Mon, 23/09/2013 - 16:00
Source and GLG Partners have launched two exchange-traded funds focusing on continental Europe (ex UK) and Asia (ex Japan).
The Source Man GLG Continental Europe Plus UCITS ETF and the Source Man GLG Asia Plus UCITS ETF offer exposure based on the Man GLG Europe Plus Index. These long-only, total return equity strategies are designed to capture outperformance from broker ideas provided specifically for GLG. The strategies aim to further improve the returns from the idea contributors by using a variety of algorithms that detect patterns in the ideas received.
Since 2005, GLG has used a systematic process to capture broker ideas and construct a diversified equity portfolio. The new ETFs apply this process to continental Europe (ex UK) and Asia (ex Japan). Both ETFs aim to outperform their respective regional equity markets, while limiting active risk.
The existing Man GLG Europe Plus Index, which includes investment in UK listed companies, has outperformed MSCI Europe for four of the past five years. The Man GLG Europe Plus Source ETF, with current assets of EUR700m, is one of the largest European equity ETFs that does not follow a traditional benchmark.
“We believe our strategy has the potential to generate outperformance in both these regions,” says Khalil Mohammed of Man. “We have run a Continental European fund since 2009, using the same strategy and with good results. In Asia, our research shows that broker ideas could generate outperformance of between three and eight per cent per annum over the broader Asian equity market.”
“There is clear and growing demand for this kind of ‘Beta Plus’ strategy,” says Source chief executive Ted Hood. “The Man GLG Europe Plus Source ETF has struck a chord with investors, so we are delighted to be offering the same strategy in these two focused regions.”
The Source Man GLG Continental Europe Plus UCITS ETF will be traded on the London Stock Exchange in GBP from 23 September. The Source Man GLG Asia Plus UCITS ETF will be traded on the London Stock Exchange in USD from 23 September. Both ETFs are actively managed, with GLG Partners as strategy manager.
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