Conflict of Interest Policy

Last updated: July 2026

Our Commitment

IQ Score exists to provide independent, transparent, and data-driven investment research.

Trust depends on more than good analysis. It depends on intellectual honesty, transparency, and the responsible management of conflicts of interest.

This Conflict of Interest Policy explains how IQ Score identifies, manages, and discloses actual and potential conflicts of interest.

IQ Score is operated by R-Ventures B.V., a private limited company incorporated under the laws of the Netherlands.

1. Why This Policy Exists

Conflicts of interest are not unusual in investment research.

People who spend significant time researching investments often invest themselves.

Owning an investment does not automatically create a conflict of interest.

Failing to disclose relevant interests—or allowing those interests to influence research—does.

Our objective is not to eliminate every potential conflict.

Our objective is to identify relevant conflicts, manage them responsibly, and disclose them transparently so readers can form their own judgment.

2. Our Independence

IQ Score is an independent investment research platform.

Our business is funded primarily through subscriptions.

We are not compensated by:

• investment funds;
• issuers;
• brokers;
• exchanges;
• investment banks;
• asset managers;
• listed companies;
• marketing agencies; or
• any other organization seeking favorable research.

Our success depends on producing research that investors trust—not research that companies can buy.

3. Editorial Independence

Editorial decisions are made independently.

IQ Scores, Friend classifications, Question Mark classifications, Foe classifications, confidence assessments, methodology decisions, upgrades, downgrades, and research conclusions are determined through our research process.

Commercial relationships do not determine:

• which securities are covered;
• when research is published;
• how securities are classified;
• how methodology evolves; or
• what conclusions are reached.

Research conclusions are driven by evidence and methodology—not by commercial interests.

4. Research Cannot Be Purchased

Neither companies, issuers, asset managers, brokers, investors, nor any other third party may pay to:

• obtain a favorable IQ Score;
• become a Friend;
• avoid a downgrade;
• suppress unfavorable research;
• initiate coverage;
• accelerate publication;
• delay publication;
• influence methodology;
• influence classifications; or
• otherwise affect IQ Score research.

Research cannot be purchased.

Editorial independence is fundamental to the IQ Score platform.

5. Personal Investments

R-Ventures B.V. and persons associated with IQ Score—including directors, officers, employees, contractors, authors, and contributors—may own, buy, or sell securities that are discussed or classified by IQ Score.

IQ Score's research is led by an active long-term income investor.

Accordingly, securities discussed through IQ Score may also appear in personal investment portfolios.

A personal investment should never be interpreted as evidence that a security is appropriate for another investor.

Individual portfolios reflect different objectives, tax circumstances, liquidity needs, risk tolerances, investment horizons, and financial situations.

Likewise, the absence of a personal investment should not be interpreted as a negative opinion about a security.

6. Personal Trading

Persons associated with IQ Score remain free to manage their own investment portfolios.

We do not prohibit personal trading before or after the publication of research.

However, personal investments must never influence the substance, timing, conclusions, classifications, methodology, or objectivity of IQ Score research.

Research may not be altered, delayed, accelerated, suppressed, or otherwise modified in order to benefit a personal transaction.

No person associated with IQ Score may knowingly trade using material non-public information.

All personal trading remains subject to applicable securities laws, market abuse rules, insider trading laws, and other legal obligations in the jurisdictions in which those persons operate.

IQ Score publications should never be interpreted as advance notice of future trading activity by any person associated with IQ Score.

7. Position Disclosures

Transparency is an essential part of independent investment research.

Where a publication focuses on one or more individual securities, we disclose whether the author, R-Ventures B.V., or another person associated with IQ Score has a relevant financial interest in the securities discussed.

Where relevant to understanding the publication, the disclosure will also indicate whether a position was recently established or materially increased before publication.

Unless expressly stated otherwise, disclosures reflect the position at or around the time the research is finalized or published.

Positions may subsequently change without further notice.

A position disclosure is provided to help readers evaluate potential conflicts of interest. It should not be interpreted as a recommendation to copy, avoid, buy, sell, or otherwise act on that position.

Research covering broad groups of securities, databases, score tables, watchlists, automated pages, or other large-scale publications may use an appropriate general disclosure rather than listing every individual holding.

8. Sponsored Content and Commercial Relationships

IQ Score does not accept compensation in exchange for research conclusions, classifications, methodology changes, or publication decisions.

If IQ Score ever publishes sponsored content, paid partnerships, or promotional material, that content will be clearly identified.

Sponsored content will never be presented as independent IQ Score research.

Where a commercial relationship could reasonably be considered relevant to the objectivity of a publication, that relationship will be disclosed.

9. Data Providers

IQ Score relies on a variety of third-party data providers, technology partners, and publicly available information.

These relationships do not give those organizations any influence over:

• IQ Scores;
• classifications;
• methodology;
• editorial decisions;
• publication timing; or
• research conclusions.

Responsibility for every published conclusion remains with IQ Score.

10. Corrections

No research process is perfect.

If we discover a material error in published research, we aim to correct it as soon as reasonably practical.

Corrections may include:

• updated scores;
• revised classifications;
• corrected data;
• revised commentary;
• updated methodology references; or
• explanatory notes.

Correcting mistakes improves research quality and strengthens confidence in the platform.

We will not knowingly leave a material error uncorrected because correcting it would be inconvenient or unfavorable to a personal investment.

11. Public Information

IQ Score research is based on:

• publicly available information;
• information obtained through properly licensed data providers; and
• proprietary analysis performed by IQ Score.

We do not knowingly seek, obtain, publish, or trade on material non-public information.

If information appears to constitute confidential or inside information under applicable law, we will not knowingly use it for research or trading.

12. Regulatory Disclosures

Depending on the nature of a publication and the jurisdiction in which it is distributed, applicable law may require additional disclosures.

These may include information concerning:

• the identity of the research producer;
• publication date and time;
• methodology;
• data sources;
• financial interests;
• conflicts of interest; or
• other information required by applicable law.

Where such requirements apply, the relevant disclosures may appear directly alongside the publication rather than solely within this general policy.

13. Changes to this Policy

We may update this Conflict of Interest Policy from time to time to reflect changes in:

• our services;
• our business model;
• regulatory developments;
• industry standards; or
• legal requirements.

Whenever material changes are made, we will update the Last Updated date.

Where appropriate, we may also notify members through our website or by email before significant changes take effect.

14. Contact

Questions regarding this Conflict of Interest Policy may be directed to:

[email protected]

Our Commitment

Independent research requires more than technical expertise.

It requires integrity.

It requires transparency.

It requires the willingness to publish conclusions whether they are popular or unpopular.

We do not claim to have no financial interests.

Instead, we commit to disclosing relevant interests, managing conflicts responsibly, and ensuring that those interests never determine the outcome of our research.

Our commitment is simple:

Follow the data. Disclose the conflicts. Protect the independence of the research.