GLG launches North American Equity Ucits
London, 14 February 2011 – GLG, a leading global investment manager and division of Man Group plc, has launched the GLG North American Equity Alternative UCITS, a UCITS III long/short version of GLG’s North American equity strategy.
Managed by John Gisondi, GLG’s Head of North American Equities, the fund¹ employs a similar strategy to the Cayman-domiciled GLG North American Opportunity Fund, and targets attractive risk-adjusted returns with below-market volatility.
Focusing on liquid mid-to-large cap stocks, the UCITS fund utilises a rigorous bottom-up stock selection process to identify non-consensus ideas. To generate additional alpha, the management team applies an active trading overlay which provides dynamic exposure to the market, sector and industry groups. This approach also helps the team evaluate ideas and proactively manage portfolio risk, in conjunction with a dedicated fund risk manager.
The team places considerable emphasis on leveraging its highest conviction ideas and employs a core / sector book structure to optimise position sizing in the portfolio.
The GLG North American Equity Alternative UCITS Fund will be the ninth absolute return UCITS III fund launched by GLG since July 2009 and will complement its existing strategies offering exposure to the UK, Europe and Emerging Markets. To date, Man and GLG have raised around $1.8 billion in this form.
The UCITS Fund is a sub-fund of GLG Investments VI plc, incorporated in Ireland and has been authorised by the Irish Financial Services Regulatory Authority (the “Financial Regulator”) for listing on the Irish Stock Exchange.
Raffaele Costa, Head of Sales, Europe & North America at Man, comments: “The GLG North American Opportunity Fund has been a strong performer since John and his team assumed sole control of the portfolio in January 2008, returning 17% versus an S&P 500 return of -8%², and investor demand has been growing for us to offer a similar strategy in a UCITS format.
“The team has a wealth of experience in US equities and a proven track record in generating positive alpha from long and short positions as well as short-term trading opportunities. Guided by their deep sector knowledge and strength in risk management, we believe the fund will prove a popular addition to our fast-growing range of absolute return UCITS funds.”
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¹ The fund launched on 4 January 2011
² Source: GLG Partners LP. 01/01/2008 to 31/12/2010- there is no guarantee of trading performance and past or projected performance is not a reliable indicator of future performance.