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Man GLG launches EM equity fund for former Carmignac duo

Man GLG, the asset management arm of Man Group, launched a new unconstrained EM equity fund for Simon Pickard and Edward Cole, the company has announced.

The duo joined the London-based firm in May 2015 from Carmignac Gestion. At the time, Man GLG said the company was planning to assign the managers to a yet-to-be launched fund called Unconstrained Emerging Equity.

The long-only strategy has been available from September 1 and has a portfolio of about 50 stocks picked from an investible universe of 300 companies focusing on value, quality and momentum.

Commenting on the new launch, Pickard, said: ‘Businesses situated in emerging markets have the opportunity to exploit considerable structural under-penetration for their goods and services.’

‘This opportunity is undiminished by the current economic climate, and we see attractive entry points in terms of valuation,’ he added.

Cole also believes the volatility created on EMs by global deflationary forces will not last forever.  

‘Indeed such a backdrop presents what we view as a significant opportunity for us to build up a portfolio of stocks whose potential return on capital is high and which we believe are valued at much more attractive free cash flow yields than the market.’

The pair co-managed the Carmignac Pfl Emerging Patrimoine alongside Charles Zerah until February 2015. Pickard was also head of emerging market equities at the French firm and was sole lead manager on the Carmignac Emergents fund, now jointly managed by David Park and Xavier Hovasse.  

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