The Share Centre - Fund fact sheet

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Man GLG Continental European Growth Prof C Fund Acc

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Fund objective

The objective of the Fund is to achieve above average long - term capital growth through investing, directly or indirectly, in the quoted securities of companies listed on European Stock Exchanges.

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Please make sure you read, and keep a copy of the Key Investor Information Document for this fund. If you do not understand any point please contact our Customer Service team on 01296 41 41 41.

Our Advice team´s view

Europe

While company balance sheets in the Eurozone remain strong, policy reform action remains painfully slow and the reforms that are coming through have been met with strong resistance. In addition, political headlines from Europe over Brexit will come more to the fore, as we progress through 2017, as will rhetoric over elections in key economies, which could potentially upset the status quo.

On the flip side of potential political woes, the European Central Bank's bazooka announced last March seems to be having a positive effect on stimulating growth on the bloc. However, Mario Draghi gave a strong indication recently that the European Central Bank is unlikely to raise rates in 2017, which is not great news for margins at European banks.



Fund positioning

The fund currently has its biggest sectorial active positions in consumer durables, transportation and retailing.. The manager is underweight banks, insurance and food & beverages. The geographic breakdown sees the fund's biggest positions in Ireland, Denmark, Sweden and France.

The funds top 10 ideas make up over 50% of the portfolio.



About the fund

The fund manager Rory Powe looks for strong European growth companies that fall in to two camps, which he refers to as, established leaders and emerging winners. He defines established leaders, as having a clear road map for earnings and free cash flow that includes a 3 to 5 year expansion path. He defines emerging winners as, companies in the vanguard of new or existing markets that have clear competitive advantages already. The maximum he will invest in emerging winners is 33% of the fund.

Rory Powe takes a bottom up approach to selecting companies for his fund, which means he is looking for business that have recurring revenues underpinned by pricing power, high gross margins, robust cashflow, a strong balance sheet and cash returns.

The portfolio will tend to be an eclectic, concentrated composition of high conviction names. The team is determined to invest in strong growth franchises through a focused research approach. While many fundamental investors will place emphasis on management teams, the team prioritises company strength and growth dynamics.



Observations

The fund is suitable for those investors looking to invest in a fund that offers a core portfolio of European equities, excluding the UK.

Due to the nature of the region and the development of their financial markets we rate this as a medium risk investment for those investors who want broad European region exposure in a well-diversified portfolio.



Comment last reviewed April 2017

Author: Sheridan Admans, Investment Research Manager

Our risk profile

M6 - European Funds

These funds will generally look to invest across the European spectrum excluding the UK.


Cumulative Performance to 26/06/17

(Total percentage return with the net income (dividends) reinvested)

- Man GLG Continental European Growth Prof C Fund Acc

- IA Europe Excluding UK


Discrete Annual Performance to 31/03/17

Percentage performance figures in 5 discrete (distinctly separate) consecutive one year periods
0-12m % 12-24m % 24-36m % 36-48m % 48-60m %
Man GLG Continental European Growth Prof C Fund Acc 20.24 19.82 15.81 20.87 20.81
IA Europe Excluding UK 23.72 -1.78 6.86 17.39 19.31


Top holdings

%

Ryanair Hldgs 6.75%
Chr Hansen Hldgs A/s 5.12%
Moncler Spa 4.87%
Glanbia 4.67%
Ferrari Nv 4.62%
Pandora As 4.60%
Asml Holding Nv 4.45%
Yoox Net-a-porter Group Spa 4.12%
Autoliv Inc 4.11%
Abcam 3.75%

Classification

%

Irish Equities 16.71%
Italian Equities 15.30%
French Equities 11.80%
Swedish Equities 11.49%
Danish Equities 10.68%
Swiss Equities 8.72%
German Equities 8.02%
Spanish Equities 5.67%
Dutch Equities 4.45%
Uk Equities 4.15%

Basic fund information

Currency Sterling
IMA Sector IA Europe Excluding UK
Bid price (p) n/a
Mid price (p) 537.00
Offer price (p) n/a
ISA eligible? Y
Fund launch date 30/06/98
Fund size (£m) 693.00
OCF as at 01/07/2016 0.90%
AMC % 0.75
Yield % 0.62
Dividend Date Jun

Ratios

%

Alpha 12.80
Beta 0.76
Sharpe 1.84
RSquared 0.68
Information 1.54
Volatility 10.20

Quartile rankings

1 year 3
3 year 1
5 year 1

Manager biography - Rory Powe 01/10/2014

Rory is a long-only Portfolio Manager focusing on European growth stocks, and joined Man GLG ('GLG') in July 2014. Prior to this, he founded Powe Capital Management in 2001 and for 12 years managed its European funds. Before founding PCM Rory was a global partner at INVESCO, and ran their flagship continental European strategy for 10 years. He graduated from Trinity College, Oxford University, in 1985 with a BA (Hons) in Modern History. Rory has 27 years of European equity experience.


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Performance data correct as at 26/06/17

To find out more about how we arrive at our views on investments and risk, please read our investment research policy

Price total return performance figures are calculated on a bid price to bid price basis (mid to mid for OEICs) with the net income (dividends) reinvested. Performance figures are shown in Sterling unless otherwise specified.


Source: Financial Express