Man Asia (ex Japan) Equity

This is a concentrated portfolio which can invest in Asian companies of all sizes. The manager invests on both a bottom-up basis, as well as considering wider top-down macro analysis. The final portfolio will hold 35-45 stocks and has the flexibility to invest across different investment styles.

Print this note / Save to PDF

Quick Access

Our Opinion
Fund Manager
Key Facts
Fund Performance
Risk
Company Description
Investment process
ESG

Our Opinion

Andrew is one of the most experienced Asian equity managers in the world. This fund has achieved excellent performance, despite a difficult outlook for Asian equities since the backend of 2020. We like the fund’s conviction and flexibility. The portfolio also strikes the right balance between manager freedom and risk control. The process of focusing on relative earnings revisions has proven to be successful since launch.

Fund Manager

Expand

Fund Manager

Close

Andrew Swan, Fund manager Andrew Swan is head of Asian equities at Man Group and is based in Australia. Andrew began his career as a research analyst at Ord Minnett Securities in 1994. He was a portfolio manager at JP Morgan between 2005 and 2011 before he joined BlackRock as head of fundamental Asian equities and head of fundamental Emerging Markets. He joined Man Group in August 2020. Andrew holds a Bachelor of Commerce from the University of New South Wales.

Andrew Swan, Fund manager Andrew Swan is head of Asian equities at Man Group and is based in Australia. Andrew began his career as a research analyst at Ord Minnett Securities in 1994. He was a portfolio manager at JP Morgan between 2005 and 2011 before he joined BlackRock as head of fundamental Asian equities and head of fundamental Emerging Markets. He joined Man Group in August 2020. Andrew holds a Bachelor of Commerce from the University of New South Wales.

Read More

Key Facts

Asset type Equity

Annual Income (Historic) -

Sector Asia Pacific Ex Japan

Gearing-

Fund Size-

Fund Manager Start Date 13 October 2020

Ongoing Charges Figure (OCF) -

Payment Date(s) June

Annual Management Charge (AMC) -

Fund Performance

Expand

Risk

Risk is controlled by the portfolio managers. The team expect a minimum exposure of 70% idiosyncratic (stock-specific) risk over time (this has historically been the case since the fund launched). As with all Man’s public market portfolios, the fund’s ongoing risk control is overseen by the Man Group discretionary risk team which includes Darrel Yawitch, Man Group’s chief risk officer. The team reports daily to the portfolio managers. The fund can use derivatives.

Read more
Back
Risk: 8

Company Description

Man Group is a global alternative investment management firm focused on pursuing outperformance for sophisticated clients via systematic, discretionary and solutions offerings. With an on-the-ground presence in key markets, Man Group delivers investment strategies across various asset classes, sectors and geographies. Man GLG funds, a member of Man Group since 2010, were rebranded in January 2025 to Man. Headquartered in London, Man Group manages $174.9 billion and operate across multiple offices globally. Man Group plc is listed on the London Stock Exchange under the ticker EMG.LN and is a constituent of the FTSE 250 Index. The group was awarded the Elite Equities Provider Rating each year from 2016 to 2020.

Read more
Back

Fund Performance

Close

Risk

Close

Risk is controlled by the portfolio managers. The team expect a minimum exposure of 70% idiosyncratic (stock-specific) risk over time (this has historically been the case since the fund launched). As with all Man’s public market portfolios, the fund’s ongoing risk control is overseen by the Man Group discretionary risk team which includes Darrel Yawitch, Man Group’s chief risk officer. The team reports daily to the portfolio managers. The fund can use derivatives.

Company Description

Close

Man Group is a global alternative investment management firm focused on pursuing outperformance for sophisticated clients via systematic, discretionary and solutions offerings. With an on-the-ground presence in key markets, Man Group delivers investment strategies across various asset classes, sectors and geographies. Man GLG funds, a member of Man Group since 2010, were rebranded in January 2025 to Man. Headquartered in London, Man Group manages $174.9 billion and operate across multiple offices globally. Man Group plc is listed on the London Stock Exchange under the ticker EMG.LN and is a constituent of the FTSE 250 Index. The group was awarded the Elite Equities Provider Rating each year from 2016 to 2020.

Investment process

The core of the Man Asia (ex Japan) fund’s investment philosophy is based around relative earnings revisions. For example, it's common to see earnings estimates for a company move higher or lower after the business reports its quarterly results. If earnings estimates move higher for the full fiscal year after the company reports a quarterly result, it is a positive revision, while the opposite is a negative revision.

There is strong evidence to suggest earnings revisions have been one of the top-performing factors in the broader performance of Asian equities. Therefore, the team focuses on capturing turning points in companies that have high earnings per share revision (EPS) potential over the next 12 to 18 months.

The process begins with detailed fundamental research across the region to identify companies with the highest EPS revision potential. The team model out these companies with the aim of identifying the key profit drivers for a company and sources of potential surprise.

The emphasis is on being forward looking and identifying key turning points in earnings revisions. The team believe that valuation changes correlate extremely closely with earnings revisions. As a result, they focus their efforts on the earnings revisions and less on valuations.

The team complement their bottom-up analysis with top-down macro analysis. Asian markets and currencies can be volatile. This analysis can help explain how different countries, industries and styles will perform. It helps the team adjust the portfolio to help deliver on their investment objective of generating alpha. The fund will be tilted towards the countries, industries and styles the team favour.

The Man Asia (ex Japan) fund is concentrated and invests across the market-cap spectrum. It will hold between 35 and 45 stocks. The fund is very flexible and will shift between different styles.

Risk

Risk is controlled by the portfolio managers. The team expect a minimum exposure of 70% idiosyncratic (stock-specific) risk over time (this has historically been the case since the fund launched). As with all Man’s public market portfolios, the fund’s ongoing risk control is overseen by the Man Group discretionary risk team which includes Darrel Yawitch, Man Group’s chief risk officer. The team reports daily to the portfolio managers. The fund can use derivatives.

ESG

The Man Asia (ex Japan) fund excludes investments in tobacco, coal mining and power generation, nuclear weapons and banned weapons. Man employs a third-party specialist to monitor and administer their investment universe. ESG factors are treated comparably to other fundamental considerations in the earnings revision analysis. The fund is prepared to hold companies with poor ESG if there is a commitment to improve. The team is wary of buying companies with the best ESG scores as this may lead to an overreliance on this factor and the potential to overpay for a stock.

The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.