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 :-)) ?

A half hour look around their website.

The premium to NAV is normally a no no for me, but as it seems to have been doing that for some years, plus of course your personal recommendation! :-) so I've bought.




I'd start a thread, but it seems pointless on here.

Well, it looks like it may hit the 200 MA sooner than expected.

Off topic.....Skinny, does your provider allow an 'At limit' trade on MXF or is it only 'At best' please?

Yes, I can place a buy,sell (as I now hold) or stop loss entry.

Thanks. For some reason Equiniti (Selftrade) only offer 'At best' trade, so can't place an order in advance. Some stocks they do, some not. No idea why.

oh dear! Support at..........140p?

Glad I got out, admittedly not as high as I could at 180p but a profit is a profit (ain't that right cyners) .,.

saaaaaarrrrrrrrrrrfffffffffffffffffffffff

hmmmm YUM :-)

Any idea where next guys? Bounce at 140p or........
Not S/B but looking for an entry point.
Next support at.....c120p?

Merrill Lynch summary note:
"PO 170p, AHL driven
Man’s H1 15 results, due on 29th July, are likely to be decent, but we think that H2 will see the impact of the recent falls in AHL. We have trimmed basic eps estimates, and H2 15 and FY 16 performance fees have seen significant falls. We don’t think there is anything especially noteworthy here, and retain our Buy on Man, albeit with a lower PO of 170p (from 200p). FY 16,17 – 19%, 4% downgrades
We have cut estimates by 12% for FY 15, 19% for FY 16 and 4% for FY 17. The main factor here is performance fees; these are likely to normalise by FY 17, we think.
Retain Buy- capital management, diversification Man’s near term performance is inevitably somewhat hostage to AHL’s fortunes. Longer term, we think the company is now a well designed EPS machine; it is diversified, with a capital management policy which mixes buybacks and small acquisitions to boost earnings.
We reiterate our Buy. On under 13x this year’s earnings, the stock looks good value."

StockMarketWire.com
Man Group's funds under management rose 8% to $78.8bn at the end of June (31 December 2014: $72.9bn).

Adjusted profit before tax rose by 89% to $280m. Statutory PBT was up 54% to $163 million (H1 2014: $106 million) reflecting acquired intangibles amortisation ($45 million), impairment of FRM goodwill ($41 million) and other adjusting items ($31 million); diluted statutory EPS1 of 7.5 cents (H1 2014: 5.0 cents).

The interim dividend of 5.4 cents per share is up from 4.0 cents per share last time.

Chief executive Manny Roman said: "While the first quarter of the year saw a more stable environment in financial markets which benefitted all of our strategies and in particular AHL's momentum strategies, the second quarter was characterised by renewed volatility. As a result AHL's momentum strategies gave back the gains they had made in the first quarter however GLG, Numeric and FRM's strategies generated good risk adjusted returns adding to their strong start to the year.

"Flows for the half were skewed by $3.4 billion of net outflows from our Japan CoreAlpha strategy as some investors redeemed following a long period of strong absolute and relative performance. We saw solid flows into our quant strategies including one large institutional mandate into AHL, however elsewhere investor appetite remained muted as renewed market volatility tempered investors' willingness to put their money to work.

"Markets remain very challenging and accordingly we remain cautious in our outlook for the remainder of the year. As ever, we remain committed to investing in talent, research and technology and building the optimal environment to deliver superior risk adjusted performance for our clients which will ultimately translate into the delivery of value for our shareholders."

RBC note today:
"Positive. H1 results show high margin inflows and low margin outflows.
First impression
Today Man reported its H1/15 results:
Total fees: $659MM (RBC: $618MM).
Management fees: $428MM (RBC: $421MM).
Performance fees: $231MM (RBC: $197MM).
Total adjusted PBT: $280MM (RBC: $254MM; consensus: $222MM).
Management fee PBT: $108MM (RBC: $100MM; consensus: $105MM).
Performance fee PBT: $172MM (RBC: $154MM; consensus: $117MM).
Adjusted diluted EPS: 13.9c (RBC: 12.6c; consensus 10.9c).
Dividend: 5.4c (RBC: 5.0c; consensus: 5.0c).
FUM at 30-Jun-15 was $78.8B (RBC: $78.6B; consensus: $78.8B). In H1/15, net flows were -$2.6B (RBC: -$2.6B; consensus: -$2.4B). Q2/15 net outflows were $1.3B against our -$1.3B forecast.
FUM by reporting category is:
Quant alternative (AHL/MSS/Numeric): $14.9B (RBC: $13.6B).
Discretionary alternative (GLG): $18.0B (RBC: $17.4B).
Funds of funds (FRM): $10.8B (RBC: $11.1B).
Quant (AHL/MSS/Numeric) long only: $18.1B (RBC: $17.8B).
Discretionary (GLG) long only: $15.3B (RBC: $17.3B).
Guaranteed: $1.7B (RBC: $1.4B).
Surplus regulatory capital of $425MM at 30-Jun-15; we forecast a surplus of $500MM at year-end 2015.
Outlook: typically cautious. Man indicates that “markets remain very challenging” and accordingly it remains “cautious in [its] outlook for the remainder of the year.”
Conclusion: Man delivers. We believe that consensus will rebase higher as a result of today’s results. That, and Man’s undemanding valuation, are positives. Man's outlook was typically cautious. Our EPS forecasts remain double digit percentages ahead of Bloomberg consensus throughout our forecast period. We believe the size of the discount that Man trades at to its peers is too wide. Man trades at 9.2x 2016E EPS (sector: 13.2x) and at 6.6x 2016E EBITDA (sector: 9.3x). We believe this attractive valuation more than accounts for the risk inherent in Man."

Missed this rise completely, would have been a good entry point 140p Harry. Showing a breakout, find out whether real or false in next few days. Outside upper Bollinger Band so may pull back initially. Broker forecast's mixed today. Watching.

LATEST BROKER VIEWS

Date Broker New target Recomm.
4 Aug Numis 95.00 Sell
31 Jul JP Morgan... 175.00 Neutral
30 Jul Liberum Capital 216.00 Buy
30 Jul Barclays... 177.00 Equal weight
30 Jul Goldman Sachs 215.00 Conviction Buy
29 Jul Panmure Gordon 180.00 Buy
29 Jul Shore Capital N/A Buy
28 Jul JP Morgan... 175.00 Neutral
24 Jul Jefferies... 169.00 Hold
9 Jul Citigroup 135.00 Neutral

Interesting RNS

http://www.moneyam.com/action/news/showArticle?id=5089864

Stuck in a trading range since August. Interim next week 15th. Wee punt long @ 156.97 initial target 180 stop 149p

Interim next week??? See post 906 above.

55011 - It's a punt. Q3 Interim Management Statement Thursday 15th October 2015.