Man GLG Asia Pacific (ex Japan) Equity Alternative

Investment Objective

The investment objective is to provide investors with an absolute return through a long / short market neutral strategy investing primarily in Asia Pacific (ex Japan). The team’s investment philosophy is based on a fundamentals-driven approach to investing, with the aim of creating a high-conviction portfolio of 50-100 stocks (up to 45 longs and 45 shorts). The strategy is unconstrained, flexible and broadly style agnostic.

Latest Meeting Note

Meeting 09 Feb 2021

The Man GLG Asia Pacific (ex-Japan) Equity Alternative fund is a fundamentally driven, high conviction market neutral strategy focussed on the Asia Pacific region. The portfolio is run by Andrew Swan who joined Man GLG in August 2020 (pr... Read more

The Man GLG Asia Pacific (ex-Japan) Equity Alternative fund is a fundamentally driven, high conviction market neutral strategy focussed on the Asia Pacific region. The portfolio is run by Andrew Swan who joined Man GLG in August 2020 (previously at BlackRock, managing over $25bn), and is supported by a dedicated team of 4 experienced analysts. The team aims to capitalise on earnings revisions (a key alpha driver in the region according to the manager) both long and short. On the long side, the team looks at stocks with potential to deliver earnings beats, while on the short side they focus on those companies which show low relative earnings revision potential or that are expected to miss. The team’s earnings revisions views are typically based on both historical data and forward looking indicators, with the PM combining in-depth bottom-up analysis and management meetings to shape these views. Top-down macro considerations also play central role, with the PM actively tilting the portfolio towards the best available opportunities (styles, sectors and countries). The final portfolio is relatively concentrated, with 50-100 positions (evenly split between longs and shorts, there is a preference for mid-caps), and is run with a conservative net (-/+20%) vs. 100-200% gross exposure, with the PM targeting a minimum 60-65% of stock specific risk at any one time. The short book can be complemented by the use of index hedges (up to 50% of the gross short exposure). At the individual position level, the average holding period can vary from 3-6 months to 6-12 months (longer term trades are informed by the team’s fundamental view on the company as opposed to shorter-term earnings trends).

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2020 0.1 0.5 0.9 0.5 0.4 0.6 0.4 0.5 1.0 0.8 0.3 0.3 0.6
2019 0.6 0.6 0.9 0.4 0.6 0.8 0.7 0.1 0.7 0.3 0.8 0.6 0.2

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