Last updated: 30 September 2026

Company Information

This website and online research store are operated by:

Hypothesis Research Limited
Registered in England and Wales
Company number: 09949356

Registered office:
124 City Road
London EC1V 2NX
United Kingdom

Email: ma@hypothesisresearch.co.uk

Hypothesis Research Limited ("Hypothesis Research", "HRL", "we", "us" or "our") is authorised and regulated by the Financial Conduct Authority ("FCA").

Our regulatory status and permissions can be verified through the FCA Financial Services Register.

FCA authorisation does not constitute an endorsement by the FCA of Hypothesis Research, its website, its research, any research recommendation, any issuer or security covered by our research, or any particular research product or subscription.

Nature of Our Services

Hypothesis Research provides independent investment research, company research, market research, industry research and related analytical content.

Our website may provide access to:

• individual digital research reports;

• company and industry research;

• thematic research;

• market analysis;

• research articles and insights;

• subscription-based access to research content; and

• other digital research and information products.

Products purchased through our online store are supplied electronically. We do not currently sell or ship physical products.

Investment Research – No Personal Recommendation

Research reports, research subscriptions and other research content made available by Hypothesis Research constitute general investment, market and industry research and information.

Neither the purchase of an individual research report nor the purchase of a research subscription provides the customer with a personal recommendation or personalised investment advice.

Hypothesis Research does not assess a purchaser's or subscriber's:

• individual investment objectives;

• financial circumstances;

• ability to bear losses;

• risk tolerance;

• investment knowledge or experience;

• existing investment portfolio;

• tax position; or

• individual investment needs

when producing or supplying generally available research reports or subscription content.

Research is therefore not produced or selected on the basis of the individual circumstances of the person purchasing or accessing it.

The same research report or research content may be made available to multiple purchasers or subscribers.

A purchase or subscription does not create an investment advisory, portfolio management, execution or discretionary investment management relationship between the customer and Hypothesis Research.

Hypothesis Research does not determine whether a particular investment, security, investment strategy or transaction is suitable or appropriate for an individual purchaser or subscriber through the purchase of a report or subscription.

Research may contain investment opinions, forecasts, valuations, target prices, estimates, ratings, investment recommendations or views concerning particular companies, industries, markets or financial instruments. The inclusion of such research opinions or recommendations does not mean that Hypothesis Research is making a personal recommendation to the individual purchaser or subscriber.

Customers remain responsible for making their own investment decisions.

Where appropriate, customers should obtain independent financial, legal, tax or other professional advice having regard to their own individual circumstances before making an investment decision.

Investment Risk

Investing involves risk.

The value of investments and any income generated by them may fall as well as rise. Investors may lose some or all of the amount invested.

Past performance is not a reliable indicator of future performance.

Foreign-exchange movements may affect the value, price or income of investments denominated in currencies different from your own.

Research may contain forecasts, estimates, target prices, valuations, scenarios, assumptions and other forward-looking information. Such information is inherently uncertain and actual outcomes may differ materially from expectations.

No research report, rating, target price, forecast, estimate, investment view or other research content constitutes a guarantee of future investment performance.

Research Recommendations and Opinions

Hypothesis Research may publish research containing opinions or recommendations concerning issuers, securities, industries, markets or investment strategies.

Such recommendations and opinions are research conclusions addressed generally to the intended recipients of the research and are not personal recommendations to individual purchasers or subscribers.

Research reflects the information, assumptions, analysis and opinions applicable at the date stated in the relevant publication.

Research views may change after publication as a result of new information, changes in market conditions, company developments or other circumstances.

Unless expressly stated otherwise, Hypothesis Research is not obliged to update an individually purchased report following publication.

A purchaser should therefore consider the publication date of a report before relying upon the information contained in it.

Research Disclosures

Individual research publications may contain additional:

• regulatory disclosures;

• analyst certifications;

• conflicts-of-interest disclosures;

• investment-rating definitions;

• valuation information;

• methodology information; and

• risk warnings.

These disclosures form an important part of the relevant research and should be read together with the report.

Customers should review the disclosures applicable to a research publication before making use of its analysis or conclusions.

No Offer, Execution or Investment Account

Nothing contained in the online research store constitutes an offer by Hypothesis Research to execute a transaction in a financial instrument.

The Shopify research store is used to sell research and information products and access to research content.

Through the purchase of a report or research subscription, Hypothesis Research does not:

• execute securities transactions for the purchaser;

• receive money from the purchaser for investment in securities;

• hold customer investment assets;

• operate an investment account for the purchaser;

• manage the purchaser's investment portfolio; or

• provide a personal recommendation to the purchaser.

Payment made through the online store is payment for the relevant research product or research subscription.

Geographic and Client Restrictions

Research and subscription services are made available only where it is lawful for Hypothesis Research to provide them.

Research is not intended for distribution, publication or use in any jurisdiction where such distribution or use would be contrary to applicable law or regulation or would subject Hypothesis Research to additional registration, authorisation or other regulatory requirements that have not been satisfied.

Certain research publications may be intended for, or restricted to, particular categories of recipients.

Where a research publication contains a specific client-category, investor or geographic restriction, that restriction applies to the relevant research notwithstanding the general availability of other content through the website.

Users are responsible for complying with legal and regulatory restrictions applicable to them.

Digital Research Purchases

Research reports purchased through our online store are supplied digitally.

Purchasing a report grants the purchaser a limited right to use the report in accordance with our Terms of Service and applicable licence conditions.

Purchasing a report does not transfer copyright or other intellectual property rights to the purchaser.

Unless expressly permitted under the applicable licence or agreed by Hypothesis Research in writing, purchased research must not be reproduced, resold, redistributed, published or made available to third parties.

Research Subscriptions

Hypothesis Research may offer recurring subscriptions providing access to research content available on our website.

A research subscription provides access to the research content included in the applicable subscription. It does not constitute an ongoing investment advisory service.

The publication of new research during a customer's subscription does not constitute monitoring of that customer's investments or portfolio.

Hypothesis Research does not undertake, by reason of a research subscription, to:

• monitor a subscriber's portfolio;

• determine whether existing investments remain suitable for the subscriber;

• alert the subscriber when they should buy or sell an investment;

• construct an investment portfolio for the subscriber; or

• provide recommendations based upon the subscriber's individual circumstances.

The applicable subscription price, billing frequency and material subscription features will be displayed before purchase.

Intellectual Property

Unless expressly stated otherwise, the contents of this website and Hypothesis Research publications, including research, analysis, text, data compilations, charts, tables, graphics, methodologies, trademarks and other materials, are owned by or licensed to Hypothesis Research and are protected by applicable intellectual property laws.

All rights are reserved.

No content may be reproduced, redistributed, resold, systematically extracted or commercially exploited except with our prior written permission or as otherwise permitted by applicable law or the applicable licence.

Accuracy and Timeliness

Hypothesis Research uses information and sources that it believes to be reliable when preparing research.

However, financial markets, company circumstances, economic conditions and other relevant information may change rapidly.

To the extent permitted by applicable law and regulation, Hypothesis Research does not guarantee that all information will remain complete, accurate or current after its publication date.

The fact that subsequent events, market prices, company results or economic developments differ from a forecast, valuation, target price, estimate, recommendation or opinion contained in research does not, by itself, mean that the research was defective when published.

Nothing in this section excludes or restricts rights or obligations that cannot lawfully be excluded or restricted.

Third-Party Information and Websites

Our website and research may contain information obtained from third-party sources and links to websites operated by third parties.

Hypothesis Research does not control third-party websites and is not responsible for their content, security, availability or privacy practices.

The inclusion of a link does not, by itself, constitute an endorsement of the relevant third party or its products or services.

Consumer Rights

Nothing in this Legal Notice, our Terms of Service or our other policies excludes, restricts or otherwise affects statutory consumer rights that cannot lawfully be excluded or restricted.

Further information concerning digital-product cancellation rights, refunds and subscription cancellations is contained in our Refund and Cancellation Policy.

Privacy

Information concerning the collection, use and protection of personal information is contained in our Privacy Policy.

Information concerning cookies and similar technologies is available through our cookie notice and website privacy controls.

Related Terms and Disclosures

Use of this website and purchases made through our online research store are subject, as applicable, to our:

• Terms of Service;

• Refund and Cancellation Policy;

• Privacy Policy;

• Digital Delivery & Shipping Policy; and

• Research Disclaimer and regulatory disclosures.

Individual research publications may contain additional disclosures, restrictions and licence conditions applicable specifically to that publication.

Governing Law

This Legal Notice and use of this website are governed by the laws of England and Wales, subject to mandatory consumer rights and other protections that may apply under applicable law.

Contact

For questions regarding this Legal Notice or Hypothesis Research services, please contact:

Hypothesis Research Limited
124 City Road
London EC1V 2NX
United Kingdom

Email: ma@hypothesisresearch.co.uk

Company number: 09949356

Authorised and regulated by the Financial Conduct Authority.