Legal Notice

Identification details of the CISMC

MAGALLANES VALUE INVESTORS, S.A. CISMC (hereinafter, MAGALLANES) with registered office situated at c/Lagasca, 88, 4th floor, Madrid, Spain and with C.I.F. (V.A.T. number) A87130167, is registered at the Companies Register of Madrid: Volume 32868, Sheet 85, Page M-591700, Inscription number 1. MAGALLANES is also registered at the Official Collective Investment Scheme Management Companies Register of the Spanish Securities and Exchange Commission (CNMV) under number 239. Contact: (+34) 91 4363387 /

All products and services provided by MAGALLANES are subject to applicable legislation and supervision by the Spanish Securities and Exchange Commission and other regulatory bodies.

Informative prospectuses

MAGALLANES makes available for clients the informative prospectus of the collective investment schemes offered.

Client ombudsman

In accordance with the provisions of Order ECO/734/2004, of 11 March, MAGALLANES provides a Customer Services Centre, with the purpose to receive, study and resolve the complaints and claims which clients may file in relation to the operations, contracts or services. For further information regarding the foregoing service please click on the following link: Customer Service.

Magallanes Value Investors, S.A. SGIIC Remuneration Policy

The fundamental principles to take into consideration in order to establish an appropriate remuneration policy include internal transparency, proportionality and compatibility with an adequate and effective risk management, as well as with the company’s values and interests. Likewise It will also be designed aimed at avoiding conflicts of interest and ensuring the independence of the individuals affected.

Internal Rules of Conduct

MAGALLANES, the members of its Board of Directors, managers and employees are subject to the Internal Rules of Conduct, and furthermore are subject to the general standards and rules provided for under applicable legislation.

Prevention of money laundering

MAGALLANES is subject to the regulations which govern the prevention of money laundering, being required to comply with certain obligations in relation to its clients.

Best Execution Policy

Since entry into force of MIFID II in January 2018, Magallanes bears the cost of research, thus separating it from trade execution services through brokers. Criteria for selecting brokers and negotiating rates for their execution services include speed, absence of incidents, liquidity or communication, all of them included in the Best Execution Policy.

Legal Disclaimer

The information contained on and which may be accessed via this website is provided by the company by way of general information to the public. MAGALLANES has obtained the information and materials included on the website from sources which are considered to be reliable. MAGALLANES does not guarantee that said information is accurate, complete, or that it is up to date and, accordingly, you should not rely upon said information. MAGALLANES hereby expressly declines any liability whatsoever for any error or omission of the information contained on the pages of this website.

MAGALLANES hereby reserves the right to modify, suspend, cancel or restrict the content of the website, the links or the information obtained via the website, without the need for any prior notice.

According to the specific information or circumstances in question, the application of the laws and regulations may vary. Based upon the general principles of electronic communication processes, MAGALLANES does not guarantee or ensure that the website shall be free of interruptions, delays, errors or virus. Accordingly, the information is provided as it is displayed and without any guarantees or warranties of any type whatsoever, whether of an express or implicit nature, regarding the accuracy, precision or suitability thereof. Under no circumstances whatsoever shall MAGALLANES, its managers, agents or employees be held liable for any direct, indirect, incidental, specific, punitive, consequential losses or damages or any other type of losses or damages whatsoever (including, without limitation, any liability for any unavailability, loss of information or loss of profits), irrespective of the form or nature of any action whatsoever, including, without limitation, contractual or negligence actions, or any other type of action for relief, which may be formalised by reason of or in relation to the website, the content thereof or the information which is access via the website, or by reason of the reproduction, presentation or any other use of the information contained on the website.

In light of the fact that the content of the website is protected by copyright, the unauthorised use of the materials which are contained thereon may constitute a breach of intellectual and industrial property law or other legislation. In the event that a user downloads the materials contained on the website for personal and non-commercial uses, the user must retain all of the disclaimers regarding copyright, registered trademarks or any other similar rights which are contained within the original materials or on the copies thereof. It is expressly forbidden to modify or reproduce the materials contained on the website, to publically exhibit said materials, or to distribute or use said materials for public or commercial purposes.

It is expressly prohibited to transfer or transmit via the website any unlawful or illicit content, computer viruses, or messages which, in general, may affect or breach the rights of MAGALLANES or of any third party.

The links to third party websites are provided for the convenience of users. MAGALLANES does not control nor is it responsible for said web pages or the content thereof. MAGALLANES must protect its reputation and registered trademarks and hereby reserves the right to require any link to our website to be removed.

This website does not provide any type of investment recommendation, or legal or tax advice or any other type of advisory information, and the content of the website must not be used as the basis for carrying out investments or for making decisions. Furthermore, the information contained on this website is published for general use and does not take into account any specific objectives for investments or regarding the financial situation or particular needs of any person whatsoever. Prior to making any decision regarding any investment, you should obtain adequate and specific professional advice. The value of the investments may rise or fall, which is a situation which must be assumed by the investor together with the risk that the invested amount may not be recovered, in part or in full. Moreover, the publication of past returns does not constitute any promise or guarantee of future returns.

The purpose of the content of this website is exclusively to inform users and under no circumstances whatsoever must the content be used or be deemed to constitute a sale offer, a request for any purchase offer or a recommendation to carry out any other type of operation, unless expressly stipulated. Any decision to purchase, by the recipient of the information, must be adopted taking into account the public information which exists in relation to the financial instrument, and, as the case may be, in light of the content of the prospectus registered at the Spanish Securities and Exchange Commission (CNMV) (