Man GLG Event Driven Alternative

Investment Objective

The fund focuses on mergers and acquisitions as well as event related trades where the investment team believe they have a specific edge. The team employs a highly consistent, disciplined and scalable investment process that screens and analyses all new deals through proprietary models. 

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Latest Meeting Note

Meeting 17 Sep 2020

The Man GLG Event Driven Alternative fund launched in July 2019 and is a global risk arbitrage and event strategy, trading the full spectrum of M&A including mid and small cap deals. The UCITS has been launched off the back of a prio... Read more

The Man GLG Event Driven Alternative fund launched in July 2019 and is a global risk arbitrage and event strategy, trading the full spectrum of M&A including mid and small cap deals. The UCITS has been launched off the back of a prior six year strategy track record which has displayed historically low beta and correlation to global equities, with the UCITS so far matching these aspects as well as producing similar annualised numbers (high single figure return). The fund is managed by Cristian Cibrario who has a proven track record investing in risk arbitrage and event driven strategies, with a range of experience starting in M&A investment banking before moving to the buy-side and holding a number of event driven investing roles before joining Man GLG in 2013. Cristian is directly supported by a senior analyst (13+ yrs exp) who mainly focuses on large and complex US deals, while another analyst provides support on a wider, more global remit. The team also have the ability to leverage the wider resources of Man GLG’s equity platform. The investment process is a structured and disciplined process enabling it to be consistently repeated over a number of years, with the team using proprietary models that seek to optimize deal analysis, portfolio management and trading. Furthermore, an extensive network of over 4,000 contacts helps with deal flow to the desk. Transaction analysis typically flows through five stages; initial analysis of the corporate event, a deep dive into the deal terms, a wider look at the legal and regulatory environment surrounding the deal, fundamental analysis looking at valuation and comparables and finishing with the investment decision. Ultimately, the investment decision is based on expected profit, potential loss and probability of completion. Combined with the investment process is a focus on active risk management, with a key criterion when constructing the portfolio being a 3% maximum loss limit on each position. The portfolio is typically made up of 20-40 positions (currently >50), creating a well-diversified portfolio, with approximately half of the portfolio exposed to North America, whilst across the capital structure historically near 50% has been in mid-cap deals.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2019 0.3 1.0 1.0 0.1 0.5 0.6 0.3 0.6 0.4 0.3 0.4 0.9 0.1
2018 0.6 0.4 0.4 0.5 0.1 0.4 0.8 0.2 0.6 0.3 0.6 0.0 0.9

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