Fact sheet: Man GLG UK Income

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK EQUITY INCOME
Sector
UT UK Equity Income
Fund type
OEIC
Primary aim
GROWTH & INCOME
Why Money Observer Rates Man GLG UK Income

New for 2018. Complementary to more index-aware funds

Man GLG UK Income aims to achieve a level of income above the FTSE All-Share index together with some capital growth, by investing primarily in UK equities or equities of companies that derive a substantial part of their revenues from activities in the UK. Its 4.1 per cent yield is comfortably ahead of the FTSE All-Share's 3.7 per cent and dividends are paid quarterly. Manager Henry Dixon has made his name previously running non-income focused funds. He focuses on dividend growth as opposed to the absolute level of yield, and runs a multi-size portfolio with a bias towards small UK dividend payers. It is this area that has generated recent outperformance and where Dixon's expertise lies. Because the fund does not own many of the typical names owned by larger dividend-focused funds, it will likely experience greater volatility of returns than competitors.

Like many other income fund managers, he takes a value-based investment approach (not 'deep' value, but he doesn't over-pay for stocks), and has managed to produce some exceptional outperformance in the short-term despite the style being out of favour.'We wouldn't expect him to have done as well as he has done in a モgrowth?? environment,' says Darius McDermott, managing director of FundCalibre, the fund ratings and research provider.

The portfolio is relatively concentrated with around 60 holdings. Around 5 per cent of assets are in bonds. These tend to be high-yield bonds at the riskier end of the fixed income market.<\p>

3 Year Performance
Fund Performance40.4%
Average of Rated Funds Group28.1%
Sector Performance19.4%
Fund information
Fund name
Man GLG UK Income C Professional Acc
Fund manager company
GLG Partners
Fund type
OEIC
Fund managers
  • Henry Dixonsince 15/11/2013
Accolades
Fund objective
The objective of the Fund is to achieve a level of income above the FTSE All Share Index together with some capital growth through investing, directly or indirectly, primarily in UK equities or in equities of companies which derive a substantial part of their revenues from activities in the UK.
Benchmark
  • FTSE All Share Total Return Index
Investment style
Active
Investment method
Shares
Quick stats
1 Year return
16.8%
1 Year rank in sector
2/94
Sector
UT UK Equity Income
Yield
4.2%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.9%
Fund size
£612m (£154m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
77
Mid price
297.6
Top in this sector
Fund name1 Year
Schroder Income17.6%
Man GLG UK Income16.8%
JOHCM UK Equity Income16.4%
Majedie UK Income15.9%
Allianz UK Equity Income14%
...more in UT UK Equity Income

Performance snapshot

Holdings snapshot

  • UK77.3%
    Money Market11%
    Australia3.9%
    Switzerland2.1%
    France2%
  • Financials30.9%
    Energy11.9%
    Industrials11.2%
    Money Market11%
    Materials10.9%
  • UK Equities92%
    Money Market8%

Fund also available on these pension platforms:

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund6%10.8%10.7%16.8%40.4%77.5%
Sector6%8.7%6.4%6.8%19.4%44.1%
Rank within sector55 / 10014 / 10011 / 972 / 941 / 853 / 81
Quartile3rd1st1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund6.6%27.5%5.6%12.5%3.7%
Sector3.8%11.2%9.1%4.9%2.8%
Rank within sector16 / 981 / 9368 / 888 / 8340 / 82
Quartile1st1st4th1st2nd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
4.96
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.09
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.74
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
11.15
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
5.16
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
1.03
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.8
Price movement
52 week high297.6
52 week low252.6
Current bid price-
Current offer price-
Current mid price297.6
Region
1UK77.25%
2Money Market10.97%
3Australia3.85%
4Switzerland2.12%
5France1.97%
6Ireland1.45%
7Israel0.91%
8Egypt0.9%
9USA0.58%
Industry sector
1Financials30.88%
2Energy11.85%
3Industrials11.16%
4Money Market10.97%
5Materials10.86%
6Consumer Discretionary8.94%
7Real Estate6.46%
8Consumer Staples4.98%
9Health Care2.55%
Asset type
1UK Equities91.96%
2Money Market8.04%
Individual holdings
1ROYAL DUTCH SHELL6.82%
2HSBC HLDGS5.85%
3BRITISH AMERICAN TOBACCO2.65%
4LEGAL & GENERAL GROUP2.64%
5QINETIQ GROUP2.62%
6BHP BILLITON PLC2.55%
7BELLWAY2.25%
8AVIVA2.24%
9SWISS RE LTD2.12%
Management
Fund manager group
GLG Partners
Fund manager company
GLG Partners
Fund type
OEIC
Fund objective
The objective of the Fund is to achieve a level of income above the FTSE All Share Index together with some capital growth through investing, directly or indirectly, primarily in UK equities or in equities of companies which derive a substantial part of their revenues from activities in the UK.
Benchmark
  • FTSE All Share Total Return Index
Investment style
Active
Investment method
Shares
Fund managers
NameSinceBiography
Henry Dixon15/11/2013Henry is a Portfolio Manager on the UK Equities team at Man GLG (‘GLG’), having joined in October 2013. Prior to joining GLG, Henry was a Portfolio Manager and Founder of Matterley where he ran their flagship fund of the same strategy. Prior to that he worked at New Star, and The Family Charities Ethical Trust. Henry has over 11 years’ experience in equity investment management.
Compliance
IA Recognised, UCITS V Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Man GLG UK Income A Ret Acc
Initial charge5%
Annual charge1.5%
Min single investment£500,000
Min regular saving£250
Available in ISAYes
Ongoing charge (OCF)1.65%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price268.6
CurrencyGBX
Price updated22/05/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeSI46
Man GLG UK Income B Ret Inc
Initial charge5%
Annual charge1.5%
Min single investment£500,000
Min regular saving£250
Available in ISAYes
Ongoing charge (OCF)1.65%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price126.2
CurrencyGBX
Price updated22/05/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeSJ69
Man GLG UK Income C Professional Acc
Initial charge-
Annual charge0.75%
Min single investment£500,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.9%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price297.6
CurrencyGBX
Price updated22/05/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeZJ86
Man GLG UK Income D Professional Inc
Initial charge-
Annual charge0.75%
Min single investment£500,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.9%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price137.6
CurrencyGBX
Price updated22/05/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeZJ87
Man GLG UK Income E Inst
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price327.2
CurrencyGBX
Price updated22/05/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeZJ85
Data provided by

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