Jupiter Merlin Worldwide Portfolio I

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

  • 403.69p
    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.

  • 406.95p
    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).

  • 1.78%
    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.

  • 0.20%

    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 11 June 2021, fund data last updated 07 March 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 September, 2011
Size £493m
Yield 0.20%
Charging basis Income
Dividends paid 31 Jul


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 1.78%


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}

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.

Manager research

Average monthly relative returns

  • 16/17 -0.49%
  • 17/18 0.14%
  • 18/19 -0.30%
  • 19/20 -0.25%
  • 20/21 -0.37%

Bestinvest MRI

  • 3 years -0.31%
  • 5 years -0.25%
  • Career -0.01%
  • 3 years 21.50%
  • 5 years 21.50%
  • Career 91.60%

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 23.3 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 - April 2021) 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 - April 2021)

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.


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}

Top 10 holdings

Data accurate as at 31 May 2020

33.7515% Findlay Park Funds American Usd
21.4392% Fundsmith Equity I Inc
7.7628% M&G Global Dividend A Inc Gbp
7.0187% Jgf-Jupiter Global Value I Acc Gbp
6.5399% Wisdomtree Metal Securities Limited Wt Physical Gold Usd
3.555% Blackrock Gold & General Di Acc
3.5236% First State Asia Focus B Acc Gbp
3.3345% Lf Morant Wright Japan B Acc
3.0273% Jgf-Jupiter Japan Select L A Inc Gbp
2.3641% Invesco Asian (Uk) No Trail Inc
Source: Trustnet

Sector breakdown

Financials 84.00%
Others 7.00%
Money Market 6.00%
Materials 4.00%


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


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


Key Investor Information - Accumulation