सेवा शर्तें और अस्वीकरण

These Terms govern your use of Masterfolio (the "Service", operated by Masterfolio Research LLC). By registering, signing in or using the Service you confirm that you have read, understood and agree to these Terms and the Privacy Policy. The Service is intended for users 18 and older.

Effective date: 2026-08-03.

1. Nature of the Service: a research publication

The Service is an information and research publication: we curate public data (SEC 13F filings, published quantitative strategies) with research narration. The research methodology and substantive research content are never generated or adjusted for anyone's personal circumstances, investment objectives or risk tolerance; within a given subscription tier the substantive research content is the same for every subscriber (presentation may differ — interface language, feature rollout, email preferences), and no individualized list of risk factors is provided.

We are not an investment adviser, broker, dealer or fund manager, and are not registered in any such capacity with the U.S. Securities and Exchange Commission or any other regulator; no fiduciary or adviser-client relationship exists between us and you. We accept no investment accounts, never touch your money, and do not trade on anyone's behalf.

We and people associated with us may hold positions in securities that appear in the content. Content is generated from public data under fixed rules, is not adjusted for any subscriber, and is not shaped by our own holdings; we do not trade on unpublished content.

2. No investment advice

Nothing in the Service (including strategy cards, curves, metrics, broadcasts, emails and the portfolio-composer output) constitutes investment, legal, accounting or tax advice, or an offer, solicitation or recommendation to buy or sell any security or pursue any strategy.

Investing involves risk. Any investment decision should rest on your own judgment and the advice of licensed professionals. You should not rely on any content of the Service in making investment decisions; any action you take based on the Service is at your own risk.

3. Performance and data disclaimers (inherent limitations of hypothetical results)

All performance shown is historical backtesting / hypothetical results — it describes a hypothetical portfolio in which no actual money was ever invested, not anyone's actual trading record.

NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. There are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular program.

Hypothetical results have inherent limitations, including: (a) they are prepared with the benefit of hindsight — the rules are tested after the history is known; (b) hypothetical trading involves no financial risk, and no hypothetical record can completely account for the ability to withstand losses or to adhere to a program through drawdowns in actual trading; (c) execution is simplified — fills at historical closing prices with only a flat 10 basis points per side, excluding slippage, market impact, taxes and borrowing costs, with larger deviations for larger capital or less liquid names; (d) halts, liquidity droughts, bid-ask spreads and many other market factors cannot be fully modeled — any of these can make actual results materially worse than those shown.

Portfolio-composer and composite-index outputs are model performance under the same assumptions and cost conventions; weights estimated from historical data (such as mean-variance) are in-sample illustrations, not optimal forecasts.

13F filings contain US long equity positions only and arrive with a lag; they do not represent any institution's complete portfolio, and replication returns are not the institution's actual returns.

Our backtests, metrics and charts are generated by an automated data pipeline under fixed methods; the calculations, their implementation and their presentation may contain errors or defects. We do not warrant the correctness of any figure shown; when we find an error we will make reasonable efforts to correct it and update the affected content, but we accept no liability for the error itself or for anyone’s reliance on it. Everything in the Service is research reference only, not a basis for trading; any loss from trades or investments made in reference to the Service’s content — whether or not that content contained an error — is yours alone.

Data comes from third-party public sources we believe reliable (including the SEC and market-data services) and is provided "as is"; we do not warrant its accuracy, completeness or timeliness, errors or delays may exist, and we have no obligation to update any historical content. Past performance, real or backtested, does not predict or guarantee future results.

4. Accounts

Registration requires a valid email. You are responsible for safeguarding your sign-in method and for activity under your account. One account per person; accounts may not be shared.

5. Subscriptions, billing and cancellation

Membership bills monthly or yearly via Stripe and renews automatically. Member pricing is identical for every individual subscriber and never scales with your asset size. The Institutional tier is a per-seat publication license governed by a separately signed agreement.

You may cancel at any time on the account page; cancellation takes effect at the end of the current billing period, and the service stays available until then. Refunds work as follows: cancel within the 7-day trial and nothing is charged; after the trial, monthly fees already paid for the current period are not refundable; an annual subscription, if it is your first subscription to the service, may be cancelled within 30 days of the charge for a refund of the unused whole months, and is not refundable after that. Each account is entitled to one trial and one first-subscription annual refund. Nothing above limits any refund rights that mandatory applicable law gives you.

Price changes will be announced in advance and never affect a period already paid.

6. Intellectual property and license

All content of the Service (narrative text, charts, data curation and presentation, interface and marks) belongs to us or our licensors.

We grant you a personal, non-commercial, non-transferable license to use the Service. Without written permission you may not resell, redistribute or republish paid content, bulk-scrape or systematically download content by automated means, or use content to train machine-learning models. Personal sharing of the share-images the site itself provides is fine.

No affiliation: the names and marks of funds, managers and companies appearing in the Service are used only to refer factually to their public filings and public information, and belong to their respective owners. We are not affiliated with, sponsored by, endorsed by or authorized by any fund, manager or company mentioned; the underlying data comes from public SEC filings and other public sources.

Institutional seats, commercial use and redistribution rights are governed by a separately signed institutional license agreement; the personal license under these Terms includes no commercial or redistribution rights.

7. Acceptable use

You may not circumvent the paywall or access controls; share or transfer accounts; interfere with or disrupt the Service; or use the Service unlawfully or in violation of others' rights.

8. Disclaimer of warranties

The Service is provided "as is" and "as available". To the maximum extent permitted by law we disclaim all warranties, express or implied, including merchantability, fitness for a particular purpose, uninterrupted operation and error-free content.

9. Limitation of liability

To the maximum extent permitted by law, and regardless of whether a claim sounds in contract, tort (including negligence), statute or any other legal theory: neither we nor our members, managers, officers, employees, contractors, affiliates, licensors or service providers are liable for indirect, incidental, special, consequential or punitive damages (including lost profits, investment losses or data loss); and our total aggregate liability to you is capped at the subscription fees you paid to the Service in the 12 months before the claim arose. This section does not apply to liability that cannot be limited or excluded by law.

10. Indemnification

You will indemnify us against third-party claims, losses and expenses (including reasonable attorneys' fees) arising from your breach of these Terms or misuse of the Service.

11. Termination and survival

You may stop using the Service and delete your account at any time. We may suspend, restrict or terminate your account — immediately where the situation is urgent — for: breach of these Terms; non-payment or chargeback; suspected fraud or abuse; credential sharing; scraping or automated abuse; a security incident; a legal, regulatory or sanctions requirement; a data-vendor compliance requirement; or where we reasonably believe continued service would create a legal or security risk. Fees are not refunded on termination for your breach, fraud or chargeback (except where mandatory law requires otherwise); if we terminate the Service for our own reasons (such as discontinuing it) through no fault of yours, we will refund the prepaid, unused portion pro rata.

Provisions that by their nature should survive (including the performance and data disclaimers, warranty disclaimer, limitation of liability, indemnification and governing law) survive termination.

12. Governing law and disputes

These Terms are governed by the laws of the State of Wyoming, USA, excluding its conflict-of-law rules.

Informal resolution first: before starting arbitration or litigation, the complaining party must send written notice to [email protected] describing the dispute and the relief sought, and both parties will negotiate in good faith for 60 days from delivery of that notice. Completing this period is a precondition to any further proceeding.

Individual arbitration: if negotiation fails, the dispute is resolved by binding arbitration before a single arbitrator administered by the American Arbitration Association under its Consumer Arbitration Rules. You may elect a hearing on documents, by telephone or by video, or in the county where you live. Fees are allocated under the AAA Consumer Rules. The award is final and may be entered in any court of competent jurisdiction.

Small claims and injunctive relief: either party may bring a qualifying dispute in small-claims court. We may also seek injunctive relief in any court of competent jurisdiction for infringement of intellectual property or unauthorised access to the Service. Neither proceeding is subject to the informal-resolution period above.

Class-action waiver: disputes may be brought only in an individual capacity, not as a plaintiff or member of a class, collective, consolidated or representative proceeding, and the arbitrator may not consolidate the claims of more than one person. If this paragraph is held unenforceable, the agreement to arbitrate does not apply to that dispute, which then goes to the courts named below, and the rest of this section remains in force.

Jury-trial waiver: to the extent permitted by law, both parties waive any right to a jury trial in disputes arising under these Terms.

30-day opt-out: within 30 days of first accepting these Terms you may opt out of the arbitration agreement and class-action waiver by sending notice to [email protected] stating your account email and your decision to opt out. Opting out affects nothing else in these Terms and does not affect your use of the Service.

Batched filings: if 25 or more arbitration demands of a similar nature are filed by the same counsel or coordinated counsel, the parties agree to proceed in batches under the AAA's applicable mass-filing procedures.

Courts: disputes not subject to arbitration are subject to the exclusive jurisdiction of the state and federal courts located in the State of Wyoming, USA, and both parties consent to personal jurisdiction there.

Time to bring claims: any claim arising out of or relating to these Terms or the Service must be filed (in arbitration or court) within one year after it accrues, or it is permanently barred — except where the mandatory law of your jurisdiction does not permit shortening the statutory period.

Mandatory local rights prevail: where the mandatory law of your jurisdiction does not permit the arbitration agreement, class-action waiver or exclusive forum above to bind consumers, those provisions do not apply to you to that extent. You keep every right and remedy your local law gives you and may bring proceedings in the courts of your residence.

13. Changes to the Terms and the Service

We may revise these Terms from time to time. Material changes will be announced on-site or by email at least 30 days before they take effect; if you do not agree, you may cancel before the effective date and any prepaid, unused period will be refunded pro rata. Continued use after the effective date constitutes acceptance. Non-material changes that do not reduce your rights (such as clarifications) take effect on posting.

We may also modify, suspend or discontinue any feature of the Service on reasonable notice. Such changes will not deprive you of the core subscription benefits of a period you have already paid for. However, where security, fraud, legal or regulatory requirements, or third-party infrastructure failures so require, we may modify, suspend or restrict the affected feature immediately.

14. Copyright complaints

We respect intellectual-property rights and expect our users to respect the rights of others.

If you believe content on the Service infringes your copyright, send our designated agent a notice meeting the requirements of 17 U.S.C. § 512(c)(3), including: (1) the signature, physical or electronic, of the copyright owner or a person authorised to act for them; (2) identification of the work you claim has been infringed; (3) identification of the material you claim is infringing and its location on the Service (URL); (4) your name, mailing address, telephone number and email; (5) a statement that you believe in good faith that the use is not authorised by the owner, its agent or the law; and (6) a statement, under penalty of perjury, that the notice is accurate and that you are authorised to act for the owner.

Designated agent: Masterfolio Research LLC, Copyright Agent, 30 N Gould St Ste N, Sheridan, WY 82801, USA, telephone 8583513909, [email protected].

On receiving a valid notice we will promptly remove or disable the material and, where practicable, notify whoever posted it. If you believe material was removed in error, you may send a counter-notice under § 512(g) containing your signature, identification of the removed material and where it appeared, a statement under penalty of perjury that you believe in good faith it was removed by mistake, your name, address and telephone number, and your consent to the jurisdiction of the federal court for your district — or, if you are outside the United States, for the district where the Service is located. We will forward the counter-notice to the complainant and, unless they notify us that they have filed suit over the material, will restore it no sooner than 10 and no later than 14 business days after receiving the counter-notice.

We terminate, in appropriate circumstances, the accounts of users found to be repeat infringers. Under § 512(f), a party who knowingly misrepresents that material is infringing is liable for the resulting damages.

15. Miscellaneous

Entire agreement: these Terms and the Privacy Policy are the entire agreement between you and us regarding the Service, superseding all prior understandings.

Severability: if any provision is held invalid or unenforceable, the remainder stays in effect.

No waiver: our failure or delay to exercise any right is not a waiver of it.

Assignment: you may not assign your rights or obligations under these Terms without our written consent; we may assign them in a merger, acquisition or asset sale (with advance notice).

Force majeure: we are not liable for delay or failure caused by events beyond reasonable control (including natural disasters, network or infrastructure failures, and acts of government).

Electronic communications: you agree that notices delivered on-site or to your registered email constitute valid written notice.

Place of service; no solicitation: the Service is a research publication operated and distributed from the United States, and its content concerns primarily U.S.-listed securities. We do not solicit subscribers or conduct business in any jurisdiction outside the United States; if you access or subscribe from elsewhere, you do so on your own initiative. We make no representation that the Service is appropriate or available in all locations; if the laws of your jurisdiction restrict access to or subscription to such publications, do not use the Service — compliance with applicable local law is your responsibility.

16. Contact

General: [email protected]; legal matters: [email protected]; institutional inquiries: [email protected].