Jupiter Merlin Worldwide Portfolio

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

  • 324.80p Price (Inc)
  • 324.78p Price (Acc)
  • 5.25% 0.00% Initial charge
  • 1.50% Annual management charge
  • 2.61% Ongoing charges
  • 0.00% Yield

Prices as at 06 December 2019, fund data last updated 21 January 2014

This fund targets long-term capital growth 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 Global
Structure UNIT TRUST
Launched June, 1993
Size £502m
Yield 0.00%
Charging basis Income
Dividends paid 31 Jul

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 2.61%

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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, as well as using specialist sector funds. Commodity, property and bond funds may also be used, although this will be at most a small part of the portfolio. Historically the team has 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.

The core team members have been together for over a decade with the team head John Chatfeild-Roberts becoming Jupiter's CIO in 2010. Chatfeild-Roberts since recruited additional staff to maintain team strength. This is a 100% equity fund invested in 12 underlying equity-only funds in a number of regions. Following a review of our recommended fund list we have withdrawn our rating on this product owing to the availability of higher conviction alternatives elsewhere.

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

34.3074% Findlay Park Funds American Usd
18.6918% Fundsmith Equity I Inc
7.8183% Jgf-Jupiter Global Value I Acc Gbp
7.7278% M&G Global Dividend A Inc Gbp
5.3987% Stewart Investors Asia Pacific Leaders B Acc Gbp
4.7975% Invesco Asian (Uk) No Trail Inc
4.5123% Lf Morant Wright Japan B Acc
3.9386% Fp Crux European Special Situations I Inc Gbp
3.8842% Schroder European Alpha Income L Inc
3.1255% M&G North American Value A Inc Gbp
Source: Trustnet

Sector breakdown

Financials 89.00%
Others 10.00%
Money Market 1.00%

Portfolio

The manager prefers 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

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Key Investor Information - Accumulation

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