Opalesque Industry Update - GLG, the discretionary investment manager of Man Group plc announced that the currency-hedged GLG Japan CoreAlpha Equity, launched in January 2010, has surpassed £1bn ($1.47bn) in assets under management.|
Managed by Japanese equity managers Stephen Harker, Neil Edwards and Jeffrey Atherton, the Ireland-based fund is managed under the same contrarian and value strategy as has been employed by the UK-based GLG Japan CoreAlpha since 2006.
During the recent rally, the Fund benefited from having a degree of cyclicality with many large cap stocks showing signs of turning around following the strong start to the year. The Fund’s largest sector overweight is in Electric Appliances, closely followed by Banks, with substantial investments in Securities and Insurance. Transport Equipment continues to be the largest underweight, along with BRIC-related Machinery and Wholesale Trade.
Richard Phillips, Head of UK Retail at Man, said: “Demand for the hedged version of the GLG Japan CoreAlpha strategy has increased since the change of government in Japan in December and it says much about the esteem in which the team and its approach are held that both the Dublin and UK funds have now both exceeded £1bn in size.”