|Bid||131.15 x 0|
|Ask||131.30 x 0|
|Day's range||129.25 - 132.60|
|52-week range||1.28 - 177.10|
|Beta (5Y monthly)||0.98|
|PE ratio (TTM)||8.52|
|Earnings date||30 Jul 2020|
|Forward dividend & yield||0.08 (5.73%)|
|Ex-dividend date||06 Aug 2020|
|1y target est||4.69|
British hedge fund manager Man Group <EMG.L> recorded an 8% fall in assets in the first six months of 2020 as the new coronavirus pandemic dragged down performance by $5.4 billion (4.16 billion pounds). Man Group's total assets under management at the end of June fell to $108.3 billion from $117.7 billion on December 31. On top of performance losses, assets were hindered by negative currency movements of $2.8 billion and net outflows of $1.2 billion.
(Bloomberg) -- The deluge of debt sold around the world is raising risks for bond buyers, according to Man Group Plc, the world’s largest publicly listed hedge fund firm.Companies around the globe have sold over $2 trillion of bonds this year, a 56% jump from the same period last year and a record tally, according to Bloomberg-compiled data. With Covid-19 wreaking havoc on the global economy, government and state-related agencies have also raised $1.6 trillion this year to fund stimulus spending, the most since 2009, the data showed.“Post the market selloff in March, the supply could be easily absorbed by demand as investors added risk back at cheaper valuations, but we think we may now be close to a tipping point,” said Lisa Chua, portfolio manager at Man GLG, a unit of Man Group, which had $104 billion of assets under management as of the end of March.Man Group joins other big funds such as Oaktree Capital Management in warning that markets could turn after a steep rally. Since March, when the Federal Reserve unveiled unprecedented steps including buying corporate bonds, risk assets from U.S. stocks to junk bonds have soared.Returns on emerging-market high-yield notes, for instance, remained high at 4.2% in June. That was slower though than 6.6% gains the month before, the most in more than a decade, according to a Bloomberg Barclays index.“We believe valuations now reflect much of the positive news,” with euphoria around central banks such as the Fed providing a back-stop well priced in, said Chua.The $1.35 billion Man GLG Global Emerging Markets Debt Total Return Fund, which Chua helps manage, has returned 9.2% this year, beating 99% of peers, according to data compiled by Bloomberg.Even as markets have rallied, there are looming fears that the economic recovery will take longer than expected as the pandemic continues to spread globally. This is stoking concerns that markets could turn.“Risk accumulation appears now back to the highs,” said Chua. “The risk from such a large amount of debt being sold globally is that the positioning of the buyers of that debt becomes so crowded that there may be no marginal buyer left.”(Adds a link to a story about stock valuations)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- Hedge funds are in a Darwinian struggle, as the cost of succeeding has increased in terms of technology and human capital, says this week's guest on Masters in Business, Luke Ellis, chief executive officer of Man Group Plc. The industry has become a winner-take-all competition, with a small number of stars and an army of also-rans.Man Group is the world’s largest exchange-listed hedge fund, focusing on actively managed investment, with $104.2 billion in assets under management. Luke previously built and ran the equities-derivative business at JPMorgan and after that the fund of fund business at Financial Risk Management, where he was managing director from 1998 to 2008.Ellis says his childhood love of horse racing and poker led him to alter the way he thinks about risk; the statistical patterns in gambling and investing are remarkably similar. His interests led him to earn degrees in mathematics and economics from Bristol University.Our conversation was recorded on Tuesday, June 9, before markets took an 11% hit. You can hear Ellis explain why he thought the market run up had gone too far too fast before that mini-crash.Ellis credits the firm’s disciplined, quantitative approach for helping the company navigate the big slump in March. The firm’s investments are about 60% hedged and 40% long-only. The hedged portions did especially well. For the first quarter, Man’s total returns were down only 11%, about a third as much as the broader market.His favorite books are here; a transcript of our conversation is here.You can stream and download our full conversation, including the podcast extras, on iTunes, Spotify, Overcast, Google, Bloomberg and Stitcher. All of our earlier podcasts on your favorite pod hosts can be found here.Next week, we speak with Jeremy Siegel of Wharton School of Business and Wisdom Tree, discussing valuations and asset management under lockdown.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.