Jupiter Merlin Balanced Portfolio I

Multi-asset fund of funds investing worldwide, primarily in equities and bonds.

  • 138.46p
    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.

  • 206.45p
    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?

  • 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!

  • 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).

  • 1.61%
    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.

  • 1.70%
    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 27 May 2020

This fund targets long-term capital growth with income by investing in other funds, both within Jupiter and from other management groups. The underlying funds provide global exposure primarily to equities, but commodities, fixed interest and property funds may also be included. Manager John Chatfeild-Roberts and his team aim to add value primarily through their economic view, choosing an asset allocation and funds they hope will capitalise on this.

Fund summary

Sector Mixed Investment 40-85% Shares
Structure UNIT TRUST
Launched September, 2011
Size £1,634m
Yield 1.70%
Charging basis Capital
Dividends paid 31 Jan, 31 Jul

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 1.61%

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Investment process

Manager research

Average monthly relative returns

  • 15/16 -0.30%
  • 16/17 -0.49%
  • 17/18 0.14%
  • 18/19 -0.30%
  • 19/20 -0.25%

Bestinvest MRI

  • 3 years -0.14%
  • 5 years -0.24%
  • Career 0.00%
  • 3 years 53.20%
  • 5 years 24.50%
  • Career 92.80%

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

John Chatfeild-Roberts

Chatfeild-Roberts studied Economics at Durham University before attending Sandhurst and undertaking a Short Service Commission in the Army. From 1989 to 1995 he was Head of Portfolio Management Services for Henderson Global Investors, before moving to Lazard to set up their multi-manager team. In 2001 he moved to Jupiter with his team, Algy Smith-Maxwell and Peter Lawery, to head their fund of funds operation. In February 2010 he became Jupiter’s CIO. Chatfeild-Roberts is a Fellow of the Securities Institute.

Track record

John Chatfeild-Roberts has 22.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +00%. During the worst period of relative performance (from February 2009 - January 2020) there was a decline of 35% relative to the index. The worst absolute loss has been 35%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is

Periods of worst performance

Absolute -35.00% (August 2000 - January 2003)
Relative -35.00% (February 2009 - January 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 October 2019

15.7803% Tb Evenlode Income C Inc
13.7619% Fundsmith Equity I Inc
12.043% Findlay Park Funds American Usd
9.4946% Jgf-Jupiter Global Value I Acc Gbp
8.0667% Allianz Strategic Bond I Inc
5.681% Jupiter Income Trust Inc
5.3318% Prusik Asian Equity Income 2x Usd
4.6934% Jupiter Strategic Bond I Inc
4.6166% Wisdomtree Metal Securities Limited Wt Physical Gold Usd
4.5744% Lf Morant Wright Nippon Yield B
Source: Trustnet

Sector breakdown

Financials 88.00%
Others 8.00%
Money Market 4.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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