Man GLG launches sterling-hedged share class for number one-ranked fund as manager Rory Powe celebrates first year in charge
Man GLG, the discretionary investment management business of Man Group plc (“Man”), is launching a currency hedged share class for the Man GLG Continental European Growth fund as manager Rory Powe celebrates his first year anniversary at the helm.
Powe, who took over the fund in October 2014, has delivered a return of 30.4%* since becoming manager, with the fund holding the number one spot in the IA Europe ex-UK sector over the period.
The manager’s bottom-up stock selection process, with a focus on finding companies that can grow in-spite of the headwinds facing the continent, has been rewarded over the last 12 months, with the fund delivering more than triple the sector average.
Powe expects the slow growth, low inflation environment to persist for some time in Europe, but he remains convinced that the region can offer investors a number of attractive opportunities.
“Europe is home to some of the most well-run companies in the world, with businesses at the cutting edge of their respective industries,” Powe said.
“While we expect GDP growth in Europe to remain muted for some time, industry leaders such as Ryanair and Essilor can continue to grow market share as well as margins, and be rewarded for this growth by investors looking for such resilient businesses.”
Following Powe’s first year in charge, Man GLG has decided to launch a hedged share class for the fund to cater to those investors who want exposure to European companies without assuming the currency risk associated with the euro.
Commenting, Richard Phillips, Man GLG’s managing director of UK retail, said: “Rory has enjoyed a very successful first year in charge of the Man GLG Continental European Growth fund and he is ranked number one in the sector over the period. With demand for the fund growing rapidly, we are pleased to be able to offer a hedged version of the fund for those investors who want access to his performance without exposure to the euro.”
*The Man GLG Continental European Growth Ret Acc A GBP share class returned 30.42% between 30/09/2014 and 09/10/2015, according to data from Lipper, versus the IA Europe ex-UK sector average return of 7.71%.