* The ‘high water-mark provision works as follows. If you have a '£10,000' investment with TAM and it rises in value to, say, '£12,000' at the end of the first quarter, a performance fee will be payable on the gain of '£2000'. If by the end of the second quarter, the value of your portfolio falls below '£12000', no fee will be payable. No further fee will be levied until the quarter in which the value of the portfolio rises above '£12,000', its previous ‘high water-mark’.

RISK WARNING: An investor in Trendwatch Asset Management (TAM) could be materially and adversely affected by any of the following risks.

• TAM managed accounts invest predominantly in spread bets. Spread betting involves a level of risk to your capital and you may get back less than you have invested. Spread bets are leveraged products; this allows larger positions than would otherwise be possible with the same amount of capital. As a result of leverage, it is not uncommon for the profits or losses on a spread bet to exceed the initial capital deposited. TAM will, however, be placing ‘guaranteed stop loss’ orders against all open trades, to prevent losses in excess of your investment on your TAM managed account.
• Many of the spread bets placed by TAM will be on small to medium-sized companies. These generally carry a higher risk profile than larger companies.
• It will be some time before a client’s funds are fully invested. Only then are TAM investors likely to experience maximum returns (though they will then also be at maximum risk). An investment in TAM should be therefore be regarded as a medium to long-term rather than a short-term investment.
• Losses incurred on a TAM investment cannot be set against profits for CGT purposes