For investment professionals only. Not for public distribution
Man AHL Diversified plc
Monthly report
| as at 30 November 2014
NAV per unit USD 113.26
|
Total NAV USD 939,291,646
This year has seen a re-emergence of commodity
trading as a significant driver within CTA returns, led in
the first half by downward trends in prices of precious
metals. The recent negative pressure on the oil
market however has led to a sustained movement in
undeniably the most economically important
commodity market in the world. November saw
strong fund performance both from energy trading
directly but also from the knock-on effects of cheaper
oil prices across bonds and currency markets. As a
result the fund made 7.0% with positive contribution
from all asset classes except base metals.
The key event came at the end of the month, on the
day of the US Thanksgiving holiday, when OPEC held
their 166th conference in Vienna. It was their vote to
maintain the level of production, in spite of the recent
and rapid decline in oil prices, that pushed the already
weakened market over the edge. Short positions in
both Brent and US West Texas crude as well as some
larger positions in products such as heating oil all
|
No. units 8,292,702
gained for the fund as prices fell around 16% over the
month .
Financially, the impact of persistent lower oil prices
will be felt in almost all areas. Bond prices, reflecting
both short-term interest rate expectations as well as
longer term inflation views, rose sharply as
deflationary risks increased. The fund’s long positions
in European bonds, particularly in Italy, saw the
strongest returns as a result.
Stocks were up broadly on lower input prices for
energy and raw materials, particularly in the US, and
while the fund rebuilt longs that were trimmed during
October’s volatility there was positive performance
from most positions (except for those such as in
Korea, UK and France). However within markets there
was wide dispersion, with shares in energy producing
companies hit relative to the rest of the market. The
fund’s industry positioning saw shorts in energy
stocks outweigh all other sectors.
Currency markets reacted to the oil price moves with
a general strengthening of the US dollar as the US
growth story continues. Long dollar positions against
net oil exporters such as Russian and Malaysia were
successful. So were short positions in Japanese Yen,
where the impact of Japan’s current stimulus
programme was felt alongside the news that their
economy had slipped into recession, against both the
US dollar and the euro.
Performance statistics 1
26 March 1996 to 30 November 2014
Performance chart
26 March 1996 to 30 November 2014
Product
Last month
7.0 %
Last quarter
10.4 %
Year to date
28.4 %
Last 12 months
27.8 %
Last calendar year
-2.6 %
Total return
1,032.6 %
Annualised return
13.9 %
Annualised volatility
16.7 %
Worst drawdown
-19.9 %
Man AHL Diversified plc
Sector allocations 2
November 2014
Performance attribution
November 2014
Key market attribution
November 2014
Highest performing markets
Direction
Attribution
Heating Oil
Short
0.70 %
Italian Bonds
Long
0.68 %
US Treasuries
Long
0.53 %
Lowest performing markets
Direction
Attribution
Euro/UK Sterling
Long
-0.28 %
Wheat
Short
-0.34 %
Natural Gas
Short
-0.40 %
Long term
Current
BO: Bonds, ST: Stocks, FX: Currencies, EN: Energies, AG:
Agriculturals, CR: Credit, ME: Metals, IR: Interest rates.
Please address all correspondence relating to your investment to your local Regional Office or to the Shareholder Services Agent
www.man.com
9
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Man AHL Diversified plc
Monthly report
| as at 30 November 2014
Distribution of monthly returns
26 March 1996 to 30 November 2014
Historical performance 1
Year
Jan
Feb
Mar
1996
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD 3
4.4 %
-2.5 %
0.5 %
-2.1 %
0.6 %
10.6 %
8.7 %
9.8 %
3.2 %
37.1 %
1997
3.1 %
6.4 %
-2.3 %
-4.1 %
0.8 %
4.6 %
9.4 %
-8.0 %
2.1 %
2.1 %
-2.0 %
10.8 %
23.5 %
1998
-2.5 %
5.8 %
1.2 %
-2.8 %
4.9 %
3.9 %
-0.4 %
19.9 %
0.4 %
0.0 %
2.4 %
3.8 %
41.1 %
1999
-4.7 %
2.3 %
-2.1 %
6.4 %
-3.8 %
2.7 %
-2.8 %
3.3 %
2.6 %
-4.2 %
4.8 %
2.7 %
6.5 %
2000
1.1 %
-0.2 %
-2.5 %
-4.2 %
7.0 %
-5.3 %
-2.2 %
3.4 %
-0.6 %
4.6 %
3.8 %
14.9 %
19.9 %
2001
-0.1 %
2.9 %
11.8 %
-6.3 %
-2.1 %
1.5 %
1.6 %
0.8 %
16.4 %
0.9 %
-4.7 %
-2.5 %
19.7 %
2002
-3.5 %
-4.7 %
-2.0 %
-1.9 %
-0.2 %
13.0 %
5.7 %
2.5 %
8.3 %
-9.6 %
-4.6 %
10.4 %
11.4 %
2003
6.9 %
8.1 %
-8.3 %
-1.0 %
13.5 %
-4.0 %
-0.2 %
-0.9 %
1.1 %
2.5 %
-3.4 %
8.0 %
22.3 %
2004
4.5 %
-1.0 %
-0.9 %
-4.4 %
-3.4 %
-4.9 %
-2.0 %
1.5 %
2.8 %
7.1 %
6.4 %
0.2 %
5.1 %
2005
-6.6 %
4.3 %
-1.2 %
-2.3 %
2.8 %
7.0 %
-0.3 %
2.3 %
4.0 %
0.7 %
6.3 %
-0.6 %
16.8 %
2006
3.9 %
-0.8 %
-2.0 %
8.8 %
-3.3 %
-1.1 %
-5.4 %
1.1 %
1.8 %
0.2 %
0.3 %
3.4 %
6.4 %
2007
7.5 %
-2.9 %
-7.5 %
8.0 %
2.9 %
4.6 %
-3.9 %
-3.5 %
5.6 %
9.0 %
4.3 %
-4.2 %
19.6 %
2008
6.1 %
2.8 %
4.5 %
1.0 %
3.2 %
1.0 %
-6.1 %
-3.9 %
-0.5 %
15.5 %
1.3 %
5.8 %
33.2 %
2009
-2.3 %
0.2 %
-5.9 %
-4.1 %
0.5 %
-3.5 %
0.9 %
-0.8 %
2.7 %
-1.6 %
2.1 %
2010
-2.1 %
-0.9 %
5.4 %
2.0 %
-1.9 %
0.8 %
-2.3 %
6.8 %
1.3 %
8.4 %
-8.1 %
5.7 %
14.8 %
2011
-3.5 %
1.2 %
-4.7 %
4.1 %
-1.5 %
-1.5 %
-0.3 %
6.9 %
0.7 %
-6.8 %
1.1 %
-2.0 %
-6.8 %
2012
0.3 %
2.2 %
-1.6 %
-1.4 %
-1.7 %
2.7 %
1.1 %
-2.8 %
1.2 %
-3.7 %
1.0 %
1.4 %
-1.6 %
2013
2.1 %
0.2 %
1.8 %
6.1 %
-3.7 %
-8.0 %
-2.5 %
-0.3 %
-3.8 %
6.5 %
0.4 %
-0.5 %
-2.6 %
2014
-2.9 %
1.1 %
-0.2 %
-0.2 %
6.8 %
4.3 %
0.8 %
6.0 %
1.8 %
1.3 %
7.0 %
-6.1 % -16.9 %
28.4 %
Please address all correspondence relating to your investment to your local Regional Office or to the Shareholder Services Agent
www.man.com
9
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Man AHL Diversified plc
Monthly report
| as at 30 November 2014
Key facts summary
Investment manager
Launch date
Dealing frequency
Bloomberg ticker
AHL Partners LLP
26 March 1996
Weekly
EDFDGLI ID
ISIN number
Common code
Minimum subscription
IE0000360275
006165320
(USD) 30,000
Administrator
Citibank Europe plc
Citibank Europe plc
Valor number
454220
Valuation agent
Reuters page
MAN01
WKN Number
357956
Important notes
1
Please note that statistics have been calculated using the last weekly valuation of each month up to and including 30th June 2014. From that date forward a non-dealing calendar month end NAV
has been used for the purposes of reporting monthly returns and performance statistics. 2 The chart shows long-term risk allocation calculated at the start of the reporting period versus the current
sector risk allocations calculated at the end of the period. The current sector allocations give an indicative value of the relative risk of the positions taken within each sector at a given point in time; this
number takes no account of correlations across sectors. The long-term risk allocations are designed to reflect the expected long-term risk exposure to each sector relative to the other sectors in the
portfolio. The portfolio structure and constituents are regularly reviewed by the investment management team and sector allocations will change accordingly. 3 When 12 months of performance data
is unavailable for a calendar year, partial year to date is shown.
The value of an investment and any income derived from it can go down as well as up and investors may not get back their original amount invested. Alternative investments can involve significant
additional risks. This material is for information purposes only and does not constitute an offer or invitation to invest in any product for which any Man Group plc affiliate provides investment advisory or
any other services. The content is not intended to constitute advice of any nature nor an investment recommendation or opinion regarding the appropriateness or suitability of any investment or
strategy and does not consider the particular circumstances specific to any individual recipient to whom this material has been sent. Product performance is net of all manager and performance fees.
Man AHL Diversified plc (the "Company") is domiciled in Ireland. According to Swiss law, the Company is a foreign fund with special risks which invests based on an alternative investment strategy
predominately in derivatives of any kind, which could because of its leverage cause substantial price fluctuations. Thus, the investors have to be prepared to bear losses and are hereby explicitly
referred to the special risk factors in the Prospectus. Man AHL Diversified plc may only be sold to professional investors; the minimum investment being US$ 30,000. Shares issues by the Company
may be bought and sold on a weekly basis subject to the terms and conditions of the Prospectus. The specific rights and obligations of investors are set out in the Prospectus. Investors should note
that alternative investments can involve significant risks and the value of an investment may go down as well as up. There is no guarantee of trading performance and past and projected performance
is no guarantee of future results. Movements in exchange rates between currencies may affect the value of an investment. This fund should be viewed as a long-term investment. The Swiss Financial
Market Authority (FINMA) has granted permission for the commercial promotion and marketing of shares of the Company in and from Switzerland. Man Investments AG, Etzelstrasse 27, 8808
Pfaffikon SZ, Switzerland, has been approved as Swiss representative to the Company and Schwyzer Kantonalbank, Pfaffikon Branch, 8808 Pfaffikon SZ, Switzerland, has been appointed as Paying
Agent for the Company in Switzerland. The Prospectus, the articles of incorporation, the by-laws and the yearly and half-yearly reports of the Company are available free of charge from the Swiss
representative. Units in issue refer to Shares in issue. The market sector and key market attributions above are to be used as indications only. The figures are estimated and generated from the
underlying AHL Programme system and do not take into account the fees/interest/commission charges on any particular account. Differences may also occur due to slippage variation, portfolio
changes, FX movements and post execution adjustments. Therefore the sum total of these sector indications will not necessarily equate to the reported performance for the month in question.
Opinions expressed are those of the author as of the date of their publication, and are subject to change.
Some statements contained in these materials concerning goals, strategies, outlook or other non-historical matters may be “forward-looking statements” and are based on current indicators and
expectations at the date of their publication. We undertake no obligation to update or revise them. Forward-looking statements are subject to risks and uncertainties that may cause actual results to
differ materially from those implied in the statements. Information for German Investors: The accumulated deemed distributed income as per end of month dated above: USD 0,0000000 / per share.
The indices shown are not benchmarks as they are not representative of the Fund's investment strategy. They shall be used as a comparison of different strategies only. Please note that if no index is
offered for selection, we refrain from showing financial indices as no such index would be representative of the Fund's investment strategy and a comparison of strategies would be misleading. With
the introduction of Markets in Financial Instruments Directive ('MiFID'), performance returns need to be shown on a 12 month rolling basis. As such the MiFID compliant returns within the Historical
Returns table are highlighted. From 25 November 1996 to 30 November 2014 Man AHL Diversified plc has a total return of 752.2 %. Access the latest performance and other information on
the Man Investments website: http://www.man.com. Important: The Company issued a revised prospectus on 1 June 2012 that included new subscription bank account details. Please ensure
that when applying to purchase Shares in the Company that the following bank account details are used. Bank: CITIGB2L (Citibank N.A., London). Correspondent bank 54A: CITIUS33 (Citibank N.A.
New York). Account number 59: 12933578. Account name: Man AHL Diversified plc. Payment details 70: ADP 500756 (Failure to quote this reference in the correct field will result in delays in
processing which in turn could cause delays in the date credited.). Charges 71A: OUR (All bank charges, including those of the correspondent bank, should be debited from the Applicant
separately and not be deducted from the amount being transferred.). Additional information: Subscription bank address: Citibank N.A., London, Citigroup Centre 33 Canada Square, Canary Wharf,
London. Subscription bank contact number +353 1 6222 000. ISIN Code: IE0000360275. USD correspondent bank address: Citibank N.A. New York, 111 Wall street, New York US 10043. USD
correspondent bank ABA: 021000089. USD correspondent account number: 10990765.US account IBAN code: GB45CITI8500812933578. Please note that the subscription monies must be
remitted from an account in the same name as the Applicant(s).
Please address all correspondence relating to your investment to your local Regional Office or to the Shareholder Services Agent
www.man.com
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