GLG Iberian Opportunities

GLG Iberian Opportunities is a long-only strategy that employs a flexible and concentrated approach to picking mispriced stocks in the Iberian market.

  • Managed by Firmino Morgado (+25 years’ experience) and Filipe Bergana (+14 years’ experience)
  • Successful track record of managing Iberian equity strategies
  • Concentrated portfolio of approximately 20-30 positions
  • A flexible approach that blends value and growth investments
  • Highly liquid and scalable strategy
  • Deep synergies with Man GLG’s European equities stock picking team – numerous sector specialists provide an analytical edge

Approach

The strategy aims to deliver consistent returns through a flexible and unconstrained investment style with a strong focus on liquidity. The team’s investment philosophy is underpinned by three pillars:

  • Flexible – mispricing can be a feature of both value and growth investments, therefore flexible allocation across styles maximises return potential
  • Liquidity – highly liquid holdings allow for a scalable approach
  • Unconstrained – high conviction ideas are expressed through a concentrated, benchmark unconstrained portfolio

The team employs a fundamental, bottom-up process to selecting Iberian stocks that the team believe are trading at a discount to their fundamental value. Their process places a strong emphasis on cash flow generation and low financial leverage, and utilises a sector approach to screening for Iberian companies that appear attractive against their European peers. The team conducts deep fundamental research on a shortlist in an effort to select the most attractively valued stocks across the value and growth clusters. Their ultimate goal is to construct a portfolio of 20-30 high conviction names, with risk parameters rigorously controlled.

Approach Long-only
Asset Class Equity
Geographic Focus Iberia

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