fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

Jupiter UK Special Situations I

  • 192.44p
    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.

  • 266.33p
    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).

  • 0.76%
    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.

  • 1.80%
    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 22 October 2021, fund data last updated 27 February 2018

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

Sector UK All Companies
Structure UNIT TRUST
Launched
Size £2,063m
Yield 1.80%
Charging basis Income
Dividends paid 31 May, 30 Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.76%

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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.

Manager Ben Whitmore has led the Jupiter UK Special Situations Fund since 2006 and therefore has solid stockpicking experience in this sector. Value investing can be associated with significant levels of volatility and considerable drawdowns. However, Whitmore has consistently achieved volatility levels far lower than the broader market and other managers operating in the UK value space. Indeed, the fund has historically delivered outperformance even in unfavourable markets for value investing. Whitmore’s truly exceptional ability to consistently generate superior risk-adjusted returns is a real differentiating factor that makes the fund stand out from its peers. This is a core option for investors in the large-cap UK value space.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 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.

Track record

Periods of worst performance

Absolute 0.00% ()
Relative 0.00% ()

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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Sector breakdown

Consumer Discretionary 22.00%
Financials 21.00%
Industrials 16.00%
Telecommunications 9.00%
Energy 9.00%
Health Care 9.00%
Consumer Staples 5.00%
Basic Materials 4.00%
Money Market 3.00%
Real Estate 2.00%

Portfolio

Normally between 30-50 stocks.

Key Investor Information - Income

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Key Investor Information - Accumulation

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