Analytical Process
Fundamental Analysis
Review business, sector, strategy management, including published accounts, sector research, meetings with company management and sell side analysts
Build full financial models to assess liquidity stability of cash flows
Analysis of capital structure, credit agreements, creditor rights
Situation overview, potential events, catalysts, consensus vs, Man GLG differentiated view
Risk Factors
Primary Driver
Macroeconomic environment
Consumer trends
Technology
Demographics
Regulation
Currency
Other Secular Risks
Secondary Driver
Credit Theme Analysis
Portfolio Construction & Trading
Adds diversification
Sector/regional profile
Portfolio level beta
Business cycle
Interest Rates
Liquidity
Seniority
Security
Credit ratings awareness
Man GLG High Yield Opportunities
Review Points
Disciplined
Risk - managed
PnL driven approach to active management
Feedback and Review
Monthly ex-post review of portfolio recommendations creates feedback loop for continual process improvement
Rigorous analytical process that leads to robust portfolio construction