Man GLG Undervalued Assets Fund Professional Accumulation Shares (Class C)

UK Growth

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.

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
Name
Man GLG Undervalued Assets Fund Professional Accumulation Shares (Class C)
Manager
Man Fund Management UK Limited
Type
Open Ended Investment Company
ISIN
GB00BFH3NC99
Sector
UK All Companies
Launched
15/11/2013
OCF
0.9 %
Risk Rating
3
3 Year Sharpe
1.07
3 Year Alpha
4.66
Yield
1.9 %
Benchmark
FTSE AllSh TR GBP
The objective of the Fund is to achieve long-term capital growth.
Holding %
Royal Dutch Shell PLC Class A 3.27 %
Royal Dutch Shell PLC B 3.09 %
QinetiQ Group PLC 2.85 %
John Laing Group PLC 2.52 %
Bellway PLC 2.49 %
HSBC Holdings PLC 2.32 %
Synthomer PLC 2.28 %
RHI Magnesita NV Ordinary Shares 2.08 %
British American Tobacco PLC 2.07 %
Glencore PLC 2.05 %
Region %
United Kingdom 89.14 %
Sector %
Financial Services 26.48 %
Industrials 17.22 %
Basic materials 16.17 %
Energy 15.47 %
Consumer Cyclical 12.51 %
Real Estate 5.55 %
Name
Man Fund Management UK Limited
Address
London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Jack Barrat
Joined 05/22/2014
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.

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 Morningstar. 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.