Jupiter Fund Of Investment Trusts

Portfolio of investment trusts. Approximately two-thirds UK & Europe exposure.

  • 263.34p Price (Inc)
  • 264.10p Price (Acc)
  • 5.25% 0.00% Initial charge
  • 1.50% Annual management charge
  • 1.88% Ongoing charges
  • 0.10% Yield

Prices as at 06 December 2019, fund data last updated 24 October 2008

Fund of funds where the underlying portfolio consists of investment trusts and as such the fund is subject to double charging. As the trusts are generally UK listed there is natural bias towards UK and Europe within the underlying portfolio. The gearing of the underlying investment trusts results in higher volatility of this fund.

Fund summary

Sector Global
Structure UNIT TRUST
Launched December, 1996
Size £108m
Yield 0.10%
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 1.88%

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Investment process

The Fund looks for long term capital growth by investing primarily in LSE listed investment trusts and closed ended companies. The fund looks for anomalies and exploits opportunities within the sector by looking at discounts, management capabilities, corporate actions and capital structure. Initially, the fund's assets are allocated using a top down approach, although the main part of the portfolio is chosen using the Jupiter-style bottom up stock selection. The managers hold regular meetings with the underlying investment trusts and pay close attention to the style and investment approach of the fund managers as well as quality and robustness of the companies underlying each investment trust.

Manager research

Average monthly relative returns

  • 14/15 0.41%
  • 15/16 0.35%
  • 16/17 -1.19%
  • 17/18 -0.40%
  • 18/19 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.16%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 96.10%

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

Richard Curling

Curling joined Jupiter in March 2006. Previously he was managing director and Head of Small Cap at Deutsche Asset Management. In this position, which he held for more than ten years, he was responsible for managing the UK and European Small Cap team and running small cap equity mandates. Between 1996 and 2003, he was also Head of Global Small Cap, with responsibility for the global/EAFE Small Cap product. Curling is a Bachelor of Commerce from Edinburgh University and is an Associate of the Society of Investment Analysis.

Track record

Richard Curling has 22.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.16%. During the worst period of relative performance (from August 2000 - January 2003) there was a decline of 37% relative to the index. The worst absolute loss has been 67%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 96%.

Periods of worst performance

Absolute -67.00% (August 2000 - January 2003)
Relative -37.00% (August 2000 - January 2003)

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

6.6116% Scottish Mortgage Investment Tst
5.9295% Baillie Gifford Monks Investment Trust Plc Ord 5p
5.8389% Pershing Square Holdings
4.9062% Jupiter European Opportunities
4.1994% Tr Property Investment Trust
4.1084% Worldwide Healthcare Trust Plc
4.036% Janus Henderson Henderson Smaller Companies Investment Trust Plc Ord 25p
3.7752% Baillie Gifford Baillie Gifford Japan Trust Plc
3.31% Fidelity Special Values
3.2562% Fidelity Asian Values
Source: Trustnet

Sector breakdown

Financials 94.00%
Others 6.00%

Portfolio

Approximately 70-80 holdings.

Constraints

The portfolio is completely benchmark unconstrained.

Key Investor Information - Income

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Key Investor Information - Accumulation

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