Man GLG Unconstrained Emerging Equity
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1 For Trends & Morningstar Investment Summit. Not for onward distribution. Man GLG Unconstrained Emerging Equity EM Equity: Beyond the Bearish Consensus 9 th March 2016
2 Investment team Experienced managers in an optimal investment environment Highly experienced investment team Simon Pickard Portfolio Manager Jupiter Portfolio manager, Emerging Europe Carmignac Gestion Head of European Equities Argos Manager, European Equities Carmignac Gestion Head of Emerging Markets Man GLG Edward Cole Portfolio Manager JP Morgan, Unicredit/ Raiffeisen Equity strategist, EM Ashmore Portfolio manager, EMEA Newsmith L/S manager Finisterre L/S manager Carmignac Gestion Portfolio Manager, EM Man GLG Key benefits of running the Fund on the GLG platform Independence Complete responsibility for investment process Unconstrained by house view GLG culture embraces both absolutereturn and long-only strategies Collaborative culture Collaboration with over 40 sector or regional specialists based in New York, London, Dubai and Hong Kong Company meetings and broker visits shared across investment teams Real-time internal chat system facilitates idea sharing Risk management and operational infrastructure Independent risk control Systems architecture facilitates sourcing and automation of data Cutting edge proprietary/non proprietary trading systems run by a large team of experienced professionals 2
3 Introduction Key fund characteristics Long equity emerging markets Mid-to-large cap Quality growth at a reasonable price Aim for higher return on capital, better balance sheet and better cash-flow valuation Concentrated and liquid Only one strategy, containing about 50 liquid stocks with low turnover Unconstrained by benchmark Aim for high active share and high tracking error, can hold 10% cash Process consistency Rigorous and consistent process provides a framework for judgment-based joint management Alignment of interest Portfolio managers are significant investors in the Fund 3
4 Portfolio characteristics Valuation and fundamental factors as at 11 February 2016 Portfolio Benchmark* Portfolio Benchmark* ROIC 2014 (%) Net debt (cash) / EBITDA (2014,x) (0.2) 1.4 Net debt (cash) / equity (2014,%) (7.2) 37.6 Liquidity Value Growth FCF yield 12-month fwd (%) Dividend yield 12-month fwd (%) Volatility Momentum P/E 12-month fwd (x) P/B 12-month fwd (x) Size Financial Leverage EV/EBITDA 12-month fwd (x) * MSCI Emerging Markets TR Index Source: FactSet, CLSA. Note: 1) ROIC, net debt to EBITDA, net debt to equity and FCF yield are bottom-up aggregated excluding financials 2) Dividend yield, PE, PB and EV/EBITDA are calculated based on FCF yield, div yield, earnings yield, book yield and EBITDA/EV with portfolio & MSCI EM weight adjusted. The negative numbers for Net debt/ebitda and Net debt/equity implies that the portfolio is in a net cash position.
5 EM - domestic credit/gdp June 1993 to June % Rationale 130% 120% 110% 100% 90% 80% 70% 60% 50% 40% Man 2015 Easy monetary conditions globally since 2008 have fuelled growth in leverage, not deleveraging. Emerging economies have been at the forefront of the growth in leverage, with the stock growing by >40% since 2008 Current view The accumulation of leverage is a headwind for EM growth as the growth in global liquidity moderates At a country level, our process rewards economies with lower debt stocks, and the means to finance growth domestically we are significantly more wary of Turkey and Indonesia, where foreigners own 30-40% of local currency debt, than we are China, where domestic savings are profound. At a stock level, our process rewards companies that are self-financing and where balance sheets are clean in aggregate, our portfolio is net cash 5 Source: UBS
6 USD, billions Most capital outflows come from other investment, i.e. debt Breakdown of China s capital and financial account balance Financial derivatives, net -100 Portfolio investment,net Other investment, net -150 Direct investment, net Total capital account Source: Gavekal Data, Macrobond
7 EM banking sector vulnerability Credit/deposit ratio (%) 200% THA 175% EST MEX BRA 150% 125% 100% LIT ROM KAZ HUN BUL SLO KOR RUS ARG UAE INDO TUR EM AVG 2009 CHINA % EM AVG 2015 CHINA % -40% -30% -20% -10% 0% 10% 20% Bank NFA position (% of assets) 7 Source: Emerging Advisors Group Limited
8 Bottom-up sales growth and EBITDA margins MSCI Asia ex-japan (ex-finance) December 1997 to December 2015 Actual Expected Rationale 30% 25% 20% 15% 10% 5% 23% 22% 21% 20% 19% 18% 17% 16% In general, emerging market companies are highly sensitive to top-line growth due to operational gearing. In our view, sales growth and margin expansion is the ideal scenario for emerging market returns Current view 0% -5% Sales growth EBITDA margin (RHS) 15% 14% 13% Top-line growth has been extremely weak in recent years a key reason for EM equities relative weakness There have been tentative signs of margin turnaround which will provide a tailwind once top-line recovers 8 Source: FactSet, CLSA
9 Inflation / deflation indicators vs. EM returns: regression model November 2002 to January MSCI Emerging Markets Index 'fair value' Rationale The fair value line is composed of 3 simple indicators : the copper price, corporate spreads and inflation breakevens. There is a good correlation between this and EM $ index returns. We use this as a component for judging overall exposure levels 600 Current view EM equities were highly overvalued throughout 2014 and much of However, much of this has now corrected. Risk/reward gap is reasonably favourable on a short-term view, even if the market remains highly deflationary. 9 Source: Bloomberg.
10 EM - price to trend earnings January 1990 to December x 40x 35x 30x 25x Rationale Generic index valuation is unhelpful for short-term returns but useful for judging potential for long-term returns in EM Cyclicality in emerging market index composition can make short-term aggregate valuation measures misleading 20x 15x 10x 5x 0x EM - price to trend earnings ratio Current view EM has been derating versus trend earnings since The cyclically-adjusted PE ratio is now cheaper than at any time since the early 1990s 10 Source: Haver, Thomson Reuters
11 Percentage of down days in trailing period MSCI Emerging Markets Capitulation Indicator December 1989 to January Rationale MSCI Emerging Markets Index (log scale) We measure percentage of down days over a trailing period >60% down days reflects capitulatory price action Hit rate is 98% for positive returns over 12 months Current view A buy signal was triggered at end- August, only the eighth in 26 years Typically, there is further downside between the initial buy signal and subsequent trough an average of 16% over 37 days Caution is still warranted, but risk/reward is becoming more favourable 11 Source: GLG Partners LP
12 Portfolio characteristics Snapshot as at 31 January 2016 Sector Absolute weight Relative weight Information Technology 24.60% 3.86% Financials 14.28% % Banks 3.87% % Other Financials 10.41% -0.50% Consumer Discretionary 14.22% 4.32% Industrials 12.26% 5.24% Consumer Staples 12.16% 3.54% Materials 7.67% 1.64% Energy 3.17% -4.16% Health Care 2.90% -0.10% Utilities 2.24% -0.97% Telecommunication Services 0.00% -7.10% Region Absolute weight Relative weight China 22.52% -2.29% Onshore 11.65% 8.91% Offshore 10.87% % India 17.01% 8.34% Taiwan 10.03% -2.32% Korea (South) 7.65% -8.08% Mexico 6.29% 1.72% Israel 5.94% 5.94% South Africa 4.67% -1.89% Brazil 4.37% -1.05% Russian Federation 3.42% -0.21% United States 2.96% 2.96% Japan 2.58% 2.58% United Kingdom 2.23% 2.23% Hong Kong 2.13% 1.46% Pakistan 1.75% 1.75% United Arab Emirates 1.21% 0.33% 12 The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale. Source: GLG Partners LP
13 Important considerations Normal Market Fluctuations The Fund is subject to normal market fluctuations and the risks associated with investing in international securities markets and therefore the value of your investment and the income from it may rise as well as fall and you may not get back the amount originally invested Credit Risk The Fund will be exposed to credit risk on counterparties with which it trades in relation to on-exchange traded instruments such as futures and options and where applicable, over-the-counter ("OTC, "non-exchange") transactions. OTC instruments may also be less liquid and are not afforded the same protections that may apply to participants trading instruments on an organised exchange. Currency Risk The value of investments designated in another currency may rise and fall due to exchange rate fluctuations. Adverse movements in currency exchange rates may result in a decrease in return and a loss of capital. It may not be possible or practicable to successfully hedge against the currency risk exposure in all circumstances. Illiquidity Risk The fund may make investments or hold trading positions in markets that are volatile and which may become illiquid. Timely and cost efficient sale of trading positions can be impaired by decreased trading volume and/or increased price volatility. Derivatives Risk The Fund will invest derivatives (instruments whose prices are dependent on one or more underlying asset) to achieve its investment objective. The use of derivatives involves additional risks such as high sensitivity to price movements of the asset on which it is based. The extensive use of derivatives may significantly multiply the gains or losses. Leverage The fund's use of derivatives may result in increased leverage which may lead to significant losses. Emerging Markets Risk The fund may invest a significant proportion of its assets in securities with exposure to emerging markets which involve additional risks relating to matters such as the illiquidity of securities and the potentially volatile nature of markets not typically associated with investing in other more established economies or markets. 13
14 Important information Important Information The Fund is a sub-fund of GLG Investments VI plc, domiciled in Ireland and registered with the Central Bank Of Ireland. Full details of the Fund objectives, investment policy and risks are located in the Prospectus which is available with the Key Investor Information Document in English and in an official language of the jurisdictions in which the Fund is registered for public sale, together with the Report and Accounts of the UCITS. The Fund s documentation are available free of charge from the local information/paying agent, from authorised distributors and from In order to fulfil the fund s objectives the Prospectus allows the manager the ability to invest principally in units of other collective investment schemes, bank deposits, derivatives contracts designed with the aim of gaining short term exposure to an underlying stock or index at a lower cost than owning the asset, or assets aiming to replicate a stock or debt securities index. The value of an investment and any income derived from it can go down as well as up and investors may not get back their original amount invested. Alternative investments can involve significant additional risks. This material is for information purposes only and does not constitute an offer or invitation to invest in any product for which any Man Group plc affiliate provides investment advisory or any other services. The content is not intended to constitute advice of any nature nor an investment recommendation or opinion regarding the appropriateness or suitability of any investment or strategy and does not consider the particular circumstances specific to any individual recipient to whom this material has been sent. Prior to making any investment decisions, investors should read and consider the fund s offering documents. Opinions expressed are those of the author as of the date of their publication, and are subject to change. Some statements contained in these materials concerning goals, strategies, outlook or other non-historical matters may be forward-looking statements and are based on current indicators and expectations at the date of their publication. We undertake no obligation to update or revise them. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those implied in the statements Distribution of this material and the offer of shares may be restricted and the minimum subscription amount may be higher in certain jurisdictions. The product(s) mentioned within this material (i) may not be registered for distribution in your jurisdiction, and (ii) may only be available to professional or otherwise qualified investors or entities. It is important that distributors and/or potential investors are able to ensure compliance with local regulations prior to making a subscription. Please refer to the offering documentation for additional information. Unless stated otherwise the source of all information is Man Group plc and its affiliates as of the date on the first page of this material. This material was prepared by GLG Partners LP (company number LP006776) which is registered in England and Wales at One Curzon Street, London W1J 5HB. Authorised and regulated in the UK by the Financial Conduct Authority. This material is distributed pursuant to global distribution and advisory agreements by subsidiaries of Man Group plc. Specifically, in the following jurisdictions: Australia: To the extent this material is distributed in Australia it is communicated by Man Investments Australia Limited ABN AFSL , which is regulated by the Australian Securities & Investments Commission (ASIC). This information has been prepared without taking into account anyone s objectives, financial situation or needs. Dubai: To the extent this material is distributed in Dubai it is communicated by Man Investments Middle East Limited which is regulated by the Dubai Financial Services Authority. This marketing material is directed solely at recipients that Man Investment Middle East Limited is satisfied meet the regulatory criteria to be a Professional Client. Hong Kong: To the extent this material is distributed in Hong Kong, this material is communicated by Man Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong. This material can only be communicated to intermediaries, and professional clients who are within one of the professional investors exemptions contained in the Securities and Futures Ordinance and must not be relied upon by any other person(s). Switzerland: To the extent the material is distributed in Switzerland the communicating entity is Man Investments AG, which is regulated by the Swiss Financial Market Supervisory Authority. A number of share classes in the Luxembourg domiciled Fund have been registered for distribution with the Swiss Financial Markets Supervisory Authority. The Swiss representative is Man Investments AG, Huobstrasse 3, 8808 Pfäffikon SZ. The Swiss paying agent is Credit Suisse Paradeplatz 8, 8001 Zürich. The Prospectus, the Key Investor Information Document (the KIID ), the Memorandum and Articles of Association as well as the annual and semi annual reports can be obtained free of charge from the Swiss representative. In respect of the units distributed in and from Switzerland, the place of jurisdiction is Pfäffikon SZ, Switzerland. Please take note that you are only permitted to distribute this material onwards if you are licensed as distributor (or exempt according to art. 8 Collective Investment Schemes Ordinance) and have entered into a written distribution agreement with Man Investments AG. This material is not suitable for US persons. This material is proprietary information and may not be reproduced or otherwise disseminated in whole or in part without prior written consent. Any data services and information available from public sources used in the creation of this material are believed to be reliable. However accuracy is not warranted or guaranteed. P/15/1887/RW/I/M 14
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