# Welcome to WineFi This document sets out WineFi’s vision, methodology, and operating model. It provides a framework for understanding fine wine as an alternative asset class, and the unique advantages of our approach. {% hint style="info" %} If you are viewing this on a mobile phone, please look for the menu icon at the top left of your screen to navigate to other pages. Alternatively, use the arrow below. {% endhint %} **WineFi is a multi-award-winning investment platform that makes fine wine investing straightforward, transparent, and cost-effective.** By combining industry expertise with market-leading quantitative analysis, WineFi provides investors with the expertise and infrastructure to gain direct exposure to fine wine as an asset class. For decades, fine wine investing was the preserve of insiders: opaque, relationship-driven, and inaccessible to most. Portfolio decisions relied on subjective judgment, with little data or accountability. WineFi changes that. Our platform gives investors direct ownership structures, data-driven insights, and investor-first infrastructure designed to uphold fiduciary standards — transforming fine wine from a niche market into a transparent, accessible, and technology-enabled investment category. Through our syndicates, investors can gain direct exposure to a collection of fine wine from £3,000 (\~$4,000) — a fraction of the cost of owning the underlying wines outright. Our private portfolios leverage the same quantitative approach, but are owned outright by individual investors. **WineFi is proud to be a part-owned by** [**Coterie Holdings**](https://coterieholdings.com/)**, one of the most prestigious holding companies for fine wine business interests.** When you work with us, you leverage the entire Coterie group of companies. {% hint style="warning" %} WineFi is not a wine merchant. We exist to identify wines that are most likely to outperform the wider wine markets, and provide access to those wines (via our syndicates) at a fraction of the cost of traditional solutions. If you wish to buy or collect wine, we recommend our friends over at Lay & Wheeler. {% endhint %} ## Quick Links {% content-ref url="/pages/9JnozToAHvgCYpncUFP1" %} [WineFi vs. Status Quo](/about-us/winefi-vs.-status-quo) {% endcontent-ref %} {% content-ref url="/pages/S11OQyXYddvj70e6iCxy" %} [Investment Approach](/about-us/investment-approach) {% endcontent-ref %} {% content-ref url="/pages/H3NnzsUt9VCyTVEh1Sqm" %} [Fine Wine Syndicates](/investment-solutions/fine-wine-syndicates) {% endcontent-ref %} {% content-ref url="/pages/JkI4cYzoV5kL0oRbTLfr" %} [Private Portfolios](/investment-solutions/private-portfolios) {% endcontent-ref %} # Risk Disclaimer Fine Wine is an unregulated asset and investors should be aware that the value of their portfolio can go down as well as up. Please see below for a list of the key risks. These risks are not the only ones known to WineFi at the time of this communication. Additional risks, either currently unknown to WineFi or deemed immaterial, may also adversely affect the value of an Investment. Investors are strongly encouraged to seek professional advice if they have any doubts when considering an Investment. #### **Key Risks** **1. Capital at Risk** Illustrated returns in this document are not guaranteed. The value of your Investment may decrease as well as increase, and you may not recover the full amount invested. **2. Illiquidity** Investments in fine wine should be considered medium- to long-term and are inherently illiquid. While assets selected are based on secondary market trading volumes (excluding rare or illiquid wines), exit opportunities remain uncertain. The expected holding period is approximately five years but could be longer, and Investors may not achieve returns before this time. **3. Unregulated Asset Class** WineFi is not regulated by the UK Financial Conduct Authority (FCA). Additionally, fine wine as an asset class is not directly regulated by the FCA. Consequently, protections like the Financial Services Compensation Scheme or the Financial Ombudsman Service are unlikely to apply, and poor investment performance will not be covered. **4. Reliance on WineFi** WineFi relies on a robust network of fine wine industry relationships and expert guidance. Any loss of key personnel or other disruptions to WineFi's services could negatively impact the prospects of an Investment. **5. Physical Storage** All wine purchased will be stored in Coterie Vaults, a purpose-built UK government-approved bonded warehouse. While optimal storage conditions will be maintained, risks such as damage, fire, contamination, or theft remain. Although the wine will be insured at full replacement value, such events may lead to investment losses. **6. Market Conditions** Market factors such as interest rates, consumer preferences, and volatility in wine markets can adversely impact Investment values. Trends in wine markets do not guarantee or predict future outcomes, which may differ significantly from current perceptions. **7. Changes in Law** Changes to laws or regulations, or non-compliance by WineFi, could negatively affect an Investment. Additionally, personal tax rates and benefits related to capital gains may change, and such outcomes depend on an Investor's individual circumstances. # Vision & Mission WineFi exists to solve the inherent challenges that have prevented mainstream adoption of fine wine investment. > *"You can talk about WineFi at a dinner party in the way you couldn't talk about your S\&P 500 Index Fund" —* [*Digital Frontier*](https://digitalfrontier.com/articles/Wine-investing-tech-apps-winefi-cult)*.* ## Our Vision Technology has transformed the way we access financial markets. We have come to expect transparent fees, seamless transactions, and freedom of information. In comparison, the experience of investing in fine wine has remained in a bygone era. It is expensive, inefficient, and opaque. WineFi exists to make investing in fine wine so seamless and so cost-effective that it can feasibly form a part of every investment portfolio, for the very first time. ## Our Mission To achieve our vision, we first need to remove the barriers of entry that have plagued fine wine investment to date. These are high costs, poor analysis, and misalignment of interests. Our mission is to pioneer quantitative investing in fine wine, delivering institutional-grade research and transparent access for investors worldwide — and creating a category-defining brand in the process. # WineFi vs. Status Quo As fine wine enthusiasts and investors ourselves, we recognised the problems that plagued the wine investment space. We have built WineFi from the ground up to solve these endemic issues. It is a fact that many fine wines appreciate in value over time, and therefore can make investors money. It is also a fact that the traditional wine investment model creates a conflict of interest between the interests of clients and asset managers. WineFi is designed to solve these issues — it's literally the only reason we exist. Here is how we do it: ### We Don't Hold Stock A traditional wine merchant holds stock to sell to their customers. They make money by marking up that stock from purchase price. If their customers are buying to drink or to collect, there is no conflict of interest. However, if a customer is buying to invest, there is a clear conflict. Merchants are incentivised to sell the stock that they are holding, rather than source the wines that may be the best investments on the open market. At WineFi, we hold no stock. We buy exclusively from the secondary market on behalf of our clients. This is good for our clients, as we have no incentive to buy anything than the most investment-worthy wines. It is also good for us, as we avoid upfront capital expenditure and only buy to service demand. Our fixed costs, for the most part, are therefore our employees' salaries. We only make money on fees, rather than an undisclosed mark-up on the wines themselves. ### We Rarely Buy On Allocation {% hint style="info" %} Buying on allocation means purchasing wines directly from a producer at release, often tied to (in the context of "investment") less desirable secondary wines. {% endhint %} **At WineFi, we buy — almost exclusively — from the secondary market**. We rarely buy on allocation. This is because our data demonstrates that, contrary to popular belief, buying on allocation is **no longer** the best way make money from investing in fine wine. An example of the research we have conducted on this theme can be [found here](https://winefi.co/blog/when-is-the-best-time-to-invest-in-fine-wine). Beyond that, if you are buying on allocation directly from a producer, you are almost always beholden to also purchase their secondary wines — i.e. those that may not be truly investment-grade. For a wine investment business, the question is then what do you do with those "spare" wines? More often than not, they end up in client portfolios. This is clearly not in the investor's interest, and therefore a violation of fiduciary duty. ### Institutional-Grade Analysis WineFi has, to our knowledge, developed the most sophisticated investment modelling capability in the fine wine market. Most wine businesses rely on a narrow set of inputs when selecting wines for "investment" portfolios - typically limited to "critic scores vs. pricing data". If scores are high and prices are relatively low, then it is supposedly a "buy". While these indicators have some value, they capture only a fraction of the factors that truly determine long-term investment performance. By focusing narrowly on scores versus price, such models overlook critical drivers such as producer historic returns, drawdowns market depth, critic rescores, trading velocity, brand equity, and macroeconomic conditions - amongst others. This oversimplification leaves investors exposed to unnecessary risk. Fine wine, compared to other collectibles, has a significant amount of historic data available to analyse. It is therefore possible to backtest scenarios, and understand what factors are responsible for price movements. When constructing portfolios, we combine this analysis with the multi-decade expertise of our veteran investment committee. This is at the heart of what we do at WineFi. The existence of market benchmarks (e.g. the [Liv-ex Market Indices](https://www.liv-ex.com/news-insights/indices/)) allows us to measure our performance against the broader market. If we are outperforming the wine market, then we are doing our job correctly, and vice versa. {% content-ref url="/pages/S11OQyXYddvj70e6iCxy" %} [Investment Approach](/about-us/investment-approach) {% endcontent-ref %} ### Expert Guidance Fine wine is an esoteric asset class, and choosing what to invest in is complex. Thousands of wines are released each year across multiple regions, adding to hundreds of thousands of "back vintages". Each vintage interacts differently with market conditions. Prices are further shaped by the secondary market, where back vintages can trade at premiums or discounts depending on availability, market appetite, and evolving critic sentiment. For individual investors, this creates overwhelming choice and a high risk of error. WineFi simplifies this process by providing a quantitative framework that analyses more than 70 variables - from supply dynamics and trading velocity to macroeconomic indicators - and presenting these insights to investors in a clear, accessible way. This enables investors to make informed decisions about their participation in a syndicate or a private portfolio, without the subjectivity and opacity that characterises the traditional model. ### Transparent Fees **We charge a one-off administrative fee of 12.5% for both our private clients and our syndicate members.** We take no undisclosed mark-up, and there are no hidden fees beyond disclosed trading costs. Our administration fee covers storage and insurance for five years, and also covers WineFi's costs. If the underlying wines are held for longer than five years, additional storage and insurance is deducted - at cost - from the eventual sales price of the wine. Importantly, any discount we can achieve to the [Liv-ex Market Price](https://www.liv-ex.com/faq/liv-ex-prices/) is passed on to our investors. Some wine businesses advertise “no upfront fees.” In reality, this means they apply a variable, hidden margin to the wine itself by marking it up against the market price — a practice that reduces transparency and misaligns incentives for investors. Our structure reflects the real costs of sourcing, due diligence, execution, and custody. We take no margin on storage or insurance. {% content-ref url="/pages/U3xpGYteKtraI1rPYrBi" %} [Fees](/governance/fees) {% endcontent-ref %} ### Lowering Barriers to Entry Investing in fine wine has historically been an expensive endeavour. Our analysis shows that a global, optimally-diversified portfolio of wine can cost upwards of £300,000 | $400,000. In contrast, our **syndicate structure** allows investors to gain exposure to fine wine as an asset class from as little as £3,000 (\~$4,000). WineFi’s core model is built around **syndicates**, where investors co-own a clearly defined collection of fine wines. Each syndicate is disclosed in advance, and investors retain direct fractional ownership of the underlying bottles, ensuring transparency and avoiding any pooled, discretionary management. This structure allows investors to gain exposure to a diversified portfolio of investment-grade wines at a fraction of the cost of building such a collection outright. {% content-ref url="/pages/H3NnzsUt9VCyTVEh1Sqm" %} [Fine Wine Syndicates](/investment-solutions/fine-wine-syndicates) {% endcontent-ref %} Alongside syndicates, WineFi also supports **private clients** who wish to build their own collections, which are owned entirely by the individual from the outset — whilst utilising the same quantitative modelling we provide to syndicate members. All of our investment decisions are data driven, and members are able to track the performance of their portfolios in real time. {% content-ref url="/pages/JkI4cYzoV5kL0oRbTLfr" %} [Private Portfolios](/investment-solutions/private-portfolios) {% endcontent-ref %} # Investment Approach To date, WineFi's quantitative approach has allowed our portfolios to outperform the broader fine wine market. WineFi seeks to outperform the wider fine wine markets by combining quantitative analysis with the deep domain expertise of our veteran investment committee. Our quant model systematically identifies underpriced wines with strong appreciation potential. Backtesting shows consistent outperformance vs both benchmarks and average wine returns. While past performance is not a reliable indicator of future results, this provides a scalable, data-driven framework for sourcing, portfolio construction, and exit timing. Outputs are then "sense checked" by our investment committee before presenting opportunities to our investors. As with an investment business, our objective is to generate alpha vs. our benchmark(s). For the fine wine markets, these are the [Liv-ex Indices](https://www.liv-ex.com/news-insights/indices/). See [Quantitative Analysis](/about-us/quantitative-analysis) for more. ## Our Investment Process {% stepper %} {% step %} ### Define Scope From \~100,000 wines across 25 vintages we consider investable, we construct a scoped investable universe through structured filters on region, price, and any other relevant factors. {% endstep %} {% step %} ### Apply WineFi Investment Score (WIS) We apply a numeric "WineFi Investment Score" (WIS) to each wine on a scale of 0 to 100. This score factors in the "efficient market price" and potential price appreciation. Read more about this approach here: [Quantitative Analysis](/about-us/quantitative-analysis#our-models). {% endstep %} {% step %} ### Human Review The initial wines in scope are reviewed by our expert investment committee - led by [Matthew Small](https://www.linkedin.com/in/matthew-small-30713093/) - and either accepted or rejected. {% endstep %} {% step %} ### Investor Approval Once we have identified a collection of fine wine, we present this opportunity to investors on a discretionary (private portfolios) or non-discretionary (syndicate) basis. {% endstep %} {% step %} ### Sourcing We go to market and acquire the underlying wines, and transport them to our bonded warehouse for storage. See [Sourcing Wines](/governance/sourcing-wines) and [Storage and Insurance](/governance/storage-and-insurance) for more information. We pass on discounts we are able to achieve to our investors. {% endstep %} {% step %} ### Exits WineFi monitors the fine wine market over time, and will recommend when to exit the underlying wines on a case-by-case basis. Syndicate members and private clients alike can choose to accept or reject these recommendations. {% endstep %} {% endstepper %} # Quantitative Analysis This is a detailed explanation of our data models. ## Our Models We have developed two models which rely on similar inputs and are closely interlinked: 1. **Efficient Market Price Model:** Creates an "efficient market price" for each wine, identifying those that are currently underpriced/overpriced. We use a unique wine identifier known as an [LWIN11](https://www.liv-ex.com/wwd/lwin/) to achieve this. 2. **Returns Ranking Model:** Predicts which wines will appreciate most/least over the next 4 years. A combination of these two models is used to select investment opportunities that are both currently undervalued and have high appreciation potential. **These models create the foundation of the WineFi Investment Score (WIS)**; a numerical score that is proven through historical testing to outperform average market returns. The WineFi WIS model excels at wine selection, enhancing our ability to differentiate between investment opportunities and increasing the likelihood that customer portfolios will outperform market benchmarks. Beyond asset selection, additional applications include: * Determining “efficient market prices” for wines by estimating their short-term (1–3 years) fair market value. * Assigning buy/sell/hold recommendations to wines (LWIN11s) based on their potential return when purchased at the current LX market price. * Establishing target purchase prices for firm bids—prices at which we would unequivocally consider each investment-grade wine a “buy.” * Investment advisory, including around entry and exit points for our clients. ## Portfolio Example {% hint style="info" %} Randomly generated portfolio used to illustrate alpha vs Liv-ex benchmark at the level of a single portfolio — investing from Jan 2020 - Jan 2025. {% endhint %} To illustrate the advantage of our approach vs. the market benchmarks, we generated a £300,000 portfolio reflective of typical syndicate size, incorporating wines with a minimum WineFi Investment Score (WIS) of 72. Red wines aged up to 22 years and non-red wines aged up to 17 years at time of purchase were included. A large number of portfolios were generated at random. From this pool, portfolios were repeatedly drawn at random until one whose performance lay within 1% of the overall mean was obtained. This approach ensures the example shown reflects a typical outcome of the model rather than an unusually strong or weak case. To ensure a fair comparison, we constructed an adjusted benchmark Compound Annual Growth Rate (CAGR) using Liv-ex market prices in an equally weighted index. This adjustment accounts for the difference between Liv-ex mid-prices (used in official indices) and the market price data underpinning our model. When tested, price-weighted indices produced lower returns, aligning more closely with the unadjusted benchmark. #### Regionally Diversified Portfolio vs. Benchmark
*Benchmark (adjusted) CAGR constructed using Liv-ex (LX) market prices for benchmark components in an equally-weighted index (EW), using Liv-ex index components at the start of the investment period.* #### Region Specific (Burgundy) Portfolio vs. Benchmark It is worth noting that some proportion of this alpha is achieved due to the Liv-ex 1000 being weighted heavily towards Bordeaux assets. The region-specific results below provide a more accurate reflection of pure model alpha.
## Dataset We have compiled pricing and trade data for over 100,000 wines, covering all investment grade wines in existence, combining market data, critic scores, and qualitative attributes to forecast wine investment performance with precision. We evaluate 35+ variables, including: * **Price Metrics** — long-term trend analysis and relative price–quality comparisons. * **Critic Data** — scores, tasting notes, and drinking windows. * **Brand Power** — producer reputation and historical performance. * **Risk & Volatility** — stability across vintages, regions, and market cycles. * **Market Conditions** — liquidity, supply/demand dynamics, and macro factors. * **Vintage Quality** — climatic and production characteristics. * **Regional & Appellation Traits** — terroir-driven attributes. * **Age & Lifecycle Stage** — maturity and resale potential. * **Classifications** — formal rankings and designations. Our models apply state-of-the-art machine learning to uncover price patterns that persist across market cycles. Trained on over two decades of historical data, they highlight which variables most reliably forecast returns. Crucially, the models capture non-linear relationships — such as how critic scores impact wines differently at varying price points, or how certain region–vintage combinations age more favourably than others. They are also designed to handle highly categorical datasets, enabling nuanced distinctions across appellations, classifications, producers, vintages, and regions — precisely the kind of complexity that defines the fine wine market. # Our Group WineFi is part-owned by Coterie Holdings. This relationship offers us a distinct advantage versus a standalone wine investment business. [Coterie Holdings](https://coterieholdings.com/) is a fine wine group of fully-owned and part-owned businesses that encompass the buying, storage, selling, moving, and drinking of fine wine. WineFi has been part-owned by Coterie since near inception. In Q1 2025, they became our largest minority shareholder. Their CEO, [Michael Saunders](https://www.linkedin.com/in/michael-saunders-8933a26/), sits on WineFi's board of directors, and we collaborate closely as a group.

The Coterie Holdings Network

By working together as a group, we have access to brokerage channels off-limits to all but the largest merchants. Through a purpose-built bonded warehouse facility, [Coterie Vaults](https://coterievaults.com/), we have preferential storage and insurance rates. Through [Lay & Wheeler](https://www.laywheeler.com/), we are able to stage exclusive events for our clients under their own brands. Through Jera, private clients can borrow against the value of their wine portfolios. WineFi's relationship with Coterie Holdings offers us an "unfair advantage" that puts us in a unique position to better serve our clients. ## Other Coterie Businesses The group encompasses a number of businesses either fully or part-owned by Coterie Holdings. ### Lay & Wheeler
Lay & Wheeler are a leading fine wine merchant, with offices in Suffolk and London, UK. They pride themselves on a global reach that allows them to ensure their clients enjoy fine wine from anywhere in the world. WineFi works with Lay & Wheeler to offer a number of exclusive tastings, dinners and other events for our clients. ### Hallgarten & Novum
Hallgarten & Novum imports, distributes and supplies wine to the premium on-trade and off-trade from family-run producers across the world. They have over forty experienced and dedicated account managers based throughout the UK and a passionate team of wine specialists at their head office. ### Coterie Vaults
Coterie Vaults is a purpose-built fine wine warehouse, ensuring that assets are stored in impeccable condition. WineFi has an agreement with Coterie Vaults, allowing us to store and insure our clients' portfolios with them at preferential rates. ### Jera
Jera offers advantageous loan terms secured by fine wine. Recognising wine as a valuable asset that appreciates over time, they provide financial solutions that respect and harness its growing worth. With Jera, you can borrow against the value of your wine collection, for the very first time. ### Lay & Wheeler Trading
Lay & Wheeler Trading (previously IG Wines) are a fine wine merchant - established in 2011 and operating as a distinct but collaborative entity to Lay & Wheeler. ### Global Wine Solutions
Global Wine Solutions' specialist procurement team source and deliver the world's finest and most sought-after wines to luxury yachts around the world. # Fine Wine Syndicates Our fine wine syndicates broaden access to fine wine as an asset class. ### Invest in curated collections of investment-grade wine Our wine investment syndicates are our flagship investment product, designed to broaden access to the fine wine market. Through a syndicate, investors can **co-invest alongside other WineFi clients in carefully selected collections of investment-grade wine**, gaining exposure to opportunities that would often be difficult or expensive to access individually. Each syndicate is built around a **specific investment theme or opportunity**, identified through WineFi’s research and market analysis. By co-investing with other investors, Syndicate Members can participate in high-conviction opportunities while committing only a fraction of the capital required to own the collection outright. To see previous examples, please [Register](https://investment.winefi.co/signup) for the WineFi platform. {% embed url="" %} ### How it Works {% stepper %} {% step %} ### Analysis WineFi presents research on a particular theme, highlighting key trends and analysis, along with a "permitted investment" which clearly outlines the scope of the opportunity. {% endstep %} {% step %} ### Commitment Investors opt in by confirming their chosen investment commitment, subject to a minimum commitment threshold. {% endstep %} {% step %} ### Acquisition WineFi sources the wines on behalf of the Syndicate, with custody in a bonded warehouse under a segregated sub-account in the names of Members. {% endstep %} {% step %} ### Governance All strategic decisions — including storage, holding period and timing of sale — are made directly by the Syndicate Members via a voting system. WineFi may present recommendations, but final control rests with Members. {% endstep %} {% step %} ### Exit When market opportunities arise, WineFi and/or Syndicate Members present potential sale options. The Syndicate votes on whether to proceed, and proceeds are distributed pro rata to each Member’s entitlement. This occurs over the lifetime of the syndicate until all investments are sold. {% endstep %} {% endstepper %} ### Structure
### Benefits to the Investor * **Lower Barrier to Entry** – By operating as a syndicate, Members gain exposure to wines that might be inaccessible individually, either due to rarity or pricing. * **Diversification -** The Syndicate format broadens each Member’s exposure across producers, labels, regions, and price points — providing diversification that would otherwise require significant individual capital outlay. * **Discount to Market** – Through scale and relationships, WineFi has consistently secured wines at a discount to prevailing market prices across recent Syndicate launches. * **Transparency and Control** – Members retain direct beneficial ownership of their proportionate share of the wines. Assets are held on bare trust in their name, with all strategic decisions taken by the Members under the Syndicate Terms. * **Flexibility** – Syndicates are opt-in and deal-specific, allowing investors to curate exposure by theme, region, or producer without the obligation of an ongoing fund commitment. *** ### Comparison: Fine Wine Syndicates vs. Private Portfolios The table below highlights the key differences between our Fine Wine Syndicates and Private Portfolios, helping you choose the structure that best suits your investment objectives.
*\*The portfolio is typically sold down over the anticipated time horizon, with payouts made in real time. Closed-ended unless syndicate members vote to redeem early.* {% hint style="info" %} For more information on whether a syndicate or private portfolio is right for you - please see [this article](https://winefi.co/blog/investing-in-wine-a-private-portfolio-or-via-a-syndicate) on the WineFi website. {% endhint %} # Private Portfolios Work with WineFi to build your own personal portfolio of fine wine, tailored to your capital, objectives and investment horizon. ### Build a bespoke portfolio of investment-grade wine A **Private Portfolio** is a collection of investment-grade wines owned outright by you and constructed specifically around your goals. Each portfolio is designed using WineFi’s proprietary quantitative modelling alongside the expertise of our Investment Committee, allowing us to identify wines with strong long-term investment potential. Once you decide how much capital to allocate, WineFi constructs a carefully diversified portfolio across producers, vintages and regions. Every portfolio is built to align with your investment horizon and risk preferences while taking advantage of opportunities identified through our research and global sourcing network. Your wines are purchased on your behalf and stored securely within our third-party UK government bonded warehouse under your name. You retain full ownership of the assets at all times, even in the unlikely event that WineFi was to cease trading. {% content-ref url="/pages/Ujmlx3mxmDVtxJxnxAZ5" %} [Storage and Insurance](/governance/storage-and-insurance) {% endcontent-ref %} WineFi continuously monitors global market conditions and provides investors with ongoing portfolio insights and sell-side intelligence. However, you retain complete control and can instruct purchases or sales whenever you choose. For investors who wish to enjoy their wines, bottles can also be withdrawn from storage and delivered to your address. Most investors begin building a private portfolio from **£25,000+**, allowing sufficient diversification across the market. Throughout your relationship with WineFi you will also gain access to: • exclusive investment opportunities\ • ongoing market research and portfolio insights\ • live portfolio monitoring via the WineFi platform *** ### Comparison: Fine Wine Syndicates vs. Private Portfolios The table below highlights the key differences between our Fine Wine Syndicates and Private Portfolios, helping you choose the structure that best suits your investment objectives.
*\*The portfolio is typically sold down over the anticipated time horizon, with payouts made in real time. Closed-ended unless syndicate members vote to redeem early.* {% hint style="info" %} For more information on whether a syndicate or private portfolio is right for you - please see [this article](https://winefi.co/blog/investing-in-wine-a-private-portfolio-or-via-a-syndicate) on the WineFi website. {% endhint %} # Fees WineFi charges a singular administration fee of 12.5%. For both our fine wine syndicates and our private portfolios, WineFi charges a **12.5% administrative fee** on the purchase price of wines. This covers WineFi's costs, as well as the cost of storing and insuring the wines for five years. If the wines are held for longer than five years, the additional cost of storage and insurance (£0.95 per bottle, per annum) is taken "at cost" from the eventual sales price of the wines. {% content-ref url="/pages/Ujmlx3mxmDVtxJxnxAZ5" %} [Storage and Insurance](/governance/storage-and-insurance) {% endcontent-ref %} **Exit / Sale**\ When wines are sold, proceeds are distributed directly to Members in proportion to their beneficial ownership. WineFi does not charge an ongoing management or performance fee. Standard market transaction costs may apply at cost. **No Hidden Fees**\ There are no ongoing management, subscription, or performance-linked charges. Members retain full direct ownership of their share of the wines at all times. If we do not perform, our investors will not re-invest. # Sourcing Wines How WineFi sources investment-grade wine. Every purchase we make is backed both by data and by the expertise our veteran investment committee. We use millions of datapoints across tens of thousands of wines to identify opportunities most likely to outperform the fine wine market. Each wine is ranked on the vintage level (e.g. 2008 Louis Roederer Cristal) and assigned with a WineFi Investment Score (WIS). We then pass this data to our Investment Committee, who go on to propose this selection to Syndicate Members. In most cases, Private Clients rely on our discretion. Whilst past performance is not indicative of future results, through thousands of backtests, investing in wines using this ranking model has so far consistently outperformed the wine markets. See [Investment Approach](/about-us/investment-approach) and [Quantitative Analysis](/about-us/quantitative-analysis) for more. ## Our Sourcing Process {% stepper %} {% step %} ### Investor Approval Once producers in scope have been collectively approved, WineFi facilitates sourcing and execution in line with those instructions. {% endstep %} {% step %} ### Identification Identify the characteristics of the wines we need to buy to meet the ideal weightings based on: * Region * Colour * Price-Bracket * Age * Producer {% endstep %} {% step %} ### Solicit Bids Take bids at, or below, our target price from a number of different channels: * Private Client Stock * Wine Trade Exchanges (e.g. Liv-ex, Cru World Wine, Bordeaux Index) * Merchants and Distributors * Négociants If these wines meet our purchase criteria, we purchase them and transport them to our bonded warehouse. For more, see [Storage and Insurance](/governance/storage-and-insurance). {% endstep %} {% step %} ### Identify Provenance / Condition We only buy wines that have been stored "in bond" and a bonded warehouse, Coterie Vaults, runs checks to ensure the condition and provenance of the wines upon arrival. The wines are ring-fenced, and are stored under the names of Syndicate Members or Private Clients. This means that, even if in the unlikely event that WineFi were to cease trading, the wines remain the property of the underlying client. {% endstep %} {% step %} ### Ongoing Condition Checks Investors can verify both their ownership of the wines and their condition at any time via a third-party. Condition reports are payable, by investors, at £12 (\~$15) per 12x75cl case. {% endstep %} {% endstepper %} # Storage and Insurance Where do we store our investors' wines? {% hint style="info" %} To preserve resale value, investment-grade wine should always be stored *in bond -* that is, in a government-approved bonded warehouse. These facilities maintain strict control over temperature, light, humidity, and vibration, ensuring wines remain in optimal condition. It also means that VAT and Duty are suspended while the wine remains in storage, as the goods are deemed not to have cleared customs. Fine wine generates no yield. Returns depend on reselling the wine at a higher price than you paid. Storing in bond provides assurance to future buyers that the wine has been professionally maintained, protecting its value. {% endhint %} ### WineFi's Storage Partner WineFi partners with **Coterie Vaults**, a purpose-built fine wine storage facility in Suffolk, UK, and a wholly owned subsidiary of Coterie Holdings. Our preferential arrangement with Coterie allows us to pass discounted storage rates directly to investors. * **Direct ownership** – all wines are registered in investors’ names. In the unlikely event that WineFi ceases trading, assets remain the property of investors. * **Transparency & access** – investors may inspect or audit their wines at any time, and verify condition via an independent third party. * **Insurance** – all wines are insured at Liv-ex Market Price. * **Optional checks** – photographic condition reports are available at £12 (\~$15) per case, charged at cost. ### Storage Conditions The Coterie Vaults Warehouse adheres to the following guidelines: * **Temperature controlled between 11 to 14°.** Fluctuations in temperature may cause the cork to expand and contract, letting air into the bottle and damaging the wine. * **Humidity maintained between 75% - 85%.** A humid environment keeps corks moist, and helps slow down evaporation. * **Light and Vibration**. Light speeds up the aging process of wine, so our partners use LED lights on sensors, so the wines spend most of the time in the dark. Small vibrations can also disturb a wine’s sediment, increasing chemical reactions and the ageing process as well as contributing to problems like dropped corks, where a wine has previously been poorly cellared. Our warehouse has "marble-like" polished floors and bespoke, uniquely designed handling vehicles to reduce vibration as much as possible. ### Coterie Vaults
**Website:** **Telephone:** +44 (0)1473 946720 **Address:** Coterie Vaults, Unit 6, Blackacre Road, Great Blakenham, Ipswich, Suffolk, UK. IP6 0FL. # Syndicate vs. Fund How WineFi's syndicate structure differs from other investment vehicles. This section is provided for summary information purposes only by WineFi and should not be taken as either legal or tax advice ### Introduction A common question we receive is how a syndicate differs from a fund—or from a “Collective Investment Scheme” (CIS) more generally. ### The Basics * **Syndicate** – A single deal co-investment. Investors decide to invest alongside each other in a specific opportunity, and each owns their share directly (via a nominee on bare trust). * **Fund / AIF** – Typically formal investment vehicle (hedge fund, venture capital fund, etc.) that is often a CIS, managed by a single operator as a pooled structure in accordance with a defined investment policy. * **CIS** – A broad regulatory category covering arrangements over property of any description which enable investors to participate in profits arising from the acquisition, management and disposal of such property. Investors must not have day-to-day control over the management of the property. ### What is a Syndicate? A Syndicate is a self-governed structure formed by a group of investors to acquire a specific asset(s) - in our case a collection of investment-grade wine. Each Syndicate is established for a single opportunity, with assets held via a nominee on a bare trust basis, ensuring that each Member retains beneficial ownership of their proportionate interest at all times. In contrast, a Collective Investment Scheme (CIS) is often a pooled investment structure in which participants contribute funds to be managed as a whole by an operator, manager, or governing entity. The scheme is established for the purpose of generating profits from the collective management of assets, with participants holding rights to a share of the scheme as a whole rather than direct beneficial ownership of the underlying assets. The property of the scheme is managed on a consolidated basis, and participants are dependent upon the expertise and discretion of the manager in relation to acquisition, holding, and disposal of investments. ### The Rights of Syndicate Members Syndicate Members benefit from clear rights and protections, including: * **Decision-making authority** – all strategic decisions related to day-to-day control over the wine are taken collectively by the Syndicate, either by majority or unanimous vote depending on the matter at hand. Every Syndicate Member has an equally-weighted vote. * **Beneficial ownership** – each Member retains full beneficial ownership of their proportional holding of the wines, recorded in a register of ownership and safeguarded by a nominee on bare trust. The wines are stored under individual investor names in a dedicated sub-account at [our warehouse](https://coterievaults.com/), so that in the unlikely event that WineFi ceases trading, the wines remain the property of syndicate members. * **Transparency and reporting** – Members receive regular updates on valuation, performance, and market conditions, ensuring visibility over their holdings. All syndicate members will receive an invite to the WineFi platform - allowing them to track the value of their assets in real time. * **Liquidity pathway** – exit opportunities may be presented by WineFi or Syndicate Members themselves throughout the lifetime of the syndicate, with sales executed only upon approval of the Syndicate. As sales are made throughout the hold period, proceeds are distributed pro rata to each Member’s entitlement. ### How Syndicates Differ from a Fund Unlike a traditional fund structure, Syndicates offer direct and active participation, while avoiding ongoing asset management charges or delegation of control: * **Day-to-day control** – decisions are made by Members via a voting system, not delegated to a manager; WineFi acts only as operator. * **Deal-by-deal opt-in** – investors choose whether to join a Syndicate on each opportunity, rather than committing blind capital to a pooled strategy. * **Theme-specific analysis** – Syndicates are designed around particular wine themes or collections, meaning that each collection has its own unique analysis. * **No ongoing annual management charges** – apart from a one-off administration fee to cover sourcing, storage, and insurance, no recurring charges are levied. * **Direct Ownership** – assets are held in Syndicate names through the bare trust nominee structure, preserving transparency and clear lines of ownership. # Board of Directors Our board of directors provides strategic direction and accountability for a company, representing the fiduciary interests of both shareholders and investors. {% hint style="info" %} Clicking on the pictures below will allow you to view the individual director on LinkedIn. {% endhint %}
Cover image
Callum Woodcock
CEO, WineFi		/files/LhR750o5Di0uCWRArFmVhttps://www.linkedin.com/in/callumwoodcock/
Jonathan Keeling (NED)
Former CGO, Crowdcube		/files/sDohtwIkColZs5TADuSdhttps://www.linkedin.com/in/jonathankeeling/
Michael Saunders (NED)
CEO, Coterie Holdings		/files/gdJTC0UYdRn4HCSmHauBhttps://www.linkedin.com/in/michael-saunders-8933a26/
Oliver Thorpe
Operations Director, WineFi		/files/uIi6gkoLPRTRAx9VOHIThttps://www.linkedin.com/in/oliver-thorpe-/
Fergus Dyer-Smith (NED)
Serial Entrepreneur		/files/edw6Qi5j6gK0cxBv4Wowhttps://www.linkedin.com/in/fergusdyersmith/