Man Investments, one of the world\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s largest hedge fund providers, announced a new capital guaranteed product in its Man AP family.<\/p>\n
Man AP Spectrum Ltd combines for the first time the proven performance of the AHL Institutional Program with a significant allocation to Bayswater, a San Francisco-based quantitative global macromanager. It also allocates capital to four Man Global Strategies style hedge fund portfolios to provide added opportunities for profit and diversification.<\/p>\n
The Bayswater Macro Program achieved annualized returns of 14.4% between 1 August 2004 and 28 February 2007 while the AHL Institutional Program generated annualized returns of 17.1% in the time frame17 October 1995 to 28 February 2007.<\/p>\n
“We are pleased to offer investors access to Bayswater as a core component of a structured investment product for the first time”, said John Morrison, Chief Executive of Man Investments, “thecomplementary nature of AHL and Bayswater will add a new dimension to the traditional Man AP portfolio”.<\/p>\n
Both AHL and Bayswater are built on the philosophy that financial markets are inefficient and can be exploited by applying systematic and non-discretionary trading models. The difference is thatBayswater takes a longer term global macro approach while AHL aims to capture short and medium term trends on a wide range of global markets. The mix of the two managers in a portfolio is attractivesince they are complementary due to the low correlation (0.28 for the period 1 August 2004 to 28 February 2007) and have the potential to capture profits at different points in a market cycle in awide range of markets.<\/p>\n
Man AP Spectrum Ltd is offered in a choice of USD and EUR bonds, each targeting mean annualized returns of 13-16% (USD bonds) and 11-14% (EUR bonds) for a mean annualized volatility of about 9-11%for both bond classes. Investors will also benefit from a capital guarantee provided by Merrill Lynch International Bank Limited, and a profit lock-in feature.<\/p>\n
Alex Akesson<\/p>\n
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