Press Release
17
October 2024
TRADING STATEMENT FOR THE
QUARTER ENDED 30 SEPTEMBER 2024
Assets under management (AUM) of
$174.9bn as at 30 September 2024 (30 June 2024:
$178.2bn).
AUM
movements
|
$bn
|
AUM
at 30 Jun
2024
|
Net flows
|
Investment
performance
|
Other¹
|
AUM at
30 Sep 2024
|
|
Absolute return
|
49.2
|
0.7
|
(1.9)
|
(0.5)
|
47.5
|
|
Total return
|
45.0
|
(0.1)
|
(0.1)
|
0.2
|
45.0
|
|
Multi-manager solutions
|
16.1
|
0.0
|
0.0
|
(0.1)
|
16.0
|
|
Alternative
|
110.3
|
0.6
|
(2.0)
|
(0.4)
|
108.5
|
|
Systematic long-only
|
41.2
|
(6.8)
|
1.9
|
0.8
|
37.1
|
|
Discretionary long-only
|
26.7
|
0.7
|
0.5
|
1.4
|
29.3
|
|
Long-only
|
67.9
|
(6.1)
|
2.4
|
2.2
|
66.4
|
|
Total
|
178.2
|
(5.5)
|
0.4
|
1.8
|
174.9
|
Note: owing to positive investment
performance, the single client outflow from systematic long-only
(previously announced with the half-year results) amounted to
$7.0bn upon redemption in the third quarter.
AUM
by product category
|
$bn
|
30 Sep 2023
|
31 Dec 2023
|
31 Mar 2024
|
30 Jun 2024
|
30 Sep 2024
|
|
Absolute return
|
48.0
|
47.7
|
50.3
|
49.2
|
47.5
|
|
Institutional
solutions²
|
15.5
|
16.2
|
17.4
|
17.1
|
16.1
|
|
Traditional
trend-following
|
10.1
|
9.5
|
9.6
|
9.5
|
9.2
|
|
Multi-strategy quant
|
5.8
|
6.0
|
6.5
|
6.3
|
5.9
|
|
Alternative
trend-following
|
5.4
|
5.4
|
5.3
|
4.8
|
4.6
|
|
Discretionary equity
|
4.5
|
4.4
|
4.6
|
4.5
|
4.6
|
|
Other³
|
6.7
|
6.2
|
6.9
|
7.0
|
7.1
|
|
Total return
|
39.6
|
42.5
|
43.3
|
45.0
|
45.0
|
|
Multi-asset risk parity
|
12.4
|
14.2
|
15.2
|
16.2
|
16.7
|
|
Alternative risk premia
|
9.2
|
9.9
|
10.3
|
11.4
|
11.4
|
|
US direct lending
|
10.7
|
10.8
|
10.7
|
10.3
|
10.2
|
|
CLOs and other
|
3.7
|
4.0
|
3.8
|
3.8
|
3.4
|
|
Real estate
|
3.1
|
3.1
|
3.0
|
3.0
|
3.1
|
|
Emerging markets fixed
income
|
0.5
|
0.5
|
0.3
|
0.3
|
0.2
|
|
Multi-manager solutions
|
20.3
|
19.4
|
17.7
|
16.1
|
16.0
|
|
Infrastructure and direct
access
|
12.8
|
12.8
|
12.0
|
11.5
|
10.8
|
|
Segregated
|
6.9
|
6.1
|
5.3
|
4.3
|
4.7
|
|
Diversified and thematic
FoHF
|
0.6
|
0.5
|
0.4
|
0.3
|
0.5
|
|
Systematic long-only
|
34.0
|
36.5
|
39.7
|
41.2
|
37.1
|
|
Global equity
|
18.4
|
20.2
|
22.5
|
23.7
|
18.2
|
|
Emerging markets equity
|
7.3
|
8.0
|
8.4
|
8.9
|
9.5
|
|
International equity
|
7.1
|
7.0
|
7.8
|
7.2
|
7.8
|
|
US equity
|
1.2
|
1.3
|
1.0
|
1.4
|
1.6
|
|
Discretionary long-only
|
19.3
|
21.4
|
24.7
|
26.7
|
29.3
|
|
Credit and convertibles
|
6.6
|
8.1
|
9.6
|
10.7
|
13.5
|
|
Japan equity
|
5.3
|
5.3
|
6.3
|
6.3
|
6.4
|
|
UK equity
|
3.8
|
4.1
|
4.4
|
5.0
|
4.9
|
|
Europe ex-UK equity
|
1.2
|
1.3
|
1.9
|
1.8
|
1.7
|
|
Emerging markets fixed
income
|
0.9
|
1.0
|
0.9
|
0.9
|
1.0
|
|
Other⁴
|
1.5
|
1.6
|
1.6
|
2.0
|
1.8
|
|
Total
|
161.2
|
167.5
|
175.7
|
178.2
|
174.9
|
Investment performance
|
|
|
Return (net of
fees)
|
|
Annualised return (net of
fees)
|
|
|
|
3 months
to
30 Sep 2024
|
9 months
to
30 Sep 2024
|
|
3 years
to
30 Sep 2024
|
5 years
to
30 Sep 2024
|
Inception
to 30 Sep 2024
|
|
Absolute return
|
|
|
|
|
|
|
|
|
AHL Alpha
|
5
|
-3.9%
|
3.4%
|
|
4.8%
|
5.2%
|
10.0%
|
|
AHL Dimension
|
6
|
-5.6%
|
1.5%
|
|
5.2%
|
2.5%
|
4.6%
|
|
AHL Evolution
|
7
|
-4.8%
|
-3.2%
|
|
3.3%
|
6.3%
|
11.2%
|
|
AHL Diversified
|
8
|
-8.9%
|
1.4%
|
|
2.5%
|
3.9%
|
10.0%
|
|
GLG Alpha Select
Alternative
|
9
|
-0.4%
|
2.4%
|
|
6.8%
|
6.5%
|
4.9%
|
|
GLG Event Driven
Alternative
|
10
|
3.4%
|
3.9%
|
|
3.9%
|
6.4%
|
6.3%
|
|
GLG Global Credit Multi
Strategy
|
11
|
2.8%*
|
8.9%*
|
|
4.7%*
|
5.8%*
|
10.8%*
|
|
Man Strategies 1783
|
12
|
-0.5%
|
12.8%
|
|
9.5%
|
-
|
6.9%
|
|
Total return
|
|
|
|
|
|
|
|
|
AHL TargetRisk
|
13
|
1.5%
|
10.4%
|
|
2.7%
|
5.1%
|
8.1%
|
|
Alternative Risk Premia
|
14
|
-1.0%
|
10.3%
|
|
11.0%
|
4.8%
|
5.2%
|
|
GLG Global Emerging Markets Debt
Total Return
|
15
|
-0.7%
|
1.9%
|
|
-1.2%
|
-0.3%
|
0.6%
|
|
Multi-manager solutions
|
|
|
|
|
|
|
|
|
FRM Diversified II
|
16
|
-0.5%*
|
5.0%*
|
|
4.2%*
|
5.5%*
|
4.1%*
|
|
Systematic long-only
|
|
|
|
|
|
|
|
|
Numeric Global Core
|
17
|
6.4%
|
23.6%
|
|
11.9%
|
14.5%
|
11.6%
|
|
Relative return
|
|
0.1%
|
4.7%
|
|
2.9%
|
1.4%
|
1.0%
|
|
Numeric Europe Core
|
18
|
3.1%
|
16.2%
|
|
9.5%
|
10.1%
|
9.1%
|
|
Relative return
|
|
0.7%
|
4.6%
|
|
1.5%
|
1.7%
|
2.3%
|
|
Numeric Emerging Markets
Core
|
19
|
6.7%
|
20.3%
|
|
2.2%
|
8.8%
|
6.1%
|
|
Relative return
|
|
-2.0%
|
3.4%
|
|
1.8%
|
3.0%
|
2.3%
|
|
Discretionary long-only
|
|
|
|
|
|
|
|
|
GLG Continental European
Growth
|
20
|
-2.4%
|
5.1%
|
|
3.1%
|
9.2%
|
9.2%
|
|
Relative return
|
|
-2.5%
|
-2.1%
|
|
-3.5%
|
1.0%
|
3.0%
|
|
GLG Japan CoreAlpha
Equity
|
21
|
-5.7%
|
13.0%
|
|
19.0%
|
15.4%
|
6.3%
|
|
Relative return
|
|
-0.8%
|
-1.3%
|
|
7.0%
|
1.9%
|
1.8%
|
|
GLG Undervalued Assets
|
22
|
2.5%
|
10.2%
|
|
10.0%
|
6.9%
|
7.6%
|
|
Relative return
|
|
0.2%
|
0.3%
|
|
2.6%
|
1.2%
|
1.7%
|
|
GLG High Yield
Opportunities
|
23
|
5.0%
|
11.6%
|
|
3.4%
|
7.6%
|
7.9%
|
|
Relative return
|
|
0.5%
|
4.3%
|
|
2.9%
|
5.3%
|
4.8%
|
|
GLG Global Investment Grade
Opportunities
|
24
|
5.4%
|
13.2%
|
|
-
|
-
|
8.7%
|
|
Relative return
|
|
0.4%
|
7.7%
|
|
-
|
-
|
9.2%
|
|
Indices
|
|
|
|
|
|
|
|
|
HFRX Global Hedge Fund
Index
|
25
|
2.1%
|
5.1%
|
|
1.2%
|
3.3%
|
|
|
HFRI Fund of Funds Conservative
Index
|
25
|
1.0%
|
4.4%
|
|
3.5%
|
5.1%
|
|
|
HFRI Equity Hedge (Total)
Index
|
25
|
3.7%
|
10.2%
|
|
3.5%
|
8.9%
|
|
|
HFRX EH: Equity Market Neutral
Index
|
25
|
1.6%
|
5.8%
|
|
3.2%
|
1.2%
|
|
|
Barclay BTOP 50 Index
|
26
|
-2.7%
|
4.2%
|
|
6.1%
|
5.8%
|
|
*Estimated
Past or projected performance is no
indication of future results. Financial indices are used for
illustrative purposes only and are provided for the purpose of
making a comparison to general market data as a point of reference
and should not be construed as a true comparison to the
strategy.
The information herein is being
provided solely in connection with this press release and is not
intended to be, nor should it be construed or used as, investment,
tax or legal advice, any recommendation or opinion regarding the
appropriateness or suitability of any investment or strategy, or an
offer to sell, or a solicitation of an offer to buy, an interest in
any security, including an interest in any fund or pool described
herein.
About Man Group
Man Group is a global alternative investment
management firm focused on pursuing outperformance for
sophisticated clients via our Systematic, Discretionary and
Solutions offerings. Powered by talent and advanced technology, our
single and multi-manager investment strategies are underpinned by
deep research and span public and private markets, across all major
asset classes, with a significant focus on alternatives. Man Group
takes a partnership approach to working with clients, establishing
deep connections and creating tailored solutions to meet their
investment goals and those of the millions of retirees and savers
they represent.
Headquartered in London, we manage
$174.927 billion and operate
across multiple offices globally. Man Group plc is listed on the
London Stock Exchange under the ticker EMG.LN and is a constituent
of the FTSE 250 Index. Further information can be found at
www.man.com.
Important information
The content of the websites referred
to in this announcement is not incorporated into and does not form
part of this announcement. Nothing in this announcement should be
construed as or is intended to be a solicitation for or an offer to
provide investment advisory services or to invest in any investment
products mentioned herein.
Enquiries
Karan Shirgaokar
Head of Investor
Relations
+44 20 7144 1434
investor.relations@man.com
Georgiana Brunner
Head of Communications
+44 20 7144 1000
communications@man.com
Neil Doyle
FTI Consulting
+44 77 7197 8220
man@fticonsulting.com
Notes
1
Includes the impact of foreign currency exchange rate fluctuations,
performance-linked leverage movements, distributions and
realisations (proceeds from maturities or disposals) across real
estate and US direct lending strategies, and capital returned to
investors from CLO strategies.
2
Includes AHL Institutional Solutions, which invests into a range of
AHL strategies including AHL Alpha, AHL Dimension and AHL
Evolution, as well as other absolute return strategies.
3
Includes AHL other, Numeric absolute return and Discretionary
credit absolute return strategies.
4
Includes other equity and multi-asset strategies.
5
Represented by AHL Alpha plc from 17 October 1995 to 30 September
2012, and by AHL Strategies PCC Limited: Class Y AHL Alpha USD
Shares from 1 October 2012 to 30 September 2013. The representative
product was changed at the end of September 2012 due to the
provisioning of fund liquidation costs in October 2012 for AHL
Alpha plc, which resulted in a tracking error compared with other
Alpha Programme funds. Both funds are valued weekly; however, for
comparative purposes, statistics have been calculated using the
best quality price that is available at each calendar month end,
using estimates where a final price is unavailable. Where a price,
either estimate or final is unavailable on a calendar month end,
the price on the closest date prior to the calendar month end has
been used. Both track records have been adjusted to reflect the fee
structure of AHL Alpha (Cayman) Limited - USD Shares. From 30
September 2013, the actual performance of AHL Alpha (Cayman)
Limited - USD Shares is displayed.
6
Represented by AHL Strategies PCC Limited: Class B AHL Dimension
USD Shares from 3 July 2006 to 31 May 2014, and by AHL Dimension
(Cayman) Ltd - F USD Shares Class from 1 June 2014 until 28
February 2015 when AHL Dimension (Cayman) Ltd - A USD Shares Class
is used. Representative fees of 1.5% Management Fee and 20%
Performance Fee have been applied.
7
Represented by AHL Evolution Limited adjusted for the fee structure
(2% p.a. management fee and 20% performance fee) from September
2005 to 31 October 2006; and by AHL Strategies PCC: Class G AHL
Evolution USD from 1 November 2006 to 30 November 2011; and by the
performance track record of AHL Investment Strategies SPC: Class E
AHL Evolution USD Notes from 1 December 2011 to 30 November 2012.
From 1 December 2012, the track record of AHL (Cayman) SPC: Class
A1 Evolution USD Shares has been shown. All returns shown are net
of fees.
8
Represented by Man AHL Diversified plc from 26 March 1996 to 29
October 2012, and by Man AHL Diversified (Guernsey) USD Shares -
Class A from 30 October 2012 to date. The representative product
was changed at the end of October 2012 due to legal and/or
regulatory restrictions on Man AHL Diversified plc preventing the
product from accessing the Programme's revised target allocations.
Both funds are valued weekly; however, for comparative purposes,
statistics have been calculated using the best quality price that
is available at each calendar month end, using estimates where a
final price is unavailable. Where a price, either estimate or final
is unavailable on a calendar month end, the price on the closest
date prior to the calendar month end has been used.
9
Represented by Man GLG Alpha Select Alternative IL GBP; AUM
included within Discretionary equity under the absolute return
product category.
10
Represented by Man GLG Event Driven Alternative IN USD; AUM
included within Discretionary equity under the absolute return
product category.
11
Represented by GLG Market Neutral Fund - Class Z Restricted - USD
until 31 August 2007. From 1 September 2007, Man GLG Global Credit
Multi Strategy CL IL XX USD Unrestricted; AUM included within Other
under the absolute return product category.
12
Represented by Man Strategies 1783 Class F1 USD until 31st December
2021. From the 1st of January 2022 Man Strategies 1783 Class A USD;
AUM included within the corresponding product category.
13
Represented by Man AHL TargetRisk Class I USD.
14
Represented by Man Alternative Risk Premia SP - Class A
USD.
15
Represented by Man GLG Global Emerging Markets Debt Total Return
Class I USD; AUM included within Emerging markets fixed income
under the total return product category.
16
Represented by FRM Diversified II Fund SPC - Class A USD ('the
fund') until April 2018 then Class A JPY hedged to USD thereafter.
However, prior to Jan 2004, FRM has created the FRM Diversified II
pro forma using the following methodology: i) for the period Jan
1998 to Dec 2003, by using the returns of Absolute Alpha Fund PCC
Limited - Diversified Series Share Cell ('AA Diversified - USD')
adjusted for fees and/or currency, where applicable. For the period
Jan 2004 to Feb 2004, the returns of the fund's master portfolio
have been used, adjusted for fees and/or currency, where
applicable. Post Feb 2004, the fund's actual performance has been
used, which may differ from the calculated performance of the track
record. There have been occasions where the 12-months' performance
to date of FRM Diversified II has differed materially from that of
AA Diversified. Strategy and holdings data relates to the
composition of the master portfolio; AUM included within
Diversified and thematic FoHF under the multi-manager solutions
product category.
17
Performance relative to the MSCI World. This reference index is
intended to best represent the strategy's universe. Investors may
choose to compare returns for their accounts to different reference
indices, resulting in differences in relative return information.
Comparison to an index is for informational purposes only, as the
holdings of an account managed by Numeric will differ from the
securities which comprise the index and may have greater volatility
than the holdings of an index.
18
Performance relative to the MSCI Europe (EUR). This reference index
is intended to best represent the strategy's universe. Investors
may choose to compare returns for their accounts to different
reference indices, resulting in differences in relative return
information. Comparison to an index is for informational purposes
only, as the holdings of an account managed by Numeric will differ
from the securities which comprise the index and may have greater
volatility than the holdings of an index; AUM included within
International equity under the systematic long-only product
category.
19
Performance relative to MSCI Emerging Markets. This reference index
is intended to best represent the strategy's universe. Investors
may choose to compare returns for their accounts to different
reference indices, resulting in differences in relative return
information. Comparison to an index is for informational purposes
only, as the holdings of an account managed by Numeric will differ
from the securities which comprise the index and may have greater
volatility than the holdings of an index.
20
Represented by Man GLG Continental European Growth Fund Class C
Accumulation Shares. Relative return shown vs FTSE World Europe Ex
UK (GBP, GDTR); AUM included within Europe ex-UK equity under the
discretionary long-only product category.
21
Represented by Man GLG Japan CoreAlpha Fund - Class C converted to
JPY until 28 January 2010. From 1 February 2010 Man GLG Japan
CoreAlpha Equity Fund - Class I JPY is displayed. Relative return
shown vs TOPIX (JPY, GDTR); AUM included within Japan equity under
the discretionary long-only product category.
22
Represented by Man GLG Undervalued Assets Fund - C Accumulation
Shares. Relative return shown vs FTSE All Share (GBP, NDTR); AUM
included within UK equity under the discretionary long-only product
category.
23
Represented by Man GLG High Yield Opportunities I EUR. Relative
return is shown vs ICE BofA Global High Yield Index (EUR, TR)
Hedged benchmark; AUM included within Credit and convertibles under
the discretionary long-only product category.
24
Represented by Man GLG Global Investment Grade Opportunities I USD.
Relative return is shown vs ICE BofA Global Large Cap Corporate
Index (USD, TR) Hedged; AUM included within Credit and convertibles
under the discretionary long-only product category.
25 HFRI and
HFRX index performance over the past 4 months is subject to
change.
26 The
historical Barclay BTOP 50 Index data is subject to
change.
27
As at 30 September 2024. All investment management
and advisory services are offered through Man Group affiliated
regulated investment managers.