I suspect trading tomorrow will probably answer this conundrum, but I know there are some far wiser owls than me that contribute to this bb & I would be interested in their opinions.

My question is this: the chart below looks to me like a pullback of the uptrend (ie when it went north through 14.00) however I am unsure as it has now broken down through 14.00 whether this is trending up or down :-(

So what do you think - up or down, or should I just flip a coin :-)) ?

APRIL IS ALWAYS GOOD FOR MAN. IN HOPE.in at 246.5p

Londons Man Group, the worlds second-largest hedge fund manager by assets under management, has lost more than $2bn over the past month as a result of Japans devastating earthquake and tsunami.

The company on Tuesday warned investors of the impact the crisis was likely to have on its business, but remained upbeat on a medium and long-term view for the company and its investments.

The past few months had been a negative period for its computer-driven flagship AHL fund, it said, with performance turning sharply down with markets following the earthquake in Japan.

March brought an extraordinary concentration of macro shocks, Peter Clarke, chief executive, told shareholders in the FTSE-listed companys pre-close trading update. The situation in Japan had led to a decreased risk appetite and increased volatility in markets, he said.

AHL, which manages about $22bn almost a third of Mans $68bn total has in recent weeks suffered alongside several other large algorithmic funds, some of which have had steep drawdowns.

AHLs portfolio, which is entirely picked by a series of proprietary complex computer algorithms designed by a team of more than 100 researchers, is understood to have been bullishly positioned.

It had suffered because of significant reversals across equity, commodity and currency markets, Man Group said. However, the fund has since pared back many of its losses.

Man remains sanguine about the funds ability to recover. AHLs performance is known to be particularly volatile in times of market stress, but it has a two-decade record with average annual returns of 16 per cent. It has only ever had one down year in 2009.

The fund remains 10 per cent lower than a peak value below which it does not take lucrative performance fees of about 20 per cent from investors.

AHLs recent travails come in some part as a vindication of Mans decision to acquire rival fund manager GLG Partners last year, however. The merger had fundamentally reshaped out business, Mr Clarke said.

The decision was taken mainly to reduce the companys dependence on AHL for its revenue streams. AHLs negative performance has been counterbalanced by positive performance numbers from some of GLGs wider range of funds.

Mr Clarke said: The work we have done this year to expand the range of investment styles and solutions we offer our investors, coupled with strong performance, broad distribution and a sound financial base, continue to position us well to meet investor demand globally in the coming quarters.

Added @ 244.3 probably need my head examined!!!

Seems that these 100 researchers with their algorithms aren't all they are cracked up to be.

It's not a surprise as you might notice that the new generation can't even do simple mental arithmatics.

Have you been away somewhere exotic, hlyeo? Not seen your usual one liners recently! ;o)

at last, a bright spark in this boring market
hope you're still long cc

Aye still long zephod, but to be honest can't wait to put my stop to entry :O)

on a mission the past couple of days,
did i miss some news, or have you been buying again cc

Cooking with gas now zephod :O)

Stick in there it is money in the bank.

MAN GROUP "AHL -5.3% on the week, fund got killed by commodity sell off and given the amount of HF buying of the name in the last week, post what was a whopping Japanese fund inflow figure and 2 solid AHL weeks of performance, the shares likely to break back down through recent 240 lows this am."

Finals next thurs 26th

StockMarketWire.com
Hedge fund manager Man Group reported statutory profit before tax from continuing operations of $324m (2010: $541m), ahead of the pre-close estimate of $280m.

Adjusted profit before tax from continuing operations was $599m (2010: $560m).

Diluted statutory EPS from continuing operations was 14 cents per share (2010: 24.8 cents per share) and adjusted EPS 27.6 cents per share (2010: 25.5 cents per share).

Man said the financial position remains strong, with the current regulatory capital surplus estimated at around $900m (31 March: $650m) and net cash of $900m (31st March: $881m).

The group recommended a final dividend of 12.5 cents per share to bring total dividend for the year to 22 cents per share.

Funds under management (FUM) are currently estimated at $71bn (31st March 2011: $69.1bn), reflecting positive flows despite recent demanding performance environment.

The group has seen strong net inflows since year end include $2bn from Nomura Global Trend and $400m from Man IP220 GLG, the first guaranteed product to include GLG strategies.

Peter Clarke, CEO, said: "Over the last year we have built Man into the industry's most comprehensive provider of liquid alternative investment styles. We acquired and integrated GLG without disruption to investment performance or flows, continued to expand the range of our investment management capabilities, and developed new products and formats. Combined with the wide geography of our franchise, this has resulted in strong demand from institutions and private investors globally, and growing assets under management. Our recent AHL open-ended launch in Japan, which has now raised $2bn, is a clear example of this momentum and is being followed by a Japan GLG currency launch.

"Macro uncertainty has impacted markets and performance across most asset classes again recently, reinforcing investors' long-term focus on liquid and diversifying investment strategies. Man is positioned to address these requirements through our focus on performance, our wide range of investment strategies, and the scale and resources we can apply to producing solutions for investor portfolios across the world. We are very well placed to meet investor demand."

any idea when next div date is??

Ex-divi 29th July '11.

thanks harry.

Part of the UBS note out today:
"Short term outlook positve
With the hedge fund industry having strong momentum: 7% annualised inflows in Q1, Man groups strong distribution platform and most GLG funds outperforming the HFRI, we expect inflows in FY12 to be strong.
Valuation showing significant upside
We value Man Group at 330p using SOTP. Man group trades at 6.6x CY12E P/E ex cash, a 30% discount to the sector. The company has $900m of surplus capital and will either return this to investors or deploy. We think this is too cheap given GLG performance and sales momentum. We reiterate our Buy recommendation."

Correction to my post #306.
Next ex-divi date will be 29th June '11 (12.5c)

Credit Suisse note:
"Upgrading to Outperform: With Man groups shares down 25% year-to date and consensus expectations increasingly incorporating the higher cost run-rate we believe the downside to our forecasts is relatively limited now. Clearly the last month has seen weak returns across the hedge fund industry but we believe the improving relative performance at AHL and signs of improved fund raising for Man group should underpin a return to growth for the group. We have trimmed our EPS forecasts by 6% for this year and 4% for y/e Dec 2012E largely reflecting lower performance fees assumptions. That said we have raised our sum of the parts based target price to 2.85 (from 2.70) to reflect slightly higher target multiples given the increased diversification of performance fees.
Improving fundamentals: Man groups flagship fund AHL which contributes 50%+ of revenues has been relatively flat over the last month and outperformed other hedge funds and equity markets. AHL is -4% YTD and +9% over the last 12 months broadly in line with the hedge fund industry.
Despite choppy markets hedge funds continued to see strong inflows through April and May. We expect June to be more challenging but further inflows into a recent Nomura AHL launch in Japan is evidence of continuing demand. Moreover we believe that uncertain markets make AHL attractive for investors given the liquidity, long-term track record and the more limited reliance on rising asset values than other hedge funds. Our conversations with leading managed futures funds and distributors in Asia suggests no slowdown in the demand for managed futures in recent weeks."