Please read the following conditions of use of this website.

This website is directed at professional investors only and is not intended for, and should not be relied upon by other investors.

The information on this website is issued by Metropolis Capital Limited (hereafter referred to as “Metropolis Capital”),  a limited liability company incorporated in England and Wales under number 7244251 which is authorised and regulated by the Financial Conduct Authority under number 507685. Additionally, in accordance with the requirements of the United States Investment Advisers Act of 1940, Metropolis Capital is registered as an investment adviser with the United States Securities and Exchange Commission.

This website is for information purposes only and does not constitute an offer to sell or a solicitation of an offer.  The information is directed inside the United Kingdom and is not directed at any persons in jurisdictions where it would be against local law or regulation. In particular, information on this site is not directed at any person, partnership or corporation being resident in the United States of America. Metropolis Capital disclaims all responsibility if you access or download any information in breach of any law or regulation of the country in which you reside.

Information on this site

The information provided does not constitute advice.

Metropolis Capital believes that the sources of the information in this website are reliable.  However Metropolis Capital cannot and does not guarantee, either expressly or implicitly, and accepts no liability for, the accuracy, validity, timeliness or completeness of any information or data (whether prepared by them or by any third party) for any particular purpose or use or that the information or data will be free from error.  Metropolis Capital does not undertake any responsibility for any reliance which is placed by any person on any statements or opinions which are expressed herein.  Neither Metropolis Capital nor any of its directors, officers or employees will be liable or have any responsibility of any kind for any loss or damage that any person may incur resulting from the use of this information. This does not exclude or restrict any duty of liability that Metropolis Capital has to its customers under the regulatory system in the United Kingdom.

All Information may be changed or amended without prior notice although Metropolis Capital does not undertake to update this site regularly.

Use of Cookies

If you agree to these terms and conditions a “cookie” might be placed on your computer. A cookie is a packet of information that does not identify individual users of a website, but allows the collection of website activity (such as the number of users who visit our website, the date and time of visits, the number of pages viewed, navigation patterns, what country and what systems users have used to access the site). We can use this information for statistical purposes, which allows us to analyse and improve our website. The cookie will expire automatically after 6 months or you can manually remove cookies in your browser settings.

Governing Law

You agree that your use of this site and any dispute arising from the use of this site is subject to English law and you submit to the jurisdiction of the English courts.

Copyright, Trademarks and Other Rights

Copyright, trademarks, database rights, patents and all similar rights in this site and the information contained in it are owned by Metropolis Capital or relevant third party providers. You may use the Information and reproduce it in hard copy for your personal reference only. The information contained herein and any supplemental documentation provided is confidential and should not be copied, reproduced or redistributed without the prior consent of Metropolis Capital.


You agree to indemnify and defend Metropolis Capital, its affiliates and licensors, and the officers, directors, employees, and agents of Metropolis Capital 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.

UK Stewardship Code

All investment firms in the UK have a duty to ensure that they invest clients’ monies responsibly and carry out thorough due diligence to ensure that the companies they invest in on your behalf are focused on delivering long-term returns for shareholders. To build a framework and common approach to encourage better practice, the Financial Reporting Council (FRC) issued a set of principles known as the UK Stewardship Code. For more information, please visit the FRC website (

The UK Stewardship Code is a set of principles which aims to enhance the quality of engagement between institutional investors and investee companies to help improve long-term returns to shareholders and to promote the efficient exercise of governance responsibilities.

Since December 2010, UK-authorised Asset Managers are required under the FCA’s Conduct of Business Rules to produce a statement of commitment to the Stewardship Code or explain why it is not appropriate to their business model.

Metropolis Capital and the UK Stewardship Code

Metropolis Capital, which acts as investment manager to the Metropolis Valuefund, agrees with and supports the principles outlined in the code and through our policy set out below, we aim to provide a clear framework for how we exercise our ownership responsibilities, how we monitor the companies we invest in and how we engage with companies when we have identified an issue which we feel could impact long-term returns for our investors.

Please follow this link for further details

Linked Websites

This site may be linked to third party websites or contain information provided by third parties. Metropolis Capital does not make any representation as to the accuracy or completeness of such websites or information, has not and will not review or update such websites or information, and cautions browsers that any use made of such websites or information is at their own risk. Metropolis Capital does not accept any liability arising out of the information contained on any linked website or Information provided by a third party and the use of such sites and information is at your own risk. This does not exclude or restrict any duty or liability that Metropolis Capital has to its customers under the regulatory system in the United Kingdom.

MIFID II Execution Venue Report

Please follow this link to the report: 2017  2018

Privacy Statement

Please follow this link to the Privacy Statement

Modern Slavery Statement

Please following this to the Modern Slavery Statement.

EU Shareholder Rights Directive

The EU Shareholder Rights Directive (‘SRD’) took effect on 10 June 2019. This aims to promote effective stewardship and long term investment decision making.

We are currently considering our response to SRD including the potential development of a publicly disclosed ‘engagement policy’.