Jupiter North American Income

Invests primarily in blue chip stocks; revised income mandate from May 2007.

  • 125.69p
    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.

  • 152.40p
    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).

  • 1.79%
    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.

  • 2.00%
    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 25 January 2019, fund data last updated 01 October 2003

This fund invests mainly in high quality US companies and aims to achieve an income of 110% of that produced by the S&P 500, however, this is a target and not a rule. The manager follows a bottom up approach to company investment and favours companies that consistently beat their cost of capital. The fund has a bias to large cap stocks.

Fund summary

Sector North America
Structure UNIT TRUST
Launched September, 1998
Size £242m
Yield 2.00%
Charging basis Capital
Dividends paid 30 Sep

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 1.79%

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Investment process

The fund aims to achieve long-term capital growth and income by investing in North American securities. Investing primarily in blue chip companies the manager follows a bottom up approach, meaning that the investment decision is based ultimately on the individual quality of a given company. While the manager typically targets growth stocks, in practice he is pragmatic and so is happy to vary the style bias of the portfolio. Once a broad theme has been identified the manager looks for stocks that will consistently beat their cost of capital, thus increasing the scope for providing investors with superior returns. Typically, this means identifying uniqueness in a company’s business model. Therefore companies which feature strong barriers to entry or intellectual capital are sought.

Manager research

Average monthly relative returns

  • 14/15 0.00%
  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.18%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Stuart Cox

Cox joined Jupiter in 2015 and is fund manager of the Jupiter Global Managed Fund and the Jupiter North American Income Fund (Unit Trusts). Cox began his career in 1991 as a credit analyst at Dai-Ichi Kangyo Bank before moving to Lombard Odier Asset Management where he was promoted to manage Japanese equity portfolios. Following further portfolio manager positions at Rothschild Asset Management, he joined JP Morgan Asset Management in London before relocating to Tokyo from 2007 to 2010.

Track record

The track record of Stuart Cox in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

Absolute -3.00% (July 2019 - September 2019)
Relative -4.00% (January 2019 - March 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.

Allocation

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Top 10 holdings

Data accurate as at 30 August 2019

4.9515% Lockheed Martin Corp
4.5832% Enterprise Products Partners Lp
4.5353% Disney (Walt) Co
4.5327% Microsoft Corp
4.2178% Pepsico Inc
4.086% Visa Inc
3.8224% Applied Materials Inc
3.8095% Merck & Co Inc(New)
3.5122% Abbott Laboratories
3.3727% Procter & Gamble Co
Source: Trustnet

Sector breakdown

Financials 23.00%
Technology 14.00%
Health Care 12.00%
Consumer Services 12.00%
Industrials 10.00%
Consumer Goods 9.00%
Oil & Gas 7.00%
Telecommunications 5.00%
Basic Materials 3.00%
Utilities 3.00%

Portfolio

A diversified portfolio of typically 50-70 stocks.

Key Investor Information - Income

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Key Investor Information - Accumulation

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