GLG Global Credit Multi Strategy

GLG Global Credit Multi Strategy is a multi-strategy portfolio that seeks to generate top quartile absolute returns with limited correlation to credit and equity markets+.
 
  • Managed by Danilo Rippa who is supported by a global team of 22 dedicated asset managers and analysts, all of whom have deep asset class specific expertise
  • Dynamically allocates capital between strategies (please see the ‘Approach’ section below for details) based on qualitative and quantitative factors
  • Combines a top-down and bottom-up approach to portfolio construction
  • Employs both fundamental and technical analysis in the investment process
  • Optimises exposure in any given capital structure with a focus on seniority

Approach

The managers aim to produce returns with low correlation to global equity and credit markets. They pursue this objective through a multi-strategy approach which may include but is not limited to convertible arbitrage, capital structure arbitrage, credit relative value, distressed, event-driven, long-short equity and other relative value strategies that the managers deem appropriate. The managers may also implement hedging strategies to mitigate risks.

The underlying asset managers of the books are given a relatively wide degree of freedom and discretion, playing to their strengths and sectoral/regional expertise.

They are not constrained by a ‘house view’ and are part of the wider Man GLG Credit and Convertibles platform where active discussion and collaboration is encouraged between members of the team.

Approach Alternative
Asset Class Fixed Income
Geographic Focus Global

Performance

0.2%

-0.6%

1.9%

13.1%

15.3%

983.0%

Performance by calendar years

Strategy

2.5%

1.7%

7.0%

4.6%

0.7%

As at 31 May 2023 Inception date 15 January 1998

Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.

Manager(s)

Danilo Rippa
Danilo Rippa
Head of Multi-Strategy Credit and Convertibles, Man GLG

Related content

Convertible Arbitrage's Quiet Evolution: A Fit and Leaner Strategy for Volatile Markets September 2019

Why we believe convertible arbitrage stands to benefit from a potential new era of increased volatility and significant macroeconomic uncertainty.

 Gil Song, Eamon Heavey
The Case for Asian Credit August 2019

The Asian credit market is growing. We explore the opportunities and risks of investing in this important market.

 Kaushik Rambhiya
Convertible Bonds: Revival of a Flexible Asset Class December 2020

Danilo Rippa and Gil Song discuss convertible bonds as an asset class; the case for convertible bonds in today’s investment environment; and investing long/short through convertible arbitrage.

 Danilo Rippa, Gil Song

Investment Solutions

Man offers a comprehensive suite of investment solutions and formats that can be tailored and optimised to meet specific client needs. Our investment solutions offer optionality including: liquidity, control, investment restrictions, investor customisations and transparency.

UCITS
Alternative investment funds
US 40 ACT
Regional funds
Separate accounts
Advisory mandates
Managed accounts

Access to investment products and mandate solutions are subject applicable laws and regulations including selling restrictions and licensing requirements. Investment solutions listed above may not be compatible for all investment strategies and may be subject to minimum subscription requirements. Regional Funds: In additions to UCITS and AIFs registered across the EEA, a number of investment strategies are available in vehicles registered in Chile, Netherlands, Hong Kong, Japan, Singapore, South Korea and Switzerland.

View our strategies

Important Information

+ The targets and limits illustrate the Investment Manager’s current intentions, and are subject to change without notice.

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.