REG - Man Group plc - Trading Statement - Q1 2024
19/04/2024 07:00
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RNS Number : 2310L Man Group plc 19 April 2024
Press Release
19 April 2024
TRADING STATEMENT FOR THE QUARTER ENDED 31 MARCH 2024
Assets under management (AUM) of $175.7 billion as at 31 March 2024 (31
December 2023: $167.5 billion).
AUM movements
$bn AUM at 31 Dec 2023 Net flows Investment performance FX & other(1) AUM at
31 Mar 2024
Absolute return 47.7 (1.3) 3.0 0.9 50.3
Total return 42.5 (0.3) 1.3 (0.2) 43.3
Multi-manager solutions 19.4 (1.6) 0.2 (0.3) 17.7
Alternative 109.6 (3.2) 4.5 0.4 111.3
Systematic long-only 36.5 (0.4) 3.7 (0.1) 39.7
Discretionary long-only 21.4 2.0 1.6 (0.3) 24.7
Long-only 57.9 1.6 5.3 (0.4) 64.4
Total 167.5 (1.6) 9.8 0.0 175.7
AUM by product category
$bn 31 Mar 2023 30 Jun 2023 30 Sep 2023 31 Dec 2023 31 Mar 2024
Absolute return 44.7 47.3 48.0 47.7 50.3
Institutional solutions(2) 13.4 14.7 15.5 16.2 17.4
Traditional trend-following 9.5 10.4 10.1 9.5 9.6
Multi-strategy quant 5.4 6.0 5.8 6.0 6.5
Alternative trend-following 5.1 5.3 5.4 5.4 5.3
Discretionary equity 4.9 4.7 4.5 4.4 4.6
Other(3) 6.4 6.2 6.7 6.2 6.9
Total return 29.4 29.4 39.6 42.5 43.3
Multi-asset risk parity 13.7 13.2 12.4 14.2 15.2
US direct lending - - 10.7 10.8 10.7
Alternative risk premia 8.3 8.9 9.2 9.9 10.3
CLOs and other 3.6 3.5 3.7 4.0 3.8
Real estate 3.2 3.2 3.1 3.1 3.0
Emerging markets fixed income 0.6 0.6 0.5 0.5 0.3
Multi-manager solutions 20.0 20.3 20.3 19.4 17.7
Infrastructure and direct access 12.5 12.7 12.8 12.8 12.0
Segregated 6.9 7.0 6.9 6.1 5.3
Diversified and thematic FoHF 0.6 0.6 0.6 0.5 0.4
Systematic long-only 33.0 35.7 34.0 36.5 39.7
Global equity 17.5 19.2 18.4 20.2 22.5
Emerging markets equity 6.7 7.7 7.3 8.0 8.4
International equity 7.5 7.5 7.1 7.0 7.8
US equity 1.3 1.3 1.2 1.3 1.0
Discretionary long-only 17.6 19.0 19.3 21.4 24.7
Credit and convertibles 5.7 6.6 6.6 8.1 9.6
Japan equity 4.3 4.8 5.3 5.3 6.3
UK equity 3.9 3.9 3.8 4.1 4.4
Europe ex-UK equity 1.3 1.3 1.2 1.3 1.9
Emerging markets fixed income 1.0 1.0 0.9 1.0 0.9
Other(4) 1.4 1.4 1.5 1.6 1.6
Total 144.7 151.7 161.2 167.5 175.7
Investment performance
Return (net of fees) Annualised return (net of fees)
3 months to 12 months to 3 years to 5 years to Inception to 31 Mar 2024
31 Mar 2024
31 Mar 2024
31 Mar 2024
31 Mar 2024
Absolute return
AHL Alpha 5 6.9% 12.0% 6.9% 7.6% 10.3%
AHL Dimension 6 7.0% 15.8% 9.0% 4.7% 5.1%
AHL Evolution 7 8.3% 20.7% 11.6% 9.3% 12.2%
AHL Diversified 8 12.1% 15.7% 6.7% 8.7% 10.5%
GLG Alpha Select Alternative 9 1.2% 8.8% 8.5% 7.1% 5.0%
GLG Event Driven Alternative 10 1.0% 5.2% 4.1% - 6.4%
GLG Global Credit Multi Strategy 11 3.1%* 5.3%* 3.3%* 5.0%* 10.8%*
Man Strategies 1783 12 9.9% 15.2% 10.2% - 7.1%
Total return
AHL TargetRisk 13 6.8% 16.2% 5.2% 7.1% 8.2%
Alternative Risk Premia 14 7.0% 13.8% 12.1% 5.3% 5.2%
GLG Global Emerging Markets Debt Total Return 15 0.7% -5.4% -2.2% -0.6% 0.5%
Multi-manager solutions
FRM Diversified II 16 5.7% 11.0% 7.2% 5.8% 4.3%
Systematic long-only
Numeric Global Core 17 12.2% 31.5% 11.0% 12.8% 11.2%
Relative return 3.3% 6.4% 2.4% 0.7% 1.0%
Numeric Europe Core 18 10.0% 20.9% 10.7% 9.8% 9.1%
Relative return 2.4% 6.2% 1.5% 1.0% 2.3%
Numeric Emerging Markets Core 19 7.1% 12.9% -2.3% 5.3% 5.3%
Relative return 4.7% 4.7% 2.8% 3.1% 2.5%
Discretionary long-only
GLG Continental European Growth 20 11.9% 23.5% 9.0% 12.3% 9.6%
Relative return 5.0% 9.7% -0.6% 2.0% 3.3%
GLG Japan CoreAlpha Equity 21 20.4% 47.6% 24.1% 15.7% 6.9%
Relative return 2.2% 6.2% 9.0% 1.3% 2.0%
GLG Undervalued Assets 22 4.6% 19.0% 10.5% 5.5% 7.4%
Relative return 1.0% 10.6% 2.4% 0.0% 1.8%
GLG High Yield Opportunities 23 3.3% 11.8% 2.8% 6.4% 7.1%
Relative return 1.7% 2.5% 3.3% 4.8% 4.8%
GLG Sterling Corporate Bond 24 5.3% 24.4% - - 6.2%
Relative return 5.2% 17.3% - - 11.6%
Indices
HFRX Global Hedge Fund Index 25 2.5% 5.7% 1.1% 3.4%
HFRI Fund of Funds Conservative Index 25 2.2% 6.8% 3.9% 4.9%
HFRI Equity Hedge (Total) Index 25 5.2% 14.3% 3.2% 7.9%
HFRX EH: Equity Market Neutral Index 25 2.9% 7.5% 1.9% 0.5%
Barclay BTOP 50 Index 26 8.6% 10.8% 9.5% 8.2%
*Estimated
Past or projected performance is no indication of future results. Financial
indices are used for illustrative purposes only and are provided for the
purpose of making a comparison to general market data as a point of reference
and should not be construed as a true comparison to the strategy.
The information herein is being provided solely in connection with this press
release and is not intended to be, nor should it be construed or used as,
investment, tax or legal advice, any recommendation or opinion regarding the
appropriateness or suitability of any investment or strategy, or an offer to
sell, or a solicitation of an offer to buy, an interest in any security,
including an interest in any fund or pool described herein.
About Man Group
Man Group is a global, technology-empowered active investment management firm
focused on delivering alpha and portfolio solutions for clients. Headquartered
in London, we manage $175.7 billion(27) and operate across multiple offices
globally.
We invest across a diverse range of strategies and asset classes, with a mix
of long-only and alternative strategies run on a discretionary and
quantitative basis, across liquid and private markets. Our investment teams
work within Man Group's single operating platform, enabling them to invest
with a high degree of empowerment while benefiting from the collaboration,
strength and resources of the entire firm. Our platform is underpinned by
advanced technology, supporting our investment teams at every stage of their
process, including alpha generation, portfolio management, trade execution and
risk management.
Our clients and the millions of retirees and savers they represent are at the
heart of everything we do. We form deep and long-lasting relationships and
create tailored solutions to help meet their unique needs. We recognise that
responsible investing is intrinsically linked to our fiduciary duty to our
clients, and we integrate this approach broadly across the firm.
We are committed to creating a diverse and inclusive workplace where
difference is celebrated and everyone has an equal opportunity to thrive, as
well as giving back and contributing positively to our communities. For more
information about Man Group's global charitable efforts, and our diversity and
inclusion initiatives, please visit:
https://www.man.com/corporate-responsibility
(https://www.man.com/corporate-responsibility)
Man Group plc is listed on the London Stock Exchange under the ticker EMG and
is a constituent of the FTSE 250 Index. Further information can be found at:
www.man.com (http://www.man.com)
Important information
The content of the websites referred to in this announcement is not
incorporated into and does not form part of this announcement. Nothing in this
announcement should be construed as or is intended to be a solicitation for or
an offer to provide investment advisory services or to invest in any
investment products mentioned herein.
Enquiries
Karan Shirgaokar
Head of Investor Relations
+44 20 7144 1434
investor.relations@man.com (mailto:investor.relations@man.com)
Georgiana Brunner
Head of Communications
+44 20 7144 1000
communications@man.com
Neil Doyle
FTI Consulting
+44 77 7197 8220
man@fticonsulting.com
Notes
1 Other movements principally relate to maturities and leverage
movements.
2 Includes AHL Institutional Solutions, which invests into a range
of AHL strategies including AHL Alpha, AHL Dimension and AHL Evolution, as
well as other absolute return strategies.
3 Includes AHL other, Numeric absolute return and Discretionary
credit absolute return strategies.
4 Includes other equity and multi-asset strategies.
5 Represented by AHL Alpha plc from 17 October 1995 to 30 September
2012, and by AHL Strategies PCC Limited: Class Y AHL Alpha USD Shares from 1
October 2012 to 30 September 2013. The representative product was changed at
the end of September 2012 due to the provisioning of fund liquidation costs in
October 2012 for AHL Alpha plc, which resulted in a tracking error compared
with other Alpha Programme funds. Both funds are valued weekly; however, for
comparative purposes, statistics have been calculated using the best quality
price that is available at each calendar month end, using estimates where a
final price is unavailable. Where a price, either estimate or final is
unavailable on a calendar month end, the price on the closest date prior to
the calendar month end has been used. Both of the track records have been
adjusted to reflect the fee structure of AHL Alpha (Cayman) Limited - USD
Shares. From 30 September 2013, the actual performance of AHL Alpha (Cayman)
Limited - USD Shares is displayed.
6 Represented by AHL Strategies PCC Limited: Class B AHL Dimension
USD Shares from 3 July 2006 to 31 May 2014, and by AHL Dimension (Cayman) Ltd
- F USD Shares Class from 1 June 2014 until 28 February 2015 when AHL
Dimension (Cayman) Ltd - A USD Shares Class is used. Representative fees of
1.5% Management Fee and 20% Performance Fee have been applied.
7 Represented by AHL Evolution Limited adjusted for the fee
structure (2% p.a. management fee and 20% performance fee) from September 2005
to 31 October 2006; and by AHL Strategies PCC: Class G AHL Evolution USD from
1 November 2006 to 30 November 2011; and by the performance track record of
AHL Investment Strategies SPC: Class E AHL Evolution USD Notes from 1 December
2011 to 30 November 2012. From 1 December 2012, the track record of AHL
(Cayman) SPC: Class A1 Evolution USD Shares has been shown. All returns shown
are net of fees.
8 Represented by Man AHL Diversified plc from 26 March 1996 to 29
October 2012, and by Man AHL Diversified (Guernsey) USD Shares - Class A from
30 October 2012 to date. The representative product was changed at the end of
October 2012 due to legal and/or regulatory restrictions on Man AHL
Diversified plc preventing the product from accessing the Programme's revised
target allocations. Both funds are valued weekly; however, for comparative
purposes, statistics have been calculated using the best quality price that is
available at each calendar month end, using estimates where a final price is
unavailable. Where a price, either estimate or final is unavailable on a
calendar month end, the price on the closest date prior to the calendar month
end has been used.
9 Represented by Man GLG Alpha Select Alternative IL GBP; AUM
included within Discretionary equity under the absolute return product
category.
10 Represented by Man GLG Event Driven Alternative IN USD; AUM
included within Discretionary equity under the absolute return product
category.
11 Represented by GLG Market Neutral Fund - Class Z Restricted - USD
until 31 August 2007. From 1 September 2007, Man GLG Global Credit Multi
Strategy CL IL XX USD Unrestricted; AUM included within Other under the
absolute return product category.
12 Represented by Man Strategies 1783 Class F1 USD until 31st December
2021. From the 1st January 2022 Man Strategies 1783 Class A USD; AUM included
within the corresponding product category.
13 Represented by Man AHL TargetRisk Class I USD.
14 Represented by Man Alternative Risk Premia SP - Class A USD.
15 Represented by Man GLG Global Emerging Markets Debt Total Return
Class I USD; AUM included within Emerging markets fixed income under the total
return product category.
16 Represented by FRM Diversified II Fund SPC - Class A USD ('the
fund') until April 2018 then Class A JPY hedged to USD thereafter. However,
prior to Jan 2004, FRM has created the FRM Diversified II pro forma using the
following methodology: i) for the period Jan 1998 to Dec 2003, by using the
returns of Absolute Alpha Fund PCC Limited - Diversified Series Share Cell
('AA Diversified - USD') adjusted for fees and/or currency, where applicable.
For the period Jan 2004 to Feb 2004, the returns of the fund's master
portfolio have been used, adjusted for fees and/or currency, where applicable.
Post Feb 2004, the fund's actual performance has been used, which may differ
from the calculated performance of the track record. There have been occasions
where the 12-months' performance to date of FRM Diversified II has differed
materially from that of AA Diversified. Strategy and holdings data relates to
the composition of the master portfolio; AUM included within Diversified and
thematic FoHF under the multi-manager solutions product category.
17 Performance relative to the MSCI World. This reference index is
intended to best represent the strategy's universe. Investors may choose to
compare returns for their accounts to different reference indices, resulting
in differences in relative return information. Comparison to an index is for
informational purposes only, as the holdings of an account managed by Numeric
will differ from the securities which comprise the index and may have greater
volatility than the holdings of an index.
18 Performance relative to the MSCI Europe (EUR). This reference index
is intended to best represent the strategy's universe. Investors may choose to
compare returns for their accounts to different reference indices, resulting
in differences in relative return information. Comparison to an index is for
informational purposes only, as the holdings of an account managed by Numeric
will differ from the securities which comprise the index and may have greater
volatility than the holdings of an index; AUM included within International
equity under the systematic long-only product category.
19 Performance relative to MSCI Emerging Markets. This reference index
is intended to best represent the strategy's universe. Investors may choose to
compare returns for their accounts to different reference indices, resulting
in differences in relative return information. Comparison to an index is for
informational purposes only, as the holdings of an account managed by Numeric
will differ from the securities which comprise the index and may have greater
volatility than the holdings of an index.
20 Represented by Man GLG Continental European Growth Fund Class C
Accumulation Shares. Relative return shown vs FTSE World Europe Ex UK (GBP,
GDTR); AUM included within Europe ex-UK equity under the discretionary
long-only product category.
21 Represented by Man GLG Japan CoreAlpha Fund - Class C converted to
JPY until 28 January 2010. From 1 February 2010 Man GLG Japan CoreAlpha Equity
Fund - Class I JPY is displayed. Relative return shown vs TOPIX (JPY, GDTR);
AUM included within Japan equity under the discretionary long-only product
category.
22 Represented by Man GLG Undervalued Assets Fund - C Accumulation
Shares. Relative return shown vs FTSE All Share (GBP, NDTR); AUM included
within UK equity under the discretionary long-only product category.
23 Represented by Man GLG High Yield Opportunities I EUR. Relative
return is shown vs ICE BofA Global High Yield Index (EUR, TR) Hedged
benchmark; AUM included within Credit and convertibles under the discretionary
long-only product category.
24 Represented by Man GLG Sterling Corporate Bond Fund Class C
Accumulation Shares. Relative return is shown vs ICE BofA Sterling Corporate
& Collateralized Index (GBR, TR); AUM included within Credit and
convertibles under the discretionary long-only product category.
25 HFRI and HFRX index performance over the past 4 months is subject
to change.
26 The historical Barclay BTOP 50 Index data is subject to change.
27 As at 31 March 2024. All investment management and advisory
services are offered through the regulated entities associated with Man AHL,
Man Numeric, Man GLG, Man Varagon, Man Global Private Markets and Man
Solutions.
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