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Man GLG Undervalued Assets

Elite Rated by FundCalibre

A useful addition for investors drawn to the value-driven approach. Henry Dixon has brought the process across from Matterley to GLG. He and Jack Barrat will be using the same approach and will benefit from GLG’s better access to company managements.

Company Description

GLG, a member of Man Group since 2010, is listed in the UK, USA, Switzerland and Hong Kong. With an on-the-ground presence in key markets, GLG deliver investment strategies across various asset classes, sectors and geographies. GLG funds were rebranded in August 2015 to Man GLG.

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Fund Manager

Henry has managed this fund since November 2013, with Jack working alongside him since October 2014. Prior to joining the company, Henry was a portfolio manager and founder of Matterley, where he ran their flagship fund with the same strategy as for this one. He has 11 year’s equity investment management experience. Jack was also a part of the Matterley team, after four years at UBS investment bank, where he was part of their top ranked Equity Sales team.

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I like to focus on cash and assets. They are more fun and less demanding than liabilities.

Henry Dixon & Jack Barrat - Fund Managers

The Investment Process

The fund uses an extensive screening process to discover companies whose profit streams are undervalued by the market and are cash generative and trading below the replacement cost of their assets. The fund is unconstrained by benchmarks and can invest up to 20% in European stocks

Risk

The fund can have significant small and mid-cap exposure but the positions and weights are conviction led, driven by potential upside to target price, liquidity, and volatility. Meeting management teams is also a crucial part of the risk assessment.

Our Opinion

An overtly value-driven approach with an unusual screening process, it has delivered results for Henry at Matterley. The same process is now being applied at GLG Partners, whose better access to companies will be an added bonus.

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©2014 FundCalibre Limited. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not ,guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating.