Fact sheet: Man GLG Undervalued Assets

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 GROWTH
Sector
UT UK All Companies
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Man GLG Undervalued Assets

New for 2018. Uses disciplined process to identify recovery opportunities

This fund bounced back during 2017, after a difficult year for performance in 2016 amid Brexit-related headwinds.

Henry Dixon and Jack Barrat, the fund's managers since its inception in 2013, seek out opportunities within UK stocks that are being ignored or fallen out of favour with investors, thereby leading to potential recovery opportunities.

Dixon manages an income version of the fund, but because this fund does not need to generate a yield requirement, he can specifically focus on unlocking value in small and medium-sized companies, where more than half of its assets are invested.

The managers believe they can add value through thorough analysis of company balance sheets to understand a company's true, real-world assets and liabilities. They aim to identify two types of stocks: those trading below their estimate of the company's asset value, and those where the company's profit stream is being undervalued relative to the cost of capital.

Morningstar rates the managers' pedigree. While this fund has a relatively short history, its conviction has been built over a longer timeframe through Dixon's previous mandate as manager of Matterley Undervalued Assets, which he managed from launch in 2008 using the same investment approach. Barrat had assisted Dixon in managing the strategy at Matterley, so their association predates this fund.

'A highly disciplined investment process and strong execution by the managers makes this fund a compelling choice for investors,' says analyst Samuel Meakin.

The fund can also include exposure to shares listed in Europe and corporate bonds, up to a collective maximum of 20 per cent, but at the end of 2017 had just 4.5 per cent and 1.2 per cent invested in these areas.<\p>

3 Year Performance
Fund Performance39%
Average of Rated Funds Group43.8%
Sector Performance18.9%
Fund information
Fund name
Man GLG Undervalued Assets Professional C Acc
Fund manager company
GLG Partners
Fund type
OEIC
Fund managers
  • Jack Barratsince 01/10/2014
  • Henry Dixonsince 15/11/2013
Accolades
Fund objective
Man GLG Undervalued Assets Fund aims to achieve long-term capital growth through investing predominantly in securities of UK listed companies, either directly or indirectly (through permitted derivatives, instruments whose prices are dependent on one or more underlying assets) which are considered to be undervalued relative to their asset base and to the returns on capital the companies are generating.
Benchmark
  • FTSE All Share Index
Investment style
None
Investment method
Shares
Quick stats
1 Year return
18.7%
1 Year rank in sector
7/274
Sector
UT UK All Companies
Yield
1.9%
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
£954m (£608m 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.
78
Mid price
165.4
Top in this sector
Fund name1 Year
MI Chelverton UK Equ Grth22.5%
MFM Bowland20.6%
Stan Life Inv UKEqUncns20.3%
CFP SDLUKBftolgy19.2%
CFP SDL Free Spirit19.1%
...more in UT UK All Companies

Performance snapshot

Holdings snapshot

  • UK82.2%
    Money Market5.5%
    Australia2.7%
    France2.2%
    Switzerland1.9%
  • Financials30.6%
    Materials14%
    Energy12.9%
    Industrials12.2%
    Consumer Discretionary10.2%
  • UK Equities96.5%
    Money Market3.6%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund4.1%0.1%4.6%18.7%39%-
Sector3.1%-2.8%0%7%18.9%50.1%
Rank within sector64 / 28017 / 27812 / 2777 / 27416 / 259-
Quartile1st1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund0.7%30.3%5.3%10%3.7%
Sector-1.9%13.8%11.2%3.7%0.6%
Rank within sector21 / 2776 / 272218 / 26256 / 25648 / 249
Quartile1st1st4th1st1st
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.
4.63
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.
1.06
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.
0.69
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%.
10.7
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.
4.52
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.
1.07
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.
0.83
Price movement
52 week high166.7
52 week low139.2
Current bid price-
Current offer price-
Current mid price165.4
Region
1UK82.22%
2Money Market5.5%
3Australia2.66%
4France2.21%
5Switzerland1.9%
6Israel1.5%
7USA1.33%
8Netherlands1.3%
9Egypt1.19%
Industry sector
1Financials30.6%
2Materials14.04%
3Energy12.87%
4Industrials12.18%
5Consumer Discretionary10.15%
6Real Estate7.14%
7Money Market5.5%
8Consumer Staples5.44%
9Information Technology1.09%
Asset type
1UK Equities96.45%
2Money Market3.55%
Individual holdings
1ROYAL DUTCH SHELL5.39%
2TESCO2.73%
3JOHN LAING GROUP PLC2.71%
4BELLWAY2.66%
5INTERNATIONAL CONSOLIDATED AIRL GRP2.61%
6QINETIQ GROUP2.46%
7LEGAL & GENERAL GROUP2.38%
8RIO TINTO2.38%
9SYNTHOMER PLC2.37%
Management
Fund manager group
GLG Partners
Fund manager company
GLG Partners
Fund type
OEIC
Fund objective
Man GLG Undervalued Assets Fund aims to achieve long-term capital growth through investing predominantly in securities of UK listed companies, either directly or indirectly (through permitted derivatives, instruments whose prices are dependent on one or more underlying assets) which are considered to be undervalued relative to their asset base and to the returns on capital the companies are generating.
Benchmark
  • FTSE All Share Index
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Jack Barrat01/10/2014Jack is a portfolio manager on the UK Equities team at Man GLG (‘GLG’). He runs the GLG UK Absolute Value Strategy and co-manages the GLG Undervalued Asset Strategy. Jack joined GLG in October 2013 from Matterley where he assisted in managing the flagship strategy of the same strategy, and co-managed other equities portfolios. Previously he worked at UBS Investment Bank for four years. Jack holds a First Class degree in Politics and History from Cambridge University and also holds the CFA charter.
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 Undervalued Assets Institutional E Acc
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 price171.8
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJWHS
Man GLG Undervalued Assets Professional C 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 price165.4
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeJWHQ
Man GLG Undervalued Assets Professional D 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 price151.2
CurrencyGBX
Price updated19/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeJWHR
Data provided by

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Financial Express. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.