Jupiter Merlin Growth Portfolio

A well managed fund of funds investing primarily in equity funds worldwide.

  • 441.40p
    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.

  • 454.18p
    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).

  • 2.42%
    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.

  • 0.00%
    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 August 2020, fund data last updated 17 January 2014

This is a fund of global equity funds which may also include some commodities exposure. It differs from the Merlin Worldwide fund by retaining a core exposure to the UK. The Merlin team led by John Chatfeild-Roberts aim to achieve returns primarily through asset allocation. They look to determine the direction of economies, then identify the markets and funds that can best exploit the predicted conditions.

Fund summary

Sector Flexible Investment
Structure UNIT TRUST
Launched September, 1992
Size £1,658m
Yield 0.00%
Charging basis Income
Dividends paid 30 Apr, 31 Oct

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 2.42%

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Investment process

The key driver of the process is the team's view on the direction of the economy and markets. Chatfeild-Roberts subscribes to the view that the majority of added value from fund of funds products comes from having a view as to “what will happen next” and believes it is particularly important to accurately predict key economic turning points. The team then select funds and managers they believe will benefit from the expected conditions, both from within Jupiter and from other management groups. The fund invests primarily in equity funds across a diversified geographical range, though it retains a core in the UK. Commodity, property and bond funds may also be included, although this will be at most a small part of the portfolio. Historically the team have moved aggressively into cash during adverse market conditions. Fund selection includes both quantitative and qualitative analysis, with around 150 fund manager meetings taking place each year. Buy and sell decisions are subject to a vote amongst the team.

Jupiter's fund of funds team have proven themselves to be one of the best in the industry over a long period of time. The core team members have been together for over a decade and have proven astute judges of the economic environment during that time, participating in rising markets but perhaps more importantly providing some protection for investors' capital during times of trouble. Team head John Chatfeild-Roberts became Jupiter CIO in 2010, but has since recruited additional staff to maintain team strength.

Manager research

Average monthly relative returns

  • 15/16 -0.43%
  • 16/17 -0.38%
  • 17/18 -0.14%
  • 18/19 0.02%
  • 19/20 -0.22%

Bestinvest MRI

  • 3 years -0.12%
  • 5 years -0.23%
  • Career 0.01%
  • 3 years 58.30%
  • 5 years 26.80%
  • Career 93.30%

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 22.6 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 - 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 93%.

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

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Top 10 holdings

Data accurate as at 30 November 2019

33.1904% Findlay Park Funds American Usd
17.3254% Fundsmith Equity I Inc
12.4359% Jupiter Uk Special Situations Inc
7.8065% Tb Evenlode Income C Inc
6.2796% Lf Morant Wright Japan B Acc
5.5877% Wisdomtree Metal Securities Limited Wt Physical Gold Usd
4.5627% M&G Global Dividend A Inc Gbp
3.4202% Stewart Investors Asia Pacific Leaders B Acc Gbp
2.903% Invesco Asian (Uk) No Trail Inc
2.3349% Schroder European Alpha Income L Inc
Source: Trustnet

Sector breakdown

Financials 13.00%
Health Care 13.00%
Information Technology 9.00%
Consumer Staples 8.00%
Money Market 7.00%
Technology 7.00%
Gold 6.00%
Industrials 6.00%
Communications 5.00%
Consumer Goods 4.00%

Portfolio

The managers prefer a tight portfolio, taking meaningful positions in 10-20 funds. Currency hedging may be used.

Constraints

No more than 20% of the portfolio can be invested in any one fund, with a self-imposed limit of no more than 25% of the portfolio to be invested in Jupiter funds.

Key Investor Information - Income

Download

Key Investor Information - Accumulation

Download