Jupiter Merlin Conservative Portfolio I

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

  • 60.05p
    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.

  • 74.58p
    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!

  • 0.50%
    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).

  • 1.25%
    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.

  • 2.20%
    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 22 January 2021

This is a fund of funds investing mainly in bonds and equities with the aim of achieving long term capital growth. Manager John Chatfeild-Roberts distinguishes himself from other fund of fund managers by aiming to achieve returns primarily through asset allocation. His main role is to determine the direction of markets and then to identify those fund managers that can best exploit the predicted conditions. This is expected to be the most cautious fund in the Merlin range.

Fund summary

Sector Mixed Investment 0-35% Shares
Structure UNIT TRUST
Launched September, 2012
Size £194m
Yield 2.20%
Charging basis Capital
Dividends paid 31 Jan, 30 Apr, 31 Jul, 31 Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.50%
Ongoing charges figure 1.25%

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Investment process

Manager research

Average monthly relative returns

  • 16/17 -0.62%
  • 17/18 -0.05%
  • 18/19 0.05%
  • 19/20 -0.56%
  • 20/21 -0.14%

Bestinvest MRI

  • 3 years -0.22%
  • 5 years -0.27%
  • Career -0.01%
  • 3 years 36.70%
  • 5 years 21.20%
  • Career 92.10%

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 23 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.01%. During the worst period of relative performance (from February 2009 - November 2020) there was a decline of 36% relative to the index. The worst absolute loss has been 35%.

Periods of worst performance

Absolute -35.00% (August 2000 - January 2003)
Relative -36.00% (February 2009 - November 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 May 2020

30.9749% Jupiter Corporate Bond I Inc
12.7788% Allianz Strategic Bond I Inc
9.6898% Jupiter Strategic Bond I Inc
8.0064% Wisdomtree Metal Securities Limited Wt Physical Gold Usd
6.6023% Tb Evenlode Income C Inc
4.116% Fundsmith Equity I Inc
3.9724% Jupiter Uk Special Situations I Inc
2.658% Royal London Uk Equity Income Z Inc
2.3244% Vontobel Twentyfour Strategic Income Aqg Gbp
2.1008% Federated Hermes Multi - Strategy Credit F Hedged Dis Gbp
Source: Trustnet

Sector breakdown

Financials 68.00%
Money Market 13.00%
BBB+ 10.00%
Others 9.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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