Value-Investing versus Growth-Investing ist eine Jahrzehnte alte Debatte, die seit Benjamin Grahams ersten “Value” Aktien-Picks Anfang des 20. Jahrhunderts schwelt.
In der traditionellen Auseinandersetzung stehen sich in jeder Ecke des Rings zwei Strategien gegenüber, die sich um Themen wie Risiko, Bewertung, Anlegertemperament und globale Marktkräfte streiten. Aber ist dieser Kampf noch relevant? War er jemals ein echter Wettkampf??
In der roten Ecke …
Abhängig davon, wen Sie fragen, wird “Value-Investing” definiert als das Streben nach Renditen aus relativ “risikoarmen” Investitionen in Aktien, die unterbewertet sind. Aus dem einen oder anderen Grund spiegelt der Marktwert der Aktie ihren eigentlichen Wert nicht wider. Value-Investing ist in den Köpfen vieler Menschen mit wachstumsschwachen, oft angeschlagenen Unternehmen verbunden, die der kurzsichtige Markt beiseite geschoben und zum Verkauf angeboten hat..
Im Gegensatz dazu beschwört der Begriff “Growth Investing” das Bild von versierten Anlegern herauf, die den nächsten milliardenschweren Superstar in modernen High-Tech-Sektoren suchen. Das Ziel von Growth-Investing ist es, Unternehmen auszuwählen, die ihre Konkurrenz übertreffen, überdurchschnittlich schnell wachsen und ihre Anleger mit einer hohen Rendite belohnen.
Natürlich ist, wie immer in solchen Fällen, keine der beiden Typologien wirklich zutreffend. Sie sind lediglich Karikaturen. Das hat jedoch nicht verhindert, dass sie sich in allen Bereichen der Investmentwelt verbreiten. Kunden und Vermögensverwalter beziehen sich häufig auf diese Begriffe, während die Presse in ihren Kommentaren eine Debatte über “Wert” und “Wachstum” führt. Selbst der Autor dieser Zeilen ertappt sich zuweilen dabei, dass er einen anderen Fondsmanager fragt: “Sind Sie eher wertorientiert oder wachstumsorientiert”?
Metriken im Vergleich für MSCI definierte Value- und Growth-Indizes
| KGV | KBV | Sektoren (Top 50%) | |
| Value | 21.07 | 1.85 | Finanzwesen 21,5%, Gesundheitswesen 13,8%, Industrie 11,8% |
| Growth | 43.74 | 7.05 | Informationstechnologie 43,7%, Gebrauchsgüter 17,4% |
*Quelle MSCI World Growth and Value Indizes zum 31. Dezember 2020
Goliath gegen Goliath’
Das Gespräch über Growth- und Value-Investing wird von der Erzählung des Wettbewerbs dominiert. Performance gegen Bewertung, Risiko gegen Sicherheit, wir gegen die anderen.
Ein kürzlich erschienener Bericht der AIC mit dem Titel “Has value had its day?” (Ist die Zeit für Value-Investments vorbei?) beklagt die weit verbreiteten “leichtfertigen Verweise auf die Rivalität zwischen Growth- und Value-Investmentstilen” – versäumt es aber, ein grundlegendes Problem anzusprechen. Value- und Growth-Investitionen sind nicht zwei rivalisierende Lager, die unvereinbare Anlagethesen vertreten und durch unüberwindbare ideologische Barrieren getrennt sind
“Sie haben mir keine dritte Option gegeben”
Auf die Frage in einem Webinar, ob Asset Value Investors Wert- oder Wachstumsinvestoren sind, antwortete CEO Joe Bauernfreund: “Wir sind weder das eine noch das andere.”
Er hätte auch leicht argumentieren können, dass wir beides sind. Oder dass die Frage an sich keinen Sinn mehr macht.
“Die Leute denken, wir seien Value-Investoren. Bis zu einem gewissen Grad ist das auch richtig””
“Wir sind am Kauf von Unternehmen interessiert, die mit einem Abschlag auf ihren realisierbaren Wert gehandelt werden. Aber wir sind nicht daran interessiert, Unternehmen zu kaufen, die aus einem guten Grund billig sind – Zombie-Unternehmen oder operativ angeschlagene Unternehmen.”
“Wir werden nicht in Unternehmen investieren, bei denen wir nicht das langfristige Potenzial für einen substanziellen Wertzuwachs sehen.”
“Wir möchten qualitativ hochwertige Unternehmen kaufen, die mit einem Abschlag gehandelt werden und bei denen wir nicht nur von der Schließung der Rabattlücke, sondern auch vom langfristigen Wachstum profitieren.”
Der dritte Weg
Wie also kann man diesen dritten Weg gehen, der zwischen den beiden Lagern verläuft? Ist es möglich, attraktive Qualitätsunternehmen zu finden, die überdurchschnittlich schnell wachsen, aber vom Markt unterbewertet sind?
Wären diese Unternehmen leicht zu finden, würden sie natürlich nicht lange unter ihrem eigentlichen Wert gehandelt. Unternehmen in wachstumsstarken Sektoren stehen unter ständiger Beobachtung der Analysten und eine solche Gelegenheit würde sofort ergriffen werden.
Aber diese Unternehmen gibt es tatsächlich. Oft versteckt unter Eigentümerstrukturen, die den Wert der Aktie vor einer einfachen Bewertung verbergen. Es erfordert Zeit und Mühe, die Schichten abzutragen, um zu sehen, was sich darunter verbirgt.
Ein einfacher Screening-Prozess wird den versteckten Wert hinter diesen manchmal komplexen Strukturen nicht erfassen, und die meisten Analysten werden ihn schlichtweg übersehen.
Ist es möglich, attraktive Qualitätsunternehmen zu finden, die überdurchschnittlich schnell wachsen, aber vom Markt unterbewertet sind?
Wenn Sie ein Unternehmen ausfindig machen, das sowohl die Merkmale von ” Wert” als auch von “Wachstum” in sich vereint, kann es auf den ersten Blick kompliziert sein, es zu verstehen. Lassen Sie uns dies anhand eines Beispiels untersuchen.
Die goldenen Eier
Christian Dior (“CDI”) – die französische börsennotierte Monoholding, über die Bernard Arnault das europäische Luxusgüterkonglomerat LVMH kontrolliert – ist ein typisches Beispiel für die von uns angestrebten wertsteigernden Eigenschaften.
Seit die aktuelle Konzernstruktur im Jahr 2017 aufgestzt wurde, wurde CDI in der Regel zum oder um den NAV gehandelt. Während der COVID-Turbulenzen weitete sich der Abschlag von CDI jedoch auf ca. 25% aus. AGT nutzte dies aus und baute eine Position mit einem Abschlag auf.
Wenn man die Debatte “Wert” vs. “Wachstum” als analytischen Stil und nicht als statistischen Faktor betrachtet, ist der Kauf eines Unternehmens mit einem Abschlag Value-Investing in seiner reinsten Form – Sie kaufen etwas für weniger, als es wert ist. Bei AVI nutzen wir Situationen, in denen sich der Abschlag vergrößert, und investieren in Zeiten des Pessimismus, um eine Rendite zu erzielen, sobald sich der Abschlag verringert.
Dies ist jedoch nur ein Teil der Gleichung – die andere Seite ist das Wachstum. Über CDI sind wir an LVMH beteiligt, einem der hochwertigsten Unternehmen Europas. LVMH besitzt eine Reihe einzigartiger Marken mit immateriellen Qualitäten, die nicht repliziert werden können. Dieser Markenwert führt zu einer hohen Nachfrage nach den Produkten, einer starken Preissetzungsmacht und attraktiven Margen und Kapitalrenditen, die seit dem Jahr 2000 eine EPS-Wachstumsrate von 14% aufweisen. Das ist nicht die Art von übersehenem Unternehmen, die Sie im Portfolio eines sogenannten „Value“-Investors erwarten würden.
Diese Kombination aus ungewöhnlichen und ungeliebten Strukturen und hochwertigen zugrunde liegenden Vermögenswerten ist typisch für diesen “Growth-Value”-Ansatz. Wir möchten Vermögenswerte für weniger kaufen, als sie wert sind, und dann zusehen, wie der Wert der Vermögenswerte steigt.
Das Gleichgewicht finden
Value-Growth-Investitionen sind ein nuanciertes Spiel, bei dem es auf Ihre Fähigkeit, Geduld und Sorgfalt ankommt, die goldene Gelegenheit zu finden. Ein vom Markt unterbewertetes Unternehmen mit langfristigen Aussichten, die jeden hartgesottenen Wachstumsinvestor begeistern würden, ist der Inbegriff einer “Value-Growth”-Aktie. Eifrige Value-Investoren werden sie für sich beanspruchen und auf die fundamentale Unterbewertung hinweisen. Wachstumsinvestoren werden entgegnen, dass der Wert in dem langfristigen Potenzial liegt, den Markt zu outperformen. Wir erheben Anspruch auf beides.
Definitionen:
KGV – Das Kurs-Gewinn-Verhältnis (KGV) setzt den Aktienkurs eines Unternehmens ins Verhältnis zu seinem Gewinn pro Aktie.
KBV – Das Kurs-Buchwert-Verhältnis vergleicht den Marktwert eines Unternehmens mit seinem Buchwert. Der Marktwert eines Unternehmens ist sein Aktienkurs multipliziert mit der Anzahl der ausstehenden Aktien. Der Buchwert ist das Nettovermögen eines Unternehmens.
The content of this website is issued by Asset Value Investors Limited (“AVI”), 2 Cavendish Square, London W1G 0PU. AVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”) and is a registered investment adviser with the Securities and Exchange Commission of the United States. While the Investment Manager is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients.
To the extent that material on this website is issued in the UK, it is issued for the purposes of the Financial Services and Markets Act 2000
Intended Audience
The information on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced on this website. The information on this website is subject to change without notice.
It is your responsibility to observe all applicable laws and regulations of any relevant jurisdiction.
This website is primarily intended for United Kingdom (“UK”) residents. It is not intended for distribution to, or use by, any U.S. persons or persons in any other country where such distribution, publication or use would be contrary to local law or regulation or in which AVI does not hold any necessary licence or registration. Individuals or entities in respect of whom such prohibitions apply, must not access or use the AVI website.
No Tax or Legal Advice
Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
Money Laundering
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Full details are contained in the relevant subscription documents.
Investment Decisions
As with all financial or investment matters, you should exercise great care in using the information provided on this website or available through links from this website. You should research the facts, opinions and strategies mentioned in this website before making any financial investment decisions. If you are unsure about the meaning of any information provided please consult your financial adviser or other professional adviser.
No Warranty; Limitation on Liability
Whilst all reasonable care has been taken in the preparation of this website, AVI cannot guarantee the accuracy or completeness of such information, either expressly or implied.
Neither AVI, any of its directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of AVI, or of any vendor providing software or services support.
All information and content on this website is, subject to applicable statutes and regulations, furnished “as is”, without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose or non-infringement. We make no warranty as to the operation, functionality or availability of this website, that the website will be error-free or that defects will be corrected.
In no event shall AVI be liable to any indirect, incidental, special or consequential damages arising out of or in connection with the use of this website, the inability to use this site or any products or services obtained or stored in or from this website, whether based on contract, tort, strict liability or otherwise. These limitations also apply to any third party claims against users.
Intellectual Property
Everything on this website is the valuable intellectual property of Asset Value Investors Limited, or their respective suppliers. We protect our intellectual property rights to the full extent of the law.
Copyright Policy
No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.
Hyperlinks
The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party sites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third party sites. AVI reserves the right to require written consent for, or request the removal of, any links to our website.
AVI disclaims all responsibility and liability for the content on third party sites.
Security
For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error. You acknowledge and agree that users of this website and users, owners, or managers of third party websites may not: (i) collect or store personal data about other users of this website or (ii) upload, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs that might interrupt, limit or interfere with the functionality of any computer software, hardware, database or file, or communications equipment that is owned, leased or used by AVI.
Privacy Policy
We encourage you to read AVI’s Privacy Policy which can be obtained by clicking the Privacy Policy button found on the Homepage.
General Terms
Deliberate misuse of any element of this website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.
You shall indemnify us from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by us on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of this e webSite, any breach of any applicable law, statute, ordinace, regulation or third party rights and any breach by you of the software licenses and service agreements governing the software made available to you in connection with this website.
These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations.
AVI Global Trust – General Risk Factors
AVI Global Trust plc is a public company listed and traded on the London Stock Exchange. Past performance should not be seen as an indication of future performance. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. The trust uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details effecting your investment.
Applications to invest in AVI Global Trust referred to on this website, must only be made on the basis of the current Key Features Document, or other applicable terms and conditions. Past performance should not be seen as an indication of future performance. Market and exchange rate movements may cause the value of a fund to rise or fall and an investor may not get back the amount invested.
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant application documents.
If you are unsure about the meaning of any information provided please consult your financial adviser or other professional adviser.
By agreeing to these terms, you agree that we may contact you by post, fax, email, SMS messaging or by other forms of electronic media to inform you of our products and services that we believe you might be interested in.
The content of this website is issued by Asset Value Investors Limited (“AVI”), 2 Cavendish Square, London W1G 0PU.
AVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”) and is a registered investment adviser with the Securities and Exchange Commission of the United States. While the Investment Manager is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients.
Intended Audience
The information on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced on this website.The information on this website is subject to change without notice.
This website is primarily intended for UK residents. It is not intended for distribution to, or use by, any U.S. persons or persons in any other country where such distribution or use would be contrary to local law or regulation.
It is your responsibility to observe all applicable laws and regulations of any relevant jurisdiction.
No Tax or Legal Advice
Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
Money Laundering
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Full details are contained in the relevant subscription documents.
Investment Decisions
As with all financial or investment matters, you should exercise great care in using the information provided on this website or available through links from this website. You should research the facts, opinions and strategies mentioned in this website before making any financial investment decisions. If you are unsure about the meaning of any information provided please consult your financial adviser or other professional adviser.
No Warranty; Limitation on Liability
Whilst all reasonable care has been taken in the preparation of this website, AVI cannot guarantee the accuracy or completeness of such information, either expressly or implied. Neither AVI, any of its directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of AVI, or of any vendor providing software or services support.
All information and content on this website is, subject to applicable statutes and regulations, furnished “as is”, without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose or non-infringement. We make no warranty as to the operation, functionality or availability of this website, that the website will be error-free or that defects will be corrected.
In no event shall AVI be liable to any indirect, incidental, special or consequential damages arising out of or in connection with the use of this website, the inability to use this site or any products or services obtained or stored in or from this website, whether based on contract, tort, strict liability or otherwise. These limitations also apply to any third party claims against users.
Intellectual Property
Everything on this website is the valuable intellectual property of Asset Value Investors Limited, or their respective suppliers. We protect our intellectual property rights to the full extent of the law.
Copyright Policy
No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.
Hyperlinks
The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party sites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third party sites. AVI reserves the right to require written consent for, or request the removal of, any links to our website.
AVI disclaims all responsibility for the content of third party sites
Security
For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error.
You acknowledge and agree that users of this website and users, owners, or managers of third party websites may not: (i) collect or store personal data about other users of this website or (ii) upload, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs that might interrupt, limit or interfere with the functionality of any computer software, hardware, database or file, or communications equipment that is owned, leased or used by AVI.
Privacy Policy
We encourage you to read AVI’s Privacy Policy which can be obtained by clicking the Privacy Policy button found on the Homepage.
General Terms
Deliberate misuse of any element of this website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.
You shall indemnify us from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by us on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of thise website, any breach of any applicable law, statute, ordinace, regulation or third party rights and any breach by you of the software licenses and service agreements governing the software made available to you in connection with this website.
These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations.
AVI Global Trust – General Risk Factors
AVI Global Trust plc is a public company listed and traded on the London Stock Exchange.
Past performance should not be seen as an indication of future performance. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. The trust uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details effecting affecting your investment.
Applications to invest in AV Global Trust referred to on this Site, must only be made on the basis of the current Key Features Document, or other applicable terms and conditions. Past performance should not be seen as an indication of future performance. Market and exchange rate movements may cause the value of a fund to rise or fall and an investor may not get back the amount invested.
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant application documents. If you are unsure about the meaning of any information provided please consult your financial adviser or other professional adviser.
By agreeing to these terms, you agree that we may contact you by post, fax, email, SMS messaging or by other forms of electronic media to inform you of our products and services that we believe you might be interested in.
INVESTOR – Risk Warnings
It is very important that you read this warning and disclaimer before proceeding, as it explains certain legal and regulatory restrictions applicable to any investment services and products we provide.
The content of this website is issued by Asset Value Investors Ltd (“AVI”), 2 Cavendish Square, London W1G 0PU
AVI is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom.
This website is not directed at any person in any jurisdiction where it is illegal or unlawful to access and use such information. AVI disclaims all responsibility if you access any information in breach of any local law or regulation. All persons who access this website are required to inform themselves and to abide with all applicable local law, regulations and restrictions.
The information on this website is not directed at any person or entity in the United States, and this site is not intended for distribution or to be used by any person or entity in the United States unless those persons or entities are existing investors in funds managed by AVI and they have applicable US exemptions.
Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
The funds referred to in this website are alternative investment funds (“AIFs”). The promotion of such funds and the distribution of offering materials in relation to such funds is accordingly restricted by law.
Shares in the funds mentioned in this website are not dealt in or on a recognised or designated investment exchange, nor is there a market maker in such shares, and it may therefore be difficult for an investor to dispose of his shares.
The information on this website is neither an offer to sell nor a solicitation of any offer to buy shares in any fund managed by AVI.
An application for shares in any of the funds referred to on this site should only be made having fully read fully the relevant prospectus and most recent financial statement and semi-annual financial statements published thereafter.
The Information is provided for information purposes only and on the basis that you make your own investment decisions and do not rely upon it.
AVI is not soliciting any action based on it and it does not constitute a personal recommendation or investment advice.
Should you have any queries about the investment funds referred to on this website, you should contact your financial adviser.
Past performance is not an indication of future performance. The value of investments and the income from them may go down as well as up and investors may not get back the amount invested.
The funds noted in this website may be subject to higher risk and volatility than other funds and may not be suitable for all investors. These funds are not regulated.
Exchange rates may cause the value of overseas investments and the income arising from them to rise or fall.
The levels and bases of and reliefs from taxation may change. Any tax reliefs referred to are those currently available and their value depends on the circumstances of the individual investor. Investors should consult their own tax adviser in order to understand any applicable tax consequences.
The information on this website, including any expression of opinion or forecast, has been obtained from, or is based on, sources believed by AVI to be reliable, but are not guaranteed as to their accuracy or completeness and should not be relied upon.
You should be aware that the Internet is not a completely reliable transmission medium. AVI does not accept any liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to any direct, indirect or consequential damage, arising out of the use of the products or services referred to herein. This does not exclude or restrict any duty or liability that AVI has to its customers under the regulatory system in the United Kingdom.
To make a complaint about this website ,please send a written complaint for the attention of the Compliance Officer at the registered address: 2 Cavendish Square, London W1G 0PU.
You agree to indemnify, defend, and hold harmless AVI, its affiliates and licensors, and the officers, partners, employees, and agents of AVI and its affiliates and licensors, from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use of this website and the Information.
The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party websites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third party websites.
No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.
Nothing on this site should be considered as granting any licence or right under any trademark of AVI or any third party.
Deliberate misuse of any element of this Website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the Website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.
These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations. You irrevocably waive any right to a jury trial in any dispute or proceeding arising from the use of this site.
