From a Company perspective you should assume, given that we look to take our fees almost wholly in equity, that Align will actively manage its cash position, not least for general administration and taxation purposes and that equity divestments will take place as and when we deem, in our sole discretion, it appropriate irrespective of any individual stock price targets.

Align Research has made every reasonable effort to ensure the accuracy of the information in our research reports and this website although this cannot be guaranteed. Each of our reports are deemed to be non-independent marketing communications as defined by the Financial Conduct Authority. Additionally, our reports are not subject to any prohibition on dealing ahead of their dissemination by staff members.

Our research reports reflect the objective views of our team of analysts. As we actively seek to take the majority of our fees by way of equity payment in the respective companies we cover, we believe that we are aligned with both investor and the subject company. Additionally, we only write about those companies that we have conviction in. However, as a consequence of this alignment, our vested interest is in an increase in value in the subject company’s equity. As such, we therefore cannot be seen to be impartial in relation to the outcome of our reports. You should not assume however that our price targets will be hit. 

Our “Conviction Buy” recommendation is derived from our conviction in taking either equity as payment for our research services or applying any such cash fee to the purchase of equity whilst absorbing the cash cost of our freelance analyst payments.  

Align Research has both a personal & company dealing policy (covering staff & consultants) in relation to the dealing in the shares, bonds or other related instruments of companies that we cover. 

Align Research may publish follow up notes on these securities/companies but has no scheduled commitment and may cease to follow these securities/companies without notice. 

Nothing in Align Research’s material constitutes a representation that any investment strategy or recommendation we make is suitable or appropriate to a recipient's individual circumstances. Align Research does not represent or undertake that recipients of our material will generate profits, nor will it share with such recipients any investment profits, nor accept any liability for any investment losses or tax consequences that they may suffer. Align Research’s material should not be regarded by recipients as a substitute for obtaining independent investment advice and/or the exercise of their own judgement. Neither Align Research nor any of its, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of our material.

The marketability of some of the companies we cover is limited and you may have difficulty buying, or selling in volume. Additionally, given the smaller capitalisation bias of our coverage, the companies we write about should be considered as high risk. 

Align reports may not be reproduced in whole or in part without prior permission from Align Research. 

Align reserves the right to grant or revoke the authority to use the Align internet site at its absolute discretion. While every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of information available through the Align sites, Align cannot be held responsible for any consequence of any action carried out by any user authorised or unauthorised. 

Align only provides information about those companies that it covers and does not give investment advice based on individual circumstances. Should you wish to seek such advice, please contact a financial adviser. 

The information provided herein, and your subsequent use of it may from time to time be subject to certain statutory or other external regulation, conditions and restrictions. All use of the information by you must comply with such regulations, conditions or restrictions applicable to the area or territory in which you shall use the information herein. None of the information published or made available via the ALIGN website is intended to be published or made available in any jurisdiction where to do so would result in a breach of any applicable law or regulation. 

Company information 

Align Research Ltd is a company registered in England and Wales with company number 06427125 with its registered office at Cornwell Main Street, Amotherby, Malton, YO17 6UN.

Registered with the Information Commissioners Office, number ZA171279.


Align Research is authorised and regulated in the UK by the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN. Registration number 768993.

Privacy Policy 

By signing up to our email list you accept that we will use your supplied data to send you information in relation to the companies we cover. We will not, at any time, sell or distribute your personal information to third parties. If you do not agree to these terms (or are not authorised to accept them), you must not use or access our websites. You should print, store or save a copy of these terms for your records. 

Align Company & Personal Account Dealing Policy 

Upon the publication of a research report or blog in a company covered by Align, any interest held by an analyst, director or connected party is disclosed openly. Any additional purchases or sales by the interested party in the covered company is subject to 2 full working days restriction following publication of the initial research note. 

Accuracy of information 

Align uses all reasonable skill and care in compiling the information. However, errors or omissions in the information may occur because of a number of factors which are inherent in any internet access system and are not within Align’s reasonable control. For example, unauthorised access to this service, or the effects of machine, software or operator error or malfunction in connection with data transmission. This service is accurate only on the date that such information is supplied by Align via its internet service. In view of the above, Align advises you to confirm the accuracy of any information with Align before seeking to rely on such information. 

Twitter useage

Nothing in Align's Twitter Account may be considered as an offer or solicitation to purchase or sell shares. The purpose of our Twitter Account is solely to share our investment ideas. To the best of our ability and belief, all information contained in our Twitter Account is accurate and reliable. However, all information contained on our Twitter Account is provided “as is” and Align expressly disclaims making any express or implied warranties with respect to the fitness of the information contained therein for any particular usage or its application or purpose. In no event shall Align be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this data. Prior to making any investment you should consult with a professional financial adviser to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment.

You should assume that as of the publication date of any tweet, post or communication referencing any publicly traded security, Align and/or its employees may have a position in the stock/instrument covered therein.  

Copyright and confidentiality 

Any information accessed via Align Research’s website is confidential and is protected under copyright law. All rights reserved.