© Man 2016
This document is intended for information purposes only for Man Group plc
shareholders and is not an invitation or inducement to invest in any
investment products mentioned herein
Analyst Presentation
October 2016
Disclaimer and important information
This document is not intended to, and does not constitute, or form part of, an offer to sell or an invitation to purchase or subscribe for any securities, or a solicitation of any
vote or approval in any jurisdiction. No representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document is
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respective officers, employees, agents or advisers in relation to it or any other information made available in connection with the document.
Certain statements in this document are or may be forward-looking statements with respect to financial condition, results of operations or businesses. By their nature,
forward-looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or
implied by the forward-looking statements. These risks, uncertainties or assumptions could adversely affect the outcome and financial effects of the plans and events
described herein. Forward-looking statements contained within these presentation materials regarding past trends or activities should not be taken as a representation
that such trends or activities will continue in the future. Undue reliance should not be place on forward-looking statements, which speak only as of the date of this
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www.man.com
2
© Man 2016
Financial results for the half year ended 30 June 2016
1. Introduction
Headlines

Reasonable investment performance given turbulent market conditions for the global investment management industry
–
Range of returns across AHL’s strategies with good relative performance
–
Mixed performance at GLG, FRM and Numeric

Net inflows of $1.0 billion in the period, with strong inflows into quant alternative and quant long only strategies

Funds under management of $76.4 billion with negative investment performance and other movements, partially offset by net
inflows and positive FX movements

Adjusted profit before tax of $98 million (H1 2015 $280 million), due to lower performance fees

Proposed interim dividend of 4.5 cents per share (3.43 pence per share)
4
© Man 2016
Financial results for the half year ended 30 June 2016
2. Financials
Funds under management
FUM down 3% driven by negative investment performance and other movements, partially offset by net inflows
and FX
FUM movement and quarterly flows ($bn)
8.0
 Flows continue to be lumpy in nature
 Sales of $9.8bn included $3.9bn of mandates over $100 million
with:
− $1.6bn for AHL, including $0.6bn for AHL’s Institutional
Solutions business
− $0.7bn of FRM managed account mandates
− $0.4bn into Numeric strategies
 Sales of $9.8bn include $4.6bn from EMEA (47%), $3.2bn from
the Americas (33%), and $2.0bn from Asia Pacific (20%)
6.0
4.0
2.0
0.0
Q1
Q2
(2.0)
0.5
0.5
(4.0)
(6.0)
Sales Under $100m
Sales Over $100m
Redemptions Under $100m
Redemptions Over $100m
Net flow per quarter
(2.2)
9.8
0.3
((1.4))
(8.8)
78.7
1 January 2016
FUM
© Man 2016
76.4
Sales
Redemptions
Investment
movement
FX movement
Other
30 June 2016
FUM
6
Management fee margins
Continued reduction in group margin due to business mix shifts
Margin trends in each product category:
• Quant alternatives: margin reduction due to mix shift from retail to institutional assets
• Discretionary alternatives: margins reasonably stable
• Fund of fund alternatives: margin reduction due to mix shift from traditional fund of fund assets to larger infrastructure managed account
mandates
• Quant and discretionary long only: margins reasonably stable
• Guaranteed products: decrease in net margin due to maturity of higher margin products; FUM is only $0.6bn at 30 June 2016
© Man 2016
7
Net revenues
Net revenues 38% lower due to lower performance fees and lower net management fees due
to lower average FUM and margins
Six months ended
30 June 2016
($m)
Six months ended
30 June 2015
($m)
Year ended
31 December 2015
($m)
% change
vs. H1
2015
Gross management and other fees
381
425
833
-10%
External distribution costs
(34)
(35)
(77)
-3%
- Servicing fees
(32)
(33)
(74)
-3%
(2)
(2)
(3)
0%
-
3
3
-100%
347
393
759
-12%
40
200
302
-80%
35
162
218
-78%
- Numeric
2
13
40
-85%
- GLG
1
18
37
-94%
- FRM
2
7
7
-71%
2
31
24
-94%
389
624
1,085
-38%
- Placement fees
Share of after tax profit of associates
Net management fee revenues
Performance fees
- AHL
Gains on investments
Net revenues
8
© Man 2016
Costs
Costs 15% lower reflecting lower variable compensation costs due to lower performance and management fee
revenue
Six months ended
30 June 2016
($m)
Six months ended
30 June 2015
($m)
186
231
462
-19%
- Fixed
91
86
177
6%
- Variable
95
145
285
-34%
- Management fee related1
65
90
174
-28%
- Performance fee related
30
55
111
-45%
Other costs
83
89
177
-7%
- Cash costs
76
79
161
-4%
7
10
16
-30%
17
16
32
6%
286
336
671
-15%
Compensation
- Depreciation and amortisation
Asset servicing
Total costs
Year ended
31 December 2015
% change
($m) vs. H1 2015
9
© Man 2016
1
Includes internal commissions.
Earnings
Adjusted profit before tax down 65%, principally due to lower performance fee revenue partially offset by
lower compensation costs
Six months ended
30 June 2016
($)
Net revenues
Six months ended
30 June 2015
($)
Year ended
31 December 2015
($)
% change
vs. H1 2015
389m
624m
1,085m
-38%
(286)m
(336)m
(671)m
-15%
Net finance expense
(5)m
(8)m
(14)m
-38%
Adjusted profit before tax
98m
280m
400m
-65%
- Adjusted net management fee PBT
90m
108m
194m
-17%
- Adjusted net performance fee PBT
8m
172m
206m
-95%
(43)m
(117)m
(216)m
-63%
Statutory profit before tax
55m
163m
184m
-66%
Tax rate on adjusted profits
15%
14%
10%
Adjusted diluted EPS
4.9 cents
13.9 cents
21.1 cents
-65%
Adjusted net management fee EPS
4.5 cents
5.4 cents
10.2 cents
-17%
Statutory diluted EPS
2.9 cents
7.5 cents
10.0 cents
-61%
Total costs
Adjusting items
10
© Man 2016
Capital management and liquidity
Surplus capital of $470 million after adjusting for the interim dividend and H1 2016 profits
Pension
asset & other
investments
$140m
Investment
in associates
$29m
Fixed assets
$44m
Cash and
cash
equivalents
$434m
Seed
investments
$490m

Balance sheet remains strong and liquid with net tangible
assets of around $700 million or 42 cents per share

Seed capital and loans to funds at 30 June 2016 of $514
million1 (out of seeding programme of up to $700 million)

Group’s credit rating by Fitch maintained as BBB+ in June 2016

Current undrawn revolving credit facility of $1 billion now
extended to 2021

Surplus capital at 30 June 2016 of $479 million

Surplus capital of $470 million after adjusting for the interim
dividend and H1 2016 profits, and other reserve movements
Fees and
receivables
$326m
Loans to
funds $24m
51% Liquid
assets
11
© Man 2016
1
$208m of investments in fund products, loans to funds of $24m, plus investments in products held for sale $107m, plus $252m of investments consolidated due to proportion of funds held by Man, less $77m of fund
products held to hedge deferred compensation obligations.
Financial results for the half year ended 30 June 2016
3. Progress against key priorities
Performance and growth: AHL
Good performance during a challenging period; growth in FUM from strong institutional flows


Good relative performance for AHL’s range of strategies:
− Strong gains in January/February (long fixed income and
short commodity positions)
− Gains were given back in March to June (short positions
in equities and agricultural commodities)
− AHL positioned well for post-Brexit volatility, with long
fixed income and gold positions
Strong institutional flows into Alpha ($0.4bn) and Dimension
($0.4bn). Retail flows into lower margin US 40-Act strategy
($0.4bn) and Diversified ($0.3bn)

Launch of Institutional Solutions, offering bespoke mandates for
clients (c.$0.8bn of FUM at 30 June 2016)

Chinese business progressing, with assets doubling in the
period, to $200m

New research and strategies: launch of multi Portfolio Manager
quant platform; focus on machine learning research at Oxford
Man Institute; Evolution Frontier progressing well
AHL’s main programmes
Year to date to 30 June 2016
5.4%1
Evolution
0.6%2
Alpha
Dimension
Diversified
0.1%3
-0.9%4
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
There is no guarantee of trading performance and past or projected performance is not a reliable indicator of future performance. Returns may increase or decrease as a result of currency fluctuations. All returns are stated net of fees. 1. Represented AHL (Cayman) SPC: Class A1
Evolution USD Shares 2. Represented AHL Alpha (Cayman) Limited - USD Shares. 3. Represented by AHL Dimension (Cayman) Ltd - F USD Shares Class. 4. Represented by Man AHL Diversified (Guernsey) USD Shares – Class A from 30 October 2012 to date. The fund is
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..
© Man 2016
13
Source: Man database.
Performance and growth: Numeric
Challenging market environment for Numeric strategies in the first half; good inflows from
institutional client base



Mixed performance across Numeric’s range of strategies
− Asset weighted performance relative to benchmarks
(net of fees) of -2.1%1 for H1 2016
− Strong performance from Emerging Markets Core of
7.2% (outperformance of 0.8%)
− Weaker performance from Global Core and US Large
Cap Core and Alternative Market Neutral
Strategies have strong three year track records
− Three year annualised asset weighted
outperformance relative to benchmarks (net of fees) of
2.3%1
Launch of Emerging Markets Core strategy in Q1 2016 with
good inflows of $200 million, now nearing capacity; launch of
US Amplified Core strategy on 1 July
Assets managed by Numeric
22
$19.7bn
20
$18.4bn
18
$19.0bn
$16.7bn
16
US
14
Emerging Markets
12
Global
10
Alternatives
8
6
4
2
0
Dec-14
Jun-15
Dec-15
Jun-16
14
1 Numeric’s net asset weighted alpha is calculated using the asset weighted average of the performance relative to the benchmark for all strategy composites available net of the highest management fees and, as applicable, performance fees that can be
charged.
© Man 2016
Performance and growth: GLG
Weaker absolute performance and net outflows for the period; launch of new EM strategies
Strategy
GLG
Alternatives
$14.9bn
Assets at Assets at
30 Jun ’16 31 Dec ’15
Strategy
launched
Perf. since
inception
Equities
$5.5bn
$5.7bn
Credit & Convertibles
$4.0bn
$4.6bn
CLOs
$4.6bn
$5.1bn
•
$0.5bn matured/redeemed in the period
Multi-strategy
$0.8bn
$0.9bn
•
Mixed track record
•
Euro Mid-Cap performing very well and seeing
net inflows
Majority of assets in US Distressed strategy is
seed money
New strategies
GLG
Long Only
$11.1bn
Commentary
• Good performance in 2015, difficult H1 for equity
market neutral strategies
• Strong since inception performance, H1 outflows
concentrated in convertibles
•
Euro Mid-cap Equity
$236m
$137m
Apr-15
7.7%1
•
US Distressed
$252m
$282m
Jul-15
-5.0%2
Japan equity
$5.9bn
$8.6bn
Europe equity
$0.8bn
$0.7bn
UK equity
$0.8bn
$0.8bn
Credit
$1.6bn
$1.7bn
Other equity
$2.0bn
$2.4bn
•
•
Weak H1 2016. Strong long term track record
•
Strong track record and raising money in
Continental Europe. Longer term track record
good across other strategies
Weak H1 2016. Strong long term track record.
Raising assets in Undervalued Assets
After a weak 2015, performance has picked up
again in 2016. Longer term performance good
•
•
•
Potential to grow newer strategies
•
Performance since inception strong for
Unconstrained EM Equity. EM Debt strategies
launched during May/June
New strategies
•
Unconstrained EM Equity
$46m
$43m
Sept-15
6.8%3
•
EM Debt Total Return
$106m
n/a
May-16
1.3%4
•
EM Debt Local Currency
$141m
n/a
Jun-16
3.2%5
•
EM Debt Hard Currency
$21m
n/a
Jun-16
6.4%6
There is no guarantee of trading performance and past or projected performance is not a reliable indicator of future performance. Returns may increase or decrease as a result of currency fluctuations. All returns are stated net of fees. 1. Represented by Man GLG European MidCap Equity Alternative IN H USD 2. Represented by Man GLG Select Opportunities LP Class FN USD UNRES. 3. Represented by Man GLG Unconstrained Emerging Equity Class IF C EUR until 08/09/2015 then by Class IF C USD 4. Represented by Man GLG Global Emerging
Markets Debt Total Return Class I USD Shares 5. Represented by Man GLG Global Emerging Markets Local Currency Rates Class I C USD 6. Represented by Man GLG Global Emerging Markets Bond Class I C USD.
© Man 2016
15
Performance and growth: FRM
Mixed performance across the fund of funds product range; strong growth in infrastructure
mandate assets




Mixed absolute and relative performance for the period
− FRM Div II (-4.8 %) vs HFRX FOF Conservative
index (-1.6%)
Assets managed by FRM
14
$12.3bn
Strong growth and pipeline for managed accounts
platform:
− $2.5 billion received in Q4 2015/Q1 2016 for large
US state pension plan mandate
− $300 million received in H1 2016 for institutional
mandate won in late 2014 for around $1 billion
− Additional institutional mandate awarded in H1
2016 for around $750 million for an existing client
Net outflows from traditional fund of funds, particularly in
Japan
Well positioned as a solutions provider, providing
bespoke mandates for institutional clients
12
$11.3bn
$11.9bn
$11.3bn
10
Guaranteed
Thematic FoHF 1
8
Diversified FoHF1
6
Segregated
Infrastructure and
direct access
4
2
0
Dec-14
Jun-15
Dec-15
Jun-16
16
1 Refer to slide 30 for a split of the strategies within Diversified FoHF and Thematic FoHF.
© Man 2016
Distribution
EMEA remains our largest market; greater share of sales from US
EMEA
53% of FUM
47% of Sales
Americas
27% of FUM
33% of Sales
Asia Pacific
20% of FUM
20% of Sales
 $4.6 billion or 47% of gross sales in H1 2016
 Stable business with sovereign wealth clients in Middle East despite challenges arising from oil price volatility (currently
account for 10% of total FUM)
 Successful launch of GLG EM strategies with around $200m raised at the end of H1 2016
 UK accounts for 17% of FUM or $13 billion
 Opportunities:
− UK – local authorities
− Middle East – sovereign wealth
− Continental Europe – good institutional pipeline for AHL, Numeric and GLG EM Debt
 $3.2 billion or 33% of gross sales in H1 2016
 Strong growth in sales (H2 2014: $1.2 billion, H1 2015: $2.2 billion, H2 2015: $2.8 billion, H1 2016: $3.2 billion)
 Added 15 new institutional client relationships during the period and a number of existing clients made investments into
new strategies
 Strong inflows for AHL during the period
 Large inflows info FRM infrastructure mandates
 Opportunities:
− Institutional - strong pipeline, mainly AHL focussed
− Wealth - good opportunities with 40-Act strategies, AHL, Numeric and GLG EM Debt




$2.0 billion or 20% of gross sales in H1 2016
Strong sales for AHL, contributing 60% of gross flows for the region
Sales of $1.0 billion for Australia
Opportunities:
− Australia – superannuation funds and public investment corporations
− Japan – continuation of strong partnership with SMTB
− Asia (ex-Japan) – some prospects for China with launch of two new onshore funds and institutional interest for
AHL
© Man 2016
17
Costs, balance sheet management, and business development
Costs
 Remain disciplined on costs after
achieving $270 million of cost savings
over past 3 years
 Our focus remains on efficiency and
ensuring that our cost base enables us
to address both opportunities and risks
appropriately
 The GBP weakening will be a benefit
for us in 2017 as 60% of our fixed costs
are in GBP with a current hedged rate
of 1.41 for 2017 (for 3 quarters)
© Man 2016
Balance Sheet and Capital
 Strong surplus capital at $470m
 Revolving credit facility of $1bn is
undrawn and available, now extended
until 2021
 Management of seeding book up to
c.$700m, within set VaR limits
Business Development and M&A
 Remain patient on M&A opportunities
as competitive behaviour remains
aggressive
 Launch of private markets business is a
key focus to broaden our product
offering
 Continued focus on organic growth and
further diversification across the
business
18
Brexit
Potential impact on our business and key risks
Area
Risk
Comments
Funds under
management

Uncertainty weighs on investor
sentiment and impacts flows
Volatility in markets impacts
investment performance



We have a diversified product range with a strong global client
base
Post Brexit volatility benefitted AHL
Regulations

Challenge responding to regulatory
developments

Regulatory presence in 18 different jurisdictions and
experienced in responding to regulatory change
Distribution

Changes to legislation that
adversely impact or limit funds that
can be distributed across Europe

Majority of our fund sales into Continental Europe are in UCITs
format domiciled in Ireland and Luxembourg. Under current
legislation, these should be unaffected
Foreign
exchange

Sterling continues to weaken
against the US Dollar

We earn profits in US Dollars, with majority of revenue in USD
and around 10% of management fee revenue in GBP
We have higher Sterling costs in comparison to revenue, so
any continued weakness in the Sterling will be a net benefit for
us from 2017 onwards
Dividend will increase in Sterling terms


People

Adverse changes to the rights of
EU nationals to work in the UK

We have an international mix of employees in our London
offices
19
© Man 2016
Conclusion and outlook
Cautious in our outlook given the volatility of markets and uncertainty
Generating
Superior Risk
Adjusted
Returns for
Our Clients
Hiring or
Acquiring the
Best
Investment
Talent
Operating and
Allocating
Capital
Efficiently
Ensuring
Effectiveness
of Our
Distribution
20
© Man 2016
Q&A
Appendix
FUM
pages 23-33
P&L
pages 34-43
Cash flow
pages 44-45
Balance Sheet
pages 46-49
Funds under management as at 30 June 2016
FUM by Manager
FUM by Product
FUM by Client Type
FUM by Client Domicile
$0.6bn
1%
$19.7bn
26%
FuM
breakdown
$76.4bn
$20.5bn
27%
$30.1bn
39%
$11.9bn
15%
AHL
Sales
breakdown
$9.8bn
$15.5bn
20%
$17.3bn
23%
$18.8bn
25%
$1.5bn
15%
GLG
$45.7bn
60%
$59.1bn
77%
$26.0bn
34%
FRM
Numeric
Alternative
Long only
Guaranteed
Inst.
Retail
$40.4bn
53%
Asia
EMEA
$1.2bn
12%
$3.6bn
37%
$2.0bn
20%
$3.5bn
36%
$3.8bn
39%
$6.0bn
61%
$3.2bn
33%
$6.3bn
64%
$4.6bn
47%
$3.5bn
36%
AHL
GLG
FRM
Numeric
Alternative
Guaranteed
Inst.
Retail
Asia
$0.2bn
2%
$0.9bn $1.3bn
10%
15%
$1.1bn
13%
Redemptions
breakdown
$8.8bn
Long only
$4.5bn
51%
$4.6bn
52%
GLG
FRM
Americas
$1.3bn
15%
$4.2bn
48%
$6.3bn
71%
$5.5bn
63%
AHL
EMEA
$1.2bn
14%
$4.1bn
47%
Americas
Numeric
Alternative
Long only
Guaranteed
Inst.
Retail
Asia
EMEA
Americas
23
© Man 2016
FUM movements by product
1 January 2016 to 30 June 2016
FUM at 31
December
2015
Sales
Redemptions
Net inflows /
(outflows)
Investment
movement
FX
Other
FUM at 30
June 2016
Quant (AHL/Numeric)
16.4
3.6
(1.1)
2.5
-
0.2
(0.1)
19.0
Discretionary (GLG)
16.3
0.9
(1.9)
(1.0)
(0.4)
0.1
(0.1)
14.9
Fund of Fund (FRM)
11.9
1.5
(1.1)
0.4
(0.1)
0.4
(0.8)
11.8
Alternative Total
44.6
6.0
(4.1)
1.9
(0.5)
0.7
(1.0)
45.7
Quant (AHL/Numeric)
18.6
1.2
(0.9)
0.3
-
-
0.1
19.0
Discretionary (GLG)
14.2
2.6
(3.6)
(1.0)
(1.7)
(0.4)
-
11.1
Long Only Total
32.8
3.8
(4.5)
(0.7)
(1.7)
(0.4)
0.1
30.1
Guaranteed Total
1.3
-
(0.2)
(0.2)
-
-
(0.5)
0.6
Grand Total
78.7
9.8
(8.8)
1.0
(2.2)
0.3
(1.4)
76.4
$bn
Alternative
Long Only
© Man 2016
24
FUM by product and manager
As at 30 June 2016
Quant
AHL
Quant
Numeric
Fund of Fund
FRM
Discretionary
GLG
Total
Alternative
17.5
1.5
11.8
14.9
45.7
Long only
0.8
18.2
-
11.1
30.1
Total excluding
Guaranteed
18.3
19.7
11.8
26.0
75.8
Guaranteed
0.5
-
0.1
-
0.6
Total
18.8
19.7
11.9
26.0
76.4
$bn
25
© Man 2016
Breakdown of AHL
Trend Following
Strategy
Managed
Futures
($10.9bn)
Non-trend following
Long Only
($0.8bn)
Institutional
Solutions
($0.8bn)
Total AHL
Reference fund/
Bloomberg ticker, Update frequency1
4.0
Man AHL Diversified (Guernsey)
MAHLDGD GU, Daily
•
•
•
Single-style systematic
Trend following
14% volatility target
AHL Alpha
4.0
AHL Alpha Cayman Ltd
MANALCY KY, Daily (T+2)
•
•
•
Single-style systematic
Trend following
10% volatility target
AHL Evolution
2.9
Man AHL Evolution
AHLA1EU KY, Monthly
•
•
•
Single-style systematic
Trend following on OTC markets
14% volatility target
4.5
AHL Dimension Cayman Ltd
AHLDIMF KY, Monthly
•
•
•
Multi-strategy systematic
Balanced allocation
10% target volatility
•
•
•
•
•
Currency, 12.5%/25% volatility target
Directional equities, 10% volatility target
Volatility, 7% volatility target
Multi-strategy, 8% volatility target
Target risk, 10% volatility target
•
•
Alpha capture
Systematic with 2-5% target alpha and
beta close to 1
AHL Currency
AHL Directional Equities (Nov 14)
AHL Volatility (Nov 14)
AHL Multi-strategy (Nov 14)
AHL Target Risk (Dec 14)
Tailprotect
1.8
Europe Plus
Continental Europe Plus
Asia Plus
0.8
Man GLG Europe Plus Source ETF
MPFE LN, Daily
0.8
18.8
© Man 2016
1
Comment
AHL Diversified (Including Guaranteed)
Multi-strategy
AHL Dimension
($4.5bn)
Sector based
($1.8bn)
FUM at
30 June
2016
($bn)
This is the update frequency for the reference fund on Bloomberg, however it is not indicative of the dealing frequency of the total FUM for this category.
Source: Man database.
26
Breakdown of Numeric
Strategy
Alternatives
($1.5bn)
Market Neutral
FUM at
30 June
2016
($bn)
1.5
Selected strategies/
Relevant Benchmark
Alternative Market Neutral
ML 91 day T-bill
Comment
•
Assets are spread relatively evenly between US, World,
Alternative and Absolute Return Market Neutral strategies
•
Around 75% of assets were in Global equities and around 15%
were in European equities
•
The majority of assets in Emerging Markets Core
•
Core and All Cap Core accounted for over 60% of US Large
Cap assets
•
Assets split broadly evenly between Small Cap Value, Small
Cap Core and Small Cap Growth
Global Core
MSCI World
Global
10.2
European Core
MSCI Europe
Japan Core
MSCI Japan
Emerging Markets
2.8
Emerging Markets Core
MSCI Emerging Markets
Core
Russell 1000
Long Only
($18.2bn)
US Large Cap
3.3
Value
Russell 1000 Value
Large Cap Core
S&P 500
Small Cap Core
Russell 2000
US Small Cap
1.9
Small Cap Value
Russell 2000 Value
SMID Growth
Russell 2500 Growth
Small Cap Growth
Russell 2000 Growth
Total Numeric
19.7
27
© Man 2016
Source: Man database.
Breakdown of GLG Alternatives
FUM at
30 June 2016
($bn)
Strategy
Europe
Equities
($5.5bn)
Alternative
($14.9bn)
Credit and
Convertibles
($8.6bn)
Multi-strategy
($0.8bn)
Total
3.8
Reference fund(s)/
Bloomberg ticker, Update frequency1
GLG European Equity Alternative UCITS Fund
GLGGEEC ID EQUITY, Daily
GLG European Alpha Alternative UCITS Fund
GPURALC ID Euro, Daily
North America
1.1
n/a
UK
0.2
GLG Alpha Select UCITS fund
GLGASLC ID Euro, Daily
Other
0.4
GLG Global Equity Alternative UCITS Fund
GLGGEHE ID, Monthly
GLG Global Convertible UCITS Fund
GLGGFNA ID, Daily
Convertibles
3.5
Market Neutral
0.5
GLG Market Neutral Fund
GLGUMNA KY EQUITY, Monthly
CLO
4.6
n/a
Multi-strategy
0.8
Man GLG Multi-Strategy Fund Class G – USD Shares
n/a
GLG European Distressed Fund
GLGDISA KY EQUITY, Monthly
14.9
© Man 2016
28
1 This
is the update frequency for the reference fund on Bloomberg, however it is not indicative of the dealing frequency of the total FUM for this category.
Source: Man database.
GLG Long Only
FUM at
30 June 2016
($bn)
Strategy
0.8
European Equity
Continental Europe
0.8
GLG European Equity Class I H USD
GLEEIHU ID
Japan CoreAlpha
5.9
GLG Japan CoreAlpha Equity UCITS Fund - JPY
GLAAXYN ID EQUITY, Daily
Global
Global Equity
2.0
GLG Global Equity Fund Class I USD
GLGPFFR ID
Credit
Strategic Bond
Corporate Bond
ABS Fund
1.5
GLG Strategic Bond Fund Class A – Retail Accumulation
GLGSTBA LN, Monthly
Global Convertibles
0.1
GLG Global Convertible UCITS IL USD
GLGCUFR ID
Europe
International
Long Only
($11.1bn)
Fixed Income
/ Other
($1.6bn)
Convertibles
Total
GLG Undervalued Assets Fund Class C Accumulation shares
GLUVAPC LN, Monthly
UK Select
UK Undervalued Assets
UK Income
UK
Equities
($9.5bn)
Reference fund(s)
Bloomberg ticker, frequency
GLG UK Income Fund Class A Accumulation Shares
SGUKIAA LN, Daily
11.1
29
© Man 2016
Breakdown of FRM
FUM at
30 June 2016
($bn)
Strategy
Diversified FoHFs
($3.9bn)
Thematic FoHFs
($0.8bn)
Segregated Funds
($3.0bn)
Direct Access and
Infrastructure MACs
($4.1bn)
Guaranteed
($0.1bn)
Total FRM
Reference fund/
Bloomberg Ticker
FRM Diversified II Fund SPC - Class A USD
FRMDUSD KY
FRM Diversified
2.6
Man FRM Alternative Multi-Strategy
0.7
Pine Grove
0.6
Man FRM Managed Futures Strategies
0.4
FRM Sigma
0.2
Man FRM Global Macro Strategies
0.1
Man FRM Event Equity and Distressed Strategies
0.1
Various
3.0
n/a
Direct Access
0.3
n/a
Infrastructure
3.8
Various
0.1
n/a
11.9
30
© Man 2016
Source: Man database.
Guaranteed products – guidance on key drivers of FUM
Flow drivers
Performance drivers
 Sales likely to remain negligible
 Key driver is AHL performance
 Redemptions steady in absolute terms running at around
$100m to $200m per quarter
 Rebalance period is mid-month to mid-month
 Products offer monthly liquidity with redemption penalties in
the first six years
 The majority of the guaranteed products do not allocate to AHL
Evolution so performance of AHL element of guaranteed product
differs from the main AHL diversified programme
 Contractual maturity profile at 30 June 2016:
 Current rule of thumb:
Maturity date
FUM
($m)
H2 2016
20
2017
47
2018
43
2019
173
2020
60
2021
136
2022-2025
133
Total
612
-1% AHL performance
$25m de-gear
+1% AHL performance
$12.5m re-gear
other variables affect re/de-gears including FX, maturities
and fund of fund performance
Cost drivers
 Servicing fees average around 110bp of FUM
 Asset servicing costs of around 6bp of FUM
31
© Man 2016
CLO profiles
CLOs
Region
Launch Date
Legal Final
Maturity1
30 June 20162
(Sm)
ECP III
US
May-12
May-23
315
Cannington
US
Nov-06
Nov-20
125
CDO III
Europe
Aug-05
Nov-21
25
CDO IV
Europe
May-06
Sep-22
140
CDO CLAVOS
Europe
Dec-07
Apr-23
45
CDO V
Europe
Apr-07
Jul-23
230
ECP V
US
Mar-13
May-24
405
ECP IV
US
Jun-12
Jun-24
300
Ore Hill CLO
US
Jun-13
Jul-25
405
Silvermore
US
May-14
May-26
500
ECP VI
US
Sep-14
Jul-26
855
Silver Spring
US
Sep-14
Oct-26
400
ECP VII
US
Apr-15
Apr-27
500
Europe
May-15
Apr-28
345
GLG Euro CLO I
Total
4,590
32
© Man 2016
1 Subject to indenture terms, CLOs are subject to optimal redemption by Noteholders prior to legal final maturity, which will cause the CLOs to liquidate prior to the dates presented.
2 Reflects amounts raised at issuance plus collateral build or repayments of Notes prior to maturity or redemption.
FUM by currency
As at 30 June 2016
$bn
USD
EUR
GBP
JPY
AUD
Other
Total
Quant (AHL / Numeric)
12.4
1.2
0.5
1.2
3.3
0.4
19.0
Discretionary (GLG)
8.6
5.3
0.3
0.3
-
0.4
14.9
Fund of Fund (FRM)
6.5
0.6
0.9
3.2
0.6
-
11.8
27.5
7.1
1.7
4.7
3.9
0.8
45.7
Quant (AHL / Numeric)
17.3
1.2
-
0.5
-
-
19.0
Discretionary (GLG)
1.6
0.8
6.5
2.1
-
0.1
11.1
Long Only Total
18.9
2.0
6.5
2.6
-
0.1
30.1
Guaranteed Total
0.1
0.1
-
-
0.4
-
0.6
Total
46.5
9.2
8.2
7.3
4.3
0.9
76.4
Alternative
Alternative Total
Long Only
33
© Man 2016
Modelling performance fees
As at 30 June 2016
(1)
40%
33%
$5.2bn
$2.1bn
11%
10%
5%
1%
At Peak
up to 5%
away
5-10%
away
10-15%
away
15-20%
away
$0.0bn
Over 20%
Positive Alpha Positive Alpha (below hurdle)
$0.1bn
Zero Alpha
Negative Alpha
93% ($17.5bn) of AHL FUM is eligible to earn performance fees, of which:
‒ 72% ($12.6bn) is at or within 5% of high watermark
‒ Weighted average distance from peak 4.3%
‒ Performance fee rate 18 - 20%
‒ If 100% of performance fee eligible FUM was at peak, a 1% increase in NAV
(1.22% in performance fee assets) would result in $38m of performance fees,
based on performance fee rate of 18%
37% ($7.4bn) of Numeric FUM is eligible to earn performance fees (32% ($6.8bn) of
long only strategies and 93% ($0.5bn) of alternatives)
‒ Blended performance fee rate 12% for long only and 20% for alternatives
‒ If 100% of the long only eligible FUM earned 1% of positive alpha, this would
result in $8m of performance fees based on a performance fee rate of 12%
Performance fee booking frequency
Performance fee booking frequency
Annual - June (mainly Evolution)
10%
24%
Annual - September (Diversified)
19%
Annual - December (mainly
Dimension and Alpha)
Annual - May
1%
55%
Daily/Weekly/Monthly (mainly
Diversified and Guaranteed)
© Man 2016
1
Quarterly
2%
The weighted average distance from peak for daily/weekly/monthly crystallising AHL FUM is around 12% as at 30 June 2016.
90%
Annual (mainly
November)
34
Modelling performance fees
As at 30 June 2016
1
69%
Monthly
44%
Annual
35%
28%
16%
3%
At Peak up to 5% 5-10%
away
away
0%
10-15% 15-20%
away
away
3%
0%
1%
At Peak
Over
20%
39% ($10.2bn) of GLG FUM is eligible to earn performance fees, of which:
‒ 47% ($4.8bn) is at or within 5% of high watermark
‒ Performance fee rate 15 - 20%
‒ If 100% of performance fee eligible FUM was at peak, a 1% increase in NAV
(1.18% in performance fee assets) would result in $21m of performance
fees, based on performance fee rate of 15%
up to 5%
away
5-10% away
10-15%
away
0%
0%
15-20%
away
Over 20%
16% ($1.9bn) of FRM open ended FUM is eligible to earn performance fees, of
which:
‒ 28% ($0.5bn) is at or within 5% of high watermark
‒ Weighted average distance from peak 8.0%
‒ Performance fee rate 5 - 10%
Performance fee booking frequency
Performance fee booking frequency
22%
35%
65%
Annual
Annual
Semi-Annual
Monthly
78%
35
© Man 2016
1. As at 31May 2015.
Source: Man database.
Modelling gross and net management fee revenues
Run Rate
gross
margin
(bps)
Run Rate net margin
(gross margin net of
external distribution
costs)
(bps)
Quant (AHL/Numeric)
151
135
Discretionary (GLG)
101
95



Fund of Fund (FRM)
75
70

Alternative Total
115
106

Long Only
Quant (Numeric/AHL)
36
36
Discretionary (GLG)
98
81
Long Only Total
58
51
Guaranteed Total
525
411
Total
96
87
Year ended 30 June 2016
Alternative
Commentary

Gross margin x FUM gives gross management fees
Net margin x FUM gives net management fees
Difference between gross and net management fees is external
distribution costs
External distribution costs comprises placement fees and
servicing fees
Placement fees – 3 components

$2m unamortised placement fees at 30 June 2016

Approx. 1-2% of AHL open-ended sales amortised over
2-5 years

Accelerated amortisation relating to early redemptions
of guaranteed and open-ended products
Servicing fees = total external distribution costs – placement
fees
36
© Man 2016
Source: Man Group plc.
Modelling costs - compensation
Six months to
30 June 2016
$m
Commentary

Fixed compensation per targets adjusted for acquisitions and FX
− 2016 – c.$185m. H2 2016 will be higher than H1 2016 due to investment in new
talent
− 2017 – c.$185m plus FX impact plus inflation
•
60% of fixed compensation in GBP
•
Non USD costs are hedged quarterly a year in advance
•
First 3 quarters of 2017 currently hedged at an average rate of 1.41
Fixed compensation
(91)
Variable Compensation
(95)

- Management fee related
variable compensation
(65)

- Performance fee related
variable compensation
(30)
Total compensation
(186)

Depends on mix of management versus performance fee revenue and proportion of
GLG and Numeric vs. AHL and FRM revenues
Includes amortisation of prior year deferrals of $29m in H1 2016. Unamortised deferred
compensation at 30 June 2016 of $76m. Amortisation schedule:

H2 2016: $29m
 2017: $30m

2018 onwards: $17m
Overall compensation to net revenue ratio expected to be in the range of 40% to 50%,
depending on mix and level of revenue:
− At the higher end of the range in years where GLG revenues are a larger
proportion of the total
− At the lower end in years where AHL revenues are a larger proportion of the
total
− 48% in H1 2016 due to lower level of performance fee revenue and impact of
deferrals (2015: 43%)
37
© Man 2016
Source: Man database.
Modelling costs – non compensation costs
Six months to
30 June 2016
$m
Asset servicing
Other cash costs
(17)
Commentary

No asset servicing costs on Numeric FUM. 5-6bps on rest of FUM

Other cash costs per targets adjusted for acquisitions and FX
− 2016 c.$160m. Full year target in line with expectations
− 2017 – c.$160m plus FX impact plus inflation
•
60% of other cash costs in GBP
•
Non USD costs are hedged quarterly a year in advance
•
First 3 quarters of 2017 currently hedged at an average rate of 1.41

Depreciation & amortisation and capex schedule:
 2016 – D&A $15m, 2017 – D&A $22m
 Capex of $40-50m in the next 2 to 3 years
(76)
Depreciation and capex
(7)
Total non compensation
costs
(100)
38
© Man 2016
Source: Man database.
Modelling earnings
Six months to
30 June 2016
$m
Net finance expense
(5)
Adjusted PBT
98
Adjusting items
Commentary

Expected to be a net finance expense of $11m for 2016, split $2m relating to
management fees and $9m relating to performance fee earnings

H1 2016 includes:
− $(47)m amortisation of acquired intangible assets;
− $(10)m of other adjusting items; partially offset by
− $14m revaluation of contingent consideration
Intangibles amortisation relating to GLG, FRM, Numeric and Pine Grove of $94m
p.a.
(43)

Statutory profit
Tax rate on adjusted PBT
Number of shares
55
15%
1,695m


Tax rate for H1 2016 of 15%, in line with underlying rate of 15%
Underlying tax rate for H2 2016 and beyond of 14% to 17% depending on mix of
management and performance fee earnings and proportion of US earnings

Should use: 1,694m for 2016
39
© Man 2016
Source: Man database.
Split of adjusted PBT between adjusted net management fees and
net performance fees
Adjusted net management fees
Net performance fees
Six months to
30 June 2016
$m
Gross management and other fees
Six months to
30 June 2016
$m
381
Performance fee revenue
Share of after tax profit of associates
40
-
Distribution costs
(34)
Asset services
(17)
Compensation - fixed
(91)
Compensation - management fee related
variable
(65)
Other costs
(83)
Net finance expense
(1)
Adjusted net management fees
90
Income or gains on investments and other
financial instruments
Variable compensation attributed to
performance fees
Finance expense
Net performance fees
2
(30)
(4)
8
40
© Man 2016
Dividend Policy
“To pay out at least 100% of adjusted net management fee earnings per share in each financial year by way of ordinary
dividend. In addition, Man expects to generate significant surplus capital over time, primarily from net performance fee
earnings. Available surpluses, after taking into account our required capital (including accruals for future earn-out payments),
potential strategic opportunities and a prudent buffer, will be distributed to shareholders over time, by way of higher dividend
payments and/or share repurchases. Whilst the Board considers dividends as the primary method for returning capital to
shareholders, it will continue to execute share repurchases when advantageous.”
Six months to
30 June 2016
$m
Adjusted net management fees before tax
Tax
Adjusted net management fee profit after tax for EPS purposes
Diluted number of shares
Adjusted net management fee EPS
90
(14)
76
1,695
4.5 cents
41
© Man 2016
Source: Man database.
Profit and loss (1/2)
Six months
to 30 June 2016
($m)
Revenue:
Gross management and other fees
Performance fees
381
40
421
Income or gains on investments and other financial instruments
2
Share of after tax profit of associates
-
External distribution costs
(34)
Asset servicing
(17)
Compensation
(186)
– Fixed
(91)
– Variable
(95)
– Management fees
(65)
– Performance fees
(30)
Other costs
(83)
Net finance expense
(5)
Adjusted profit before tax
98
42
© Man 2016
Profit and loss (2/2)
Six months
to 30 June 2016
($m)
Adjusted profit before tax (from previous slide)
Amortisation of acquired intangible assets
98
(47)
Revaluation of contingent consideration
14
Unwind of contingent consideration discount
(9)
Recycling of FX revaluation on liquidation of subsidiaries
(1)
Profit before tax
55
Taxation
(6)
Profit after tax
49
Tax rate (before adjusting items)
Diluted weighted average # shares (m)
15%
1,695
Adjusted diluted EPS
4.9
Statutory diluted EPS
2.9
Net management fee EPS
4.5
43
© Man 2016
2016 cash earnings
Calculation of
adjusted EBITDA
Six months to
30 June 2016 ($m)
Gross management and other fees
Alternative
Long only
Guaranteed products
Performance fees
Adjusted PBT
263
93
25
+ Net finance expense
5
+ Depreciation
6
+ Amortisation of capitalised computer software
1
+ Placement fee amortisation
2
421
Gains on investments
2
Share of after tax profit of associates
-
External cash distribution costs
(32)
Net revenues
391
Cash operating costs
(277)
Adjusted EBITDA
Six months to
30 June 2016 ($m)
381
40
Total gross revenues
Reconciliation of adjusted
PBT to adjusted EBITDA
114
Management fee EBITDA
98
Performance fee EBITDA
16
+ Current year amortisation of deferred
compensation
98
29
- Deferred compensation awards relating to the
current year
(27)
Adjusted EBITDA
114
Adjusted EBITDA / net revenue margin of 29%
Adjusted EBITDA margin on management fees of 28%, performance fees of 38%
44
© Man 2016
Reconciliation of adjusted profit before tax to adjusted
EBITDA to operating cash flow
Six months to
30 June 2016
($m)
Adjusted profit before tax
98
+ Net finance expense
5
+ Depreciation
6
+ Amortisation of capitalised computer software
1
+ Placement fee amortisation
2
+ Current year amortisation of deferred compensation
29
- Deferred compensation awards relating to the current year
(27)
Adjusted EBITDA
114
Share of after tax profit of associates (investment income, not operating income)
Cash adjusting items and other
Cash flow from operations
30
144
45
© Man 2016
Accounting for acquisitions
Numeric
Pine
Grove
Silvermine
BAML
FoHF
NewSmith
Total
219
6
24
3
10
262
19
-
-
n/a
-
19
-
7
17
1
-
25
Maximum earn-out at 30 June 2016
275
30
46
30
30
411
Total potential consideration at 30 June 2016
513
36
70
33
40
692
238
6
24
3
10
281
-
7
17
1
-
25
- Contingent consideration creditor
159
6
-
5
-
170
- Maximum additional potential liability to be
recognised
116
17
30
24
30
217
$m
Initial consideration
Cash paid for balance sheet assets acquired
Cash paid in relation to earn-out to date
Comprising:
- Cash paid / (received) at completion
- Cash paid to date in relation to earn-outs
46
© Man 2016
Seeding Book
$514m of seeding and loans to funds across our investment managers
Seeding books uses include;
•
AHL Volatility, AHL Directional Equity and AHL Target Risk
•
FRM balance largely relates to illiquid positions
•
GLG Emerging Market strategies (launched in June 2016), GLG US Distressed Credit fund, GLG Unconstrained Emerging Equity fund and
capital towards the US and European CLOs
•
Numeric Market Neutral and Emerging Markets UCITS strategies
$400m
$350m
$300m
$250m
$200m
$150m
$100m
$50m
$0m
AHL
© Man 2016
FRM
GLG
Numeric
Loans to funds
47
Seeding book
Reconciliation to Group financial statements
As at
30 June 2016
$m
Loans to funds
24
Other investments in fund products
208
Less those used to hedge deferred compensation awards
(77)
Investments in funds relating to line-by-line consolidated fund entities
431
Included in cash
43
Included in receivables
11
Included in trade and other payables
Less third party interest in consolidated funds
(12)
(221)
Non-current assets held for sale
213
Non-current assets held for sale
(106)
Seeding investments portfolio
514
48
© Man 2016
Balance sheet position
ASSETS
Cash and cash equivalents
Fee and other receivables
Investment in fund products and other investments
Pension Asset
Investment in associates
Leasehold improvements and equipment
Goodwill and acquired intangible
Other intangibles
Deferred tax assets
Non-current assets held for sale
Total assets
LIABILITIES
Trade and other payables
Provisions
Current tax liabilities
Third party interest in consolidated funds
Borrowings
Deferred tax liabilities
Non-current liabilities held for sale
Total Liabilities
NET ASSETS
© Man 2016
30 June 2016
($m)
477
326
667
59
29
44
1,452
16
51
3,121
213
3,334
31 December 2015
($m)
607
303
598
48
30
44
1,497
14
59
3,200
188
3,388
560
52
9
221
149
60
1,051
106
1,157
2,177
660
58
32
136
149
69
1,104
69
1,173
2,215
49
Supplementary Performance Information
Performance over the last 10 years
Index value USD
1 November 2006 to 31 October 2016
AHL
Diversified
Programme¹
GLG
Alternative
Composite2
World
stocks
World
bonds
Total return
67.6%
32.9%
54.1%
54.2%
20163
-8.8%
-1.1%
3.7%
5.3%
Annualised
return
5.3%
2.9%
4.4%
4.4%
Annualised
volatility
14.0%
6.8%
14.5%
3.0%
Worst
drawdown
-18.6%
-26.0%
-50.4%
-3.3%
2500
AHL Diversified Programme¹
World stocks
GLG Alternative Composite2
World bonds
2000
1500
1000
500
© Man 2016
51
1. Please note that the performance data is not intended to represent actual past or simulated past performance of an investment product. The data is based on a representative investment product or products that fully invest in the
Programme. An example fee load of 3+1% and 20% has been applied. 2. GLG Alternative Composite: Represented by the GLG Alternative Strategies Dollar-Weighted Composite – GLG alternative strategy dollar-weighted average returns
are calculated as the composite performance of the alternative strategy funds and funds that have closed, in addition to managed accounts managed in accordance with alternative strategies, weighted by the sum of the prior month-end AUM.
Please note that the October 2016 figures for GLG Alternative Strategies Dollar-Weighted Composite are based on estimates.
3. Part year.
World stocks: MSCI World Net Total Return Index hedged to USD. World bonds: Citigroup World Government Bond Index hedged to USD (total return). Please be aware that past performance is not a guide to the future.
Source: Man Group database, MSCI and Bloomberg.
Man AHL Diversified plc1
Index value USD (log scale)
26 March 1996 to 31 October 2016
13000
12000
11000
10000
9000
8000
7000
AHL Diversified Programme 1
AHL
Diversified
Programme¹
World
stocks
World
bonds
Hedge fund
index
Total return
951.4%
263.7%
207.5%
335.1%
20162
-8.8%
3.7%
5.3%
3.6%
Annualised return
12.1%
6.4%
5.6%
7.4%
Annualised
volatility
16.5%
14.3%
2.9%
6.9%
Worst drawdown
-19.5%
-50.4%
-3.3%
-21.4%
6000
5000
Hedge fund index
4000
3000
2000
World bonds
World stocks
1000
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
© Man 2016
1. Please note that the performance data is not intended to represent actual past or simulated past performance of an investment product. The data is based on a representative investment product or products that fully invest in the
Programme. An example fee load of 3+1% and 20% has been applied.
World stocks: MSCI World Net Total Return Index hedged to USD. World bonds: Citigroup World Government Bond Index hedged to USD (total return). Hedge fund index: HFRI Fund Weighted Composite Index. Please note that the HFRI
indices data over the past four months may be subject to change. Please be aware that past performance is not a guide to the future.
Source: Man Group database, MSCI and Bloomberg.
52
Man AHL performance¹
Monthly returns – 2016
2016
AHL
Diversified
Programme¹
World
Stocks
Corporate
Bonds
HFRI FoF
Composite
January 2016
4.3%
-5.4%
0.7%
-2.7%
2.0%
February 2016
3.3%
-1.5%
2.3%
-1.2%
1.0%
March 2016
-2.1%
5.3%
4.2%
0.7%
0.0%
April 2016
-5.5%
0.9%
1.5%
0.5%
May 2016
-3.3%
1.8%
0.2%
0.5%
June 2016
2.8%
-1.3%
3.8%
-0.5%
July 2016
1.1%
4.2%
2.4%
1.5%
August 2016
-3.6%
0.5%
0.2%
0.4%
September 2016
-2.7%
0.2%
-1.2%
0.5%
October 2016
-2.9%
-0.6%
-2.6%
-0.2%
3.0%
-1.0%
-2.0%
-3.0%
Stocks
Metals
Interest Rates
Energies
Currencies
Credit
Bonds
-4.0%
Agriculturals
Attribution
4.0%
2016 total return: -8.8%
© Man 2016
1. Please note that the performance data is not intended to represent actual past or simulated past performance of an investment product. The data is based on a representative investment product or products that fully invest in the
Programme. An example fee load of 3+1% and 20% has been applied.
World stocks: MSCI World Net Total Return Index hedged to USD. Corporate bonds: Citigroup High Grade Corporate Bond Index (total return). HFRI FoF Composite: HFRI Fund of Funds Composite Index. Please note that the HFRI index
data over the past 4 months may be subject to change. Please be aware that past performance is not a guide to the future. Assumptions have been applied to the calculation of sector contribution to show contribution net of fees. The sector
contribution is only intended to be indicative and returns are based on gross data.
Source: Man Group database, MSCI and Bloomberg.
53
Man AHL portfolio risk
Diversification across sectors and markets
Sector allocations1
As at 31 October 2016
Stock Indices
21.2%
Agriculturals
6.6%
Bonds
16.9%
Metals
8.8%
Credit
5.3%
Interest Rates
5.4%
Energies
12.6%
Currencies
23.3%
© Man 2016
1. The sector allocations are designed to reflect the expected long-term risk exposure to each sector relative to the other sectors in the portfolio. The figures are based on estimates of the risk of each sector for the current portfolio. The
portfolio structure and constituents are regularly reviewed by the investment management team and sector allocations will change accordingly.
Source: Man Group database.
54
Reference Funds
Key
AHL Alpha: Represented by AHL Alpha plc. AHL Alpha plc is valued weekly; however, for comparative purposes, statistics have been calculated using the last weekly valuation for each month.
AHL Diversified: Represented by Man AHL Diversified plc. Man AHL Diversified plc is valued weekly; however, for comparative purposes, statistics have been calculated using the last weekly valuation for each
month.
Alpha Select: Represented by GLG Alpha Select Fund - Class C - EUR.
Atlas Macro: Represented by GLG Atlas Macro Fund - Class A – USD.
Emerging Markets: Represented by GLG Emerging Markets Fund - Class A Restricted to Unrestricted (31/08/2007) - USD.
ELS: Represented by GLG European Long Short Fund - Class D Restricted to Unrestricted (29/06/2007) - EUR.
European Distressed: Represented by GLG European Distressed Fund - Class A – USD.
GLG Alternative Composite: Represented by GLG Alternative Strategies Dollar-Weighted Composite. GLG alternative strategy dollar-weighted average returns are calculated as the composite performance of
the alternative strategy funds and funds that have closed, in addition to managed accounts managed in accordance with alternative strategies, weighted by the sum of the prior month-end AUM.
Market Neutral: Represented by GLG Market Neutral Fund - Class Z Restricted to Unrestricted (31/08/2007) – USD.
North American Opportunity: Represented by GLG North American Opportunity Fund - Class A Restricted to Unrestricted (29/06/2007) - USD.
Ore Hill: Represented by BMA Special Opp Offshore – BMA Ltd.
Aspect: Represented by Aspect Capital Limited - Aspect Diversified Program.
BlueTrend: Represented by BlueCrest Capital Management Ltd. – BlueTrend Fund Limited.
Winton: Represented by Winton Capital Management Ltd – Diversified Trading Program.
Fund of funds: HFRI Fund of Funds Composite Index.
HFRI Emerging Markets: HFRI Emerging Markets (Total) Index.
HFRI Equity Hedge: HFRI Equity Hedge (Total) Index.
Hedge Fund Weighted Composite Index: HFRI Fund Weighted Composite Index.
HFRI Macro: HFRI Macro (Total) Index.
HFRI RV: Multi-Strategy: HFRI RV: Multi-Strategy Index.
World bonds: Citigroup World Government Bond Index hedged to USD (total return).
World stocks: MSCI World Net Total Return Index hedged to USD.
© Man 2016
Source: Man Group database, Bloomberg, International Traders Research and MSCI. Please note that the dates in brackets represent the date of the join in the linked track records.
55
Andrea Waters
Head of Investor Relations
Direct line:
Tel: +44 (0)20 7144 3508
E-mail:
[email protected]