fund
JPM Europe C
European fund with a large-cap bias investing across different sectors.
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208.40p
Price (Inc)
These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.
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240.00p
Price (Acc)
These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?
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0.00%
Initial chargeSome funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!
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0.75%
Annual management charge
This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).
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0.85%
Ongoing charges
This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.
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2.20%
Yield
How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…
The Fund aims to invest in a portfolio primarily focused on shares of European companies in any economic sector. The Fund's objective is to provide capital growth over the long term. Investments in smaller companies may be held on an ancillary basis.
Fund summary
| Sector | Europe Excluding UK |
| Structure | OEIC |
| Launched | June, 2011 |
| Size | £123m |
| Yield | 2.20% |
| Charging basis | Income |
| Dividends paid | Apr |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 0.85% |
Allocation
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Investment process
Manager research
Average monthly relative returns
- 16/17 -0.07%
- 17/18 0.20%
- 18/19 -0.31%
- 19/20 -0.32%
- 20/21 0.26%
Bestinvest MRI
- 3 years -0.12%
- 5 years -0.05%
- Career 0.06%
- 3 years 34.50%
- 5 years 64.10%
- Career 96.70%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Stephen Macklow-Smith / Alec Fitzlan Howard
Macklow-Smith (b.1963), is a portfolio manager within the JPM European Equity Group, responsible for segregated portfolios, the European assets of UK pension funds and the JPMorgan European Investment Trust. He has been with JPM since 1997. Previously he was head of the European Team at HSBC Asset Management and prior to this, a fund manager of European pension fund assets at Henderson. He has an MA & BA (Hons) in Classics and Modern Languages from Oxford University. Howard is a portfolio manager within the JPM European Equity Group managing both institutional and retail products. An employee since 1986, he was previously an investment manager in Fleming's North American Portfolios Group, most recently running the desk. Before this, Howard was involved in the development of the Czechoslovakia Investment Corporation Inc., and responsible for the establishment of the first Czech domestic mutual funds managed by Investicni Banka and administered by Save & Prosper. Before this, he helped the fund management of S&P financial sector unit trusts and was analyst of financial and media sectors. He has a BA (Hons) in Modern History from Oxford University.
Track record
Stephen Macklow-Smith / Alec Fitzlan Howard has 24.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.06%. During the worst period of relative performance (from January 2007 - December 2008) there was a decline of 15% relative to the index. The worst absolute loss has been 47%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.
Periods of worst performance
| Absolute | -47.00% (May 2007 - February 2009) |
| Relative | -15.00% (January 2007 - December 2008) |
About the MRI
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
Allocation
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Top 10 holdings
Data accurate as at 31 July 2020
| 6.4% | Nestle Sa |
| 5% | Roche Hldg Ag |
| 3.9% | Novartis Ag |
| 3.1% | Sap Se |
| 2.7% | Asml Holding Nv |
| 2.5% | Novo-Nordisk As |
| 2.4% | Allianz Se |
| 2.3% | Lvmh Moet Hennessy Vuitton Se |
| 2% | Unilever |
| 1.9% | Enel Spa |
| Source: Trustnet |
Sector breakdown
| Biotechnology/Medical | 14.00% |
| Building & Construction | 7.00% |
| Consumer Goods | 7.00% |
| Software | 6.00% |
| Food Producers | 6.00% |
| Banks | 6.00% |
| Electricity Supply | 5.00% |
| Insurance | 5.00% |
| Hardware | 5.00% |
| Financial Services | 4.00% |
Constraints
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