Man FRM Early View

Hedge funds enjoyed their third straight month of positive returns as Relative Value spreads normalised and generally positive returns to equity markets continued. For more information visit www.man.com/maninstitute/man-frm This podcast was recorded on 02 September 2020. Important information: This podcast should not be copied, distributed, published or reproduced, in whole or in part. This podcast is for informational and educational purposes only and does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The strategies discussed in this podcast may not be suitable for all investors. This podcast represents an assessment of market conditions at a particular time and is not a guarantee of future results. This information should not be relied upon by the listener as research or investment advice. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc ('Man'). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of Man's group of companies provides investment advisory or any other services. Any forward-looking statements speak only as of the date on which they are made and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Unless stated otherwise this information is communicated by Financial Risk Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. [In the United States this material is presented by Man Investments Inc. ('Man Investments'). Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'). Man Investments is also a member of Securities Investor Protection Corporation ('SIPC'). Man Investments is a wholly owned subsidiary of Man Group plc. ('Man Group'). The registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed Man Investments. In the US, Man Investments can be contacted at 452 Fifth Avenue, 27th floor, New York, NY 10018, Telephone: (212) 649-6600]. 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. Copyright Man 2020

Hedge funds enjoyed positive performance during July, with returns supported by positive returns to equities, credit and government bonds. For more information visit www.man.com/maninstitute/man-frm This podcast was recorded on 05 August 2020. Important information: This podcast should not be copied, distributed, published or reproduced, in whole or in part. This podcast is for informational and educational purposes only and does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The strategies discussed in this podcast may not be suitable for all investors. This podcast represents an assessment of market conditions at a particular time and is not a guarantee of future results. This information should not be relied upon by the listener as research or investment advice. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc ('Man'). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of Man's group of companies provides investment advisory or any other services. Any forward-looking statements speak only as of the date on which they are made and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Unless stated otherwise this information is communicated by Financial Risk Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. [In the United States this material is presented by Man Investments Inc. ('Man Investments'). Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'). Man Investments is also a member of Securities Investor Protection Corporation ('SIPC'). Man Investments is a wholly owned subsidiary of Man Group plc. ('Man Group'). The registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed Man Investments. In the US, Man Investments can be contacted at 452 Fifth Avenue, 27th floor, New York, NY 10018, Telephone: (212) 649-6600]. 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. Copyright Man 2020

Generally positive returns from discretionary Equity and Credit strategies, and mixed performance from Relative Value and Quantitative Strategies. For more information visit www.man.com/maninstitute/man-frm This podcast was recorded on 01 July 2020. Important information: This podcast should not be copied, distributed, published or reproduced, in whole or in part. This podcast is for informational and educational purposes only and does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The strategies discussed in this podcast may not be suitable for all investors. This podcast represents an assessment of market conditions at a particular time and is not a guarantee of future results. This information should not be relied upon by the listener as research or investment advice. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc ('Man'). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of Man's group of companies provides investment advisory or any other services. Any forward-looking statements speak only as of the date on which they are made and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Unless stated otherwise this information is communicated by Financial Risk Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. [In the United States this material is presented by Man Investments Inc. ('Man Investments'). Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'). Man Investments is also a member of Securities Investor Protection Corporation ('SIPC'). Man Investments is a wholly owned subsidiary of Man Group plc. ('Man Group'). The registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed Man Investments. In the US, Man Investments can be contacted at 452 Fifth Avenue, 27th floor, New York, NY 10018, Telephone: (212) 649-6600]. 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. Copyright Man 2020

May was a mixed month for hedge fund performance, with positive returns from risk-on exposure in credit and equities offset by generally negative returns from systematic strategies, particularly in Managed Futures. For more information visit www.man.com/maninstitute/man-frm This podcast was recorded on 01 June 2020. Important information: This podcast should not be copied, distributed, published or reproduced, in whole or in part. This podcast is for informational and educational purposes only and does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The strategies discussed in this podcast may not be suitable for all investors. This podcast represents an assessment of market conditions at a particular time and is not a guarantee of future results. This information should not be relied upon by the listener as research or investment advice. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc ('Man'). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of Man's group of companies provides investment advisory or any other services. Any forward-looking statements speak only as of the date on which they are made and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Unless stated otherwise this information is communicated by Financial Risk Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. [In the United States this material is presented by Man Investments Inc. ('Man Investments'). Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'). Man Investments is also a member of Securities Investor Protection Corporation ('SIPC'). Man Investments is a wholly owned subsidiary of Man Group plc. ('Man Group'). The registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed Man Investments. In the US, Man Investments can be contacted at 452 Fifth Avenue, 27th floor, New York, NY 10018, Telephone: (212) 649-6600]. 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. Copyright Man 2020

An epidemic of unknowns: The challenge of managing portfolios, controlling risk and making returns amid multiple dimensions of uncertainty. For more information visit www.man.com/frm This podcast was recorded on 01 May 2020. Important information: This podcast should not be copied, distributed, published or reproduced, in whole or in part. This podcast is for informational and educational purposes only and does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The strategies discussed in this podcast may not be suitable for all investors. This podcast represents an assessment of market conditions at a particular time and is not a guarantee of future results. This information should not be relied upon by the listener as research or investment advice. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc ('Man'). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of Man's group of companies provides investment advisory or any other services. Any forward-looking statements speak only as of the date on which they are made and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Unless stated otherwise this information is communicated by Financial Risk Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. [In the United States this material is presented by Man Investments Inc. ('Man Investments'). Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'). Man Investments is also a member of Securities Investor Protection Corporation ('SIPC'). Man Investments is a wholly owned subsidiary of Man Group plc. ('Man Group'). The registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed Man Investments. In the US, Man Investments can be contacted at 452 Fifth Avenue, 27th floor, New York, NY 10018, Telephone: (212) 649-6600]. 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. Copyright Man 2020

A biological shock, an economic shock, a financial shock. It does seem as if that is the order of causality. You have to go back a long way to find a big bad event that did not have some form of finance as a prime suspect. For more information visit www.man.com/frm This podcast was recorded on 01 April 2020. Important information: This podcast should not be copied, distributed, published or reproduced, in whole or in part. This podcast is for informational and educational purposes only and does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The strategies discussed in this podcast may not be suitable for all investors. This podcast represents an assessment of market conditions at a particular time and is not a guarantee of future results. This information should not be relied upon by the listener as research or investment advice. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc ('Man'). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of Man's group of companies provides investment advisory or any other services. Any forward-looking statements speak only as of the date on which they are made and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Unless stated otherwise this information is communicated by Financial Risk Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. [In the United States this material is presented by Man Investments Inc. ('Man Investments'). Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'). Man Investments is also a member of Securities Investor Protection Corporation ('SIPC'). Man Investments is a wholly owned subsidiary of Man Group plc. ('Man Group'). The registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed Man Investments. In the US, Man Investments can be contacted at 452 Fifth Avenue, 27th floor, New York, NY 10018, Telephone: (212) 649-6600]. 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. Copyright Man 2020

Gains in the early part of February support performance during the market correction. Defensive equity market neutral factors hold up through the worst of the volatility.. For more information visit www.man.com/maninstitute/man-frm This podcast was recorded on 02 March 2020. Important information: This podcast should not be copied, distributed, published or reproduced, in whole or in part. This podcast is for informational and educational purposes only and does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The strategies discussed in this podcast may not be suitable for all investors. This podcast represents an assessment of market conditions at a particular time and is not a guarantee of future results. This information should not be relied upon by the listener as research or investment advice. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc ('Man'). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of Man's group of companies provides investment advisory or any other services. Any forward-looking statements speak only as of the date on which they are made and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Unless stated otherwise this information is communicated by Financial Risk Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. [In the United States this material is presented by Man Investments Inc. ('Man Investments'). Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'). Man Investments is also a member of Securities Investor Protection Corporation ('SIPC'). Man Investments is a wholly owned subsidiary of Man Group plc. ('Man Group'). The registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed Man Investments. In the US, Man Investments can be contacted at 452 Fifth Avenue, 27th floor, New York, NY 10018, Telephone: (212) 649-6600]. 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. Copyright Man 2020

What to make of the mixed performance from Credit hedge funds in 2019? January was a positive month for the hedge fund industry. Equity Long-Short managers, Credit Managers and Event Driven managers were all positive, while Quantitative strategies were more mixed. For more information visit www.man.com/maninstitute/man-frm This podcast was recorded on 03 February 2020. Important information: This podcast should not be copied, distributed, published or reproduced, in whole or in part. This podcast is for informational and educational purposes only and does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The strategies discussed in this podcast may not be suitable for all investors. This podcast represents an assessment of market conditions at a particular time and is not a guarantee of future results. This information should not be relied upon by the listener as research or investment advice. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc ('Man'). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of Man's group of companies provides investment advisory or any other services. Any forward-looking statements speak only as of the date on which they are made and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Unless stated otherwise this information is communicated by Financial Risk Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. [In the United States this material is presented by Man Investments Inc. ('Man Investments'). Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'). Man Investments is also a member of Securities Investor Protection Corporation ('SIPC'). Man Investments is a wholly owned subsidiary of Man Group plc. ('Man Group'). The registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed Man Investments. In the US, Man Investments can be contacted at 452 Fifth Avenue, 27th floor, New York, NY 10018, Telephone: (212) 649-6600]. 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. Copyright Man 2020

Hedge funds had a notable finish to 2019. ELS managers may be repositioning for more of a growth led market in 2020. In our view, the trend towards ESG investing will accelerate over the next few years. For more information visit www.man.com/maninstitute/man-frm This podcast was recorded on 06 January 2020. Important information: This podcast should not be copied, distributed, published or reproduced, in whole or in part. This podcast is for informational and educational purposes only and does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The strategies discussed in this podcast may not be suitable for all investors. This podcast represents an assessment of market conditions at a particular time and is not a guarantee of future results. This information should not be relied upon by the listener as research or investment advice. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc ('Man'). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of Man's group of companies provides investment advisory or any other services. Any forward-looking statements speak only as of the date on which they are made and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Unless stated otherwise this information is communicated by Financial Risk Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. [In the United States this material is presented by Man Investments Inc. ('Man Investments'). Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'). Man Investments is also a member of Securities Investor Protection Corporation ('SIPC'). Man Investments is a wholly owned subsidiary of Man Group plc. ('Man Group'). The registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed Man Investments. In the US, Man Investments can be contacted at 452 Fifth Avenue, 27th floor, New York, NY 10018, Telephone: (212) 649-6600]. 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. Copyright Man 2020