Jupiter Global Managed

Run by eight regional Jupiter managers with asset allocation set by Simon Somerville.

  • 266.72p
    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.

  • 279.27p
    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).

  • 1.76%
    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.

  • 0.50%
    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…

Prices as at 13 December 2019, fund data last updated 06 April 2010

The objective of the fund is to achieve long-term capital growth principally through investment in equities on an international basis. The manager is responsible for asset allocation. He determines the weights for each geographical region within the fund before delegating stock selection in each region to eight of Jupiter's regional / specialist fund managers.

Fund summary

Sector Global
Structure UNIT TRUST
Launched February, 1998
Size £310m
Yield 0.50%
Charging basis Income
Dividends paid 30 Apr

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%

Allocation

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Investment process

The named fund manager acts as the asset allocator, determining the proportion of the fund to be invested in regional equities, global bonds and other assets. Stock selection in each region/sector is then delegated to eight Jupiter fund managers - these are typically up and coming managers rather than the group's more established names. The managers are unconstrained by benchmark so the portfolio is likely to bear little resemblance to the official benchmark, the FTSE World. Stock selection is true to Jupiter's approach in that targeted companies are considered to be undervalued and have favourable growth prospects arising from characteristics such as proven management or strong products or services. Asset allocation is determined partly by the manager's view on the market and partly guided by the talent he has available to him in-house.

Simon Somerville has run the Jupiter Japan Income fund with some success, but has yet to prove himself on a global mandate. Additionally, on this fund he is limited to Jupiter's own managers. We prefer the group's external funds of funds (the Merlin range), which have more flexibility and a wider range of talent at their disposal.

Manager research

Average monthly relative returns

  • 14/15 -0.07%
  • 15/16 0.23%
  • 16/17 0.06%
  • 17/18 -0.39%
  • 18/19 -0.99%

Bestinvest MRI

  • 3 years -0.44%
  • 5 years -0.23%
  • Career 0.17%
  • 3 years 50.00%
  • 5 years 50.00%
  • Career 74.20%

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

Stephen Mitchell

Mitchell joined Jupiter in February 2015, as Fund Manager and Head of Strategy, Global Equities. Prior to Jupiter he was at Caledonian Investments Plc where he worked for three years as Associate Director. He began his career in fund management heading the Japan team at Robert Fleming & Co. Following this role he moved to JP Morgan where he initially headed the London Japan Equity team before joining their Private Bank as Chief Investment Strategist for EMEA. Mitchell has a degree in Economics and Statistics from the University of Exeter.

Track record

Stephen Mitchell has 10.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.17%. During the worst period of relative performance (from February 2000 - May 2007) there was a decline of 38% relative to the index. The worst absolute loss has been 70%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 74%.

Periods of worst performance

Absolute -70.00% (February 2000 - April 2003)
Relative -38.00% (February 2000 - May 2007)

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 30 August 2019

5.1425% Lockheed Martin Corp
4.4679% Microsoft Corp
4.1898% Disney (Walt) Co
4.1575% Pepsico Inc
4.0276% Visa Inc
3.7562% Abbott Laboratories
3.2632% Comcast Corp(New)
3.118% Lvmh Moet Hennessy Vuitton Se
3.0609% Pernod-Ricard
3.0338% Fidelity National Info Services Inc
Source: Trustnet

Sector breakdown

Financials 23.00%
Industrials 16.00%
Consumer Goods 13.00%
Technology 13.00%
Health Care 13.00%
Consumer Services 11.00%
Basic Materials 3.00%
Oil & Gas 3.00%
Money Market 3.00%

Portfolio

The fund holds over 300 stocks.

Constraints

Individual stocks rarely account for more than 2-3% of the fund.

Key Investor Information - Income

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Key Investor Information - Accumulation

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