/0087.

Other jurisdictions

The information contained in this website is not directed at, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the investment products are not authorized for distribution or in which the dissemination of information regarding the investment products is not permitted. The information or opinions contained herein should not be construed as an offer to sell or the solicitation of an offer to buy any investment product nor shall any such investment products be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. A more detailed explanation of the restrictions associated with investing in each investment product is located in the prospectus for each investment product.

Offering documents

The offering document(s) for the investment products listed on this site can be obtained on request from:

Circle Investment Support Services B.V., Utrechtseweg 31D, 3811 NA Amersfoort, The Netherlands.

The views expressed in this site are those of Castlestone Management and should not be regarded as offers to invest or subscribe for interests in any investment product. Financial products carry a number of inherent risks. Any person considering an investment should seek appropriate professional advice for further advice and information. Castlestone Management can only accept investments made through an IFA or third party provider.

Castlestone Management means Castlestone Management Incorporated, and its directors, officers, employees, agents and affiliates.

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