The December 2025 quarter results present a paradox for TARC Ltd. Whilst the company achieved significant top-line growth with net sales jumping from ₹6.87 crores in Q2 FY26 to ₹38.38 crores in Q3 FY26, this revenue expansion has failed to translate into operational efficiency or bottom-line improvement. The company's loss-making trajectory has now extended across multiple quarters, with accumulated losses of ₹21.03 crores in Q3 FY26 alone, raising serious questions about the viability of its current business model and project execution strategy.
For the nine-month period ended December 2025 (9M FY26), TARC Ltd. reported consolidated net profit of ₹17.44 crores, a metric heavily influenced by the exceptional ₹54.23 crores profit recorded in Q1 FY26 driven by ₹219.47 crores in other income. Stripping away this one-time windfall reveals the underlying operational weakness, with the company posting consecutive quarterly losses in Q2 and Q3 FY26 that underscore the absence of sustainable profitability drivers in its core real estate development operations.
Financial Performance: Revenue Volatility Masks Operational Distress
TARC Ltd.'s Q3 FY26 financial performance reveals a troubling disconnect between revenue generation and operational profitability. Net sales of ₹38.38 crores in Q3 FY26, whilst representing a dramatic 458.66% quarter-on-quarter increase from Q2 FY26's ₹6.87 crores, still reflect the lumpy, project-dependent nature of real estate revenue recognition. On a year-on-year basis, revenue grew 310.48% from ₹9.35 crores in Q3 FY25, suggesting improved project delivery momentum. However, this top-line expansion has been accompanied by escalating operational losses.
The company's operating profit before depreciation, interest, tax and other income (PBDIT excl OI) stood at a negative ₹18.21 crores in Q3 FY26, translating to an operating margin of negative 47.45%. This represents a sequential improvement from Q2 FY26's negative 518.78% margin, but remains deeply concerning. Employee costs of ₹7.59 crores in Q3 FY26, up 8.58% quarter-on-quarter, continue to weigh heavily on the cost structure relative to revenue generation capacity.
| Quarter | Net Sales (₹ Cr) | QoQ Growth | Net Profit (₹ Cr) | QoQ Growth | Operating Margin (Excl OI) |
|---|---|---|---|---|---|
| Dec'25 (Q3 FY26) | 38.38 | +458.66% | -21.03 | +33.44% | -47.45% |
| Sep'25 (Q2 FY26) | 6.87 | -90.95% | -15.77 | -129.06% | -518.78% |
| Jun'25 (Q1 FY26) | 75.89 | +542.05% | 54.21 | -151.88% | -158.55% |
| Mar'25 (Q4 FY25) | 11.82 | +26.42% | -104.56 | +264.56% | -707.61% |
| Dec'24 (Q3 FY25) | 9.35 | +116.94% | -28.69 | -57.43% | -119.57% |
| Sep'24 (Q2 FY25) | 4.31 | -47.50% | -67.36 | +119.60% | -566.13% |
| Jun'24 (Q1 FY25) | 8.21 | - | -30.68 | - | -177.95% |
Interest expenses of ₹10.89 crores in Q3 FY26, though declining from ₹11.23 crores in Q2 FY26, remain substantial relative to the revenue base, reflecting the company's high leverage position with net debt to equity ratio of 1.69. The company's profit before tax stood at negative ₹27.57 crores in Q3 FY26, with a tax credit of ₹6.54 crores providing marginal relief. The net loss of ₹21.03 crores translated to a negative PAT margin of 54.79%, underscoring the fundamental profitability challenges plaguing the business.
Operational Challenges: Structural Profitability Concerns Persist
The core operational metrics for TARC Ltd. paint a picture of a company struggling to achieve sustainable profitability despite intermittent revenue spurts. The company's Return on Equity (ROE) of negative 8.76% for the latest period reflects exceptionally poor capital efficiency, with shareholder funds of ₹1,042.96 crores as of March 2025 generating substantial losses rather than returns. This represents a dramatic deterioration from the already weak average ROE of 0.32% over the assessment period, signalling that management's capital allocation decisions have consistently destroyed rather than created shareholder value.
The Return on Capital Employed (ROCE) metric tells an equally concerning story, with the latest figure standing at negative 8.94% and the average ROCE over the measurement period at negative 1.87%. This indicates that TARC Ltd. has been unable to generate positive returns on the total capital deployed in the business, including both equity and debt. With long-term debt of ₹1,866.45 crores as of March 2025, representing a 40.84% increase from ₹1,325.24 crores in March 2024, the company has been accumulating leverage without corresponding improvements in operational performance or profitability.
Critical Concern: Negative EBIT Coverage
EBIT to Interest Ratio: The company's average EBIT to interest coverage ratio of negative 0.59x indicates that operating earnings are insufficient to cover interest obligations. In Q3 FY26, with operating profit before interest at negative ₹14.29 crores and interest expenses of ₹10.89 crores, the company is burning cash to service its debt, raising serious questions about financial sustainability. This negative coverage has persisted across multiple quarters, suggesting structural rather than cyclical challenges.
Leverage Concerns: With net debt to equity ratio of 1.69, TARC Ltd. carries substantial leverage that amplifies the impact of operational losses. The company's inability to generate positive operating cash flows whilst servicing this debt burden represents a critical risk factor for investors.
The company's sales to capital employed ratio of 0.07x underscores the inefficiency with which TARC Ltd. is utilising its capital base. This exceptionally low ratio indicates that the company is generating merely ₹0.07 of revenue for every rupee of capital employed, far below industry standards for efficient capital deployment. In the real estate sector, where project cycles are inherently long, such low capital turnover ratios are concerning but not uncommon during project execution phases. However, TARC Ltd.'s persistent negative margins suggest that even when revenue materialises, it fails to compensate for the accumulated costs and carrying charges.
The balance sheet reveals additional stress points. Current liabilities of ₹2,112.59 crores as of March 2025, up 68.57% from ₹1,253.15 crores in March 2024, have grown substantially faster than current assets of ₹2,301.74 crores. This deteriorating working capital position, with other current liabilities surging to ₹1,150.02 crores from ₹765.10 crores, suggests potential liquidity pressures as the company manages project-related obligations. The company's closing cash position of ₹48.00 crores as of March 2025, down from ₹58.00 crores in March 2024, provides limited cushion against operational cash burn.
Industry Context: Realty Sector Challenges Amplified
TARC Ltd. operates in India's real estate sector, which has experienced significant volatility in recent years. The company's focus on residential projects, hotels, branded and service apartments, and warehouses in the Delhi-NCR region exposes it to localised market dynamics and regulatory challenges specific to this geography. Whilst the broader Indian real estate sector has shown signs of recovery in premium residential segments and commercial real estate, TARC Ltd.'s performance suggests it has been unable to capitalise on these tailwinds.
The company's historical financial trajectory reveals a sharp deterioration from FY23, when it reported net sales of ₹368.00 crores and net profit of ₹20.00 crores with operating margins of 43.2%. This marked the peak of TARC Ltd.'s operational performance. Since then, revenue has collapsed 91.03% to ₹33.00 crores in FY25, whilst the company swung to a massive net loss of ₹231.00 crores, reflecting project execution challenges, cost overruns, and potentially unfavourable market conditions.
Five-Year Performance Deterioration
TARC Ltd.'s five-year sales growth rate of negative 8.49% and five-year EBIT growth rate of negative 294.35% underscore the severity of the company's operational decline. From generating ₹137.00 crores in revenue and ₹53.00 crores in net profit in FY20, the company has descended into sustained loss-making territory, with cumulative losses exceeding ₹300 crores over FY24-FY25. This trajectory suggests fundamental challenges in project selection, execution capability, and cost management rather than merely cyclical headwinds.
The company's institutional holdings of merely 7.53% reflect limited confidence from sophisticated investors in the company's turnaround prospects. Mutual fund holdings have increased marginally from 3.50% in December 2024 to 6.31% in December 2025, suggesting some institutional interest, but this remains far below levels typically associated with high-quality real estate developers. Foreign Institutional Investor (FII) holdings have declined from 2.45% in March 2025 to 1.22% in December 2025, indicating reduced foreign investor appetite for the stock.
Peer Comparison: Valuation Premium Unjustified by Fundamentals
TARC Ltd.'s positioning relative to its peer group in the real estate sector reveals significant valuation concerns. With a Price-to-Book Value ratio of 4.04x, the company trades at a substantial premium to most comparable developers, despite demonstrably weaker operational performance and profitability metrics. This valuation anomaly becomes particularly stark when examining the company's negative ROE of 0.32% (average) compared to peers who generate positive returns on equity.
| Company | P/E (TTM) | P/BV Ratio | ROE % | Debt/Equity | Div Yield |
|---|---|---|---|---|---|
| TARC Ltd | NA (Loss Making) | 4.04x | 0.32% | 1.69 | NA |
| Ganesh Housing | 14.18x | 2.69x | 16.66% | 0.03 | 0.70% |
| Sunteck Realty | 31.34x | 1.79x | 2.64% | 0.14 | 0.37% |
| Keystone Realtor | 63.79x | 2.08x | 5.70% | 0.05 | 0.32% |
| Puravankara | NA (Loss Making) | 3.51x | 2.77% | 2.34 | NA |
| Max Estates | 109.77x | 2.66x | 1.21% | 0.27 | NA |
The peer comparison reveals several critical insights. Firstly, TARC Ltd.'s ROE of 0.32% ranks amongst the lowest in the peer group, with only Max Estates (1.21%) posting comparable levels of capital inefficiency. In contrast, Ganesh Housing demonstrates strong capital efficiency with ROE of 16.66%, whilst Keystone Realtor and Sunteck Realty generate mid-single-digit returns. This performance gap fails to justify TARC Ltd.'s P/BV premium of 4.04x, which exceeds the peer average of approximately 2.50x.
Secondly, TARC Ltd.'s debt-to-equity ratio of 1.69 represents the highest leverage in the peer group alongside Puravankara (2.34). Whilst real estate development inherently requires significant capital, TARC Ltd.'s combination of high leverage and negative profitability creates a particularly precarious financial position. Ganesh Housing (0.03), Keystone Realtor (0.05), and Sunteck Realty (0.14) all maintain substantially lower leverage ratios whilst generating positive returns, demonstrating more prudent capital structures.
The absence of dividend payments from TARC Ltd., in contrast to peers like Ganesh Housing (0.70% yield), Sunteck Realty (0.37% yield), and Keystone Realtor (0.32% yield), further underscores the company's inability to generate distributable profits. For income-focused real estate investors, this represents a significant disadvantage relative to the peer group.
Valuation Analysis: Risky Premium Disconnected from Fundamentals
TARC Ltd.'s current valuation metrics present a concerning picture of a loss-making company trading at substantial premiums to book value without corresponding operational strength to justify such multiples. With a Price-to-Book Value ratio of 4.04x against book value per share of ₹35.34, the market is ascribing significant value to assets that have consistently failed to generate positive returns. This valuation appears particularly stretched given the company's negative ROE of 8.76% for the latest period and average ROE of merely 0.32%.
The company's enterprise value metrics further highlight valuation concerns. With EV/EBITDA at negative 24.71x and EV/EBIT at negative 23.80x, these multiples become meaningless in the context of negative operating profits. The EV/Sales ratio of 59.63x appears extraordinarily high, suggesting the market is pricing in significant future revenue growth and margin expansion that has yet to materialise. For context, profitable real estate developers typically trade at EV/Sales multiples in the single digits, making TARC Ltd.'s valuation appear disconnected from operational reality.
The company's overall valuation grade of "RISKY" reflects the fundamental disconnect between market pricing and operational performance. This classification has been in place since August 2024, when the valuation grade changed from "Very Expensive" to "Risky", acknowledging the deteriorating financial performance. Historical valuation grade changes reveal a pattern of the stock oscillating between "Expensive", "Very Expensive", and "Risky" classifications since May 2022, suggesting persistent overvaluation concerns.
From a technical valuation perspective, the stock's 52-week range of ₹103.45 to ₹206.10 demonstrates significant volatility, with the current price of ₹147.95 sitting 28.21% below the 52-week high and 43.02% above the 52-week low. This positioning suggests the market has partially corrected from earlier euphoric levels but remains elevated relative to fundamental value. The absence of a credible fair value estimate based on traditional valuation methodologies underscores the challenge of valuing a persistently loss-making enterprise.
Shareholding Pattern: Institutional Exodus Signals Concern
The evolution of TARC Ltd.'s shareholding pattern over recent quarters reveals notable shifts in investor composition that warrant careful examination. Promoter holding has remained stable at 65.12% across the last four quarters (June 2025 through December 2025), following a marginal increase of 0.16% in March 2025 from 64.96% in December 2024. This stability in promoter shareholding, whilst providing some governance continuity, does not address concerns about the company's operational performance or the promoters' ability to execute a credible turnaround strategy.
| Quarter | Promoter % | FII % | MF % | Insurance % | Other DII % |
|---|---|---|---|---|---|
| Dec'25 (Q3 FY26) | 65.12% | 1.22% | 6.31% | 0.00% | 0.00% |
| Sep'25 (Q2 FY26) | 65.12% | 1.99% | 5.69% | 0.12% | 0.00% |
| Jun'25 (Q1 FY26) | 65.12% | 2.30% | 4.90% | 0.24% | 0.31% |
| Mar'25 (Q4 FY25) | 65.12% | 2.45% | 4.23% | 0.24% | 0.42% |
| Dec'24 (Q3 FY25) | 64.96% | 2.34% | 3.50% | 0.42% | 0.42% |
Foreign Institutional Investor (FII) holdings have declined steadily from 2.45% in March 2025 to 1.22% in December 2025, representing a 50.20% reduction in FII stake over three quarters. This consistent selling by foreign investors, with sequential quarterly declines of 0.15%, 0.31%, and 0.77%, signals deteriorating confidence in the company's prospects amongst sophisticated global investors. The fact that 49 FIIs collectively hold merely 1.22% of the company indicates fragmented, low-conviction positioning rather than concentrated institutional support.
Conversely, mutual fund holdings have increased from 3.50% in December 2024 to 6.31% in December 2025, representing an 80.29% increase in MF stake over the year. This sequential quarterly accumulation, with increases of 0.73%, 0.67%, 0.79%, and 0.62% across successive quarters, suggests some domestic institutional interest. However, with only 8 mutual funds holding stakes, this represents relatively limited breadth of domestic institutional support. The increase in MF holdings may reflect contrarian positioning or sector rotation rather than conviction in TARC Ltd.'s specific turnaround prospects.
Insurance company holdings have declined from 0.42% in December 2024 to 0.00% in December 2025, with a complete exit by December 2025. Similarly, other DII holdings have reduced from 0.42% in December 2024 and March 2025 to 0.00% by December 2025. These exits by insurance companies and other domestic institutional investors suggest risk-averse institutional capital is avoiding the stock, likely due to concerns about the company's loss-making trajectory and balance sheet stress.
Stock Performance: Significant Underperformance Across Timeframes
TARC Ltd.'s stock price performance reveals a pattern of significant volatility and substantial underperformance relative to broader market indices across most meaningful timeframes. Trading at ₹147.95 as of February 06, 2026, the stock has declined 5.79% on the day of the results announcement, reflecting immediate negative investor reaction to the Q3 FY26 loss. Over the past week, the stock has fallen 3.30%, underperforming the Sensex's 1.59% gain by 4.89 percentage points, whilst the one-month decline of 16.65% compares unfavourably to the Sensex's 1.74% decline, representing 14.91 percentage points of underperformance.
| Period | TARC Return | Sensex Return | Alpha |
|---|---|---|---|
| 1 Day | -5.79% | +0.32% | -6.11% |
| 1 Week | -3.30% | +1.59% | -4.89% |
| 1 Month | -16.65% | -1.74% | -14.91% |
| 3 Months | -2.95% | +0.32% | -3.27% |
| 6 Months | -13.10% | +3.77% | -16.87% |
| YTD (FY26) | -12.82% | -1.92% | -10.90% |
| 1 Year | +9.39% | +7.07% | +2.32% |
| 2 Years | -5.07% | +15.78% | -20.85% |
| 3 Years | +271.73% | +38.13% | +233.60% |
| 5 Years | +548.90% | +64.75% | +484.15% |
The six-month return of negative 13.10% versus the Sensex's positive 3.77% return translates to 16.87 percentage points of underperformance, whilst the year-to-date decline of 12.82% compares unfavourably to the Sensex's 1.92% decline. These near-term underperformance metrics reflect growing investor recognition of the company's deteriorating fundamentals and persistent inability to achieve profitability. The one-year return of 9.39%, whilst positive and marginally ahead of the Sensex's 7.07% gain by 2.32 percentage points, masks the significant volatility and recent weakness in the stock.
The longer-term performance picture reveals extraordinary volatility. The three-year return of 271.73% versus the Sensex's 38.13% represents 233.60 percentage points of outperformance, whilst the five-year return of 548.90% versus the Sensex's 64.75% translates to 484.15 percentage points of alpha generation. However, these impressive long-term returns must be contextualised against the company's fundamental deterioration over the same period. The strong historical returns appear attributable to a low base effect and speculative interest rather than sustained operational improvement.
From a technical perspective, the stock trades below all key moving averages, including the 5-day MA (₹153.15), 20-day MA (₹159.93), 50-day MA (₹157.65), 100-day MA (₹154.43), and 200-day MA (₹163.63). This positioning below all major moving averages confirms the bearish technical trend, which changed to "Mildly Bearish" on January 19, 2026, at ₹166.80 from a previous "Sideways" trend. The technical indicator summary shows bearish signals from Bollinger Bands on both weekly and monthly timeframes, reinforcing the negative technical outlook.
The stock's beta of 1.16 indicates higher volatility than the broader market, classified as a "High Beta Stock" that tends to amplify market movements. With volatility of 45.41% over the one-year period, TARC Ltd. falls into the "HIGH RISK MEDIUM RETURN" category, with a Sharpe ratio that suggests risk-adjusted returns have been positive but modest. For risk-averse investors, this high volatility profile combined with deteriorating fundamentals presents an unattractive risk-reward proposition.
Investment Thesis: Quality and Valuation Concerns Dominate
TARC Ltd.'s investment thesis is fundamentally challenged by the intersection of poor quality metrics, risky valuation, and deteriorating financial trends. The company's overall quality grade of "BELOW AVERAGE" reflects long-term financial performance characterised by negative sales growth of 8.49% over five years, catastrophic EBIT growth of negative 294.35%, and weak return metrics with average ROCE of negative 1.87% and average ROE of 0.32%. These quality indicators place TARC Ltd. amongst the weakest performers in the real estate sector.
The company's debt servicing capability remains a critical concern, with an average EBIT to interest coverage ratio of negative 0.59x indicating that operating earnings are insufficient to cover interest obligations. This negative coverage ratio, combined with a net debt to equity ratio of 1.69, creates a precarious financial structure where the company is effectively borrowing to service existing debt whilst generating operational losses. The absence of dividend payments and zero dividend payout ratio further underscores the company's inability to generate distributable cash flows.
The short-term financial trend classification of "POSITIVE" for Q3 FY26, driven by net sales growth of 47.7% versus the previous four-quarter average and higher nine-month PAT of ₹17.44 crores, provides limited comfort given the underlying operational losses in Q2 and Q3 FY26. This positive classification appears heavily influenced by the exceptional Q1 FY26 performance driven by ₹219.47 crores in other income, which is unlikely to be sustainable or recurring. Stripping away this one-time benefit reveals persistent operational weakness.
The proprietary Mojo score of 23 out of 100, placing the stock firmly in "STRONG SELL" territory (score 0-30), reflects the cumulative impact of weak fundamentals, risky valuation, bearish technicals, and deteriorating quality metrics. This score has oscillated between "Strong Sell" (23-29) and "Sell" (39) over recent quarters, with the current reading representing the lower end of this range. The key concerns limiting the score include the bearish technical trend and weak long-term fundamental strength characterised by operating losses.
Key Strengths & Risk Factors
Key Strengths
- Revenue Growth Momentum: Q3 FY26 revenue of ₹38.38 crores represents 458.66% QoQ growth and 310.48% YoY growth, indicating improved project delivery.
- Diversified Asset Portfolio: Exposure across residential projects, hotels, branded apartments, service apartments, and warehouses provides revenue diversification.
- Strategic NCR Location: Focus on Delhi-NCR region positions company in one of India's largest real estate markets with long-term growth potential.
- No Promoter Pledging: Zero promoter pledging (0.0%) indicates promoters are not using shares as collateral, reducing governance concerns.
- Increasing MF Interest: Mutual fund holdings increased from 3.50% to 6.31% over the year, suggesting growing domestic institutional interest.
Key Concerns
- Persistent Losses: Q3 FY26 net loss of ₹21.03 crores marks consecutive quarterly losses in Q2 and Q3 FY26, with no clear path to profitability.
- Negative Operating Margins: Operating margin (excl OI) of negative 47.45% in Q3 FY26 indicates fundamental cost structure issues and inability to generate operating profits.
- Weak Return Metrics: ROE of negative 8.76% and ROCE of negative 8.94% demonstrate exceptionally poor capital efficiency and value destruction.
- High Leverage: Net debt to equity ratio of 1.69 combined with negative EBIT coverage of 0.59x creates precarious financial structure and sustainability concerns.
- Revenue Volatility: Lumpy, project-dependent revenue recognition creates significant quarterly volatility (Q2 FY26: ₹6.87 crores vs Q3 FY26: ₹38.38 crores).
- Institutional Exodus: FII holdings declined 50% from 2.45% to 1.22% over three quarters, signalling reduced sophisticated investor confidence.
- Deteriorating Working Capital: Current liabilities surged 68.57% to ₹2,112.59 crores whilst cash declined to ₹48.00 crores, indicating potential liquidity pressures.
Outlook: Critical Monitoring Points for Investors
Positive Catalysts to Watch
- Sustained Revenue Growth: Consistent quarterly revenue above ₹35-40 crores without volatility would indicate stable project delivery capability.
- Margin Improvement: Operating margins turning positive and reaching industry-standard levels of 15-20% would signal operational efficiency gains.
- Debt Reduction: Meaningful reduction in net debt to equity ratio below 1.0x would improve financial flexibility and reduce interest burden.
- Project Monetisation: Successful completion and monetisation of existing projects with positive cash flows would validate business model viability.
Red Flags Requiring Attention
- Continued Losses: Further quarterly losses beyond Q3 FY26 would confirm structural profitability challenges rather than temporary execution issues.
- Rising Interest Burden: Increasing interest expenses or inability to refinance maturing debt at favourable rates would exacerbate financial stress.
- Working Capital Deterioration: Further increase in current liabilities or decline in cash position would raise acute liquidity concerns.
- Institutional Selling: Continued reduction in mutual fund holdings or further FII exits would signal deteriorating investor confidence.
- Project Delays: Material delays in project completion or inability to achieve pre-sales targets would impact revenue visibility and cash generation.
Looking ahead, TARC Ltd. faces a critical juncture where it must demonstrate sustainable operational profitability to justify continued investor confidence. The company's ability to maintain revenue momentum from Q3 FY26 whilst simultaneously improving margins and reducing losses will be paramount. Management commentary around project pipeline, pre-sales momentum, cost optimisation initiatives, and debt management strategy will provide crucial insights into the turnaround trajectory.
The real estate sector's inherent cyclicality and project-specific nature means TARC Ltd.'s quarterly results will likely remain volatile. However, investors should focus on underlying trends in operating margins, cash flow generation, and debt servicing capability rather than headline revenue figures. The company's success in converting its asset portfolio into positive cash flows whilst managing its substantial debt burden will ultimately determine whether the current market capitalisation of ₹4,543 crores represents value or a value trap.
The Verdict: Fundamental Concerns Outweigh Speculative Appeal
Score: 23/100
For Fresh Investors: Avoid initiating positions. The combination of persistent operational losses, negative return on equity, risky valuation at 4.04x book value, and deteriorating institutional confidence creates an unfavourable risk-reward profile. The company's inability to generate positive operating margins despite intermittent revenue growth signals fundamental execution challenges that are unlikely to be resolved in the near term.
For Existing Holders: Consider exiting positions. The stock's 16.65% decline over the past month and consistent underperformance across near-term timeframes reflects growing market recognition of the company's deteriorating fundamentals. With the stock trading below all key moving averages and technical trends turning bearish, existing holders face continued downside risk. The absence of a credible turnaround catalyst or path to profitability justifies reducing exposure.
Fair Value Estimate: Not determinable using traditional valuation methodologies given persistent losses. Current price of ₹147.95 appears disconnected from operational reality, with downside risk to book value of ₹35.34 per share (76% downside) if the company fails to demonstrate sustainable profitability within the next 12-18 months.
Note- ROCE= (EBIT - Other income)/(Capital Employed - Cash - Current Investments)
⚠️ Investment Disclaimer
This article is for educational and informational purposes only and should not be construed as financial advice. Investors should conduct their own due diligence, consider their risk tolerance and investment objectives, and consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results, and all investments carry risk of loss.
