fund
JPM Europe Dynamic (ex-UK) C
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126.00p
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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306.40p
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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0.93%
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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1.00%
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 targets long-term capital growth through investment in mainly large and mid-cap continental European equities. The managers use JPM's 'behavioural finance' strategy, which aims to exploit opportunities created by behavioural biases of market participants such as sell-side and buy-side analysts and investors. They believe that companies that are cheap, or high quality, or with strong momentum, are often overlooked by the market and that by investing in a combination of the three, they can generate consistent outperformance.
Fund summary
| Sector | Europe Excluding UK |
| Structure | OEIC |
| Launched | |
| Size | £498m |
| Yield | 1.00% |
| Charging basis | Income |
| Dividends paid | 30 Apr |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 0.93% |
Allocation
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Investment process
The investment is run using a behavioural finance process, based on the philosophy that attractively valued, high quality stocks with positive momentum outperform the market. JPM’s 50-strong European team all follow this philosophy and maintain coverage on a 1200 stock universe in order to generate a 100-stock portfolio. Companies are assessed on: Value - companies that are cheap on an absolute or relative basis on a variety of valuation metrics; Quality – companies that are profitable, with sustainable earnings, and have sensible capital allocation, in particular avoiding those that issues shares to fund acquisitions; Momentum – companies that are performing well on a share price basis and that have positive earnings revisions. This is the factor that changes most frequently. The fund managers do not meet the management of investee companies, nor do they take a view on the business itself, though financial statements are interrogated as part of the process. Stocks are weighted with the aim of each stock providing an equal return if the investment thesis is correct, rather than based on a conviction level. Holding periods are typically short at around three months on average.
Manager research
Average monthly relative returns
- 16/17 0.00%
- 17/18 0.00%
- 18/19 0.00%
- 19/20 0.00%
- 20/21 0.00%
Bestinvest MRI
- 3 years 0.00%
- 5 years 0.00%
- Career 0.00%
- 3 years 0.00%
- 5 years 0.00%
- Career 0.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Track record
Periods of worst performance
| Absolute | 0.00% () |
| Relative | 0.00% () |
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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Sector breakdown
| Biotechnology/Medical | 8.00% |
| Banks | 7.00% |
| Automotive | 7.00% |
| Building & Construction | 6.00% |
| Transport | 6.00% |
| Food Producers | 6.00% |
| Hardware | 5.00% |
| Consumer Goods | 5.00% |
| Insurance | 5.00% |
| Software | 4.00% |
Portfolio
50-100 stocks. Typical position size 0.5-5%.