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Jupiter UK Special Situations I

Bestinvest LogoPragmatic value style manager primarily investing in out of favour growth stocks in the UK.

PRICE (INC)

198.94p

PRICE (ACC)

279.04p

INITIAL CHARGE

0%

ANNUAL MANAGEMENT CHARGE

0.75%

ONGOING CHARGE

0.76%

YIELD

2.7%

1 YEAR
8.77%

Prices as at 01 Jul 2022.

Fund commentary last updated 20 Oct 2021.

Past performance is not an indication of future performance.

Capital at risk.

The fund aims to provide a return higher than the FTSE All-Share Index the long term (at least five years) by exploiting special situations mainly within the UK. Manager Ben Whitmore does this by focusing on companies he considers have undervalued share prices. Whitmore is a bottom-up stock picker and though he has a focus on value, he also looks for ‘quality’ company fundamentals. He looks to hold stocks for the long-term - between three and five years. He typically invests in large and mid-cap companies. At least 70% of the fund is invested UK equities, with the remainder invested in overseas asset and cash. Its holdings including oil giant BP and tank manufacturer BAE Systems.

Fund summary

SectorUK All Companies
StructureUNIT TRUST
LaunchedJune 2009
Size£1,973m
Yield2.7%
Charging BasisIncome
Dividends paid31 May, 30 Nov

Charges

Standard Initial Charge0%
Initial Charge Via BestInvest0%
Additional Bid/Offer Spread0%
Annual Management Charge0.75%
Ongoing Charges Figure0.76%

Investment Process

Whitmore is a bottom-up stockpicker who invests in large and mid-cap equities which are out of favour and trading on low valuations. His main aim is to invest where he sees value in the market, so he has no pre-set size or sector biases. However, he wants his portfolio to be as diversified as possible to lessen the risk of any sector becoming a ‘value trap’. Companies in his investment universe of 200 names are analysed through using two screens - a Graham & Dodd 10-year Price to Earnings (PE) measure looking at value and a Greenblatt screen looking at value and quality. Most PE calculations look at forecasted earnings, but by focusing on earnings over the preceding ten years Whitmore can see which securities are lowly valued over a business cycle rather than at a point in time. Whitmore also looks for ‘quality’ characteristics such as a high return on operating assets, a strong balance sheet so they can cope with unanticipated setbacks and profitability that closely matches cash flow. He also looks at a company’s capital spending, believing that one of the main causes of value destruction is making acquisitions at high prices. Despite this he believes that meeting management teams adds very little value, as chief executives rarely disclose anything more material than is publicly available. Whitmore is adamant the screening process and company analysis is more than enough to uncover most aspects of a business.

The information on this website is not intended to be advice or a recommendation to buy, sell or hold any investment mentioned. The value of investments and the income from them can go down as well as up and you may not get back the amount invested.

Past performance is not a guide to future performance. View full risk warning