DOCSLIB.ORG

GLG Financials Alternative

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
GLG Financials Alternative GLG Financials Alternative October 2012 For institutional/professional investor and intermediary use only. Not for public distribution. © Man 2012 The Strategy Alpha vs. beta: performance correlates to sector dispersion not direction. Our clients are not taking a view on Financials GLG Financials Composite performance vs. performance of banks sector GLG Financials Composite performance vs. performance of world stocks Composite GLG Financials GLG GLG Financials Composite FinancialsGLG STOXX 600 Banks MSCI World (EUR Hedged) The strategy offers diversification within Financials but also with respect to global equities © Man 2012 3 Source: GLG Partners LP, data as at 28 September 2012, net of fees. Core strength has always been stock picking The contribution of stock selection reflects the skill of equity specialists in converting stock dispersion into excess return Alpha Beta Hedging Stock Selection represents 99% of the strategy’s Total Gross Returns Net outperformance of Aggregate return from Contribution of net Relative return of index Return from non-linear Return from non- ‘longs’ plus net relative positioning Strategy exposure products used in properties of options equity investments underperformance of within sectors (longs minus shorts) to hedging (time decay, volatility) ‘shorts’ equities © Man 2012 4 Source: GLG Partners LP. Attribution data analyses the period from 1 February 2008 to 28 September 2012. Past performance is not a reliable indicator of future results. Earnings revisions drive share price performance Strategy utilises extensive bottom up modelling to search for anti-consensual earnings views to drive stock picking EPS Revisions vs Share Price Performance European Banks 2010 EPS Revisions vs Share Price Performance European Banks 2011 60% 0% Julius Baer R² = 60% HSBC 40% -10% Nordea Deutsche Bank ERSTE R² = 60.4% DnB NOR SEB DNB Danske Bank -20% Barclays 20% BAER DAN Sabadell STAN UBS -30% BBVA Bankinter SHB Credit Suisse Santander 0% NDA Intesa SPI Natixis Raiffeisen BARC UBS -40% Popular RBS HSBC LloydsBanco popolare DBK BNP Paribas BNP KBC Mediobanca SG -50% UBI banca KBC -20% MB Bank of Ireland CASAPOPSAB Commerzbank Banesto Banca Popolare di CS BAN Erste Bank Milano UCG BMPSSANBCP UBI BPISP BPI BES -60% Societe Generale share price share performance BBVA DEXB performance priceshare BPI -40% BKT BES BPM Monte dei Paschi -70% Credit Agricole PIREFG ALP -60% NBG -80% BCP -80% -90% -120% -70% -20% 30% 80% -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% EPS revisions EPS revisions © Man 2012 5 Source: GLG Partners LP. Historic Net & Gross Exposure Dynamic gross exposure management 12m average gross exposure: 49.72% Exposure Since Feb.08 Net% Gross% Min. -15% 32% Max. 31% 132% Average 7% 69% 12m average net exposure: 0.72% © Man 2012 6 Source: GLG Partners LP as at 28 September 2012. Both vehicles of the strategy are managed pari passu by the same investment team. Composite* Track record since February 2008 Annualised 10.00% return with 5.41% realised volatility Historical Performance Composite* since Feb.08 vs. Universe MSCI World S&P Global 1200 Monthly Net Data GLG Financials Financials (USD) Current Management team took over Feb-08 to Sep-12 Composite (Local) Index Index Return ITD (comp) 56.04% -43.67% -34.08% Return ITD (p.a.) 10.00% -11.57% -8.54% Phase II Ann. St. Deviation 5.41% 27.12% 32.22% Sharpe Ratio 1.51 N/A N/A Max Drawdown -4.39% -64.22% -67.76% Phase I JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD 2012 3.13% 2.01% 1.84% -0.56% 0.22% -0.82% 0.70% -1.01% 1.81% 7.5% 2011 1.55% 1.44% 0.04% 2.00% -0.10% 0.21% -0.80% -2.72% -0.93% 1.62% 1.03% -1.11% 2.1% 2010 0.95% 1.75% 0.31% 1.07% -1.82% -1.38% 0.46% 0.50% 1.96% 1.91% 0.21% 1.18% 7.3% 2009 4.07% 0.06% -0.73% 0.07% 0.17% 1.44% 0.25% 0.47% 3.27% 0.15% -0.08% 2.58% 12.2% Phase I II 2008 -17.14% 0.93% 2.46% 0.86% 1.14% 3.69% 0.67% 0.58% -2.52% 3.67% 5.04% 0.42% -2.2% Annualised Return 9.37% 10.00% 2007 2.84% 0.99% 1.68% 0.86% 1.89% -3.82% 1.21% -0.14% 8.14% 7.20% -2.21% 0.34% 20.0% Annualised Volatility 11.62% 5.41% 2006 2.16% -0.49% -1.62% 1.31% -1.00% -2.22% 0.02% 1.14% 0.42% 2.34% 2.33% 4.12% 8.6% Realised Beta 0.32 -0.02 2005 1.79% -0.51% -3.91% -3.97% 3.02% 4.86% 3.61% 1.26% 3.71% -0.28% 5.02% 1.18% 16.4% Description More directionality / higher volatility Trading/Fundamental analysis 2004 6.84% 1.93% -0.53% 0.65% -1.23% -0.53% -1.05% 0.64% 0.76% 2.29% 0.75% -0.67% 10.0% Exposure to EM names from Dynamic gross exposure management June 07 to Jan.08 2003 -1.74% -1.51% 1.44% 3.74% 4.14% -0.27% -0.88% -0.68% -0.57% 5.72% 0.87% 1.32% 11.9% Market neutrality (+/-5% net exposure) 2002 2.04% 4.03% -3.67% 0.06% 1.31% 3.20% 0.36% 7.4% © Man 2012 7 Source: GLG Partners LP, GLG Financials Composite return as at 28 September 2012, net of fees. Q3 review Net & Gross Exposure since January 2011 Significant reassertion of gross exposure post August ECB meeting Dynamic gross exposure management Gross exposure: 70.7% Net exposure: 10.7% © Man 2012 9 Source: GLG Partners LP as at 18 October 2012.. Both vehicles of the strategy are managed pari passu by the same investment team Q3 2012 Gross Return Attribution by Month July 2012 August 2012 September 2012 10 Source: GLG Partners LP, based on GLG Financials Alternative gross of fees. Strong deal environment in September Over $30bn announced/ raised by the sector during September from a number of sources AIG 2.1% 1.5% 1.5% 3.0% Sberbank 6.0% Santander Mexico 9.0% Capital One 48.2% AIA 13.6% Direct Line Banco comercial Portuguese 15.1% Julius Baer Talanx Total size: USD 33.7bn 11 Source: GLG Partners LP Any organisations, financial instruments or products described in this material are mentioned for reference purposes only and therefore, this material should not be construed as a commentary on the merits thereof or a recommendation for purchase or sale. Outlook Q4.2012 . Deal environment remains active. Spain/ OMT: Partly discounted but remains major tail risk container. US financials/ QE3: Continued strength in housing, mortgage and investment banking activities. Key book themes: – Long: US banks, FinTech, Investment banks, Restructuring names, German Real Estate – Short: Spain, Nordics, series of special situations – overhangs, capital deficits 12 OMT: Outright Monetary Transactions Important Information This material is being issued and distributed by GLG for information purposes only and shows relevant information regarding GLG. References to “GLG”, “we” or “us” relate to GLG Partners LP or GLG Partners UK Ltd whichever is the legal entity managing/advising the fund or investment instrument. This document has been prepared exclusively by GLG for the benefit and internal use of the prospective client or investor to indicate, on a preliminary basis, the feasibility of a possible relationship with GLG or the fund or investment instrument which GLG and/or any of their affiliates provide investment advisory, risk management or other services to (the “Investment Products”). Neither this document nor any of its contents may be used for any other purposes without the prior written consent of GLG. This document is not intended to be a complete description or even a summary of the Investment Products or the nature or scope of the businesses engaged by GLG and/or any of their affiliates. Accordingly, this document necessarily omits information that may be useful to your evaluation of the Investment Products or services outlined in this document. Moreover this document contains generalisations and categorisations that are intended to respond to the format of the questions and topics addressed in this document but that may not necessarily provide all material information. Any information, beliefs, and/or opinions provided in this document constitute the understanding of the entity providing such information, beliefs, and/or opinions as of the date of this document (except where expressly given as of another date) and are subject to change without notice. All of the information in this document may have changed (possibly materially) between the date of this document and the date this document was received. Neither GLG, any affiliate, or any principal, personnel or agent of any of the aforementioned have any obligation to update the information in this document for changes subsequent to any such date or to correct any inaccuracies in it which may become apparent. In preparing this document, GLG has relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was otherwise reviewed by us. The information presented in this document may be based, at the sole and absolute discretion of GLG and/or any of their affiliates, upon the subjective views of the aforementioned or upon third party sources subjectively selected by GLG and/or any of their affiliates. GLG and/or any of their affiliates believe that such third party sources are reliable, however no assurances can be made in this regard. This document is not intended to constitute legal, tax or accounting advice, an investment recommendation or an opinion regarding the appropriateness or suitability of any investment or strategy.
Load more

Recommended publications
  • EUROHEDGE MEETS… PHILIPPE JABRE by WILL WAINEWRIGHT Capital Opportunities,” Says Jabre
    12 COVER FEATURE JABRE CAPITAL PARTNERS EUROHEDGE MEETS… PHILIPPE JABRE BY WILL WAINEWRIGHT capital opportunities,” says Jabre. “We are taking a long-term view, looking The founder of Jabre Capital Partners reveals a new bet on forward to bringing a seasoned ap- blockchain and gives his thoughts on the industry return of proach to investing in this relatively new field.” former recruit Greg Coffey Jabre is far from the only hedge fund veteran eyeing the impact of the new am midway through my alert for the next big trade, the Fran- technology. Brevan Howard co-found- interview with Philippe co-Lebanese manager has set his gaze er Alan Howard has made personal I Jabre when one of his in- firmly on blockchain technology and investments in cryptocurrencies and vestment staff knocks ur- its potential to disrupt established in- related businesses, while Adam Fish- gently on the door. An investment has dustries. er, a macro manager at Soros Fund hit the target share price set by Jabre “Blockchain is quite revolutionary,” Management, has internal approval to and the employee asks for advice. Ja- he says. “The market cap of all these make cryptocurrency trades, according bre – or “PJ” as he is known in the office tokens three years ago was around to Bloomberg. – flicks from interview to trading mode $5bn. It reached a high of $800bn ear- US manager Morgan Creek Capital in an instant and gives instructions. lier this year, which was extraordinary. Management bought Full Tilt, a North The moment is a brief insight into That said, I don’t think the value of the Carolina-based firm seeding crypto- Jabre’s passion for markets, which tokens is important – more the tech- currency businesses, earlier this year.
    [Show full text]
  • Tail Risk Hedging, Anyone? 36 South Capital Advisors Acorn Derivatives Management Corp
    February 2012 Newsletter Event Details The goal of the Global Volatility Summit (“GVS”) is to educate investors Date. March 6, 2012 about investing in volatility. With the approach of the third annual GVS, we felt it was appropriate to launch a newsletter continuing this mission. Details. A one day summit to educate Leading up to GVS, we have asked industry experts to discuss their thoughts investors on the universe of volatility funds and opinions on the volatility universe. This past year we have seen an and tail hedging managers and discuss the uptick in interest in various strategies available in the volatility space, market environment. namely in relative value and tail risk, and we are keen to ensure investors are kept abreast of the most recent developments in all relevant strategies. Location. Skylight Studio in Soho in New York We believe there is a volatility strategy that can be a suitable component of City. every investor's portfolio. That said, a concerted effort from the volatility community is required to continue to educate investors so they are aware Event Update of the pitfalls and benefits of various strategies available to them. Keynote speakers. We are excited to report We asked Sandy Rattray and Campbell R. Harvey from Man Group to share that General Stanley McChrystal and The their outlook for tail hedging in 2012. Honorable Rahm Emanuel (Mayor of Chicago) will be speaking at the event. Cheers, Global Volatility Summit Managers. The following managers will be speaking at the event. Tail risk hedging, anyone? 36 South Capital Advisors Acorn Derivatives Management Corp.
    [Show full text]
  • Richest Hedge Funds the World's
    THE WORLD’S DR. BROWNSTEIN’S WINNING FORMULA RICHEST PAGE 40 CANYON’S SECRET EMPIRE HEDGE PAGE 56 CASHING IN ON CHAOS FUNDS PAGE 68 February 2011 BLOOMBERG MARKETS 39 100 THE WORLD’S RICHEST HEDGE FUNDS COVER STORIES FOR 20 YEARS, DON BROWNSTEIN TAUGHT philosophy at the University of Kansas. He special- ized in metaphysics, which examines the character of reality itself. ¶ In a photo from his teaching days, he looks like a young Karl Marx, with a bushy black beard and unruly hair. That photo is now a relic standing behind the curved bird’s-eye-maple desk in Brownstein’s corner office in Stamford, Connecticut. Brownstein abandoned academia in 1989 to try to make some money. ¶ The career change paid off. Brownstein is the founder of Structured Portfolio Man- agement LLC, a company managing $2 billion in five partnerships. His flagship fund, the abstrusely named Structured Servicing Holdings LP, returned 50 percent in the first 10 months of 2010, putting him at the top of BLOOMBERG MARKETS’ list of the 100 best-performing hedge CONTINUED ON PAGE 43 DR. BROWNSTEIN’S By ANTHONY EFFINGER and KATHERINE BURTON WINNING PHOTOGRAPH BY BEN BAKER/REDUX FORMULA THE STRUCTURED PORTFOLIO MANAGEMENT FOUNDER MINE S ONCE-SHUNNED MORTGAGE BONDS FOR PROFITS. HIS FLAGSHIP FUND’S 50 PERCENT GAIN PUTS HIM AT THE TOP OF OUR ROSTER OF THE BEST-PERFORMING LARGE HEDGE FUNDS. 40 BLOOMBERG MARKETS February 2011 NO. BEST-PERFORMING 1 LARGE FUNDS Don Brownstein, left, and William Mok Structured Portfolio Management FUND: Structured Servicing Holdings 50% 2010 135% 2009 TOTAL RETURN In BLOOMBERG MARKETS’ first-ever THE 100 TOP- ranking of the top 100 large PERFORMING hedge funds, bets on mortgages, gold, emerging markets and global LARGE HEDGE FUNDS economic trends stand out.
    [Show full text]
  • Glg Investments Plc
    GLG INVESTMENTS PLC GLG BALANCED GLG CAPITAL APPRECIATION GLG GLOBAL EQUITY GLG GLOBAL CONVERTIBLE UCITS GLG EUROPEAN EQUITY GLG NORTH AMERICAN EQUITY GLG JAPAN COREALPHA EQUITY GLG UK SELECT EQUITY GLG GLOBAL SUSTAINABILITY EQUITY GLG GLOBAL EMERGING MARKETS EQUITY GLG MENA EQUITY GLG EMERGING ASIA EQUITY GLG EMERGING EUROPE EQUITY GLG FRONTIER MARKETS EQUITY GLG LATIN AMERICAN EQUITY GLG GLOBAL INVESTMENT GRADE BOND (An umbrella fund with segregated liability between sub-funds incorporated as a variable capital investment company in Ireland with registered number 252520 and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. PROSPECTUS INVESTMENT MANAGER GLG PARTNERS LP DATED 18 FEBRUARY 2013 IMPORTANT INFORMATION THIS PROSPECTUS The Directors of GLG Investments plc (“the Company”) whose names appear at page viii accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. This Prospectus may be translated into other languages and such translations shall contain only the same information as this Prospectus. In the event of any inconsistency or ambiguity in relation to the meaning of any word or phrase in any translation, the English text shall prevail and all disputes as to the terms thereof shall be governed by, and construed in accordance with, the law of Ireland.
    [Show full text]
  • MANAGED FUTURES / CTA What a Difference a Year Makes! - a Case Paper “Your Single Access Point to the Nordic Hedge Fund Industry”
    Published March 2015 Here we go again! CTAs have been declared dead before. This time, resurrection took a little longer than usual The value of diversifying CTA portfolios Why picking a few household names may just not be enough to do the trick The Lynx Story Svante Bergström, Lynx CEO and Co-founder talks about the early days 10 Fallacies to avoid when selecting CTAs Don´t be fooled by soft factors when selecting CTAs! MANAGED FUTURES / CTA What a Difference a Year makes! - A Case Paper “your single access point to the Nordic hedge fund industry” Contact Kamran Ghalitschi CEO / Publisher Nordic Business Media AB BOX 7285 SE-103 89 Stockholm, Sweden Corporate Number: 556838-6170 VAT Number: SE-556838617001 Direct: +46 (0) 8 5333 8688 Mobile: +46 (0) 706566688 email: [email protected] www.hedgenordic.com HedgeNordic CTA Industry Report | 3 Editor´s Note: Guess who´s back? Managed Futures for many investors only had some cameo appearances on the big screens until they had their first lead role in 2008, arriving to the rescue of financial-crisis struck portfolios like superheros. Ever since though, CTAs have struggled to find an environment to match historical returns. It seemed like the industry had met its Kryptonite in markets influenced and „manipulated“ by government and central bank interventions and politically influenced monetary and fiscal policies where volatility disappeared. Let us recap: From 2000 until 2008, Futures space, why the segment lagged local managers to the oldest and largest Barclay Hedge CTA Index showed positive performance for so long, what brought it in our region and some of the most returns every single year, and in 2008 back and what the lookout for systematic recognized names in the industry.
    [Show full text]
  • EUROPEAN RENEWABLES: EQUITY RESEARCH 13 January 2010
    ler0705_renewables cover_2010 outlook_jan 10_final.qxp 12/01/2010 21:30 Page 1 EUROPEAN RENEWABLES:EUROPEAN OUTLOOK 2010 EQUITY RESEARCH 13 January 2010 EUROPEAN RENEWABLES: 2010 OUTLOOK COMING OF AGE Barclays Capital does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. This research report has been prepared in whole or in part by research analysts based outside the US who are not registered/qualified as research analysts with FINRA. PLEASE SEE ANALYST(S) CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 338. Barclays Capital | European Renewables: 2010 Outlook CONTENTS EXECUTIVE SUMMARY 3 EUROPEAN RENEWABLES – CONVERTIBLES 13 RECOMMENDATION CHANGES 16 RECENT COMPANY VISITS 19 EUROPEAN RENEWABLES BENCHMARKING 27 RENEWABLES HEALTH OUTLOOK 40 HISTORICAL VALUATION 44 CONCENTRATING SOLAR THERMAL 48 GLOBAL SECTOR VIEW 52 CARBON: THE EU ETS: THE ONLY WAY IS FLAT 54 APPENDIX 1: BENCHMARKING 59 APPENDIX 2: EUROPEAN RENEWABLES VALUATION MODEL 62 COMPANIES SECTION 64 13 January 2010 1 Barclays Capital | European Renewables: 2010 Outlook Summary of our Rating, Price Target and Earnings Changes in this Report (all changes are shown in bold) Company Rating Price Price Target EPS FY1 (E) EPS FY2 (E) Old New 11-Jan-10 Old New %Chg Old New %Chg Old New %Chg European Renewables: Energy Efficiency
    [Show full text]
  • Income Performance Strategy
    Income Performance Strategy Strategy Information as of 6/30/17 Strategy Overview JUNE 30, 2017 Inception Date 1/1/2009 Tactical return approach to fixed income Total Firm Assets $730 million º Seeks to take advantage of the most attractive opportunities across five primary asset classes: Number of Holdings 36 investment grade and high yield bonds, preferreds, municipal bonds, U.S. Treasuries Current Yield (ex-cash) 5.13% Fundamental credit and relative value analysis Current Yield 4.95% º Limits portfolio to < 50 positions focusing on high conviction income-producing securities with compelling risk-reward characteristics Effective Duration 0.5 years Dynamic active management Limited Capacity $2 billion º Incorporates tactical sector and duration allocations to take advantage of opportunities and avoid risks in various interest rate and market environments Risk / Return Profile* as of 6/30/17 Differentiating attributes Total Cumulative Net Return (%) 92.86 º Benchmark agnostic Annualized Return (%) 8.03 º Does not use leverage or derivatives º No exposure to emerging markets, currencies, MLPs, REITs, mortgages, structured credit, private placements Annualized Excess Return (%) 4.08 Sharpe Ratio 1.41 Performance Alpha (%) 5.00 Sortino Ratio 3.57 1/1/09 - YTD 1 Year 3 Years 5 Years 6/30/17 Information Ratio 0.76 Batting Average (%) 66.67 Bramshill Income Performance Strategy 1.52% 3.10% 4.36% 4.54% 8.03% Up Capture (%) 134.64 Barclays U.S. Aggregate Bond Index TR 2.27% -0.31% 2.48% 2.21% 3.95% Down Capture (%) 23.07 Std Dev (%) 5.49 Beta 0.73 Investment Growth Since Inception Tracking Error (%) 5.15 Strategy Managed at GLG Partners Strategy Managed at Bramshill Correlation 0.38 $2.0 *Since Strategy Inception (1/1/09); Total, Monthly Return Benchmark: Barclays U.S.
    [Show full text]
  • STRICTLY PRIVATE & CONFIDENTIAL Project Gold Man
    Acquisition of GLG by Man Group Presentation to Investors 17 May 2010 1 Disclaimer This document has been prepared solely for its use at the presentation to investors to be made on 17 May 2010 (the "Presentation") in connection with the proposed acquisition (the “Acquisition”) by Man Group plc ("Man Group") of all of the issued and to be issued shares of GLG Partners, Inc. (“GLG”). This document and the Presentation are being made available to you solely for your information in connection with the Acquisition. The information and opinions contained in this document and the Presentation do not purport to be comprehensive. This document should be read in conjunction with, and subject to, the full text of the announcement dated 17 May 2010 regarding the Acquisition (the "Announcement"). Unless otherwise indicated, terms and expressions defined in the Announcement bear the same meanings in this document. This document and the Presentation are not intended to, and do not constitute, or form part of, an offer to sell or an invitation to purchase or subscribe for any securities, or a solicitation of any vote or approval in any jurisdiction. No representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document and the Presentation is made by either Man Group or GLG and no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is accepted by it, them, their affiliates or their respective officers, employees, agents or advisers in relation to it or any other information made available in connection with the Presentation.
    [Show full text]
  • Download AIMA Journal
    The Alternative Investment Management Association’s AIMA Journal The global forum for the global hedge fund industry Cyber security for p34 hedge funds The development of the non-bank finance market p39 Benchmark reform ― for better or worse p47 Shanghai-Hong Kong Stock Connect: Understanding the issues p60 Q4 2014 www.aima.org Number 101 Contents AIMA updates From our members 5 34 Editorial: Making a difference on our Cover story: Cyber security for hedge funds members’ behalf By Matthew Martindale, Director, KPMG By Jack Inglis, CEO, AIMA 7 Q4 AIMA regulatory and tax submissions and summaries 9 Q4 regulatory, tax and policy developments 24 AIMA news in brief 25 Q4 press releases, media coverage and blog posts 28 39 AIMA events and webinars The development of the non-bank finance market in Europe and the opportunity it 77 presents for asset managers By Pat Wall, Partner – International Tax New members of AIMA Structuring, and Colin Farrell, Senior Manager – International Tax Structuring, PwC Dublin 82 Sponsoring Members and Global Partners 41 Mario Draghi, moral suasion and Eurozone banks By Ben Funnell, Portfolio Manager, Man GLG 45 Reporting under EMIR ― what lies ahead? By Ian McLelland, CEO, DTCC Derivatives Repository Ltd 47 Benchmark reform ― for better or worse By Lucy Frew, Financial Regulatory Partner, Kemp Little continued ► AIMA Journal Q4 2014 2 Contents 52 69 Big data’s impact on hedge fund investing Loan origination ― a new frontier for Irish By Heinrich Merz, Deputy Chief Investment investment funds Officer, Permal Group
    [Show full text]
  • Man Funds Plc
    EXTRACT PROSPECTUS THIS EXTRACT PROSPECTUS IS AN EXTRACT OF THE PROSPECTUS FOR SWITZERLAND ONLY AND DOES NOT CONSTITUTE A PROSPECTUS FOR THE PURPOSES OF IRISH APPLICABLE LAW MAN FUNDS PLC (An umbrella fund with segregated liability between sub-funds incorporated as a variable capital investment company in Ireland with registered number 252520 and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. PROSPECTUS (with incorporated Addenda dated 14 October 2016 and 24 November 2016) DATED 6 MAY 2016 (AS OF 1 APRIL 2017) IMPORTANT INFORMATION THIS PROSPECTUS The Directors of Man Funds plc (“the Company”) whose names appear at page viii accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. This Prospectus may be translated into other languages and such translations shall contain only the same information as this Prospectus. In the event of any inconsistency or ambiguity in relation to the meaning of any word or phrase in any translation, the English text shall prevail and all disputes as to the terms thereof shall be governed by, and construed in accordance with, the law of Ireland. THE PORTFOLIOS The Company offers a choice of Portfolios, each of which issues separate Share Classes to allow investors a choice of strategic allocation.
    [Show full text]
  • 37293 Emerging Markets Fund
    This document is solely for the use of professional clients and is not for general public distribution GLG EMERGING MARKETS STRATEGY September 2010 GLG Partners LP One Curzon Street: London: W1J 5HB: United Kingdom Tel +44 (0)20 7016 7000: Fax +44 (0) 20 7016 7200 GLG Partners Corp. 20 th Floor: 390 Park Avenue: New York: NY 10022: USA Tel +1 212 224 7200: Fax +1 212 224 7210 Agenda Overview 3 Portfolio managers 4 Team overview 5 Investment process 6 - 7 Risk management process 8 Risk management framework 9 Investment goals 10 Fund performance overview 11 We believe now is a unique time 12 Fund terms 13 GLG Emerging Markets team 15 - 18 Advantages of GLG 19 GLG risk framework 20 Valuation policy 21 Important information 22 - 26 2 Overview A macro Emerging Markets (“EM”) strategy focused primarily on liquid assets in currencies, fixed income (“FI”), credit, equity and their derivatives Monthly liquidity Experienced portfolio managers Seasoned team of eight traders/analysts with relevant regional and asset class expertise Supported by GLG Partners LP (“GLG”) platform covering infrastructure, operations and legal Dozen strong team of GLG company analysts, economists and investment strategists Strong and independent risk management framework Source: GLG Partners LP. 3 Portfolio managers Portfolio Manager, Portfolio Manager, Co-Head Global Co-Head Global Emerging Markets Emerging Markets Karim Abdel-Motaal Bart Turtelboom Karim joined GLG in September 2008 from Morgan Stanley where he was the Bart joined GLG in September 2008 from Morgan Stanley where he was the Global Co-Head of Emerging Markets. Before he moved to Morgan Stanley, Global Co-Head of Emerging Markets.
    [Show full text]
  • A Diversified Man Group
    A DIVERSIFIED MAN GROUP Man Group plc Annual Report for the year ended 31 December 2015 MAN GROUP ANNUAL REPORT 2015 This interactive pdf allows you to easily access the information that you want, whether printing, searching for a specific item or going directly to another page, section or website. Use the document controls located at the bottom of each page to navigate through this report. Use the contents to jump straight to the section you require. Search Print Search the entire Print a single page or document by keyword whole sections Return Forward/back Return back to the Next Page contents at the beginning Previous Page of the document Links Throughout this report there are links to pages, other sections and web addresses for additional information. They are recognisable by the blue underline simply click to go to the relevant page or web URL www.man.com MAN GROUP OVERVIEW EMPLOYEES Man Group is one of the world’s largest independent active investment managers, and a leader in liquid investment strategies. Headquartered in London, Man has a developed 1,230 distribution network, offices in every major financial region and FUNDS UNDER MANAGEMENT is regulated in 13 jurisdictions. Man operates an integrated (FUM) business model with all back and middle office functions, together with sales and marketing handled centrally, servicing $78.7bn our four investment engines as described below. See pages 12 to 13 for more details Man AHL (AHL) is a quantitative A pioneer in the application of Acquired by Man Group in FRM has an open architecture, investment manager with an systematic trading, AHL has 2012, Man FRM (FRM) is a full service hedge fund platform extensive history of performance been serving institutional and hedge fund investment specialist including partnership solutions, and innovation and funds under private clients since 1987 and with $12.3 billion of funds a leading managed account management of $16.9 billion.
    [Show full text]