Jupiter European Special Situations

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

  • 446.15p
    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.

  • -
    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?

  • 5.25% 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!

  • 1.50%
    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).

  • 1.78%
    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.

  • 0.20%
    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…

Prices as at 23 October 2020, 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 £340m
Yield 0.20%
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%

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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

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.75%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.75%
  • 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.

Mark Nichols / Mark Heslop

Nichols joined Jupiter in July 2019. He previously managed European equities portfolios at Columbia Threadneedle (2015-19) and F&C (2011-15). He joined F&C in June 2011 from Oechsle International Advisors, where he was a senior analyst. From 2003 to 2005 he was a member of the research team at Lehman Brothers. He began his career at Invesco in 2001. Nichols has a degree in Philosophy, Politics & Economics from the University of Oxford and a postgraduate degree in Contemporary History & Politics from the University of London. Heslop joined Jupiter in September 2019 as a European equity manager and smaller companies specialist. He was previously an equity fund manager at Colombia Threadneedle for 11 years where he managed a global smaller companies fund and a European smaller companies fund. Prior to this he spent nine years as a sell-side analyst with Citi from 1999. He began his career as an accountant and consultant at PricewaterhouseCoopers. He has a degree in chemistry from Durham University and is an Associate of the Institute of Chartered Accountants.

Track record

The track record of Mark Nichols / Mark Heslop in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

Absolute -11.00% (January 2020 - March 2020)
Relative -4.00% (May 2020 - August 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

4.6488% Sap Se
4.4548% Novo-Nordisk As
3.7999% Unilever
3.6279% Elec De Portugal
3.5671% Prosus N.v.
3.3367% Asml Holding Nv
3.298% Worldline
3.2007% Essity Aktiebolag Publ
3.1576% Deutsche Borse Ag
3.0301% Linde Ag
Source: Trustnet

Sector breakdown

Industrials 21.00%
Consumer Goods 19.00%
Technology 18.00%
Health Care 15.00%
Financials 10.00%
Basic Materials 7.00%
Utilities 4.00%
Consumer Services 3.00%
Telecommunications 2.00%
Money Market 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

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