Jupiter European Special Situations

European equity fund with a bias to large and mid-sized companies.

  • 415.67p Price (Inc)
  • - Price (Acc)
  • 5.25% 0.00% Initial charge
  • 1.50% Annual management charge
  • 1.78% Ongoing charges
  • 0.30% Yield

Prices as at 06 December 2019, fund data last updated 02 April 2014

The Fund targets long-term capital growth by exploiting special situations in Europe. Manager Cedric de Fonclare looks for companies with good products, good management and a strong operating niche, and favours businesses offering predictable long-term growth rather than playing the market cycle. The process is primarily bottom-up, but the manager aims to achieve diversification by investing in companies with a range of growth drivers, such as indirect emerging market exposure and growing world trade.

Fund summary

Sector Europe Excluding UK
Structure UNIT TRUST
Launched March, 1999
Size £369m
Yield 0.30%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 5.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.78%

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Investment process

This is a relatively focused, unconstrained fund that would typically hold between 50 and 70 stocks. Diversification is achieved through investing in both growth and value stocks to reduce volatility and protect against changes in market sentiment. The fund has a structural bias to large and medium sized companies. A strong financial and management track record is deemed to be important, regarded as a sign for generating growth above GDP and producing above average returns. The portfolio construction is primarily bottom-up, with analysis including sustainable growth and barriers to entry. De Fonclare tends to capture these characteristics through investment themes that he considers to be attractive. Typical themes include indirect emerging market exposure and growing world trade. The investment process incorporates company meetings and a detailed analysis of the company's financial performance.

Manager research

Average monthly relative returns

  • 14/15 0.37%
  • 15/16 -0.33%
  • 16/17 -0.13%
  • 17/18 -0.22%
  • 18/19 -0.16%

Bestinvest MRI

  • 3 years -0.17%
  • 5 years -0.09%
  • Career 0.09%
  • 3 years 31.20%
  • 5 years 49.20%
  • Career 97.50%

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

Cedric De Fonclare

Cedric de Fonclare studied at La Sorbonne in Paris where he gained a degree in International Business Administration. He joined Jupiter in 1999 and moved to the European department in April 2000. He has managed the European (ex-UK) portfolio of the Jupiter Global Managed Fund since 2001. In October 2002, he took control of the Jupiter Pan-European Growth SICAV, a Luxembourg registered open-ended fund. In January 2003 he became manager of the Jupiter European Opportunities SICAV. De Fonclare became manager of the Jupiter European Special Situations Fund in July 2005.

Track record

Cedric De Fonclare has 14.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.09%. During the worst period of relative performance (from March 2016 - January 2019) there was a decline of 12% relative to the index. The worst absolute loss has been 31%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 98%.

Periods of worst performance

Absolute -31.00% (December 2007 - February 2009)
Relative -12.00% (March 2016 - January 2019)

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

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Top 10 holdings

Data accurate as at 30 August 2019

3.8143% Novo-Nordisk As
3.698% Deutsche Borse Ag
3.6601% Vinci Sa
3.6046% Essilorluxottica
3.5879% Sap Se
3.5814% Unilever
3.4718% Essity Aktiebolag Publ
3.4171% Thales
3.4071% Relx Nv
3.3424% Heineken Hldg Nv
Source: Trustnet

Sector breakdown

Industrials 22.00%
Health Care 16.00%
Financials 16.00%
Consumer Goods 15.00%
Technology 13.00%
Basic Materials 6.00%
Consumer Services 6.00%
Money Market 4.00%
Telecommunications 2.00%

Portfolio

Fund has approximately 50-70 holdings.

Constraints

There are no formal risk constraints giving the fund a high degree of flexibility. Stocks positions vary between 0.8%-4%.

Key Investor Information

Download