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The information and material contained in this website are designed to provide information on Martin Currie and is only directed at Institutional Investors and Consultants.

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Martin Currie Investment Management Limited is authorised and regulated in the UK by the Financial Conduct Authority.

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The information and material contained in this website are designed to provide information on Martin Currie and is only directed at Institutional Investors and Consultants.

By accepting where indicated, you hereby acknowledge, agree and represent to Martin Currie that you are eligible by confirming that you are based in the UK, you are an authorised to conduct regulated activities in the UK and that you have read and understood the "Legal & Regulatory Information", which applies to any investment in our products referred to in this website.

The information contained within this website does not constitute an offer of or an invitation to apply for securities:

In any jurisdiction where such offer or invitation is unlawful or
In which the person making such offer is not qualified to do so or
To whom it is unlawful to make such offer or solicitation.

Martin Currie Investment Management Limited is authorised and regulated in the UK by the Financial Conduct Authority.

The distribution of this information in written format is restricted to the UK. The information contained in this site has been compiled with considerable care to ensure its accuracy at the date of publication. But no representation or warranty, express or implied, is made to its accuracy or completeness. Any research or analysis contained in this website has been procured by Martin Currie for its own use. It is provided to you only incidentally, and any opinions expressed are subject to change without notice.
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Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Fund Management Limited, registered in Scotland (no SC104896) is authorised and regulated by the UK Financial Conduct Authority as a full-scope UK AIFM.

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Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Fund Management Limited, registered in Scotland (no SC104896) is authorised and regulated by the UK Financial Conduct Authority as a full-scope UK AIFM.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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All residents of Hong Kong: Neither Martin Currie Investment Management Limited nor Martin Currie Inc. carries on a business in a regulated activity in Hong Kong or is licensed by the Securities and Futures Commission. The content of this section of the website is intended for Professional Investors only.

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All residents of South Korea: The information in this section of the website is intended only for qualified professional investors and consultants based in South Korea.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Australia is a division of Franklin Templeton Australia Limited (ABN 76 004 835 849). Franklin Templeton Australia Limited is part of Franklin Resources, Inc., and holds an Australian Financial Services Licence (AFSL No. AFSL240827) issued pursuant to the Corporations Act 2001.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority.

The FCA's regulatory regime differs from the Australian regulatory regime.
This material is provided on the basis that you are a wholesale client within the definition of ASIC Class Order 03/1099. Martin Currie is registered as a foreign company under the Corporations Act 2001 (ARBN 131 134 613). It is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 in respect of financial services provided to Australian wholesale clients by virtue of the application of ASIC Class Order 03/1099.

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Important Information:

Martin Currie Australia is a division of Franklin Templeton Australia Limited (ABN 76 004 835 849). Franklin Templeton Australia Limited is part of Franklin Resources, Inc., and holds an Australian Financial Services Licence (AFSL No. AFSL240827) issued pursuant to the Corporations Act 2001.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority.

The FCA's regulatory regime differs from the Australian regulatory regime.
This material is provided on the basis that you are a wholesale client within the definition of ASIC Class Order 03/1099. Martin Currie is registered as a foreign company under the Corporations Act 2001 (ARBN 131 134 613). It is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 in respect of financial services provided to Australian wholesale clients by virtue of the application of ASIC Class Order 03/1099.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Investment Management Limited has a MiFID II passport to provide investment services to Professional Clients in the European Union.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Please read this important information.

All residents of Luxembourg, Republic of Ireland, Netherlands, Germany, Sweden, Finland, Norway, Denmark, Italy, Belgium and France: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are categorised as a per se or elective Professional Client for the purposes of Directive 2014/65/EU (“MiFID II”). The information on this section of the website is not intended for use by any other person, including members of the public.

All residents of Switzerland: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that that you are resident in or incorporated in Switzerland and that you are a Qualified Investor for the purposes of Article 10 of the Collective Investment Schemes Act. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Investment Management Limited has a MiFID II passport to provide investment services to Professional Clients in the European Union.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Inc, incorporated in New York with its registered office at 280 Park Avenue, New York, NY 10017 and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com, is registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940 and is also authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc. operates under the International Adviser Exemption with the Ontario Securities Commission (‘OSC’) and is therefore currently not required to be registered as a portfolio manager for the purposes of MI 31-103.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940, National Instruments or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Investors resident in the United States of America: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are either incorporated in, or a resident of, the United States of America and that you meet the definition of an Accredited Investor as defined in Rule 501 of the United States Securities Act of 1933, as amended (‘The 1933 Act’). The information on this section of the website is not intended for use by any other person in any other jurisdiction, including members of the public.

Martin Currie Inc, incorporated in New York with its registered office at 280 Park Avenue, New York, NY 10017 and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com, is registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940 and is also authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc. operates under the International Adviser Exemption with the Ontario Securities Commission (‘OSC’) and is therefore currently not required to be registered as a portfolio manager for the purposes of MI 31-103.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940, National Instruments or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that: (i) you are an institutional investor, an intermediary investor a consultant or other professional investor; and (ii) you are entering this website on your own initiative and without being influenced or induced by any third party to do so. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation. The information on this website has not been reviewed by any competent regulatory authority in any jurisdiction.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation. The information on this website has not been reviewed by any competent regulatory authority in any jurisdiction.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Rising into Falling Markets, with Lower Volatility

Our Asia Pacific Real Income portfolio design is continuing to provide investors with low volatility outcomes during uncertainty.

Date published
17 May 2022
Tag
Andrew Chambers Portfolio Manager, Real Assets
Daniel Fitzgerald Portfolio Manager, Real Assets

Portfolio Design Provides Low Volatility Outcomes During Uncertainty

We believe that it is our investment process, which targets a blend of listed Real Assets (Real Estate, Utilities and Infrastructure) and also incorporates a unique Sustainable Dividend Assessment” (or downside dividend analysis), which has helped the portfolio rise into falling markets in this low-volatility manner.

We see ongoing global geopolitical risks as well as uncertainty around inflation, interest rates and COVID-19. As such, global and regional equity and bond market volatility is likely to persist for some time. Below we outline why we expect the APRI strategy’s focus on income and low volatility total return outcomes will continue to serve investors well relative to broader Asia Pacific equities or real asset sectors.

300

Ignoring Benchmarks in favour of high-quality income

We don’t think it is appropriate to include any particular security in our portfolio just because it has a large weight in an arbitrary index.

Our focus on high-quality income stocks has kept the APRI portfolio away from speculative names and high multiple / low yielding stocks that have large weights in Asia Pacific equity market indices.

While these index stocks that have come under the most significant selling pressure during the recent market correction, we believe that the performance tilt away from expensive growth style stocks is only just beginning as economies continue to recover from the COVID-19 downturn.

For example, IT companies, which make up more than 20% of the MSCI AC Asia Pacific ex Japan Index , are not included in our portfolio. Their typically low Sustainable Dividends, and high Valuations are not qualities we want to include in a more defensive income-oriented strategy.

300

Listed Real Assets have long-term leverage to urbanisation – particularly in the Asia Pacific ex Japan region

To avoid stocks whose growth and returns are driven by the swings of the economic and business cycle, we prefer Real Assets. We see Real Assets as the ‘every day-use’ building blocks of the economy, and that their growth is driven by the structural mega trend of urbanisation. Our key thesis is that as urban population grows, so too will demand for Real Assets to service non-discretionary everyday needs such as electricity, transport and food shopping.

With a growing demand, coupled with the non-discretionary nature of the services provided, Real Assets typically demonstrate strong pricing power, with proven cash flows, with an ability to continually grow distributions to investors no matter the economic and business cycle.

The urbanisation growth thematic is expected to continue to be strong in the Asia Pacific ex Japan region, with population and urbanisation levels in select cities growing significantly faster than those in Europe, the Americas, and many other regions.

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A core focus on Sustainable Dividends

Unlike many ‘high yield’ strategies, our portfolio construction process places great importance on our unique Sustainable Dividend Assessment which considers a stocks ability to maintain payments to shareholders through all different stages of the cash flow cycle, rather than a current or consensus dividend which may be artificially high.

As our assessment of a stock’s long-term Sustainable Dividend takes in a downside scenario for dividends. We are also not forced sellers when a company that is paying a very high dividend, that cannot be sustained, ends up cutting it.

By investing in the most attractive stocks on this measure, income makes up a larger component of a stock’s total return, thus helping provide a lower volatility outcome.

300

In-built Inflation protection

As economies reopen, the near-to-medium term path for inflation and interest rates is almost certainly up. While this is usually considered a headwind for equities, including listed Real Assets, we see opportunities for growing the income steam for APRI.

With inflation rising, APRI is well positioned due to our focus on owning Real Assets with inflation protection and pass-through mechanisms and strong pricing power. These types of Real Assets should exhibit meaningful cashflow and dividend growth as inflation rises, while companies without pricing power may struggle to raise prices.

We focus on Real Assets that have rents, tolls or charges that directly reference the Consumer Price Index (CPI) or have rents that are closely correlated to tenants’ sales.

300

Strong performance historically from higher interest rates

We believe that the market never priced in permanently low interest rates for high quality Asia Pacific Real Assets unlike many other high multiple sectors of the market. Furthermore, the typical longer maturity debt and expensive legacy debt of some of our Real Asset holdings mitigates the impacts of rising interest rates as they maintain their ability to refinance at lower rates than existing loans.

The APRI portfolio also has a strong track record of performing well during rate rise cycles. When we last saw significant and rapid rate rises in the US Fed Funds rate from December 2016 to December 2018, the portfolio outperformed the broader market and its Real Asset composite benchmark – again with lower volatility.

Two-Year Risk/Return Comparsion: As of 31 Dec 2018
US Federal Funds Effective Rate (%)

Past performance is not a guide to future returns. The return may increase or decrease as a result of currency fluctuations.
Source: Martin Currie Australia, Federal Reserve Bank of St. Louis; as of 30 April 2022
*Data provided for the Martin Currie Asia Pacific Real Income composite in US$ (gross of fees).
**The composite index is comprised of 50% MSCI AC Asia Pacific ex Japan REITS (Net Dividends) Index and 50% MSCI AC Asia Pacific ex Japan Utilities (Net Dividends) Index is used for performance comparison purposes. The portfolio is constructed in a benchmark-unaware manner.
The performance record noted above is clear representation of the strategy's performance over the period shown. Performance information showing five years (or since inception) in complete 12 month periods is available upon request.
See end notes for full GIPS disclaimer.

With inflation rising, APRI is well position due to the our focus on owning real assets with inflation protection and pass-through mechanisms and strong pricing power.

The Martin Currie Asia Pacific Real Income Strategy

Volatility is likely to continue to be a feature of equity markets for the near- to medium-term as global economies reopen, while grappling with accelerating inflation and the normalisation of extreme monetary policy settings.

A focus on income and low volatility total return outcomes has helped the APRI strategy navigate the falling markets over the last 12 months, but this strength does not diminish the potential for future returns.

We believe that the benefits of Real Assets in this environment are still being undervalued and that income focus of the portfolio will continue to provide resilience in market sell offs.

Key Attributes of the APRI Strategy
    • A unique blend of listed Real Assets with income growth driven by long-term demographic themes –Listed REITs, utilities and infrastructure - the essential building blocks of an economy for a growing urban population’s every-day needs
    • Proven investment process with Active Ownership – Proprietary multi-lensed investment approach, with fully embedded Stewardship & ESG.
    • Income-focused return profile – Unique investment approach aligns stock selection and portfolio construction with the need to reduce income shock and grow income with inflation
    • Benchmark unaware portfolio construction – Low security concentrations to provide income diversification so no single stock dominates
    • Experienced stock pickers - Deep industry experience generating best Real Asset ideas
End notes
Martin Currie Australia (MCA) claims compliance with the Global Investment Performance Standards (GIPS®). The Asia Pacific Real Income composite (EQ_17) contains fully discretionary accounts containing diversified portfolios of Asia Pacific ex Japan real estate investment trust, utility, infrastructure and like securities that are listed on an Asia Pacific ex Japan-based Stock Exchange. For purposes of compliance with the GIPS®, the Firm is defined as Martin Currie Australia (“MCA”) formerly Legg Mason Australian Equities (LMAE), and comprises all assets managed or advised on a discretionary or non-discretionary basis. MCA is a division of Franklin Templeton Australia Limited (FTAL), which is a part of Franklin Resources, Inc. MCAs predecessor firm for GIPS® purposes was Legg Mason Asset Management Australia Limited (LMAMAL), which was renamed FTAL on 1 October 2021. The MCA team continues to manage the Australian domestic equities portfolio of FTAL. The US Dollar is the currency used to express performance.info@martincurrie.com. Inception date: 30 June 2016.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.