GLG launches Undervalued Assets fund for Dixon

GLG has launched the GLG Undervalued Assets fund for Henry Dixon following his move to the firm from Matterley.

The product is a mirror of Mr Dixon’s current fund, the £73.5m FP Matterley Undervalued Assets, Matterley’s flagship fund - which he still runs under an arrangement agreed between the firms when he joined GLG in September.

The fund has an annual management charge of 0.75 per cent. Mr Dixon’s strategy involves buying companies he sees as being undervalued relative to their asset base and returns on capital.

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The fund can invest up to 20 per cent in European stocks and will hold between 40 and 60 companies.

Richard Phillips, head of UK retail at GLG’s parent company Man Group, said: “Henry’s track record in managing the Matterley fund is extremely strong and we are pleased to offer a new portfolio which will implement the same process and approach that Henry and his team have put to such good effect since 2008.

Mr Dixon is joined on the fund by assistant manager Jack Barrat and analyst Alice Sharp, who also joined from Matterley in September.

The FP Matterley Undervalued Assets fund ranked in the top quartile of the IMA UK All Companies sector one one, three and five year periods to November 14, according to FE Analytics.