The investments in shares of the fund do not constitute deposits with Banco Hipotecario S.A., Deutsche Bank S.A. or Banco de Valores S.A., for the purposes of the Financial Entities Act, nor are they provided with any of the guarantees that such sight deposits or term deposits may have according to the laws and regulations applicable to deposits with financial entities. Furthermore, Banco Hipotecario S.A., Deutsche Bank S.A. and Banco de Valores S.A. are prevented by the provisions of the Central Bank of the Argentine Republic from assuming, tacitly or expressly, any commitment as to maintaining at any time the value of the invested capital, the yield, the redemption value of the shares or the supply of liquidity to such effect.

Investors Warning

Investors should be aware that certain local and foreign companies offer in several means of communication investment funds which are not provided with the corresponding authorization from the CNV. The offers made to local investors from abroad which allow to operate through IT platforms or web pages represent a high risk to investors. Therefore, a warning is given concerning the high risk of capital loss that making investments through non-authorized entities may potentially carry, and the consequences that the violation to Law 26,831 of Capital Markets may entail. If you wish to know the list of asset management agents, collective investment products custody agents (depositary companies) registered with the CNV, access www.cnv.gob.ar.

Terms and Conditions

The use of this web site implies the acceptance and knowledge by the user of the following general terms and conditions. The term 'web site' includes all the contents and supplied data and all the sections and areas thereof. The user of this web site also acknowledges that it is his responsibility to corroborate that the national laws applicable to him allow him to check this web site and guarantees that he has the means and knowledge necessary to access this web site and that he will only use the site for the purpose for which it was designed. These general conditions may vary without prior notice. If any of these general conditions were decreed illegal or non-applicable, such a declaration shall not affect the remaining conditions, which shall remain in full force and effect.

The opinions given on this web site are the result of the analysis and deductions made by BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI at the specified time and may subsequently vary without prior notice. Such opinions should not be taken as absolute and unalterable statements and they shall not replace the judgment and own criterion of the persons reached by them. They should not constitute the sole basis to assess any strategy or instrument of which information is given on this site.

The use of certain sections or pages of this web site may be subject to special conditions or warnings and instructions proper or complementary to these general conditions, which shall also be checked and agreed to as well. In case of disagreement between these general conditions and the special or complementary conditions relevant to the sections or pages of this web site, the latter shall prevail.

Content of the site

This web site has been created and is maintained by BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI. The content of this web site has an exclusively informative purpose and does not constitute a sale offer nor a purchase invitation in regard to any financial instrument. In no case shall it be understood as a recommendation to invest in any kind of financial instrument nor a financial instrument purchase or sale offer. Furthermore, as the presentation of products itself does not allow the formalization of any contract, this should not be understood as a formal purchase or sale offer nor a public offer of financial instruments.

BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI takes no responsibility for any decision made on the basis of any information contained in this web site.

Third Parties’ Information

Any information provided by third parties has been obtained from suppliers deemed trustworthy, however no guarantee is given as to whether it is accurate, updated, suitable and complete.


This website may contain several links to web pages published by third parties, which in turn may contain links to this web site. BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI has not corroborated whether these independent web pages are accurate or complete and therefore, it takes no responsibility in connection thereof. The fact that a link to a web page belonging to a third party has been created or that permission has been given to a third party so that it includes a link to this web site does not imply that the content or the products and services offered on the linked web pages are approved or recommended. The access to the web page of a third party through a link contained on this web page shall be under the exclusive responsibility of the users.

Intellectual and industrial property rights

The content, text, design, trademarks, logotypes, images, recordings, computer programs and, in general, any creation which exists on this website are protected by intellectual and industrial property laws. Such intellectual or industrial property rights belong to BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI, who authorizes the user to use or print the data only for personal purposes and not for commercial ones. User may not in any manner, without prior express consent in writing by BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI:
• Adapt, reproduce, store, distribute, edit, show, perform, publish or create works derived from any content of this website;
• Commercialize information, products or services obtained from any part of this web site;
• Use the registered or non-registered trademarks contained on this website;

Personal data protection policy

All the information and data sent to BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI through this website, by e-mail or by any other means related to the use of this website, shall be compiled and filed in accordance with the relevant legal provisions and rules. The information obtained from the use of this site (for example, date, visited web pages, duration or IP address) may be registered. Such data, which shall remain anonymous and constitute not personal data, may be used only for statistics purposes and shall not be transmitted to third parties to any effect whatsoever, whether commercial or not.

Access to this website entails that user voluntarily agrees to the registration and treatment by BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI and its associated, controlled and/or controlling entities, for the following purposes: administration of clients and potential business opportunities, management of contract relationship, irregularities prevention, generation of statistics and tests and direct marketing activities regarding financial products and services and other promoted products or services.

User gives his consent to the assignment of these data to all the entities associated to BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI with the same purposes or other persons to comply with any legal obligation or by virtue of a legal interest. User also agrees to this assignment even when the receiver of such data is out of the Argentine Republic – in which case, the compliance with the security standards required by the Argentine Law shall be demanded from it. Access to users’ personal data shall be limited to those persons who need them to fulfill their duties.

The authorization given by the owner of the datum to deal with it shall be in force even when the existing contractual relationship had terminated, observing the principles of Law 25,326. This authorization which survives the contractual relationship is necessary to comply with other laws applicable to personal data.

The owner of the personal data: (i) has the power to exercise the right to have access to them on a gratuitous basis, at intervals no inferior to six months, unless a legitimate interest is proven to such effect according to the provisions of Section 14, Paragraph 3, Law 25,326; (ii) may request the revocation of the authorization to use personal data for direct marketing purposes; and (iii) has the power to request the rectification and suppression of personal data.

The National Agency for Personal Data Protection, enforcement agency under Law 25,326, has the power to deal with reports and claims filed in connection with failure to comply with the provisions regarding personal data protection.

E-mail function

The e-mail function to contact BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI is just one of several tools offered by BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI for users’ convenience. User must take into account the limits as to reliability concerning the sending and reception of e-mails, as well as to the accuracy and safety of electronic mails traffic, therefore, user must understand that BACS ADMINISTRADORA DE ACTIVOS S.A. cannot take responsibility for the damage and losses that may arise as a consequence of inquiries which are not received, confirmed or processed or by reason of the fact that a message from the user is intercepted by a third party. Therefore, user is expressly advised not to send sensitive information by e-mail, since its safety cannot be guaranteed and, in case he does so, it shall be under its exclusive responsibility.

Applicable Law and Jurisdiction

The access to and use of this web site and these general conditions shall be governed by the laws of the Argentine Republic. In case of dispute arising in connection with them, such courts shall be the only courts with jurisdiction to solve such a dispute.

BACS ADMINISTRADORA DE ACTIVOS S.A. SGFCI, Sociedad Gerente de Fondos Comunes de Inversión - Tucuman 1, Floor 19, Office B (C1049AAA) Buenos Aires Argentina Phone: (011) 4329-4267 Fax: (011) 4329-4282 Registered with the Public Registry of Commerce under N°104, Book 112, Volume A, Corporations, CUIT (Tax Unique Identification Number): 33-66051598-0.

Relevant Links


Relevant facts