GLG Partners, a UK-based privately owned hedge fund sponsor, has launched undervalued assets fund.
The fund will be managed by Henry Dixon, who, along with assistant fund manager Jack Barrat and analyst Alice Sharp, joined GLG recently from Matterley.
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Seeded with £40 million of capital, the fund will invest predominantly in UK equities which the manager considers to be undervalued relative to their asset base and to their returns on capital.
Domiciled in the UK, the fund will comprise between 40 and 60 stocks with a minimum position size of 0.5% and a maximum of 5% or twice the index weight. Sector weights are limited to an absolute sector limit of 25%, and are determined by upside, liquidity and volatility.
The portfolio may include European stocks, although these will only be included if they are materially cheaper than their UK peers and will be limited to a maximum of 20% of the portfolio. The annual management charge is 0.75%.
Richard Phillips, head of UK retail at Man, said: "Dixon’s track record in managing the Matterley fund is extremely strong and we are pleased to offer a new portfolio which will implement the same process and approach that Dixon and his team have put to such good effect since 2008."
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