GLG Event Driven
The GLG Event Driven strategy employs a market neutral, global risk arbitrage and event driven strategy that focuses on Mergers and Acquisitions (M&A).
- The strategy applies a long/short approach which seeks to profit from M&A deal spread driven opportunities uncorrelated to the market
- The strategy employs a consistent, disciplined and scalable investment process that involves screening and analysing all new deals through proprietary modelling created by a highly experienced team
- The investment process has been developed over a number of years and is structured, disciplined and has been historically reliable
- The team is able to target small and mid-cap deals, which typically have limited analyst coverage across multiple sectors and geographies to deliver a globally diversified portfolio
Approach
The portfolio management team will seek to provide absolute returns over a rolling three-year period, by taking both long and short positions in event driven investment opportunities across global equity markets. The strategy will not have a particular sectoral, industry or market capitalisation focus and the team will seek to build a relatively diversified, actively managed portfolio of positions, which focuses on maximising absolute returns.
The team will closely monitor the ongoing announcements of global mergers and acquisitions reviewing the terms of such deals to assess whether they will reach successful completion. Once the universe has been narrowed, the team undertakes legal, regulatory and fundamental analysis in order to make its final investment decision. Upon reaching its decision, the team will select those investments which it believes will provide the best price spread between current market prices and the value of securities upon successful completion of a takeover or merger transaction. The team will also monitor for events where there has been a public disclosure (such as strategic reviews and activist investor involvement) that have impacted the value of an investment.
| Approach | Alternative |
| Asset Class | Multi-asset |
| Geographic Focus | Global |
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Considerations
One should carefully consider the risks associated with investing, whether the strategy suits your investment requirements and whether you have sufficient resources to bear any losses which may result from an investment:
Investment Objective Risk - There is no guarantee that the Strategy will achieve its investment objective.
Market Risk - The Strategy is subject to normal market fluctuations and the risks associated with investing in international securities markets and therefore the value of your investment and the income from it may rise as well as fall and you may not get back the amount originally invested.
Counterparty Risk - The Strategy will be exposed to credit risk on counterparties with which it trades in relation to on-exchange traded instruments such as futures and options and where applicable, ‘over-the- counter’("OTC","non-exchange") transactions. OTC instruments may also be less liquid and are not afforded the same protections that may apply to participants trading instruments on an organised exchange.
Currency Risk - The value of investments designated in another currency may rise and fall due to exchange rate fluctuations. Adverse movements in currency exchange rates may result in a decrease in return and a loss of capital. It may not be possible or practicable to successfully hedge against the currency risk exposure in all circumstances.
Liquidity Risk - The Strategy may make investments or hold trading positions in markets that are volatile and which may become illiquid. Timely and cost efficient sale of trading positions can be impaired by decreased trading volume and/or increased price volatility..
Financial Derivatives - The Strategy will invest financial derivative instruments ("FDI") (instruments whose prices are dependent on one or more underlying asset) to achieve its investment objective. The use of FDI involves additional risks such as high sensitivity to price movements of the asset on which it is based. The extensive use of FDI may significantly multiply the gains or losses.
Leverage - The Strategy's use of FDI may result in increased leverage which may lead to significant losses.
Emerging Markets - The Strategy may invest a significant proportion of its assets in securities with exposure to emerging markets which involve additional risks relating to matters such as the illiquidity of securities and the potentially volatile nature of markets not typically associated with investing in other more established economies or markets.
Non-Investment Grade Securities - The Strategy may invest a significant proportion of its assets in non-investment grade securities (such as “high yield” securities) are considered higher risk investments that may cause income and principal losses for the Strategy. They are instruments which credit agencies have given a rating which indicates a higher risk of default. The market values for high yield bonds and other instruments tend to be volatile and they are less liquid than investment grade securities.
Distressed Securities - The Strategy invests a significant proportion of its assets in securities issued by distressed companies that are either in default or in high risk of default, such investments involve significant risk.
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