Jupiter UK Growth

Large and mid cap UK equity fund investing in both recovery and growth stocks.

  • 305.17p
    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.

  • 320.11p
    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?

  • 5.00% 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).

  • 1.77%
    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.

  • 1.50%
    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 13 December 2019, fund data last updated 05 January 2016

The fund targets long term capital growth from investment in a concentrated portfolio of mainly large and mid-cap UK equities. Selected overseas companies and small cap stocks may also feature in the fund. Manager Steve Davies looks for a combination of growth and recovery stocks; these can be selected on a stock specific basis, as plays on long-term economic themes such as domestic UK consumption, or based on his contrarian views.

Fund summary

Sector UK All Companies
Structure UNIT TRUST
Launched April, 1988
Size £922m
Yield 1.50%
Charging basis Income
Dividends paid 28 Feb, 31 Aug

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.77%

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Investment process

The manager's investment universe is around 200 of the UK’s largest and most liquid stocks, though selected small caps and overseas holdings may also feature. Ideas can come from (contrarian) macro-economic views, long term themes or can be stock specific. All stocks must fit into a recovery or growth pool as well as valued below the manager's two year forecasted valuation: •Recovery: companies that have suffered a sharp fall in price and/or profits, that are on an attractive valuation and where there is a catalyst for change such as new management. •Growth: generally companies with sustainable, predictable organic sales growth, that are cash generative and on reasonable valuations. Analysis includes both quantitative and qualitative work. As part of the latter the manager consults with industry experts and, unusually, non-executive directors of portfolio companies. He believes this gives different insights on businesses and also enables him to express views on how they are being run. The manager sets two year price targets for each stock held and either sells or updates this when the target is hit – he believes this provides a sell discipline.

Manager Steve Davies took full control of this fund in May 2015, but had worked on it from 2007, initially as an analyst and then as co-manager (from 2013). He also has a strong record on the Jupiter Undervalued Assets fund which he ran from 2012 to 2015.

Manager research

Average monthly relative returns

  • 14/15 1.20%
  • 15/16 -1.20%
  • 16/17 0.04%
  • 17/18 -0.20%
  • 18/19 -1.40%

Bestinvest MRI

  • 3 years -0.52%
  • 5 years -0.31%
  • Career -0.02%
  • 3 years 9.00%
  • 5 years 23.30%
  • Career 63.70%

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

Steve Davies

Davies joined Jupiter in 2007. Prior to joining Jupiter, he was head of the retail research team at Numis Securities. Davies also worked as a Retail Analyst and Senior Retail Analyst, respectively, for Retail Intelligence before moving to PricewaterhouseCoopers where he was appointed Assistant Director of the Retail and Branded Goods team. He gained a degree in PPE from Oxford University.

Track record

Steve Davies has 7.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.02%. During the worst period of relative performance (from September 2015 - September 2019) there was a decline of 29% relative to the index. The worst absolute loss has been 20%.

Periods of worst performance

Absolute -20.00% (August 2018 - December 2018)
Relative -29.00% (September 2015 - 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.

Allocation

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Top 10 holdings

Data accurate as at 30 August 2019

6.3368% Experian Plc
5.1793% Diageo
5.0719% Puretech Health Plc
5.0134% Ferrari
4.8793% Sirius Minerals Plc
4.0885% Merlin Entertainments Plc
3.9849% Talk Talk Telecom Group Plc
3.9748% Manchester Utd Plc
3.916% Wh Smith Plc
3.6369% Inchcape Plc
Source: Trustnet

Sector breakdown

Consumer Services 35.00%
Financials 18.00%
Consumer Goods 13.00%
Industrials 12.00%
Health Care 8.00%
Basic Materials 5.00%
Telecommunications 4.00%
Money Market 2.00%
Technology 2.00%

Portfolio

40-60 stocks, though 30-35 core holdings. Position sizes usually range between 1-5%, depending on conviction and liquidity.

Constraints

There are no defined risk controls and the portfolio's sector distribution will often differ substantially from the index.

Key Investor Information - Income

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Key Investor Information - Accumulation

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