Man GLG European Leaders Alternative

The Man GLG European Leaders fund employs a low net equity long/short strategy focused on growing, profitable, high return on capital businesses that are listed in Europe. The team is led by Sof Yiannakas (ex Soros) and employ a public private equity philosophy, with a multi-year investment horizon for long positions. The long portfolio prioritizes stocks with sustainable long-term earnings and free cash flow growth at a reasonable price (Compounding leaders), businesses which are on a ‘good to great journey’ (Emerging leadership) and mispriced/misunderstood opportunities (Value leadership). On the short side, security selection is driven by forensic accounting processes with the aim to identify earnings quality weakness, where economic reality differs from accounting representation and market perception. The final portfolio is relatively concentrated, typically holding 20-40 long positions and 30-60 short positions at any given time. The net exposure typically ranges from 0-10%, with gross exposure between 150-200%.