Jupiter Financial Opportunities

International equity fund specialising in banks, insurance and other financial companies.

  • 697.22p Price (Inc)
  • 697.23p Price (Acc)
  • 5.25% 0.00% Initial charge
  • 1.50% Annual management charge
  • 1.76% Ongoing charges
  • 0.30% Yield

Prices as at 10 December 2019, fund data last updated 21 October 2011

The fund targets long term capital growth through investment globally in banks, insurance and other financial companies. The manager takes a macro view of the world economy, identifying investment themes and then finding stocks positioned to benefit from them. Though this is primarily an equity fund, the manager may also use cash and derivatives as defensive measures. Due to their nature, specialist funds can be subject to specific sector risks. Investors should ensure they read all relevant information in order to understand the nature of such investments and the specific risks involved.

Fund summary

Sector Specialist
Structure UNIT TRUST
Launched June, 1997
Size £540m
Yield 0.30%
Charging basis Income
Dividends paid 30 Jun, 31 Dec

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 1.76%

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Investment process

The fund manager uses a combined top-down and bottom-up investment approach to select a relatively concentrated portfolio of banks, insurance and other financial companies from around the world. Ideas are generated from a variety of sources, including Jupiter analysts and managers, company meetings, stockbrokers, the media and conferences. The manager also takes a macro view of the economy, identifying themes such as the growth of emerging economies and looking for companies that can capitalise on them. He then undertakes quantitative screening to reduce his investment universe, before carrying out qualitative analysis to assess the sustainability of the business. He looks particularly for above average growth, a strong market position and proven management with a stake in their business.

The fund has a strong long term record, achieving fame as one of the few to make money in 2008 when then manager Philip Gibbs saw the banking crisis ahead of time. Whilst Gibbs has subsequently stepped down from the fund, he remains head of Jupiter’s financials team and new manager Guy de Blonay also has a strong track record in the sector from his days at New Star. Investors should be aware that future returns from banks are likely to be lower than they were prior to the crisis, though the fund has the flexibility to invest in insurance, property and other financial companies.

Manager research

Average monthly relative returns

  • 14/15 0.51%
  • 15/16 -0.26%
  • 16/17 -0.58%
  • 17/18 0.85%
  • 18/19 -0.02%

Bestinvest MRI

  • 3 years 0.08%
  • 5 years 0.10%
  • Career 0.42%
  • 3 years 61.80%
  • 5 years 69.20%
  • Career 99.00%

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

Guy de Blonay

De Blonay joined Jupiter in May 2010 and is a member of the Financials team. Previously, he worked at New Star/Henderson for eight years, managing the Global Financials fund, the Financial Opportunities Investment Trust and a financials hedge fund. Prior to this, he worked from 1995-2001 as an analyst at Jupiter, serving as co-manager of the Jupiter Ecology fund. De Blonay studied Law at the University of Geneva and Philosophy at the Institut Florimont.

Track record

Guy De Blonay has 16.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.42%. During the worst period of relative performance (from February 2009 - December 2016) there was a decline of 35% relative to the index. The worst absolute loss has been 51%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 99%.

Periods of worst performance

Absolute -51.00% (October 2007 - February 2009)
Relative -35.00% (February 2009 - December 2016)

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.

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Top 10 holdings

Data accurate as at 30 August 2019

5.5539% Fidelity National Info Services Inc
4.93% Fiserv Inc
4.8352% Global Payments
4.6675% Visa Inc
4.6569% Mastercard Inc
4.6532% Euronet Worldwide Inc
4.4695% London Stock Exchange Group
4.3151% Partners Group Holding
4.2854% Intuit Inc
3.9982% Wex Inc
Source: Trustnet

Sector breakdown

Support Services 37.00%
Financial Services 33.00%
Software 9.00%
Property Shares 6.00%
Banks 5.00%
Life Insurance 4.00%
Money Market 2.00%
Real Estate 2.00%
Retailers - General 1.00%

Portfolio

Around 50 stocks. Cash and derivatives may be used to protect the portfolio.

Constraints

There are no formal risk controls.

Key Investor Information - Income

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Key Investor Information - Accumulation

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