Man GLG has launched a pan-European UCITs fund for star manager Rory Powe, targeting European investors.
The Man GLG Pan-European Equity Growth fund, which launched on 6 December, will use a bottom-up, all-cap strategy to invest in “Europe’s strongest companies”.
The Dublin-domiciled fund is a concentrated long-only portfolio with between 30 to 40 positions chosen from a universe of 3,000 companies. Investments will be split between two pots – “established leaders”, which will account for 50-100 per cent of the portfolio and “emerging winners”, which will comprise a maximum of 33 per cent of the fund.
Lead portfolio manager Powe will be supported by analyst and deputy portfolio manager Virginia Nordback and analyst Ivan Rachev.
Powe, who currently runs the £519m GLG Continental European Growth strategy, joined Man GLG in May 2014, having spent 12 years running his own hedge firm, Powe Capital Management. Prior to that, he was head of European equities at Invesco Perpetual and a former colleague of Neil Woodford.
The GLG Continental European Growth fund is up 66 per cent over three years compared to the 29 per cent average in the IA Europe Ex UK sector, FE data shows.
Teun Johnston, CEO of Man GLG, says: “Rory’s long and successful career investing in European companies has enabled him to hone a strategy that is both high conviction and focused on investing in Europe’s strongest companies. His fundamental research approach, which prioritises company strength, growth and product roadmaps, has generated strong interest from clients in the UK and we are delighted to now offer European investors access to the strategy through a Dublin-domiciled UCITS fund.”