Disclaimers

DISCLAIMER AND DEFINITION OF PARTNERS / PARTNERSHIP

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In our letters, materials, website, and all other public disclosures we refer to both limited partners in the Partnership, and common shareholders in the AR Capital LLC (feeder fund) as “partners”. We do this to convey a relationship we seek in which our investors are partners in a shared experience and destiny, in which they too have something to contribute. We do not mean to suggest that there is a partnership, in the strict legal sense of the word, between the shareholders in the feeder fund and AR Capital Ltd.

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DISCLAIMER ABOUT OUR PORTFOLIO BACK-TESTS

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None of the study as a whole or any part of them should be construed as investment advice. The back-test is for educational purposes only.

The results are based on the assumption that the investor never sold any shares after making the investments. Also, the dividends have not been re-invested. The result is before taxes and all associated fees (i.e. asset management fees (if any), performance fees (if any), custodian fees, transaction fees, brokerage fees, and currency exchange fees, etc.), the equally-weighted portfolio invested $14,286 in each stock in our back-test.  

Companies mentioned here have differences in their financial years for reporting purposes. The study might be reflecting the survivorship bias on our end. You might want to also account for the scope that the conditions that are conducive to the company’s success might have not been so clear at the time of making those decisions.  

At the same time, AR Capital finds it interesting that some of those investment opportunities were simply no-brainers - considering the price paid for the strong earnings power some of those assets had and might still have. For instance, research shows us that with increasing purchasing power people would like to have the ability to communicate through mobile phones and therefore the backbone of telecommunication is absolutely critical for any modern civilization to prosper. Grameenphone was building important telecommunication networks covering the highest number of people throughout the country at the time.

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LINKS

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Some links on the Website may lead to third-party websites, which are completely beyond control of AR Capital. Links to this Website may also be included on third-party websites. AR Capital has not reviewed these and declines any liability for any information or materials posted on any of the sites linked to this Website. By creating a link to a third-party website or by tolerating that a third-party website includes a link to this Website, AR Capital does not endorse or recommend any products or services offered on that third-party website. Neither does AR Capital expresses any implied or explicit appreciation as to the accuracy and / or reliability of the information to be found, directly or indirectly, on any third-party websites or as to the reliability and/or honorableness of their sources.

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CONFIDENTIALITY

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Any information or material sent to AR Capital through this Website will be handled in a manner consistent with legal and regulatory requirements.

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