fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

Jupiter Asian Income Z

Focused large-cap fund targeting both income and a decent total return.

  • 156.06p
    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.

  • 188.90p
    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?

  • 0.00%

    Initial charge

    Some 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!

  • 0.65%
    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).

  • 0.88%
    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.

  • 3.00%
    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…

Prices as at 09 April 2021, fund data last updated 23 February 2021

The fund aims to generate income and capital growth over the long-term through investment in Asian (ex Japan) and Australasian equities. Managed by Jason Pidcock, the fund is unconstrained and run with an absolute return mindset with little reference to the benchmark. The portfolio is concentrated with Pidcock focusing on large-cap, high quality yielding companies that he aims to hold for long periods of time. This fund has an income tilt, typically producing a yield at least 20% higher than that of its benchmark index, and is naturally defensive as capital preservation is of key importance for the manager.

Fund summary

Sector Asia Pacific Excluding Japan
Structure OEIC
Launched March, 2016
Size £770m
Yield 3.00%
Charging basis Capital
Dividends paid 28th Feb, 31st May, 31st Aug, 30th Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.65%
Ongoing charges figure 0.88%

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Investment process

Jason Pidcock aims to invest in highly liquid quality stocks with an income tilt from across the Asia Pacific (ex Japan) region. His investment process blends a top-down and bottom-up approach to stock selection, as he aims to avoid top-down risks and identify what he deems to be quality companies from the bottom-up. The manager’s focus is on companies with strong balance sheets, competitive advantages and high barriers to entry. These companies must be well-managed and well-positioned within their market, and must have a scalable and sustainable business model. Thorough knowledge of both existing and potential investments is core to the process and Pidcock regularly meets with management teams and reads third party research and broker reports to build a clearer picture of a company. As part of his due diligence he analyses the fundamentals of a company’s balance sheet to understand how sustainable the free cash flow generation is and meets with management teams to greater understand how cash is deployed and the company’s ability to distribute cash to shareholders as dividends (where reasonable to do so). Valuation is also a key consideration for portfolio inclusion. Pidcock uses a number of valuation metrics, including P/E and P/B, both relative to peers and the company’s own history. As a result of the dividend and capital discipline of underlying holdings, the portfolio tends to have a defensive bias.

A manager with a solid track record, Jason Pidcock fits into Jupiter's individualistic talented managers' culture perfectly. He is very experienced, having invested in Asian equities for over 20 years, and managed the Newton Asian Income fund for 10 years from launch. Historically his approach has provided a degree of protection in falling markets, though he has often lagged rising markets. Though it has an income tilt, the fund's focus on total return would appeal to a wide range of investors seeking to benefit from structural growth trends in Asia.

Manager research

Average monthly relative returns

  • 16/17 -0.54%
  • 17/18 -0.59%
  • 18/19 0.53%
  • 19/20 -0.16%
  • 20/21 0.02%

Bestinvest MRI

  • 3 years 0.13%
  • 5 years -0.15%
  • Career -0.06%
  • 3 years 78.50%
  • 5 years 37.10%
  • Career 67.40%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Jason Pidcock

Pidcock joined Jupiter in 2015, having left Newton, where he managed the flagship Newton Asian Income fund for 10 years since launch. Before Newton he was at BP Investment Management, responsible for over $700m of the BP Pension Fund invested in Australia, China, Hong Kong and South East Asia. At BP he was jointly responsible for asset allocation within the Asia-Pacific region, and a member of the team deciding regional allocation within the BP Pension Fund. He began his career in 1993 at Henderson Global Investors where he was part of a team covering the Pacific ex-Japan region.

Track record

Jason Pidcock has 15.8 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 June 2013 - October 2020) there was a decline of 29% relative to the index. The worst absolute loss has been 40%.

Periods of worst performance

Absolute -40.00% (October 2007 - October 2008)
Relative -29.00% (June 2013 - October 2020)

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

7.0453% Taiwan Semiconductor Co
6.717% Samsung Electronics Co
6.4491% Media Tek Inc
5.9408% Tencent Hldgs Limited
5.196% Hon Hai Precision Industry
4.7809% Swaps Macquarie
4.7143% Bhp Billiton Plc
4.5831% Sands China Ltd
4.4519% Ping An Insurance(Gr)Co Of China
3.601% Hong Kong Exchanges & Clearing
Source: Trustnet

Sector breakdown

Financials 33.00%
Technology 26.00%
Consumer Goods 11.00%
Industrials 10.00%
Consumer Services 6.00%
Telecommunications 6.00%
Basic Materials 6.00%

Portfolio

40-50 holdings

Constraints

Portfolio should yield at least 20% higher than the benchmark.

Key Investor Information - Income

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Key Investor Information - Accumulation

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