What can go wrong.

• Capital loss
  The value of investments can fall as well as rise. You may get back less than you invested, and in adverse circumstances you may lose the entire amount.
• Equity market risk
  Listed equities are volatile. Prices move on earnings, sentiment, rates, policy, and events that no amount of research anticipates. Declines can be sudden and prolonged.
• Concentration
  Our portfolios are deliberately concentrated. Fewer positions means each one matters more – which raises the return a correct decision produces, and equally raises the damage a wrong one does.
• Emerging & frontier markets
  Developing markets carry risks that developed markets largely do not: political and policy instability, weaker legal enforcement, less reliable disclosure, settlement and custody risk, and abrupt regulatory change.
• Country & India-specific
  A dedicated India allocation concentrates exposure to a single economy, currency, regulatory regime, and tax system. Changes in Indian law, foreign-investment rules, or taxation can affect returns and access.
• Currency
  Where your home currency differs from a portfolio’s currency, exchange-rate movements will affect your return independently of investment performance, and may erase a positive result.
• Liquidity
  Some securities cannot be sold quickly at a fair price, particularly under stress. Mid- and small-capitalisation holdings are more exposed to this. Realising a position may take longer, or cost more, than expected.
• Governance & accounting
  Disclosure standards vary. Despite diligence, a business may prove to have misstated its accounts, or to be run in the interests of a controlling shareholder rather than all owners.
• Long horizon
  Our approach is patient by design and may underperform for extended periods, including periods measured in years. Capital committed should be capital you do not need back at short notice.
• Thesis risk
  Research reduces the chance of error; it does not eliminate it. A carefully underwritten thesis can still be wrong, and conviction is not evidence of correctness.
• Counterparty & operational
  Custodians, brokers, administrators, and settlement systems can fail or err. Portfolios are exposed to those failures.
• Regulatory & tax
  Tax treatment depends on your circumstances and can change, with retrospective effect in some jurisdictions. Silvercoin does not provide tax or legal advice – take your own, in your own jurisdiction.
• Cross-border structures
  Where access is arranged through an offshore vehicle, that structure adds its own legal, tax, reporting, and cost considerations, and depends on rules that may change.
• Fees
  Management, performance, custody, transaction, and administration costs reduce returns. Their compounding effect over a long horizon is significant. See Fees & Reporting.

Note: This summary is not exhaustive, and it is not tailored to you. Mandate-specific risks are set out in the documentation you receive before signing; where that documentation and this page differ, the documentation prevails. This page is pending review by external counsel. Last reviewed: August 2026.