CREDIT
The Credit Long/Short (Systematic) Strategy seeks to generate absolute returns by employing a fundamentally driven, quantitative, bottom-up bond selection process that is applied across the high yield and investment grade corporate bond universe.
The strategy employs fully quantitative issue and issuer modelling, focusing on absolute returns by targeting enhanced yield potential and higher quality issues. The strategy also seeks the systematic capture of structural inefficiencies (e.g. forced buying/selling of ‘fallen angels’ and their rating changes).
Key characteristics
Comprehensive coverage
Invests across a broad universe of global high yield and investment grade corporate bonds spanning all sectors
Proprietary selection models
Bonds are selected using five key models—Valuation, Momentum, Quality, Informed Investor, and Factor Selection - validated by fundamental insights
Experienced team
Led by Co-Heads Paul Kamenski and Robert Lam, supported by a dedicated team of portfolio managers and analysts
This strategy overview is for information purposes to illustrate the capabilities and approach of relevant investment teams at Man Group. Any organisations, financial instrument or products described herein are mentioned for reference purposes only which should not be considered a recommendation for their purchase or sale.
The below highlights some key potential risks associated with this strategy and should not be considered a comprehensive list.
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.
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.
Single Region/Country Risk - The Strategy is a specialist country-specific Strategy or focuses on a particular geographic region, the investment carries greater risk than a more internationally diversified portfolio.
This information is communicated and/or distributed by the relevant Man entity identified below (collectively the "Company") subject to the following conditions and restriction in their respective jurisdictions.
Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc (‘Man’). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which the Company and/or its affiliates provides investment advisory or any other financial services. Any organisations, financial instrument or products described in this material are mentioned for reference purposes only which should not be considered a recommendation for their purchase or sale. Neither the Company nor the authors shall be liable to any person for any action taken on the basis of the information provided. Some statements contained in this material concerning goals, strategies, outlook or other non-historical matters may be forward-looking statements and are based on current indicators and expectations. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. The Company and/or its affiliates may or may not have a position in any financial instrument mentioned and may or may not be actively trading in any such securities. Unless stated otherwise all information is provided by the Company. Past performance is not indicative of future results.
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- For Financial Service Providers (as defined in Art. 3 d. of FINSA, which are not Clients): Man Investments AG, Huobstrasse 3, 8808 Pfäffikon SZ, Switzerland, which is regulated by FINMA.
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