Jupiter Merlin Income Portfolio I

A well managed income focused fund of funds investing predominantly in equities and bonds.

  • 144.61p Price (Inc)
  • 334.32p Price (Acc)
  • 0.00% 0.00%

    Initial charge
  • 0.75% Annual management charge
  • 1.48% Ongoing charges
  • 2.90% Yield

Fund data last updated 22 November 2019

This is an income focused fund of funds, which also has the potential for capital growth, investing mainly in equities and bonds. 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. Whilst investments are predominantly in the UK there is some overseas exposure.

Fund summary

Sector Mixed Investment 20-60% Shares
Structure UNIT TRUST
Launched September, 2011
Size £2,305m
Yield 2.90%
Charging basis Capital
Dividends paid 15 Mar, 15 Jun, 15 Sep, 15 Dec

Charges

Initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.48%

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Investment process

The fund's objective is to achieve a high and rising income with some potential for capital growth by investing predominantly in unit trusts, OEICs, Exchange Traded Funds and other collective investment schemes across several management groups. The underlying funds invest mainly in equities and fixed interest stocks, although there is likely to be some exposure to commodities and property with a bias to the UK. The manager and his two experienced analysts determine their view on the direction of the economy and markets, which is then reflected within the managers they chooses for the fund. Chatfeild-Roberts subscribes to the view that the majority of added value from fund of fund products comes from having a view as to “what will happen next”. Historically he has moved aggressively into cash during adverse market conditions. Fund selection includes both quantitative and qualitative analysis, with around 100 fund manager meetings taking place each year. Funds are selected for the portfolio on a majority team basis.

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 team 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.

Manager research

Average monthly relative returns

  • 14/15 0.02%
  • 15/16 -0.43%
  • 16/17 -0.34%
  • 17/18 -0.14%
  • 18/19 -0.11%

Bestinvest MRI

  • 3 years -0.19%
  • 5 years -0.20%
  • Career 0.01%
  • 3 years 37.10%
  • 5 years 34.50%
  • Career 92.90%

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 21.8 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 - September 2019) there was a decline of 33% 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 -33.00% (February 2009 - September 2019)

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.

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Top 10 holdings

Data accurate as at 31 May 2019

14.6146% Tb Evenlode Income C Inc
11.6895% Fundsmith Equity I Inc
11.4972% Jupiter Uk Special Situations Inc
9.5716% Jupiter Strategic Bond Inc
9.177% M&G Strategic Corporate Bond A Inc Gbp
8.8817% Hermes Multi - Strategy Credit F Hedged Dis Gbp
6.255% Mayfair Capital Commercial Property Trust
5.8696% Jupiter Income Trust Inc
5.1328% Etfs Physical Gold Usd
4.9731% Twentyfour Dynamic Bond M Gr Inc Gbp
Source: Trustnet

Sector breakdown

Financials 94.00%
Others 5.00%
Money Market 1.00%

Portfolio

The manager prefers a tight portfolio, taking meaningful positions in 10-20 funds.

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

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Key Investor Information - Accumulation

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