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Man GLG Japan CoreAlpha Professional Class - Accumulation (GBP)

Sell:176.90p Buy:176.90p Change: 0.40p (0.23%)
Prices as at 21 October 2019
Sell:176.90p
Buy:176.90p
Change: 0.40p (0.23%)
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
Prices as at 21 October 2019
Sell:176.90p
Buy:176.90p
Change: 0.40p (0.23%)
Prices as at 21 October 2019
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund features on our Wealth 50 list of what we believe are the best funds in each sector.

Stephen Harker is one of the UK's most experienced investors in Japanese companies.

He does things differently from many other managers. That's one of the reasons we like this fund. After all, you can't do better than everyone else if you do the same.

Harker invests in companies shunned by other investors, possibly because something's gone wrong, or they're in an unfashionable area of the market. Importantly, he must think they have the potential to turn around and return to favour. This approach needs patience as businesses can be unloved for some time. We trust him to find more winners than losers over the long run.

Harker's long-term track record is superb. Our research shows his stock-picking is excellent, though past performance isn't a guide to future returns. We think the fund is an excellent choice for long-term investing in Japan.

Our view on the sector

Japan is home to some of the best-known businesses on the planet. Toyota, Honda, Panasonic, and Nintendo to name a few. There are also lesser-known businesses with the potential to be the household names of tomorrow. But years of sluggish growth put people off investing in the country. This changed after Shinzo Abe was elected Prime Minister in 2012. He introduced a number of policies to stimulate economic growth and created more interest in Japan's markets. We think Japanese funds could diversify a global portfolio focused on long-term growth. There are a handful of fund managers we think have the potential to outperform the broader Japanese market over the long term, each with different approaches.

Performance Analysis

Stephen Harker has an excellent record investing in Japanese shares. He's performed much better than the broader Japanese stock market over the long term. Our analysis puts this down to him choosing companies that've gone on to perform well after falling on hard times.

Investing in unloved companies won't always work. Doing something different to the broader market means the fund can sometimes underperform it. That's normal for active managers though. We think Harker's approach will reward patient investors, though there are no guarantees.

Investment Philosophy

Stephen Harker believes the best returns can be made investing in companies that are unloved, undervalued and overlooked. This is often called 'value investing'. Shares in these companies can usually be bought cheaply, though he'll only invest in companies if he thinks they'll return to favour again. If they do, their share price should rise.

Process and Portfolio Construction

The manager starts by looking for the shares of companies that have been through a tough time. He likes those that can be bought at a low price, which doesn't reflect the future growth potential of the business.

He often holds onto shares for a long time as it can take time for this potential to be recognised by other investors and for the share price to rise. He'll sell them if he thinks the price won't rise much further or has become expensive. Any profits are used to buy the next unloved opportunity.

Harker mainly invests in some of Japan's largest companies, but will also invest in medium-sized businesses. He invests in a relatively small number of companies. If they do well they'll have a bigger positive impact on the fund's performance. But the reverse is also true, so it's a higher-risk approach.

question mark Manager Track Record Based on HL Quantitative Research

  • Stephen Harker data provided by...
  • Stephen Harker data provided by...
  • Man GLG Japan CoreAlpha...
  • FTSE Japan TR
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Fund Track Record

21/10/14 to 21/10/15 21/10/15 to 21/10/16 21/10/16 to 21/10/17 21/10/17 to 21/10/18 21/10/18 to 21/10/19
Annual return 25.94% 27.59% 11.46% 3.81% -5.80%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

GLG was founded in 1995 and it has established itself as one of the largest alternative asset managers in the world. GLG offers a diverse range of funds encompassing equities, fixed interest and alternative investments. In April 2009 GLG took over the London-based division of Societe Generale Asset Management (SGAM), which expanded GLG's investment capabilities and distribution network. In 2010 GLG was acquired by Man Group to create the world's largest listed hedge fund group.

Information about the fund

Fund manager biography

manager photo
Manager Name: Jeff Atherton
Manager start date: 1 March 2011
Manager located in: London

Jeff is a Senior Portfolio Manager to the Japan CoreAlpha team. He has a BA in Economics from the University of Sheffield. Jeff started his career at Sun Life of Canada in 1987 and has been managing Japanese funds for over 20 years. He has held senior positions at Insight Investment, SGAM, TCW and Equitable Life. Most recently Jeff spent 5 years at Stratton Street Capital LLP where he was a partner and co-manager of their Japanese hedge fund strategies. Jeff joined GLG in March 2011.

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Manager Name: Neil Edwards
Manager start date: 1 January 2006
Manager located in: London

Neil has a BA in Economics and MA in Economics of Money and Finance from the University of Sheffield. He worked as an investment analyst before taking positions in UK equity fund management at CIS Insurance, Halifax Fund Management and Nestle for a total of 15 years. At Halifax he also spent five years managing international bonds and derivatives and a period covering the Japanese equity market. He has worked with Societe Generale Asset Management Japanese equity team since February 2005. In 2009 SGAM UK was acquired by GLG where he continues in the same role.

manager photo
Manager Name: Stephen Harker
Manager start date: 1 January 2006
Manager located in: London

Holds a B.A. in Mathematics and Economics from the University of Warwick and an M.A. in Economics of Finance from the University of Sheffield. He was an international economist and building materials and engineering analyst in the U.K. equity market. Stephen spent 11 years at Prudential Portfolio Managers of the United Kingdom where he spent nine years covering Japanese equities and was responsible for over $2 billion of equity assets. He also served in numerous capacities such as manager of various mutual and pension fund accounts. Stephen was also in charge of equity teams covering the European market. He joined TCW in 1994 and he is now a director and head of the Japan CoreAlpha team

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account