Terms of Use

Version 1.0 — 2 August 2026. Effective 2 August 2026.

These terms govern your use of universalassetowners.com and of the newsletters, podcasts, video briefings, research, databases, tools and events published under the Universal Asset Owners masthead. By using any of it, you agree to them. If you do not, do not use it.

1. Who we are

Universal Asset Owners is a media, research and events publication covering sovereign wealth funds, pension funds, endowments, foundations, insurers, family offices and the institutions that serve them. It is administered from Canada. Our editorial governance is set out in Editorial Standards, Ethics & Conflicts, Methodology and Ownership & Funding. Those pages are not decoration; they are the standard we hold ourselves to and the standard you may hold us to.

2. This is journalism, not investment advice

Nothing published by Universal Asset Owners is investment, legal, tax, accounting or actuarial advice, an offer or solicitation to buy or sell any security or instrument, or a recommendation to any person to adopt any investment strategy. We are journalists and researchers. We are not a registered investment adviser, dealer, broker, or fiduciary to you, and no reader relationship creates any of those.

Our scenario work, probability estimates, base rates, indices, rankings and models are analytical constructs. They express uncertainty; they do not resolve it. They are built from stated assumptions and inputs that can be wrong, superseded, or revised. Treat them as an input to your own process and your own advice, and nothing more.

You are responsible for your own investment decisions. If a piece of ours forms part of your reasoning, the reasoning is still yours.

3. Accuracy, and what we do when we get it wrong

We source, verify and link. Figures are drawn from primary sources wherever a primary source exists, and cited. Where a number is an estimate, we label it as one.

Even so, we publish daily and we will make mistakes. When we do, we correct them visibly and say what changed, under our Corrections policy. If you believe something we published is wrong, tell us at info@universalassetowners.com — that is the fastest route to a fix, and we would rather hear it from you than not hear it.

Content is published as at its date. Markets, holdings, mandates, rates and people move. We do not undertake to update a published piece as facts change, except by correction or by fresh coverage.

4. Third-party content and links

We link out constantly — it is how a reader checks our work. We do not control linked sites and we do not endorse them by linking. Quoted views are the speaker's, not ours. Sponsored content is labelled as such and is the sponsor's message, not our journalism; labelling it is the whole point of labelling it.

5. Copyright and what you may do with our work

All content published by Universal Asset Owners — text, research, charts, data, audio, video, design and code — is protected by copyright and is owned by us or licensed to us. Universal Asset Owners, the Universal Asset Owners masthead, "Capital at the scale of the world", The Universal Owner, The Probability Desk and our other product names and marks are ours.

You may, without asking

Read, print and save copies for your own use and for internal circulation within your own institution's investment team.
Quote a reasonable extract — normally up to about 150 words — with attribution to Universal Asset Owners and a live link to the original.
Reproduce a single chart in an internal document or a presentation, with the "Universal Asset Owners" credit line left intact.
Share a link to any of our work, anywhere, with anyone.

You may not, without our written permission

Republish an article in full or in substantial part, on any platform, whether or not you charge for it.
Redistribute a newsletter, research report or database to people outside your institution, or resell access to it.
Systematically scrape, crawl, harvest, index or copy the site or any database, by any automated means, other than by a search engine crawler obeying our robots directives.
Use our content to train, fine-tune, ground or evaluate a machine learning model, or supply it to a third party for that purpose. This is expressly not permitted and no licence to do it is granted, implied, or available by default.
Remove, obscure or alter a credit line, byline, caption, watermark or copyright notice.
Present our work as your own, or use our marks in a way that suggests we endorse you.

Permission requests, syndication and licensing: info@universalassetowners.com.

6. Your account, membership and subscription

You are responsible for the security of your account and for everything done under it. Accounts and access credentials are personal and are not to be shared; institutional access is licensed to the institution on the terms of that licence and may not be extended beyond it. We may suspend or close an account for a material breach of these terms, and we will tell you why.

Paid subscriptions renew automatically until cancelled, at the price and interval disclosed at purchase. You can cancel at any time and the cancellation takes effect at the end of the paid period. Where a statutory cooling-off or cancellation right applies to you, it applies and nothing here removes it. Price changes are notified before they take effect and never applied retroactively.

7. Events

Registration for a roundtable, dinner, forum or summit is subject to acceptance and may be declined at our discretion, most often because the event is convened for a specific class of participant. Where an event runs under the Chatham House Rule, we say so and you agree to observe it. We may record sessions; we will tell you before we do, and speakers may decline. Cancellation, transfer and refund terms are stated at registration and prevail over this section where they conflict.

8. Acceptable use

Do not attempt to gain unauthorised access to any part of the service, interfere with its operation, circumvent access controls or paywalls, upload malicious code, impersonate anyone, or use the service to harass any person or to break the law. Automated access other than ordinary search-engine crawling requires our written permission.

Good-faith security research is welcome. Write to info@universalassetowners.com with "Security" in the subject; we will not pursue a researcher who reports a genuine vulnerability to us and gives us a reasonable opportunity to fix it before disclosing it.

9. Material you send us

If you send us a comment, a pitch, a letter, a correction, a survey response or a tip, you grant us a non-exclusive, worldwide, royalty-free licence to use, edit and publish it in connection with our journalism, with attribution where appropriate. Do not send us anything confidential that you do not intend us to have, and do not send us anything you do not have the right to send. Confidential source material is handled under our Ethics & Conflicts policy, which is stricter than this clause and prevails over it.

10. Availability

We aim to keep everything up and working. We do not promise uninterrupted or error-free service, and we may change, suspend or discontinue any part of it. Where we retire a product that you pay for, we will give reasonable notice and a fair refund of the unused portion.

11. Disclaimers and limits on liability

To the fullest extent the law allows, the service is provided "as is" and "as available", and we exclude all implied warranties including merchantability, fitness for a particular purpose and non-infringement.

To the fullest extent the law allows, we are not liable for indirect, incidental, special, consequential or punitive damages, or for lost profits, lost revenue, lost data, or investment losses, arising from your use of or reliance on the service. Our total aggregate liability to you for any claim is limited to the greater of the amount you paid us in the twelve months before the claim arose, or C$100.

None of this limits liability that cannot lawfully be limited — including liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, and any liability that a consumer protection statute applying to you does not permit to be excluded. If you are a consumer, you keep your statutory rights in full.

12. Indemnity

If you use the service in breach of these terms and that causes a third-party claim against us, you agree to indemnify us for the reasonable costs of it. This does not apply to a claim arising from our own content or our own conduct.

13. Privacy

How we handle personal information is set out in the Privacy Policy, the Cookies & Tracking Notice and Your Privacy Choices, each of which forms part of these terms.

14. Changes to these terms

We may revise these terms. Every version carries a version number and a date. Where a change is material we will give notice on the site before it takes effect, and for paid subscribers by email. Continuing to use the service after a change takes effect means you accept it; if you do not, cancel and we will refund the unused portion.

15. Governing law

These terms are governed by the laws of the Province of Ontario and the federal laws of Canada applicable in it, and the courts of Ontario have jurisdiction. If you are a consumer resident elsewhere, this does not deprive you of the protection of the mandatory laws of your own country, or of the right to bring proceedings where your local law says you may.

16. General

If any provision is held unenforceable, the rest stands. A failure to enforce a term is not a waiver of it. You may not assign these terms; we may assign them to a successor to the publication. These terms, with the policies they incorporate, are the entire agreement between us about the service.

17. Contact

Universal Asset Owners — info@universalassetowners.com. For permissions and syndication, put "Permissions" in the subject line. For corrections, put "Correction". For legal notices, put "Legal".