fund
Jupiter Fund of Investment Trusts I
Portfolio of investment trusts. Approximately two-thirds UK & Europe exposure.
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366.02p
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.
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386.93p
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?
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0.00%
Initial chargeSome 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!
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0.75%
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).
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1.13%
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.
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0.50%
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…
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 | September, 2012 |
| Size | £146m |
| Yield | 0.50% |
| Charging basis | Income |
| Dividends paid | 30 Jun, 31 Dec |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 1.13% |
Allocation
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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
- 16/17 0.41%
- 17/18 0.35%
- 18/19 -1.19%
- 19/20 -0.40%
- 20/21 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.
Allocation
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Top 10 holdings
Data accurate as at 31 July 2020
| 9.2927% | Scottish Mortgage Investment Tst |
| 6.6409% | Pershing Square Holdings |
| 6.0973% | Baillie Gifford Monks Investment Trust Plc Ord 5p |
| 5.1324% | Worldwide Healthcare Trust Plc |
| 3.8555% | Herald Investment Trust Plc |
| 3.6908% | Janus Henderson Henderson Smaller Companies Investment Trust Plc Ord 25p |
| 3.621% | Baillie Gifford Baillie Gifford Japan Trust Plc |
| 3.2232% | Baillie Gifford Shin Nippon |
| 3.1464% | Tr Property Investment Trust |
| 3.1446% | Jp Morgan Emerging Markets |
| Source: Trustnet |
Sector breakdown
| Financials | 100.00% |
Portfolio
Approximately 70-80 holdings.
Constraints
The portfolio is completely benchmark unconstrained.