We have added Man GLG High Yield Opportunities to the service as a Recommended fund.

Fund Snapshot

A long-biased, unconstrained global high yield bond fund that is managed with a “go anywhere” mindset.  The approach is based upon rigorous credit research to identify mispriced opportunities in any high yield market, regardless of the benchmark.  Within its sector, the fund features in our ‘Global High Yield, Flexible’ category.

Fund Description – Key Points

• This Recommended fund is managed by Mike Scott, Head of High Yield and Credit Opportunities.  Mr Scott is a passionate and experienced high yield bond manager.  He managed a retail-focused high yield bond fund before joining Man GLG in 2018 to launch this fund.
• Mr Scott has built a small, but experienced team of high yield fixed income specialists that includes dedicated analysts.  They have established a robust and repeatable process that is marked out by the depth of credit research and the resources available to the team at Man GLG.
• The team believes that credit markets are inefficient, and that rigorous credit analysis is the key to uncovering value and delivering attractive risk-adjusted returns.  They look past the big benchmark issuers and focus on smaller names where robust proprietary research can bring the greatest rewards.
• The fund incorporates the team’s highest conviction ideas, typically featuring 60-80 holdings.  The fund is subjected to the firm’s risk oversight, which is conducted independently of the portfolio managers.

Characteristics and Utility

• This is a high conviction, “go anywhere” global high yield bond fund.   The team invests where they see value, regardless of the structure of formal benchmarks.  The ability to express negative views on individual names or on the market within the fund is a differentiating feature.
• Credit selection is expected to be the main driver of returns.  Over the course of an economic cycle, they invest in performing, stressed and distressed names, according to their value perspectives and their assessment of a company’s response to secular trends.
• The team seeks to strike a balance between their expressions of conviction in the portfolio and appropriate diversification.  They do not lose sight of their stated aim to deliver attractive risk-adjusted returns over different market conditions.  That said, volatility is tolerated at times when they believe they are compensated for taking on more risk.
• The fund is suited to investors seeking dynamic and value-driven exposure to global high yield bond markets, managed without the constraints of an index.

To view our full factsheet, please visit the fund page.