Jupiter Strategic Bond I

Global "go anywhere" fund targeting a 7% yield from across the ratings spectrum.

  • 67.54p
    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.

  • 116.39p
    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!

  • 0.50%
    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).

  • 0.75%
    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.

  • 3.80%
    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 15 January 2021

The fund's aim is to achieve a high income with the prospect of capital growth, by seeking out the best global opportunities within the fixed interest universe. As part of this strategy the fund may invest across global credit and sovereign bond markets. The manager may use derivatives to manage interest rate. All non sterling exposure is hedged. For relative performance purposes the fund falls into the IA strategic bond peer group.

Fund summary

Sector £ Strategic Bond
Structure UNIT TRUST
Launched September, 2011
Size £4,328m
Yield 3.80%
Charging basis
Dividends paid

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.50%
Ongoing charges figure 0.75%

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Investment process

The manager takes a top down/bottom up approach to investment combining detailed research on company fundamentals with an assessment of the macro-economic outlook for inflation, interest rates and the shape of the yield curve in relation to the corporate bond market. The preference is for securities issued by companies with robust business models and competent management teams invested for the medium to long term. The fund may use interest rate futures to manage rate risk, CDS may also be used but only for efficient portfolio management purposes.

Manager research

Average monthly relative returns

  • 16/17 0.06%
  • 17/18 -0.02%
  • 18/19 0.11%
  • 19/20 -0.04%
  • 20/21 0.03%

Bestinvest MRI

  • 3 years 0.03%
  • 5 years 0.03%
  • Career 0.12%
  • 3 years 72.20%
  • 5 years 80.00%
  • Career 98.10%

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

Ariel Bezalel

Ariel Bezalel joined Jupiter Asset Management in 1997 after graduating from Middlesex University with a degree in Economics. Since January 1998 he has been assistant to the Fixed Interest Director. Between January 2000 and January 2001 he managed the Jupiter Global Fund - Income Portfolio and since January 2001 he has been the member of the bond team responsible for managing the high yield bond portion of the Jupiter Monthly Income Fund.

Track record

Ariel Bezalel has 12.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.12%. During the worst period of relative performance (from July 2008 - December 2008) there was a decline of 12% relative to the index. The worst absolute loss has been 14%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 98%.

Periods of worst performance

Absolute -14.00% (August 2008 - November 2008)
Relative -12.00% (July 2008 - December 2008)

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 31 July 2020

4.9891% Australian Govt Loans(Cmnwlth Of) 3.25% Ln Stk 21/06/39 Aud100
4.0422% Australian Govt Loans(Cmnwlth Of) 3.75% Ln Stk 21/04/37 Aud100
4.0204% United States Of Amer Treas Notes 2.25% Bds 15/02/27 Usd1000
3.5078% United States Of Amer Treas Bonds 2.25% Bds 15/08/46 Usd100
2.8852% Us Treasury 2.00% 15/11/26
2.3151% United States Of Amer Treas Bills 3% Bds 15/02/47 Usd100
2.2636% Us Treasury 2.75% 28/02/25
2.1459% Us Treasury 1.625% 15/08/29
1.5819% Australia(Commonwealth Of) 4.5% Tb 21/04/33 Aud100 (Cdi)
1.4183% Russian Federation Ministry Finance 4.5% Bds 16/07/25 Rub1000
Source: Trustnet

Sector breakdown

AAA 33.00%
BB 21.00%
BBB 17.00%
B 15.00%
Non-Rated 6.00%
CCC 4.00%
A 2.00%
AA 1.00%

Portfolio

upwards of 60 positions.

Key Investor Information - Income

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Key Investor Information - Accumulation

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