- The investment team comprises two highly experienced portfolio managers, Charles Long and Nick Judge
- Liquid holdings: predominantly FTSE 100 companies
- Alpha generation through a multi-disciplined approach
- Focus on fundamental stock-picking, with a top-down thematic overlay
- Derivatives used with the aim to hedge/enhance portfolio
The managers seek divergences between a company’s value and the market’s perception of its value as defined through the share price. In doing so, they aim to construct a portfolio of stocks that can profit from dislocations in value and in turn outperform the market.
The strategy employs a multi-disciplined approach, the most important element of which is a fundamental stock picking process. The managers generate their views on the strategy, capital allocation and profitability of a given company, with an emphasis on balance sheet strength and cashflow, an aspect often overlooked by the market. In gauging how the market perceives the company, the managers are able to quantify the value dislocation and therefore potential profitability for a long or short position.
Complementing this stock groundwork are the managers’ macro expertise and thematic ideas, driven both internally and through access to GLG’s product capabilities across equities, credit and multi asset strategies.
They use derivatives at the portfolio level for the expression of macroeconomic views and for risk management, and at the stock level to enhance the risk/reward characteristics of individual trades.
Finally, through an active trading style the managers try to deliver an enhanced risk/return profile for the strategy. The result is a style agnostic, multi-disciplined product with neutral market exposure which the managers believe should deliver alpha through differing market environments.
Performance by calendar years
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Please note that the performance data is not intended to represent actual past or simulated past performance of an investment product. The data is calculated in GBP and is based on a representative investment product or products that follow the strategy. An example fee load of 0.75% and 20% has been applied.*Current management assumed responsibility for the strategy on 30 November 2013.
Man offers a comprehensive suite of investment solutions and formats that can be tailored and optimised to meet specific client needs. Our investment solutions offer optionality including: liquidity, control, investment restrictions, investor customisations and transparency.
Access to investment products and mandate solutions are subject applicable laws and regulations including selling restrictions and licensing requirements. Investment solutions listed above may not be compatible for all investment strategies and may be subject to minimum subscription requirements. Regional Funds: In additions to UCITS and AIFs registered across the EEA, a number of investment strategies are available in vehicles registered in Chile, Netherlands, Hong Kong, Japan, Singapore, South Korea and Switzerland.
One should carefully consider the risks associated with investing, whether the strategy suits your investment requirements and whether you have sufficient resources to bear any losses which may result from an investment:
Investment Objective Risk - There is no guarantee that the Strategy will achieve its investment objective.
Market Risk - The Strategy is subject to normal market fluctuations and the risks associated with investing in international securities markets and therefore the value of your investment and the income from it may rise as well as fall and you may not get back the amount originally invested.
Counterparty Risk - The Strategy will be exposed to credit risk on counterparties with which it trades in relation to on-exchange traded instruments such as futures and options and where applicable, ‘over-the- counter’("OTC","non-exchange") transactions. OTC instruments may also be less liquid and are not afforded the same protections that may apply to participants trading instruments on an organised exchange.
Currency Risk - The value of investments designated in another currency may rise and fall due to exchange rate fluctuations. Adverse movements in currency exchange rates may result in a decrease in return and a loss of capital. It may not be possible or practicable to successfully hedge against the currency risk exposure in all circumstances.
Liquidity Risk - The Strategy may make investments or hold trading positions in markets that are volatile and which may become illiquid. Timely and cost efficient sale of trading positions can be impaired by decreased trading volume and/or increased price volatility..
Financial Derivatives - The Strategy will invest financial derivative instruments ("FDI") (instruments whose prices are dependent on one or more underlying asset) to achieve its investment objective. The use of FDI involves additional risks such as high sensitivity to price movements of the asset on which it is based. The extensive use of FDI may significantly multiply the gains or losses.
Leverage - The Strategy's use of FDI may result in increased leverage which may lead to significant losses.
Single Region/Country Risk - The Strategy is a specialist country-specific Strategy or focuses on a particular geographic region, the investment carries greater risk than a more internationally diversified portfolio.
Total Return - Whilst the Strategy aims to provide capital growth, a positive return is not guaranteed over any time period and capital is in fact at risk.