For institutional/professional investor and intermediary use only. Not for public distribution.

GLG JAPAN COREALPHA EQUITY

as at 30 September 2014

Fund Objective
The objective of the Fund is to achieve capital growth through investing in the quoted securities of
companies operating in Japan.

Fund Details

Fund Risks

FUND MANAGER
Stephen Harker, Neil Edwards Jeff
Atherton and Adrian Edwards

For detailed information on the specific Fund risks please refer to the Funds prospectus.

LAUNCH DATE
28.01.2010
FUND SIZE
(USD) 4,445,848,097

Top Active Positions

Top Ten Holdings

Company Name

Top 5 Overweight*
Company Name

Mitsubishi UFJ Financial

6.96

Mizuho Financial

5.27

Sony

4.82

Sumitomo Mitsui Financial

4.72

NTT DoCoMo

4.49

Nintendo

4.17

Canon

3.60

Nomura Holdings

3.55

Asahi Glass

3.55

Resona Holdings

3.13

Mitsubishi UFJ Financial

4.52

Sony

4.22

Mizuho Financial

3.95

Nintendo

3.78

NTT DoCoMo

3.71

Top 5 Underweight*
Company Name

Whilst material contributions to Issuer risk through holdings in

index derivatives are reflected in the above exposures, such
contributions may be excluded under UCITS risk spreading
rules

INVESTMENT TYPE
Accumulation
SECTOR
Japan
CURRENCIES
USD / EUR / GBP / JPY / CHF / SEK
MINIMUM INVESTMENT
1,000 USD, EUR, GBP, CHF (other
share classes may differ)

Toyota Motor

-3.65

Softbank

-1.96

NTT

-1.39

Japan Tobacco

-1.17

Fanuc

-1.16

MANAGEMENT FEES
Up to 1.5% for retail investors and
0.75% for institutional investors.
DOMICILE
Ireland

* Vs TOPIX.

Sector Overweight/Underweights*
Overweight*

% Underweight*

Banks

13.58 Transportation Equipment

-8.01

Other Products**

4.63 Machinery

-5.51

Glass & Ceramics

3.78 Foods

-4.00

Insurance

3.41 Pharmaceuticals

-3.30

Iron & Steel

2.28 Real Estate

-3.13

* Vs TOPIX. Source: GLG Partners LP **Manufactured products not covered by other TOPIX sectors

Discrete Performance#

65
GLG Japan CoreAlpha Eq I JPY

Fund %

Index %*

30/09/13 - 30/09/14

14.03

13.32

30/09/12 - 30/09/13

78.90

65.04

30/09/11 - 30/09/12

-8.51

-0.78

30/09/10 - 30/09/11

-6.46

-6.06

Topix TR

45
30
15
-5
-20
-35

Jan 10

Sep 10

Sep 11

Sep 12

Sep 13

Sep 14

* TOPIX. Source of all Fund performance data in this document: #Lipper Hindsight, percentage growth, NAV to NAV.
Net income reinvested, share class I JPY. Past performance is not a reliable indicator of future results.

^Awards and/or ratings are referred to for information purposes only and should not be construed as an endorsement of Man, its affiliates
or its products. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are
determined.
PAGE 1

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GLG JAPAN COREALPHA EQUITY

as at 30 September 2014

Cumulative Performance (as at 30/09/14)#

Fund %

Index %*

Relative %

1 month

4.09

4.51

-0.42

3 months

3.76

5.82

-2.06

6 months

8.70

11.27

-2.57

1 year

14.03

13.32

0.71

3 years

86.65

85.58

1.07

5 years

N/A

N/A

N/A

57.12

63.90

-6.78

Since Launch

*TOPIX.

Commentary
Market Overview
TOPIX made good progress in September, rising just under 4% in yen terms. Although large caps performed better, the effect was concentrated
in the growth component of the top cap market, with all other segments rising less than the index. Style factors were thus a negative impact upon
Fund performance again. Transport Equipment, Machinery and Electric Appliances were the best three sectors, assisted by weakness of the yen.
A long tail of sectors trailed the TOPIX, with some small commodity cyclical sectors particularly weak, such as Marine Transport and Oil & Coal.
Fund Overview
GLG Japan CoreAlpha is a Large Cap equity fund whose management is based on a contrarian and Value approach to investment.
The falling yen meant that the benchmark TOPIX produced a total net return of 4.5% in sterling terms in September, while the Fund, on the same
basis, returned 4.1% net.
The Funds relative performance beneted from its holdings in Insurance, while below index proportions in a range of sectors including Foods, Services, Construction, Real Estate and transportation also proved positive. Above market exposure to Securities and Iron & Steel contributed negatively,
alongside low exposure to the sizeable Transport Equipment, Machinery and (parts of) the Electric Appliances sectors, which all performed well.
Portfolio Activity
Once again, changes to the portfolio amounted to just around 2.0% of the Fund during the month. The normal contrarian trading pattern resulted
in small reductions in the Electric Appliances and Chemicals sectors, with corresponding increases in Pharmaceutical, Securities and Iron & Steel.
The Funds heavy large company exposure remains. The main over-represented sectors compared to the TOPIX are Banks, Other Products, Glass
& Ceramics, Insurance and Iron & Steel. Transport Equipment (auto-related companies), Machinery, Foods, Pharmaceutical, and Real Estate are all
below market proportion as was the case at the end of August.

* A word on terminology
Companies listed on the Tokyo stock market are divided into two groups by size: Large and Small; with Large further subdivided into Top (largest)
and Mid (medium). Japanese listed companies are also divided into two groups by valuation showing how high a price investors are prepared to
pay for their shares. The measure used is the price to book ratio (PBR), which compares the companys share price with the accounting value of its
assets. Companies whose PBR is low are known as Value (cheap), while those with high PBRs are known as Growth (expensive). Japan CoreAlpha
targets stocks in the Large and Value segments. The share price performance of companies in these two groups is therefore key to the Funds
performance.

PAGE 2

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GLG JAPAN COREALPHA EQUITY

as at 30 September 2014

Monthly positive contributors*

Monthly negative contributors*

Total Effect

Sector Effect

Total Effect

Stock Effect

Sector Effect Stock Effect

Retail Trade

-0.10

0.00

-0.10

Securities

-0.15

-0.08

-0.07

0.00

Machinery

-0.18

-0.18

0.00

0.12

0.00

Electric Appliances

-0.34

0.04

-0.38

0.10

0.01

Transport Equipment

-0.44

-0.40

-0.03

Insurance

0.19

0.10

0.09

Banks

0.18

0.09

0.09

Foods

0.13

0.13

Services

0.12

Land Transport

0.11

* U = Underweight, O = Overweight

* U = Underweight, O = Overweight

Stocks Held

Stocks Not Held

Monthly Top 10 contributors

Monthly Top 10 contributors

Security Name

Stock Effect

Security Name

Stock Effect

0.14

NTT

0.08

T&D Holdings

0.11

Kao

0.06

Sumitomo Mitsui Financial

0.10

Daikin Industries

0.05

Dai-ichi Life

0.08

Orix

0.04

Fujilm Holdings

0.07

Sumitomo Realty & Development

0.04

TDK

0.07

Japan Tobacco

0.04

Sumitomo Mitsui Trust Holdings

0.07

Softbank

0.03

Honda Motor

0.04

Rakuten

0.03

Kansai Electric Power

0.04

Fujitsu

0.03

Asahi Glass

0.03

Asahi Breweries

0.03

Resona Holdings

Monthly Top 10 detractors

Monthly Top 10 detractors

Security Name

Stock Effect

Security Name

Stock Effect

Toyota Motor

-0.19

Murata Manufacturing

Nomura Holdings

-0.16

Fanuc

-0.10

Sony

-0.15

Fuji Heavy Industries

-0.10

Mizuho Financial

-0.14

KDDI

-0.06

Sumitomo Corp

-0.13

Mitsubishi Electric

-0.06

Yamada Denki

-0.10

Kubota

-0.05

Nippon Steel & Sumitomo Metal

-0.08

Astellas Pharma

-0.05

ANA Holdings

-0.08

Denso

-0.05

JX Holdings

-0.07

Shin-Etsu Chemical

-0.05

Mitsui Chemicals

-0.06

Mitsubishi Heavy Industries

-0.04

Year to date positive contributors*

-0.12

Year to date negative contributors*

Total Effect Sector Effect Stock Effect

Total Effect

Sector Effect

Stock Effect

Electric Appliances

1.87

0.34

1.52

Pharmaceutical

-0.33

-0.33

0.00

Information & Communication

1.04

0.07

0.97

Glass & Ceramics

-0.46

-0.03

-0.44

Real Estate

0.78

0.78

0.00

Precisions

-0.62

0.05

-0.67

Air Transport

0.55

0.47

0.08

Other Products

-0.75

-0.01

-0.74

Mining

0.45

0.36

0.09

Banks

-1.41

-1.08

-0.33

* U = Underweight, O = Overweight

* U = Underweight, O = Overweight

GLG Contact Details

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PAGE 3

GLG JAPAN COREALPHA EQUITY

as at 30 September 2014
Stocks Held

Stocks Not Held

Year to date Top 10 contributors

Year to date Top 10 contributors

Security Name

Stock Effect

Security Name

Stock Effect

NEC

0.93

Softbank

ANA Holdings

0.59

Mitsubishi Estate

0.46
0.28

Rohm

0.55

Sumitomo Realty & Development

0.19

Inpex

0.45

Mitsui Fudosan

0.14

Resona Holdings

0.45

Rakuten

0.14

Sony

0.42

Orix

0.12

Fujilm Holdings

0.35

Daiwa Securities

0.10

NTT DoCoMo

0.24

Fast Retailing

0.10

Honda Motor

0.24

Bridgestone

0.08

Canon

0.23

Denso

0.08

Year to date Top 10 detractors

Year to date Top 10 detractors

Security Name

Stock Effect

Security Name

Stock Effect

Nintendo

-0.57

Astellas Pharma

Mizuho Financial

-0.57

Murata Manufacturing

-0.16

Nikon

-0.49

Nissan Motor

-0.14

Mitsubishi UFJ Financial

-0.48

Kao

-0.12

Sumitomo Mitsui Financial

-0.44

Nidec

-0.12

Asahi Glass

-0.42

Fuji Heavy Industries

-0.10

Nomura Holdings

-0.31

Central Japan Railway

-0.10

Sumitomo Mitsui Trust Holdings

-0.24

Komatsu

-0.10

T&D Holdings

-0.18

Hoya

-0.09

Nippon Steel & Sumitomo Metal

-0.18

Shimano

-0.09

Exposure analysis

Equity exposure by sector

Fund (%) Relative (%)

Banks

Equity exposure by market cap

Absolute (%)

Relative (%)

Mega

64.55

10.47

Large

27.77

7.97

Mid

4.34

-6.20

Small

2.53

Micro

0.00

22.54

13.58

Other Products**

6.05

4.64

Glass & Ceramics

4.78

3.78

Insurance

5.63

3.41

Iron & Steel

3.83

2.28

Securities

3.55

2.11

-9.18

Chemicals

7.77

2.04

-3.69

Mining

2.53

2.02

Air Transportation

2.31

1.77

The micro dollar market capitalisation is from 0 to $500,000,000.00, the small dollar market
capitalisation is from $500,000,000.00 to $2,500,000,000.00, the mid dollar market capitalisation is from
$2,500,000,000.00 to $5,000,000,000.00, the large dollar market capitalisation is from $5,000,000,000.00
to $12,500,000,000.00, and the mega dollar market capitalisation is $12,500,000,000 and above.

Absolute (%)

Position Concentration as a % of total portfolio

-0.23

Precision Instruments

2.89

1.47

14.44

1.18

Electric Power & Gas

2.74

0.68

Oil & Coal Products

1.17

0.61

Pulp & Paper

0.47

0.23

Textiles & Apparels

0.87

0.18

Electric Appliances

Top 10 Equity Exposure

44.27

Wholesale Trade

4.54

0.01

Top 20 Equity Exposure

68.92

Rubber Products

0.00

-0.86

Top 30 Equity Exposure

83.28

Nonferrous Metals

0.00

-1.02

Other Financing Business

0.00

-1.04

Information & Communication

5.72

-1.37

Services

0.00

-2.54

Construction

0.00

-2.76

Land Transportation

1.00

-2.88

1.14
0.00
1.33
0.00
0.00
3.89

-2.96
-3.13
-3.30
-4.00
-5.51
-8.01

Headline Equity Exposure

Number of positions
Active shares

GLG Contact Details

Close

Change

52

74.96%

-1.06%

Retail Trade
Real Estate
Pharmaceuticals
Foods
Machinery
Transportation Equipment
** Manufactured products not covered by other TOPIX sectors

To deal: 0207 1442100 Broker Desk: salesoperations@man.com Website: www.man.com

PAGE 4

GLG JAPAN COREALPHA EQUITY

as at 30 September 2014
NAVs

NAVs

Class

CCY

NAV

ISIN Code

Bloomberg Code

Class

CCY

NAV

ISIN Code

Bloomberg Code

I JPY

JPY 15,712.00

IE00B5649G90

GLAAXYN ID

I H GBP

GBP

145.95

IE00B64XDT64

GLAAXGA ID

D H CHF

CHF

184.73

IE00B46RNT22

GLJCDHC ID

I H USD

USD

150.78

IE00B5646799

GLJAAXU ID

D H EUR

EUR

141.48

IE00B5648R31

GLJAAEU ID

D JPY

JPY 15,180.00

IE00B5649C52

GLAAYEN ID

D H GBP

GBP

134.78

IE00B665M716

GLAAGBP ID

I EUR

EUR

137.85

IE00B45R5B91

GLJCAIE ID

D H USD

USD

143.00

IE00B56CKP98

GLJAAUS ID

I GBP

GBP

122.05

IE00B62QF466

GLJCAIG ID

I H CHF

CHF

191.39

IE00B464TQ22

GLJCAIC ID

I USD

USD

116.94

IE00B3QXQG18

GLJCAIU ID

I H EUR

EUR

146.85

IE00B578XK25

GLGAAXU ID

D H SEK

SEK

112.20

IE00B41KRR22

GLJCADS ID

The share class in blue in the table above is the reporting share class for the Fund and may be closed to new subscriptions. Performance of other share classes shown may vary.

Historial Performance
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2014

-5.75%

0.76%

-0.91%

-3.21%

3.08%

4.99%

0.70%

-1.00%

4.09%

2013

11.80%

3.55%

7.11%

11.04%

0.47%

2.20%

-0.65%

-1.92%

7.16%

-1.29%

2012

3.73%

14.92%

1.87%

-9.64%

-14.07%

9.12%

-7.03%

-2.65%

3.73%

2011

0.48%

6.24%

-9.29%

-3.12%

-0.28%

0.53%

-1.48%

-9.54%

-0.31%

-0.43%

8.96%

1.91%

-10.80%

-4.40%

1.02%

-5.64%

0.77%

2010

Oct

Nov

Dec

YTD

BM YTD

Relative

2.29%

3.77%

-1.48%

64.57%

54.41%

10.16%

7.79%

4.78%

2.35%

2.45%

15.58%

17.07%

20.86%

-3.79%

3.52%

-8.12%

-0.41%

-20.85%

-17.00%

-3.85%

-0.52%

6.80%

5.36%

1.38%

1.69%

-0.31%

Performance Disclosures: The inception date of the Fund is 28 January 2010. The net returns are calculated net of management fees of 0.75% per annum. Annual returns presented are based on an investor
being invested from the beginning of the fiscal year of the Fund. Source: GLG Partners LP. Past performance is not a reliable indicator of future results.

Important notes
Unless indicated otherwise this material is communicated by GLG Partners LP (company number LP006776) which is registered in England and Wales at One Curzon Street, London W1J 5HB. Authorised and
regulated in the UK by the Financial Conduct Authority.
Germany: To the extent this material is used in Germany, the distributing entity is Man (Europe) AG, which is authorised and regulated by the Liechtenstein Financial Market Authority (FMA).
Hong Kong: To the extent this material is distributed in Hong Kong, this material is communicated by Man Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission
in Hong Kong. This material can only be communicated to intermediaries, and professional clients who are within one of the professional investors exemptions contained in the Securities and Futures Ordinance
and must not be relied upon by any other person(s).
Singapore: To the extent this material is distributed in Singapore, it is for information purposes only and does not constitute to any investment advice or research of any kind. This material can only be distributed
strictly to (i) Institutional Investors (as defined in Section 4A of the Securities and Future Act, Chapter 289 (the SFA)) pursuant to Section 304 of the SFA or (ii) otherwise pursuant to, and in accordance with the
conditions of, any other applicable provision of the SFA, and must not be relied upon by any other person(s).
Switzerland: To the extent the material is distributed in Switzerland the communicating entity is Man Investments AG, which is regulated by the Swiss Financial Market Supervisory Authority. The Fund has not been
registered for distribution in Switzerland and may only be distributed to qualified investors as defined in Art. 10 of the Swiss Collective Investment Schemes Act. Recipients of this material are advised to satisfy
themselves with the respective regulatory rules. Please take note that you are only allowed to distribute this material onwards if you are licensed as distributor (or exempt according to art. 8 Collective Investment
Schemes Ordinance) and have entered into a written distribution agreement with Man Investments AG.
Market Data: Information about market indices is provided for the purpose of making general market data available as a point of reference only. There is no representation that any index is an appropriate benchmark
for comparison. Index returns do not take into account trading commissions and costs or other fees and expenses associated with the active management of portfolios. The volatility of indices may be materially
different from the performance of the Fund. The Funds holdings may differ substantially from the securities that comprise the indices. Furthermore, the Fund may invest in different trading strategies from the indices
and therefore it should be noted that the sector, industry, stock and country exposures, volatility, risk characteristics and holdings of the Fund may differ materially from those of the indices. The performance returns
of the indices include the reinvestment of earnings and are obtained from Bloomberg and other third party sources. Although GLG believes these sources to be reliable, it is not responsible for errors or omissions
from these sources.
Risks: In certain jurisdictions the Fund may only be available to professional or otherwise qualified investors or entities. An investment in the Fund involves a number of risks that is outlined in the Funds Prospectus. There can be no guarantee that the Funds investment objectives will be achieved, and the investment results may vary substantially from year to year or even from month to month. The Fund may engage in
investment practices or trading strategies that may increase the risk of investment loss and a loss of principal may occur. GLG will have total trading authority over the Fund, and the Fund will be dependent upon
the services of GLG. The Funds fees and expenses as described in the Funds Prospectus may offset the Funds gains. In addition, there may be restrictions on transferring interests in the Fund, please refer to the
Funds Prospectus for additional information.
If we refrain from showing a financial index, the reason for it is, that these are neither benchmarks nor representative of the Funds investment strategy.
The Fund is a sub-fund of GLG Investments VI plc, domiciled in Ireland and registered with the Central Bank of Ireland. Full details of the Fund objectives, investment policy and risks are located in the Prospectus
which is available with the Key Investor Information Document in English and in an official language of the jurisdictions in which the Fund is registered for public sale, together with the Report and Accounts of the
UCITS. The Funds documentation are available free of charge from the local information/paying agent, from authorised distributors and from www.man.com.
In order to fulfil the funds objectives the Prospectus allows the manager the ability to invest principally in units of other collective investment schemes, bank deposits, derivatives contracts designed with the aim
of gaining short term exposure to an underlying stock or index at a lower cost than owning the asset, or assets aiming to replicate a stock or debt securities index.
The fund currently has or intends to have more than 35% of its total holdings in bonds issued by or guaranteed by EU and OECD Governments, World Bank, European Investment Bank, International Financing Corp.
Distribution of this material and the offer of shares may be restricted and the minimum subscription amount may be higher in certain jurisdictions. The product(s) mentioned within this material (i) may not be
registered for distribution in your jurisdiction, and (ii) may only be available to professional or otherwise qualified investors or entities. It is important that distributors and/or potential investors are able to ensure
compliance with local regulations prior to making a subscription. Please refer to the offering documentation for additional information.
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.
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.
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.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale
Unless stated otherwise the source of all information is Man Group plc and its affiliates. This material is not suitable for US persons.
This material is proprietary information and may not be reproduced or otherwise disseminated in whole or in part without prior written consent. Any data services and information available from public sources used
in the creation of this material are believed to be reliable. However accuracy is not warranted or guaranteed. Man 2014

GLG Contact Details

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PAGE 5