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Private markets in portfolios

An introduction to real estate and private markets in wealth portfolios

2 minute primer

Matt Ciambriello, Director on our Global Wealth Alternatives team, explains why real estate and private markets matter in portfolio construction today and the importance of taking a thoughtful, goals-based approach when incorporating them.

Highlights

Alternative investments are no longer reserved for institutional investors—they’re becoming essential tools in modern wealth management.
In recent years, public equities and bonds alone have struggled to deliver the income, diversification, and resilience that many wealthy investors seek.
By following key best practices, advisors can help clients incorporate real estate and private market strategies that enhance income, growth, and diversification.

In today’s evolving financial landscape, real estate and private market investments are reshaping the way wealth managers help clients achieve their long-term financial goals. Once the domain of institutional investors, these asset classes are now increasingly accessible to high-net-worth individuals through a wave of regulatory reforms and technological innovation.

This shift presents new opportunities—but also new responsibilities—for advisors. Recent market trends have indicated that exposure to private markets gives investors a meaningful edge in successfully meeting risk/reward targets. But selecting the right investments and an appropriate asset allocation range is essential for success.

The democratization of real estate and private markets

Historically, private market investments, including private equity, private credit, and direct real estate, were mostly reserved for institutions with deep pockets and access to specialists. High minimum investment thresholds, long lock-up periods, and regulatory restrictions kept these opportunities out of reach for nearly everyone else.

Regulations have changed in recent years, however, making private investments more accessible to individual investors. New rules contained in the JOBS Act of 2012, for example, spurred the creation of platforms and vehicles that package these opportunities in user-friendly formats, often at more accessible minimums. These new avenues include online marketplaces that connect investors to private deals, as well as feeder funds that package a range of private investments with specific risk/return profiles.

Common private market access points

The mass affluent have greater access to semi-liquid funds and feeder funds, while some fund of funds and private markets platforms tend to be only accessible to institutional investors.

Access point	Description	Advantages
Semi-liquid funds (e.g., Private REITs, interval funds)	Pools money from multiple investors to invest directly in private options; liquidity is restricted	Screened access to private investment options, typically at lower minimums, with at least some liquidity
Feeder funds	Pools money from multiple investors; then invests in a large institutional fund with high minimum investments	Ability to access top-tier private investment talent at a far lower minimum
Fund of funds	Pools money from multiple investors; invests that money across several institutional strategies	Expands on the benefits of a feeder fund by investing in a diversified range of private managers
Private markets platforms	A web-based portal that provides access to a variety of investment opportunities with a range of minimums, fees, and liquidity characteristics	Offers a range of options, at a lower minimum. Platforms also offer client service, reporting and education tools in a user-friendly interface

High-net-worth individuals have responded enthusiastically to these new opportunities. A 2025 survey by private market investment platform Yieldstreet indicated that nearly half of all accredited investors surveyed intend to raise their exposure to private markets in the next five years.¹

Private market investments are becoming a practical addition to a well-diversified wealth portfolio, offering potentially attractive advantages over traditional public market investments – especially in the current economic climate.

Filling gaps in the 60-40 portfolio

The traditional 60% equity – 40% fixed income portfolio is a long-standing allocation benchmark for advisors who focus on public markets. But in recent years, public equities and bonds have struggled to deliver the income, diversification, and resilience that many wealthy investors seek.

Recent research indicates that public markets have become increasingly correlated, reducing their effectiveness as diversification tools. According to the Bank for International Settlements (BIS), the correlation between U.S. equity and government bond returns turned positive in mid-2021 as a result of monetary policy responses to inflation, and has remained so since.²

Private market exposure offers diversification, Correlation analysis

The correlation between private and public market investments is generally low.

Source: Bloomberg S&P 500 Total Return Index, NFI-ODCE (Gross, Value Weighted) Index. Data from Q3 2006 to Q3 2024. Please see indices used in the important information section. Indices are unmanaged and do not take into account fees, expenses, and transaction costs and it is not possible to invest in an index.

This weakening of the diversification value of the 60-40 portfolio comes at a time when return opportunities in the public markets have become more limited. In a market where bond prices have been falling, the number of publicly traded U.S. companies is dwindling, and innovation is in high demand, private markets offer more opportunities to enhance income or gain early exposure to evolving market trends.

In all, real estate and private market offerings have provided investors with an attractive combination of income, growth, and diversification. For example, compare private real estate equity to the S&P 500. Over the past 25 years, the S&P 500 returned a total of 7.65% per year though December 31, 2024. Roughly 1.8% to 2% of that return came from income, and the results were delivered at 16.5% annual volatility.

“Private markets offer opportunities to enhance income or gain early exposure to evolving market trends.”

Over that same horizon, the NCREIF NFI-ODCE index (a standard benchmark for Core institutional private equity real estate) delivered 7.08% per year with roughly 5.4% of that coming from income, all while maintaining only 6.72% in annual volatility. In addition, the correlation between these indices over that same horizon amounted to only 0.014%, arguably none.

Strategic integration: Best practices for wealth managers

Despite the growing availability and potential benefits of real estate and private market investments, their effective use requires strategic planning and due diligence. Wealth managers must consider each client’s liquidity needs, risk tolerance, and long-term goals when incorporating alternatives into a portfolio.

ASSET ALLOCATION. As a general guideline, most experts suggest that private market investments should make up no more than 15%–30% of a high-net-worth client’s overall portfolio, depending on their financial profile and time horizon. But liquidity needs are a core consideration whenever using real estate and private markets. Investors with more liquidity constraints should consider focusing on more liquid types of private products. The more private holdings in the portfolio, the greater the need to assess liquidity impacts and create a detailed liquidity plan.

Investor type	Suggested allocation	Best practices
Affluent	5-10%	Focus on diverse products that are liquid or semi-liquid
High-net-worth	10–25%	Introduce more illiquid projducts that fit the client’s risk/return profile and potentially longer timeframe
Ultra-high-net-worth/institutional	20–50%	Greater use of illiquid investments; develop detailed liquidity plan

PRODUCT TYPES. Real estate and private markets offer categories of investments designed to meet a wide range of investor goals. All of these categories offer diversification potential when added to a traditional 60-40 portfolio but are geared toward achieving different types of outcomes for investors.

Sector	Diversification strength	Income	Growth	Liquidity
Residential Real Estate (e.g., multifamily, Single-family rental)	Moderate	High	Moderate	Low
Commercial Real Estate (e.g., office, retail, industrial)	Varies	Moderate	Moderate	Low
Private Credit (e.g., direct lending, mezzanine)	High	Very high	Low-moderate	Low
Infrastructure (e.g., energy, data, transport)	High	High	Moderate	Low
Real Estate Turnarounds (e.g., value-add or distressed)	Moderate	Low-moderate	High	Low
Private Equity (e.g., buyouts, growth, Venture capital)	Varies	Low	Very high	Very low

CLIENT COMMUNICATION. It’s important to discuss real estate and private markets options with your clients at length before allocating assets to these sectors. Unfamiliar clients will need a thorough understanding of the unique nature of these products and the way they can affect return, risk, and liquidity.

In many cases, real estate and private markets exposure offers income or return opportunities that are hard to match in the public markets. But the nature of the risks involved, and the tools to manage that risk, are different as well. It will be important to familiarize yourself with the risks and risk-mitigation strategies of each offering you direct clients toward.

For example, data centers are infrastructure projects that provide large technology businesses with the equipment needed to store and process data. They typically offer investors income and the potential for meaningful growth. However, data centers are dependent on factors like electricity costs or the failure of a key tenant. Many infrastructure financing deals try to manage these risks by imposing multi-year pricing agreements, performing due diligence on tenant credit worthiness, or by securing long-term leases with a diversified mix of tenant types.

Liquidity is also a particularly important topic. Private market strategies may have lock-up periods, redemption policies, or other terms that limit a client’s access to their liquid funds. These restrictions need to be aligned carefully with a client’s liquidity needs.

Finally, advisors will need to expand their skill at identifying real estate and private markets managers whose strategies align with client goals.

THREE WAYS to build a solid foundation when using real estate and private markets:

Create an investment policy statement (IPS). Define what assets will be used, why they will be used, and how they will be incorporated into the client’s asset allocation plan.
Emphasize diversification. Select diversified investments, but also, select investment types that enhance diversification for the client’s entire portfolio.
Draft a liquidity plan that spells out the client’s liquidity needs and how real estate/private market investments will be managed to help maintain those goals.

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If you want to discuss these products in more detail and see how they can fit into your clients’ investment approach, ask an expert on our team.

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Taking action

Real estate and private markets are no longer niche asset classes reserved for pension funds and endowments—they’re becoming essential tools in modern wealth management. As these opportunities continue to democratize, prepare to educate clients and build portfolios that responsibly incorporate these investments.

¹ Yieldstreet Next Wave 2025 Private Markets Report.

² BIS “The correlation of equity and bond returns”, December 2023.

Disclosure

For Public Distribution in the United States. For Institutional, Professional, Qualified, and/or Wholesale Investor Use Only in other Permitted Jurisdictions as defined by local laws and regulations.

Risk considerations

Investing involves risk, including possible loss of principal. Past Performance does not guarantee future return. Real estate investment options are subject to risks associated with credit, liquidity, interest rate fluctuation, adverse general and local economic conditions, and decreases in real estate values and occupancy rates. There are risks associated with private equity that are not applicable to typical investments in the public equity market, are generally illiquid and carry the potential for significant losses. Typically, private credit investments are in restricted securities that are not traded in public markets, can range in credit quality and are subject to substantial holding periods. Infrastructure investments are long-dated, illiquid investments that are subject to operational and regulatory risks. Hedge funds may not be suitable for all investors and often engage in speculative investment practices which increase investment risk; are highly illiquid; are not required to provide periodic prices or valuation and often employ complex tax structures. Investment risk may be magnified with alternative investment strategies due to their use of arbitrage, leverage, and derivatives. Asset allocation and diversification do not ensure a profit or protect against a loss. The risk management techniques discussed seek to mitigate or reduce risk but cannot remove it. Potential investors should be aware of the risks inherent to owning and investing in real estate, including value fluctuations, capital market pricing volatility, liquidity risks, leverage, credit risk, occupancy risk and legal risk. Data Center properties are only attractive to a unique type of tenant. A limited tenant base increases the risk of vacancy. Additionally, a property designed to be a data center may be difficult to re-let to another type of tenant or convert to another use. Thus, if operating a data center were to become unprofitable, the liquidation value of properties may be substantially less than would be the case if the properties were readily adaptable to other uses.

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Index descriptions: Global stocks represented by MSCI World TR, Global Bonds represented by Bloomberg Global-Aggregate Total Return Index Value Unhedged USD, Listed Real Estate represented by FTSE EPRA NAREIT Developed Index Net TRI USD, Listed Infrastructure represented by FTSE Global Core Infrastructure 50/50 Total Return Index in USD, Private Equity represented by Private Equity (Preqin, TR), Private Credit represented by Cliffwater Direct Lending Index, Private Real Estate represented by Real Estate (Preqin, TR), Private Infrastructure represented by Infrastructure (Preqin, TR).

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Principal Financial Group makes no representation that the content of the site is appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this site are available or appropriate for sale or use in all jurisdictions or countries, or by all persons and entities. Nothing on this website shall be considered a solicitation for the offering of any investment product or service to any person in any jurisdiction where such solicitation or offering may not lawfully be made.

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. 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.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"These Terms & Conditions explain certain legal and regulatory conditions and restrictions in relation to the Principal Global Investors (Europe) Limited website, and in relation to the Principal Global Investors Funds (‘the Funds’). This information may be changed by Principal Global Investors at any time without notice.

In these terms and conditions, references to 'Principal Global Investors' means Principal Global Investors (Europe) Limited or any affiliate of the Principal Financial Group, Inc. or Principal Global Investors, LLC.

Before you proceed, you must acknowledge that you have read, and agree to, our terms and conditions.

Information in relation to the Principal Global Investors Funds is available through this web site to institutional investors resident in the following countries of: Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. By proceeding this far you are representing and warranting that you are an institutional investor resident in one of these countries. Not all of the Funds are available in all these jurisdictions, and investors are directed to the Country Registration document for detailed information. What follows is not an offer or invitation to acquire an investment to, and should therefore not be relied upon by, any person anywhere other than the countries noted. Persons in respect of whom such prohibitions apply must not access this web site. This web site is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.

Yes, I certify to be an institutional investor and resident of a country listed above.

Cookies
Use of cookies on this site is outlined in the Privacy and Security Policy. In accepting these terms and conditions, you accept the terms of the Cookie Policy and the use of cookies from this site.

Legal Entity Disclosure and Regulation
In Europe by Principal Global Investors (Ireland) Limited, 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland. Principal Global Investors (Ireland) Limited is regulated by the Central Bank of Ireland.

In the United Kingdom by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London, EC2V 7 JB, registered in England, No. 03819986, which is authorised and regulated by the Financial Conduct Authority (“FCA”).

In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

If you accept these terms and conditions, click “Accept.”

You are about to leave PrincipalAM.com and be directed to our Japanese site, PrincipalGlobal.jp. If you wish to proceed, please click "Accept." If you would like to stay on PrincipalAM.com, please click "I do not accept."

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. 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.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Member firms of Principal (collectively, the “Firms”) do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client’s investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor’s investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for “Professional Clients” as defined in the Conduct of Business of the Dubai Financial Services Authority’s Rulebook. If you are not a “Professional Client”, you may not access this website and you should select the “Decline” link below.

By selecting the “Accept” button below, and entering this website, you agree to these terms and confirm and represent that you are a “Professional Client”.