Man GLG UK Income Fund Professional Accumulation Shares (Class C)

UK Equity 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 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.

Narrative and ratings content all as of 01 January 2018.

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Name
Man GLG UK Income Fund Professional Accumulation Shares (Class C)
Manager
Man Fund Management UK Limited
Type
Open Ended Investment Company
ISIN
GB00B0117C28
Sector
UK Equity Income
Launched
25/05/2004
OCF
0.9 %
Risk Rating
5
3 Year Sharpe
1.07
3 Year Alpha
5.18
Yield
5.6 %
Benchmark
FTSE AllSh TR GBP
The fund seeks 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. The fund seeks to achieve the objective the Fund will be invested primarily in stocks, ADRs and other equity linked instruments including (without limitation) exchange traded or “over the counter” financial derivative instruments such as stock options, equity swaps and contracts for differences. The Fund may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income investments.
Holding %
HSBC Holdings PLC 5.30 %
Royal Dutch Shell PLC B 3.99 %
Royal Dutch Shell PLC Class A 3.65 %
QinetiQ Group PLC 2.76 %
BHP Billiton PLC 2.51 %
John Laing Group PLC 2.45 %
Total SA 2.33 %
British American Tobacco PLC 2.24 %
Aviva PLC 2.22 %
Legal & General Group PLC 2.19 %
Region %
United Kingdom 89.11 %
Sector %
Financial Services 35.48 %
Energy 16.66 %
Industrials 13.14 %
Basic materials 13.12 %
Consumer Cyclical 8.87 %
Consumer Defensive 6.99 %
Name
Man Fund Management UK Limited
Address
London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Henry Dixon
Joined 11/15/2013

Henry 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 engaged in equity investment management since 2004.

Data provided by Morningstar.

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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.