Friday, 9 October 2015
Last updated 9 hours ago
Mar 10 2010 | 12:36pm ET
The Man Group’s flagship strategy may have suffered its first-ever annual loss last year, but AHL
“There is no reason to assume AHL is broken,” Bank of America Merrill Lynch told its clients. “Our view is that the current behavior of AHL is relatively typical of the strategy in a trendless market.”
AHL, which manages US$21.7 billion, los 16.9% in 2009. But that is “consistent with its historical record,” Merrill said. “And if history is a guide, it should deliver performance fees” by the end of next year, as it reaches and exceeds its high-water mark.
“As a trend develops, so AHL will increase risk, leading to greater returns.”
“Whilst there is nothing particularly enjoyable about AHL’s recent performance,” the investment bank said, “nor is there anything odd about it.”
Merrill affirmed its “buy” rating for Man, the largest publicly-traded hedge fund manager in the world.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…